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

Korea Gas Corp (KOGAS) has started commercial crude production in Iraq’s Badra oilfield as planned, the state-run South Korean company said in a statement on Monday.
OPEC crude oil production increased to a one-year high in August, led by surging output in Nigeria, a Bloomberg survey showed.
Increased supply of shale oil from the United States and sluggish global demand will cap oil prices next year despite conflicts in Iraq, Libya and other producers, according to the consensus forecast in a Reuters poll of oil analysts.
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.






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