Oil
18/6/2012

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.


Oil

Shell announced Thursday a further 250 job cuts in its UK North Sea operations as well as changes in shift patterns, as low oil prices and worries about competitiveness increase pressure on the UK industry.
PetroChina Co., the country’s biggest oil and gas producer, posted the lowest annual profit in five years as falling crude oil prices squeezed earnings.


Oil prices could hit $100 a barrel by the end of next year, U.S. oil magnate T. Boone Pickens said, revising his previous forecast which said they would reach that level as early as this year.
Slower economic growth in emerging economies like China, Brazil and Russia will keep global crude prices and demand depressed this year, a leading think tank said.




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