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INDUSTRY NEWS

21st May 2018

Global Oil Storage Market: Fluctuating Crude Oil Prices to Fuel the Market

The beginning of 2016 marked a historic drop in oil prices, hitting a 12-year low. The plummeting prices reflected the drastic change in oil trends, wherein the global supply of crude oil surpassed its demand. The downturn in oil prices resulted in a severe oil glut, creating a storage crunch. Considering that more crude oil was being stored rather than sold or refined, the demand for oil storage facilities has surged over the past few months.

17th May 2018

Vopak Terquimsa Enters Phase II Expansion

Vopak’s Spanish joint venture Vopak Terquimsa is set to begin construction work on the second phase of its expansion project at the Tarragona terminal.

17th May 2018

Port of East London to Expand Its Petroleum Footprint

More than 100 attendees representing 97 companies have shown keen interest in the Port of East London’s plans to recommission an existing tank in the port for handling of liquid bulk and to introduce a liquid bulk terminal through a 25-year port concession awarded to a private, empowered entity.

15th May 2018

Keyera Awards Matrix Service Turnkey EPC Contract for Greenfield Crude Oil Storage and Blending Terminal at Cushing

Matrix Service Company (Nasdaq:MTRX) announced today that Keyera Energy Inc., a subsidiary of Keyera Corp. (TSX:KEY) has awarded Matrix Service Inc. the engineering, procurement, fabrication and construction of its Wildhorse Terminal, a greenfield aboveground crude oil storage and blending terminal at Cushing, Oklahoma. The terminal will include 12 aboveground storage tanks and provide 4.5 million barrels of storage capacity, and will initially be pipeline connected to two existing storage terminals in Cushing, providing Keyera’s customers with access to the majority of crude oil streams flowing in and out of Cushing on several major pipeline networks. An affiliate of Lama Energy Group will own 10% of the project.

11th May 2018

Oil storage terminal in Birżebbuġa refused

Plans for a new oil storage terminal in Birżebbuġa have been turned down by the Planning Authority after years circling the drain. The PA board on Thursday unanimously rejected the application, which had met with strong opposition from residents and the Birżebbuġa local council.

11th May 2018

HEP begins operations at its new Corpus Christi bulk liquid terminal

Howard Midstream Energy Partners (HEP) and its bulk liquid terminal subsidiary Maverick Terminals Corpus have completed the new bulk liquid terminal facility in the Port of Corpus Christi. 

Operations have commenced including the storage, blending, and unit-train loading of two grades of gasoline; ULSD and gasoline blend stocks from various local refineries.

10th May 2018

Lindsay Goldberg Considering Sale Of Its 49% Stake In Odfjell Terminals

Lindsay Goldberg is considering sale of its 49% stake in Odfjell Terminals B.V. while Odfjell SE is considering a tag along of its 51% shareholding in Odfjell Terminals Rotterdam.

9th May 2018

BP chooses hte to test commercial refining catalysts

hte – the high throughput experimentation company has been selected by BP to evaluate commercial catalysts for both naphtha reforming and hydrocracking applications using high throughput technology under commercially relevant conditions for its refineries around the world.

9th May 2018

New agreements with SEPA

Last month, the Federation of Petroleum Suppliers (FPS) met with the Scottish Environment Protection Agency (SEPA) regarding the introduction of new legislation which affects over 95 heating oil and fuel distribution depots across Scotland.

30th April 2018

Where Are the Most Storage Investments Planned?

All over the world, there are independent tank storage companies that support market players in storing their oil products. 

They help oil companies that have downstream obligations with storing products or support trading companies seizing (arbitrage) opportunities or governments and oil companies with building their strategic reserves. Tank terminals have an important of not a primary function in the oil and gas value chain.

30th April 2018

Saipem starts laying Norway's largest oil pipeline

The operations to install Norway’s largest pipeline to the Johan Sverdrup field started outside Mongstad, north of Bergen, late last week onboard the vessel Saipem Castorone.

Soon the tip of the first pipe of what will become Norway’s longest and largest oil pipeline will be pulled into the Mongstad terminal, north of Bergen. The 36” pipeline which will extend more than 280 km out to the Johan Sverdrup field once installed, is being pulled through a pre-drilled hole at the bottom of the Fensfjord into the oil terminal. When the Johan Sverdrup field produces at peak up to 660,000 barrels of oil will flow daily into Mongstad. 

20th April 2018

Vopak Sees Potential To "Significantly" Improve 2019 Earnings

Dutch oil and chemical storage company Vopak reported a 6 percent drop in first-quarter core earnings, but still beat forecasts and said it sees the potential to significantly improve its performance next year

13th April 2018

Statoil, Total Complete Acquisition of Interest in GOM's North Platte Discovery

Statoil and Total have completed their acquisition of Cobalt International Energy’s 60% operated interest in the North Platte discovery in the U.S. Gulf of Mexico (GOM) for an aggregate purchase price of $339 million. The partners had jointly presented the winning bid for the asset in a bankruptcy auction of some of Cobalt’s assets that was held on March 6, 2018.

13th April 2018

Optimizing Quill and Injector Performance in Refinery Operations

There are dozens of operations in refineries where quills and injectors are used. It is important to understand the differences between a quill and an injector. The terms are often used interchangeably even though the devices are quite different. An injector has one or more spray nozzles on a pipe and delivers a specific volume of fluid at a specified pressure drop. See Figure 1. The nozzle(s) convert fluid into a predictable drop size spectrum and provide specific spray characteristics. The use of spray nozzles allows more control over the distribution of the injected liquid into the receiving process fluid.

12th April 2018

BP and Petrobras form strategic alliance

BP today announced that it has signed a memorandum of understanding to explore areas of cooperation with Petróleo Brasileiro S.A. (Petrobras). Through this strategic alliance, Petrobras and BP have committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil. The alliance is also expected to include the transfer of technology, as well as joint training and research.

9th April 2018

Drilling under way on Lundin’s Alta field

Swedish oil firm Lundin Petroleum said today that drilling had commenced on the Alta discovery in the southern Barents Sea.

6th April 2018

Macquarie, Goldman Sachs Funds to Buy Port Terminal Group HES International

Infrastructure funds managed by Macquarie and Goldman Sachs have agreed to buy Dutch port terminals operator HES International from owners Riverstone and The Carlyle Group, they said on Tuesday.

4th April 2018

Share Holders Okay Macquarie, Goldman Sachs to Acquire HES International

Riverstone Holdings and The Carlyle Group jointly announce that  they intend to sell HES International to a consortium of Macquarie Infrastructure and Real Assets (MIRA) & Goldman Sachs. 

3rd April 2018

Pemex signs oil storage contract

Petróleos Mexicanos has signed a contract with the domestic company Olstor Services to increase its oil product storage capacity.