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

OPEC’s oil production has risen in August from July, a Reuters survey found, as a recovery in Libyan supply held up and Angola and Iran boosted supplies, outweighing a further decline in Iraq.
West Texas Intermediate crude gained for a third day as the U.S. economy expanded more than previously forecast in the second quarter, boosting expectations for strong oil demand. U.S. gross domestic product grew at a 4.2 percent annualized rate last quarter, up from an initial estimate of 4 percent, the Commerce Department said.
China’s apparent oil demand* in July decreased by 2.1% over the same month a year ago, according to a just-released Platts analysis of Chinese government data.
West Texas Intermediate oil climbed as U.S. durable goods data and consumer confidence boosted economic optimism, while analysts forecast crude supplies fell.






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