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.


Azerbaijan’s oil and condensate output fell 2.8 percent in the first half of 2014, a source at the State Statistics Committee said on Monday, driven by declines at fields operated by BP.
The government said it is closely monitoring the situation in Iraq and will calibrate policy response to cope with it.

Gains in crude prices driven by new sanctions on Russia will be limited because there’s sufficient spare export capacity and no shortage of global supply, according to Nomura Holdings Inc. and Sapient Global Markets.
President Barack Obama imposed the biggest package of U.S. economic sanctions yet on Russia on Wednesday, hitting Russia's largest oil producer Rosneft and other energy, financial and defense firms, with what he called significant but targeted penalties.

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