SBM Offshore awarded Shell Fram FPSO contract

SBM Offshore has received a letter of interim award (LOIA) from Shell for the supply, lease and operation of a FPSO for the Fram field in the UK sector of the North Sea.

The LOIA allows SBM Offshore to commence engineering and procurement of long lead items to ensure timely completion of the planned Fram FPSO project, which is subject to a Final Investment Decision.


West Texas Intermediate and Brent crudes dropped as the flow of oil from the Middle East was unaffected by the surge in violence in Libya and Iraq.
Oil production from shale formations in North Dakota and Texas increased by more than 33% in June, according to Bentek Energy, an analytics and forecasting unit of Platts, a leading global provider of energy, petrochemicals, metals and agriculture information.
Russia is offering more crude oil for exports to Asian markets. The higher supply is weighing on prices. Analysts believe that fresh US sanctions against Russian companies including Rosneft could also prompt some buyers to shy away from the grade and put pressure on the main marketer of Eastern Siberian-Pacific Ocean (ESPO) oil, Rosneft, to lower prices.
Azerbaijan’s oil and condensate output fell 2.8 percent in the first half of 2014, a source at the State Statistics Committee said on Monday, driven by declines at fields operated by BP.

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