Oil News

Photo: Damen

Damen Launches Kuwait Oil Company’s New Tug

The Kuwait Oil Company’s (KOC) new ASD Tug 3212 was launched end of March at Damen Shipyards Galati, Romania. The ceremony marks the first in a 14-terminal tug contract between the two companies whose working relationship spans more than 25 years. This contract consists of two vessel types, representing what Damen calls its newest and most established tug design.
ENSCO 8506: Photo courtesy of Keppel

GoM Drill Rig Damaged, Coast Guard Monitoring

The U.S. Coast Guard (USCG) is overseeing response efforts, as the offshore drilling rig ENSCO 8506 began taking sea-water into a ballast tank after being hit by a large wave in heavy seas more than 100 miles south of Galveston. The ballast tank is located in one of the rig's column ballast tanks and ballast pumpls on board are keeping up with the water ingress.

Petromonagas Crude Upgrader to Undergo Maintenance in June

The 150,000 barrel per day (bpd) Petromonagas extraheavy crude upgrader operated by Venezuela's state-run PDVSA and Russia's oil firm Rosneft will undergo a three-week maintenance in June, a source close to the work told Reuters. "The call for contractors for the Petromonagas' maintenance stoppage was already done by PDVSA.

Iraq Approves Daewoo $588.8m Oilfield Contract

Iraq's cabinet approved Tuesday an $588.8 million oilfield service contract with South Korea's Daewoo Engineering & Construction (047040.KS) for the development of the Zubair oil field, the cabinet said in a statement. Under the contract, Daewoo E&C will handle engineering, procurement and construction work for a gas separation facility at the giant Zubair oilfield in Iraq's south…
Dilma Rousseff official portrait web

Brazil's Rousseff Says Petrobras Critics Distorting Facts

Brazilian President Dilma Rousseff on Monday lashed out at critics of Petroleo Brasileiro SA, saying accusations of corruption, cost-overruns and stagnation at the state-run oil company were politically-motivated. "I won't tolerate any type of wrongdoing, criminal action, influence peddling or corruption of any type no matter who commits it…
Dilma Rousseff official portrait

Brazil President Says Won't Accept Attack on Petrobras

Brazilian President Dilma Rousseff on Monday lashed out at critics of state-run oil company Petroleo Brasileiro SA, saying accusations of corruption, cost-overruns and stagnation at the company were politically motivated. Rousseff, speaking at the launching of an oil tanker at a shipyard near Recife, Brazil, also said that…

Total Moves Ahead Offshore Angola

France's Total said it would go ahead with a deepwater project offshore Angola after cutting its cost to $16 billion, keeping Africa's No.2 producer on track to expand its oil industry. Development of the ultra-deep Kaombo field has been repeatedly delayed on cost grounds, threatening to add it to a growing list of large…

Zueitina Oil Port Still Closed after Rebel Deal

Libya's eastern Zueitina oil port was still not under government control one week after an agreement with a federalist rebel group to immediately reopen it along with the Hariga terminal, a spokesman for National Oil Corp (NOC) said on Monday. The spokesman said that NOC was still waiting for confirmation from the government…

Libya's Zawiya Oil Port Reopens

Sunday. these in the next few hours. Sunday. these in the next few hours.

Boiler Explodes At Mexico Refinery

A boiler at Mexico's Ciudad Madero refinery exploded on Friday because of excessive pressure, but there were no injuries and production was not affected, state-owned oil company Pemex said on its Twitter page. The Francisco I. Madero refinery in Ciudad Madero, located in the northeastern state of Tamaulipas, can process as much as 190…

Russian Gas Trader Billionaire: U.S. Sanctions an "Honor"

Gennady Timchenko, the billionaire Russian gas trader hit with U.S. sanctions over his alleged ties with the Kremlin following Russia's annexation of Crimea, said being singled out by Washington was a badge of honour. But Timchenko, who sold his stake in oil trading firm Gunvor last month, acknowledged that the sanctions…
MT Humanity is the first VLCC handled by the port (Photo: NMPT)

New Mangalore Port Traffic Up 6.29%

New Mangalore Port recorded growth of 6.29% in cargo handling during the financial year 2013-14, GAC informs. The port handled 39.36 million tons of traffic, compared to 37.03 million in 2012-13. Of the total, 14.94 million tons (up from 14.21 million) was imported crude oil for the Mangalore Refinery and Petrochemicals Ltd.
Valemon field in the northern part of the North Sea

Statoil says makes another North Sea oil find

Norwegian oil major Statoil has made a gas and oil discovery near the Valemon field in the northern part of the North Sea, the second sizeable discovery off Norway in two days, the company said in a statement on Friday. "Statoil estimates the total volumes in Valemon North to be in the range of 20-75 million barrels of recoverable oil equivalent," it said in a statement.

Navy Cuts One Littoral Combat Ship in 2015

U.S. WASHINGTON, April 10 (Reuters) - The U.S. Navy hopes to smooth out the impact on Lockheed Martin Corp and Australia's Austal of a budget-driven decision to order three Littoral Combat Ships instead of four in fiscal year 2015, the Navy's top weapons buyer said on Thursday. The Navy had planned to buy two of each of…

Med Crude Urals Weaken on April Cargo Overhang

Russian Urals crude weakened on Thursday in a flurry of deals as traders rushed to place end-of-April cargos. Eni sold a cargo of Urals to Total in the Baltic at dated Brent minus $1.50 for April 20-24 delivery, some 20 cents weaker than previous price estimates. Also in the Baltic, Vitol sold an early May cargo to Shell at dated Brent minus $1.35, traders said.

Chevron, YPF to Continue Vaca Muerta Shale Development

Chevron Corp said on Thursday it had signed an agreement with state-controlled YPF SA to continue developing Argentina's Vaca Muerta shale formation. The companies first started drilling in the region last year. Chevron, which called Vaca Muerta one of the world's most exciting shale plays, has previously said production there could jump from around 15…

EIA: U.S. reserves up 4.5 bln barrels on shale

Proven U.S. oil and condensate reserves jumped 15.4 percent, or 4.5 billion barrels, in 2012 thanks to shale oil plays such as the Eagle Ford in Texas and the Bakken in North Dakota, the Energy Information Administration said on Thursday. Reserves totaled 33 billion barrels, having increased throughout 2012 by the largest amount since 1970.

Asia Fuel Oil-Physical cargo market weakens

The physical 380-cst fuel oil cash differential softened for the second straight session to a more than seven-month low on Thursday, failing to keep pace with a stronger derivative market, as weak demand and ample supplies continued to weigh on the Asian fuel oil market, sources said. The 380-cst fuel oil cash discount widened to $1.75 a tonne to Singapore spot quotes…

OW Bunker, Genoil Partner for Low Sulphur Fuel Oil

OW Bunker, a physical distributors and resellers of marine fuels, today announced that it has signed a Memorandum of Understanding (MOU) with Genoil, the global engineering technology development company. The relationship has been established to build a facility that can produce 0.1% low sulphur fuel oil, and provide ship…

Zambia Seeks Financiers for Oil Supply Tender

Zambia is looking for financiers for the import of 1.4 million tonnes of semi-processed oil for a period of three years, the ministry of finance said on Wednesday. The government also advertised for expressions of interest to provide a revolving financing facility for the import of diesel and petrol for the same period, it said in a statement.