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

Hedge funds raised bearish wagers on oil to an all-time high, speculating crude has further to fall as the supply glut keeps swelling. Money managers increased short positions in West Texas Intermediate crude by 17 percent in the seven days ended Feb. 24, U.S. Commodity Futures Trading Commission data show.
Commodities including iron ore, oil and copper are set to extend gains on Monday as China’s interest rate reduction spurs demand from the construction to energy industries.
Oil market is set to weaken further when the factors that support the prices fade, according to Barclays. The fundamental oversupply in the market will weigh in once these factors ease, Barclays added.
Malaysia’s national oil and gas company Petroliam Nasional Bhd., or Petronas, posted its first ever quarterly loss, driven by the fall in global crude oil prices and impairment charges.




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