Home' Trinidad and Tobago Guardian : May 29th 2014 Contents MAY 2014 • WEEK FIVE www.guardian.co.tt BUSINESS GUARDIAN
ENERGY | BG9
Repsol, BP and Mitsubishi will buy a total
of 21 cargoes of Oriente and Napocrudes
from Petroecuador between June and August
after winningtenders launched earlier this
month, traders told Reuters.
Petroecuador sells most of its crudes to
Petrochina, but italso occasionally tenders
to sell crude on the open market.
This week the company also awarded to
US firm CitizensEnergy another tender to
buy 18 cargoes of ultra low-sulfurdiesel
(ULSD) to be received in Ecuador in the
Repsol agreed to pay US$5.90 per barrel
below the WTI pricefor five 360,000 barrel
cargoes of medium Oriente crude and BPwill
pay US$4.04 per barrel under the WTI price
for another parcelof five Oriente cargoes,
the sources said.
The British company also won a third
parcel of Oriente crudewith a bid of WTI
minus US$3.21 per barrel.
The first Oriente cargo will be picked up
at Esmeraldasterminal on June 4-6, accord-
ing to the tender s terms.
For the six 360,000 barrel cargoes of
heavy Napo crudeoffered by Petroecuador,
Mitsubishi won with an offer of US$10.94
per barrel below WTI price, the sources
added. The first Napocargo must be delivered
on June 10-12.
Oil and trading firms Unipec and Tesoro
also bidded forthese tenders, launched on
Ecuadorian Napo and Oriente crudes are
highly demanded byrefining companies and
international trading firms because theyare
good grades to mix with a growing offer of
light crudes. (Yahoo.com)
State-owned Gabon Oil Company plans to pur-
chase new oil assets and market a bigger portion
of Gabon s crude oil, its chief executive told Reuters,
aiming to grow to compete alongside international
GOC was created in mid-2011 by presidential
decree, more than two decades after Gabon started
producing oil. The country is now sub-Saharan
Africa s fifth-biggest oil producer, pumping around
250,000 barrels per day, down from a peak of
370,000 bpd in the late 1990s.
"Our strategy for growth is based on acquisitions
and on going after marginal fields and going after
permits that expire as well as exploration," CEO
Serge Toulekima said on the sidelines of the New
York Forum in Libreville, the capital of the Central
He said the company was currently in talks to
secure financing with a London-based bank to
acquire an oil permit and hoped to finalise the
deal this year.
For future exploration permits, GOC will nego-
tiate to acquire the assets from the state and then
seek partners to take a share in exchange for help
in funding exploration.
Toulekima, formerly a reservoir engineer at
Chevron, said that another goal was to increase
GOC s share of Gabon s oil sold onto international
markets. Last year, it sold ten cargoes of about
650,000 barrels, or around seven million barrels,
and this could be boosted to around 14 cargoes,
or nine million barrels, next year, he said.
"We need to increase our volumes for marketing.
We are in discussion with various companies to
see if we can market their share of the oil in all
the permits where they are present," he said.
GOC became an operator in 2013 after taking
over the Obangue field last year from Sinopec s
Addax Petroleum, after the government alleged a
breach of contract. The legal dispute has now been
settled, and Addax has since recovered the field.
Although it is currently not operating any fields,
it plans to restart production at an abandoned
field called Remboue in the fourth quarter of 2014.
Libreville told the World Trade Organisation in
a confidential document last year that GOC would
be entitled to a stake of up to 15 percent in oil
blocks owned by other companies, under a planned
new hydrocarbons law.
Toulekima declined to comment on the impact
of the new law on GOC s operations. Among the
country s largest producers are Total, Perenco and
Royal Dutch Shell.
Many others such as Ophir Energy, ExxonMobil
and Eni are interested in exploring offshore following
the launch of negotiations for new licences last
Oil accounts for around 50 per cent of Gabon s
gross domestic product and 80 per cent of export
GOC also plans to become involved in oil refining
and has signed a contract with Samsung C&T to
build a new 60,000 barrel per day refinery at
Details of the ownership structure and the timing
of the refinery were not given.
"The production will mean Gabon can not only
substitute the current petroleum product imports,
but also be a hub of petroleum product trading
in West Africa," a GOC statement said. (Reuters)
Greenpeace activists boarded
an oil rig in the Norwegian Arc-
tic on Tuesday to try to stop
exploration plans in the far
north, and Norwegian police
said they were powerless to
intervene until drilling starts.
The Statoil rig, which is reg-
istered in the Marshall Islands,
is in international waters some
23 nautical miles (43 km) from
its planned drilling site in the
Barents Sea. As long as drilling
does not begin, Norwegian
police have no jurisdiction.
"When the rig is in move-
ment, it is considered a ship.
When the rig begins to drill it
is considered a rig on the Nor-
wegian continental shelf. Then
we can safeguard Norwegian oil
and gas interests," Ole Saeverud,
chief of police for Troms police
district in northern Norway, told
He declined to say what
action police may be preparing.
The Norwegian coastguard cur-
rently has one vessel near the
rig. Statoil, which is owned by
the Norwegian state, denounced
Greenpeace s actions as illegal
Greenpeace, which regularly
calls Statoil an Arctic aggressor ,
said plans to drill in the Hoop
area of the Barents Sea threaten
Bear Island, an uninhabited
wildlife sanctuary which is home
to rare species and occasionally
to polar bears.
Oil firms are drilling further
north in Norway than ever as
the Arctic ice retreats and recent
regulation changes let firms
work in areas where winter ice
was common just decades ago.
Statoil said it was unclear
when normal operations could
resume. "We can t say anything
about when we could be up and
running," company spokesman
Oerjan Heradstveit told Reuters.
Greenpeace climbed the rig,
owned by Transocean, in the
early morning hours, hung ban-
ners such as No Arctic Oil and
Stop Statoil s Arctic Race , and
said they were prepared to stay
on the rig for days.
"There are 15 activists on
board. Some are attached on
the outer structure of the rig,
some are on board the rig,"
Greenpeace Norway chief Truls
Gulowsen told Reuters. "Every-
thing is very calm.
"Statoil has offered for the
activists to be moved to shore.
We have said no thanks ," h e
Statoil said it was very wor-
ried about the safety of the
"Some of them have chained
themselves underneath the
deck. The temperature was 2
degrees Celsius (36 degrees
Fahrenheit) earlier today," said
the Statoil s Heradstveit. "They
could fall in the water, under
The move by Greenpeace
comes just weeks after the group
unsuccessfully tried in Rotter-
dam to block the delivery of
Russia s first oil from its Prira-
zlomanaya oil platform in the
Arctic Pechora Sea.
The platform was briefly
occupied by Greenpeace activists
last year before they were arrest-
ed by Russian military forces
and charged with piracy, car-
rying a potential prison term of
decades, but released under an
amnesty initiated by President
Statoil rejected Greenpeace s
claims about safety. "Hoop is
an area with known geology,
low pressure and temperature,
and where Statoil has robust
plans for the operations.
"An oil spill is very unlikely:
at the same time we have put
in place a number of barriers to
be able to handle a situation
should it occur," the company
The rig is currently in transit
to the Hoop area where it has
permission to start drilling in
the Apollo prospect. However,
it cannot drill into oil-bearing
rock because a complaint from
Greenpeace is pending. (Reuters)
boost oil sales,
Repsol, BP and Mitsubishi win
tenders to buy Ecuador crudes
Greenpeace protesters board
Statoil's Arctic drilling rig
Links Archive May 28th 2014 May 30th 2014 Navigation Previous Page Next Page