Russian oil giant Rosneft said that China National Chemical, known as ChemChina, agreed to purchase 2.4 million tons a year of crude oil. That amount is equivalent to 6% of Rosneft's total exports to China in 2017.Crude oil from Eastern Siberia will be transported to a Russian Far East port by pipeline and will reach China via Russia’s Pacific port of Kozmino.
Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion.
South Korean shipbuilder Hyundai Heavy Industries (HHI) has been awarded a contract to build a floating production system(FPS) for LLOG Exploration of the U.S..HHI, the world's biggest shipbuilder by orders, said in a stock exchange announcement that the offshore facility order is worth $454 million from the Louisiana-based, privately-held LLOG Exploration.
Brazil's Petroleo Brasileiro SA will build its own oil platforms again from 2023, regardless of who wins the presidential election next month, an executive at the state-run oil company said.Petrobras' 2019-2023 business plan, set to be released in December, should include a resumption of platform construction thanks to the company's improving finances
Commodity trader Trafigura had leased 35 newly built crude oil and oil product tankers from an undisclosed Asian financial partner with the vessels expected to be delivered late this week and all through 2019, the company said."Until 2020, the vessels will run on regular fuel, and from then onwards, whenever allowed (some ports do not allow usage of open loop scrubber)
A federal auction of exploration leases in the Gulf of Mexico next week will test energy companies' appetite for acreage after the Trump administration left royalty rates for deepwater parcels unchanged, bucking an industry call to lower them.The U.S. Gulf of Mexico has faced waning interest in recent years as competition stepped up from other basins globally
SBM Offshore has reached a settlement in a long-running corruption investigation it faced in Brazil, allowing the Dutch marine engineering group to take up new business there.SBM said late on Thursday it would pay approximately $189 million to the Brazilian authorities and state oil company Petrobras in fines and compensation for damages.
Tidewater Inc. and GulfMark Offshore, Inc. announced Monday that the boards of directors of both companies have unanimously approved a definitive agreement to combine the two companies, creating the industry’s largest owner of offshore support vessels and continuing consolidation in the offshore sector.
Japanese shipbuilders Mitsui E&S Shipbuilding Co., Ltd. (MES) and Tsuneishi Shipbuilding Co., Ltd. announced they have signed a business cooperation agreement to partner in areas of commercial shipbuilding.The compatriot shipbuilders had announced in February 2018 they were discussing plans to partner, becoming the latest in a string of Japanese yards to team up to combat the industry downturn.
Belgian tanker operator Euronav's average spot rates for its very large crude carriers (VLCCs) fell 53.8 percent to $18,725 per day in the first quarter, as challenging conditions continued in the freight market, the company said on Wednesday. Tanker companies have been suffering from a glut of excess capacity which has weighed on rates, while OPEC oil production cuts have added to the pressure.
Wilhelmsen and KONGSBERG establish world's first autonomous shipping company: Massterly The road toward autonomy has taken a major step with the announcement that Wilhelmsen and Kongsberg are collectively taking the next step in autonomous shipping by offering a complete value chain for autonomous ships, from design and development, to control systems, logistics services and vessel operations.
A 223-foot cargo vessel that ran aground Tuesday morning near Charlotte Amalie Harbor in St. Thomas, U.S. Virgin Islands has been refloated, according to local responders. The Togo-flagged vessel Ocean Spirit I grounded just off of the entrance of the harbor’s East Gregory Channel while reportedly transporting more than $1 million of cargo from St.