Tagged Crude Oil

Novatek’s nine-month production drops

Rate this article By LNG World News Russia’s Novatek, the developer of the Yamal LNG project, reported a decrease in total hydrocarbons production by 30.4 million boe, or by 7.5 percent, as compared with the nine months 2016. Novatek’s marketable hydrocarbons production totaled 374.7 million barrels of oil equivalent, including 46.03 billion cubic meters (bcm)…

Sovcomflot to operate Rosneft’s LNG-fueled Aframax tankers

Rate this article By LNG World News Image courtesy of SovcomflotRussia’s largest shipping company Sovcomflot will operate Rosneft’s five LNG-fueled Aframax tankers to be built by Zvezda shipyard. Sovcomflot secured the operatorship through contracts signed between Sovcomflot, Rosneft the State Transport Leasing Company (STLC), and Zvezda Shipbuilding Complex, entailing the construction of large-capacity oil tankers…

Sirius Petroleum agrees Ororo financing with BP

Rate this article By _Offshore_Energy_Today_ Investment company Sirius Petroleum has entered into a $10 million revolving pre-payment facility and commercial offtake agreement for the sales of crude oil produced from Nigeria’s Ororo offshore field with BP. Sirius entered discussions with BP regarding an offtake and pre-payment facility to support the financing of the company’s proposed…

Eni swings to profit as production grows

Rate this article By LNG World News Italian energy giant and LNG player Eni on Friday reported a net profit of €18 million ($21 million) for the second quarter of 2017, compared to a €446 million loss in the corresponding period last year. Net profit for the first half of 2017 was €983 million, a…

Philly Shipyard delivers third LNG-ready tanker to APT

Rate this article By LNG World News Image courtesy of Philly ShipyardPhilly Shipyard, the U.S. unit of Philly Shipyard ASA, delivered the American Liberty, the third of four LNG-ready product tankers it is building for American Petroleum Tankers (APT), a Kinder Morgan unit. The 50,000-dwt product tanker is based on a Hyundai Mipo Dockyards (HMD)…

Oversupply keeping Asian spot-LNG prices low

Rate this article By LNG World News Spot LNG market in Asia dropped to $5.4 per million British thermal units during this week, pressured by concerns of oversupply. At the level of mid-$5/mmBtu, the demand has been strong, however, with the arrival of “shoulder months” when the demand weakens the prices are expected to correct,…

Qatar Petroleum counters crisis by starting up bunkering facility

Rate this article By LNG World News Saad Sherida Al-Kaabi (Image courtesy of Qatar Petroleum)Qatar Petroleum has made fuel oil bunkering solutions available for all vessels calling on Qatari ports to mediate the effects of the ongoing crisis in the region on its clients. The company will be catering for the majority of Qatar’s LNG…

Pacific E&P in another name change

Rate this article By Offshore Energy Today.. Canadian crude oil & gas producer Pacific Exploration & Production Corporation has changed its corporate name to Frontera Energy Corporation. The company said on Monday the name change is an effort to mark the beginning of a new era for the company. Worth noting, the company already changed…

Pemex to speed up farm-out strategy while striving for larger oil output

Rate this article By Offshore Energy Today.. Mexican state-owned oil company Pemex plans to accelerate the establishment of farm-out arrangements and associations in a push to increase crude oil output and bring reserves online. In words of the company, this mechanism will allow it to increase investments, enhance competitiveness and optimize how it spreads financial…