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

Italy’s Enel has sought permission to explore for oil and gas in Greece, the Greek government said on Tuesday. Enel has expressed interest in three onshore areas in the western part of the country, Greece’s Energy Ministry said, adding it would duly decide on the Italian company’s application.
U.S. commercial crude oil stocks are expected to have risen 3.1 million barrels during the reporting week ended April 18, according to a Platts analysis and survey of oil analysts.
Brent Crude oil rices are expeced to drift lower in the coming weeks, after a rally this week in the event of absence of further escalation in tensions in Ukraine, Barclays says in a report.
Crude oil inventories on the U.S. Gulf Coast (USGC) reached 207.2 million barrels (bbl) on April 11, a record high.




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