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 oil output reached the highest monthly level in recent history in July, a Reuters survey found on Friday, as Saudi Arabia and other key members show no sign of wavering in their focus on defending market share instead of prices.
Royal Dutch Shell Plc said it’s preparing for a “prolonged downturn” by cutting thousands of jobs and slashing billions of dollars in investments over the next two years. The shares gained the most in almost six months.


The U.S. Senate Energy Committee narrowly passed a bill to lift a 40-year-old ban on the export of crude oil, but the measure faces an uphill battle in getting passed by the full Senate.
Crude futures settled down on Thursday, pressured by a rally in the dollar which countered bullish sentiment from a drawdown in U.S. stockpiles that was much steeper than expected.




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