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

Crude oil inventories on the U.S. Gulf Coast (USGC) reached 207.2 million barrels (bbl) on April 11, a record high.
China's implied oil demand fell 0.6 percent in the first quarter as a slowing economy dampened energy use, forcing refiners to scale back crude runs and raise exports to trim high fuel stocks.
West Texas Intermediate crude fell from a five-week high on forecasts that U.S. inventories increased last week. Brent slipped as Libya prepared to resume exports from its Hariga terminal.
The Asia-Pacific crude market weakened on Monday after the premium for Russian Sokol crude fell because of low demand from regional refiners under maintenance.




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