By Dan Murtaugh (Bloomberg) -- Investors are about to find out whether the world’s largest oil companies have learned their lesson from $80 billion of cost blowouts in major projects during the era of $100 crude. From liquefied natural gas in Mozambique to deep-oil in Guyana, the world’s biggest energy companies are gearing up to sanction the first slate of … [Read more...]
BP Offloads Last 2 Stranded Oil Cargoes to Shandong Refiner – Sources
BEIJING, Aug 15 (Reuters) - Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker 'Olympic Light' to an independent Chinese refiner after holding the oil at sea for about three months, people with knowledge of the discharge said on Wednesday. The oil had been aboard one of four supertankers held up or delayed off China's east coast near … [Read more...]
Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea
By Marianna Parraga and Mircely Guanipa HOUSTON/PUNTO FIJO, Aug 7 (Reuters) - Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures. But the OPEC member nation is still fulfilling less than 60 percent of its … [Read more...]
BP Offloads Oil Cargo in Shandong After Two-Month Delay at Sea
BEIJING, Aug 2 (Reuters) - Oil major BP has started discharging about 1 million barrels of Angolan crude to a Chinese independent refiner, after holding the oil on water for two months due to slowing demand from private refiners, sources said on Thursday. The Mercury Hope supertanker, chartered by BP and carrying about 2 million barrels of Angolan oil, offloaded part of the … [Read more...]
Why Is Saudi Halting Oil Shipments Through the Red Sea?
By Stephen Kalin and Rania El Gamal RIYADH/DUBAI, July 30 (Reuters) - Saudi Arabia announced last week it was suspending oil shipments through the Red Sea's Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway. To date, no other exporters have followed suit. A full blockage of the strategic waterway would virtually halt shipment to … [Read more...]