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.


The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a potentially positive credit impact for a number of Asia-Pacific sovereigns if the lower prices are sustained below USD90/bbl through 2015, in line with our latest forecast, says Fitch Ratings.
OPEC needs to cut its oil output by up to 1 million barrels per day (bpd) at its meeting next week, a delegate from one of OPEC’s smaller producers said, as oil prices that have slid to a four-year low squeeze producers’ budgets.

Norway faces more delays in offshore oil and gas projects and reduced exploration next year after the value of crude slumped by a third, according to the industry regulator for western Europe’s biggest oil-producing country. The Norwegian Petroleum Directorate probably won’t get any development plans this year after earlier expecting 14 for 2014 and 2015, Director General Bente Nyland said in an interview.
OPEC heavyweight Saudi Arabia’s crude oil exports edged up in September by around 59,000 barrels per day (bpd) while volumes used by domestic refineries remained high, official data showed.

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