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.


China’s apparent oil demand in May increased 8.2% from a year earlier to 43.80 million metric tons (mt), or an average 10.36 million barrels per day (b/d), according to a just-released Platts analysis of Chinese government data.
Global oil prices slid to a more-than-two-month low Monday as uncertainty about the financial crisis in Greece prompted investors to move money out of riskier assets like stocks and commodities.

Three energy firms – Perenco Ltd, Pluspetrol and Pacific Rubiales Energy – have signaled interest in bidding for Peru’s biggest oil block next month, but a new contract will not be finalized until talks with locals wrap up, Peru said.

OPEC said its share of the global crude oil market last year declined to the lowest level since 2003, underscoring the motive for the group’s current push to defend sales volumes.

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