Texas-based American investor and entrepreneur Michael Guidry has plans to invest in North Africa with a $1 billion deep-sea port based in Susah, Libya. When completed, annual revenues for the "Port of Susah" are expected to reach $120 million by the year 2040 -- doubling from an anticipated $60 million in 2022, which is the first year the port will be fully operational.
Vessel deliveries typically slow down towards the end of the year. If shipowners wait a few weeks, allowing the delivery to slip into the new year, the vessel is considered a whole year younger. Many sectors can expect a higher proportion of the orderbook to hit the water in future years.
By the time Mexican President-Elect Andrés Manuel López Obrador (a.k.a. AMLO) takes power on 1 December 2018, international investors hope to get a clearer understanding of his administration’s plans regarding international investment in his nation’s offshore oil reserves. While questions remain about AMLO’s policy regarding both new and existing contracts for offshore oil, some experts see reason for optimism.
EnerMech Group Ltd has been acquired from Lime Rock Partners by global alternative asset manager and NASDAQ listed The Carlyle Group for an undisclosed sum.
Equinor has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf (NCS) for a total of USD 220 million.
Equinor has reduced the estimated investments for operated projects in the development phase on the Norwegian continental shelf by some NOK 30 billion since the development plans were submitted to Norwegian authorities.
Petrobras informs that its subsidiary, Petrobras America Inc. (“PAI”), has entered into a definitive agreement with Murphy Exploration & Production Company – USA (“Murphy”), a wholly owned subsidiary of Murphy Oil Corporation, to form a joint venture company (“JV”) comprised of producing oil and gas assets in the Gulf of Mexico.
Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has reached an agreement with publicly listed Norwegian Energy Company ASA (Noreco), to sell its shares in Shell Olie-og Gasudvinding Danmark B.V. (SOGU) for a consideration amount of $1.9 billion. SOGU is a wholly-owned Shell subsidiary that holds a 36.8% non-operating interest in the Danish Underground Consortium (DUC).
This acquisition makes Ensco the largest MODU owner by value, with a total fleet (live, on order and joint ventures) worth USD 8.4 Bn knocking Transocean from the top spot which they held for a month due to their merger with Ocean Rig.
Expected drop in refining runs to produce product stock draws. Crude inventory to continue reducing but at slower pace. Hurricane Florence to impact products demand and potentially pipeline supplies in Lower-Mid-Atlantic region.
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