SINGAPORE: The Asia-Pacific crude market remained steady on Wednesday with Vietnam’s PV Oil selling a May-loading Chim Sao crude oil cargo at similar premiums to April-loading cargoes, trade sources said.
VIETNAM
Vietnam’s PV Oil offered several cargoes for loading in May through tenders, trade sources said.
It has offered a total of 1.2 million barrels of Ruby, Thang Long, Bunga Kekwa and Bunga Orkid crude oil for loading in May, they said.
The state-owned company sold two cargoes of Chim Sao crude oil and one cargo of Te Giac Trang crude oil for loading in May, traders said.
It sold 300,000 barrels of Chim Sao for loading over May 11 to 15 to Taiyo Oil and another 300,000 barrels for loading over May 26 to 30 to Unipec, they said.
It sold the cargoes at a premium of between $3 and $3.50 a barrel above dated Brent, they said, steady from April levels.
PV Oil also sold a Te Giac Trang crude oil cargo for loading in May at a premium of $3 to $3.30 a barrel to dated Brent, they added.
The buyer could be Idemitsu, one trader said, though this could not immediately be verified.
BRENT-DUBAI EFS
Brent’s premium to Dubai swaps was at $3.53 per barrel on Wednesday, up 10 cents for May.
NEWS
Oilfield services provider Baker Hughes GE (BHGE) is on the hunt for smaller oil and gas projects in Asia Pacific to replicate a project in Papua New Guinea where it is providing services and financing, a senior company executive said.
Oil major Royal Dutch Shell on Wednesday reiterated its expectation to generate $6 billion to $7 billion annual organic free cash flow by 2020 for its downstream business.
PetroChina will take 10 percent stakes in two of Abu Dhabi National Oil Company’s (ADNOC) offshore concessions under a 40-year agreement signed on Wednesday.
Mubadala Petroleum and partners Petronas and Royal Dutch Shell will spend more than $1 billion to develop Malaysia’s Pegaga gas field, aiming to produce gas by the third quarter of 2021, Abu Dhabi-based Mubadala said on Wednesday.
SK Innovation, owner of South Korea’s top refiner SK Energy, said on Wednesday that it has signed a deal to buy US shale oil and gas company Longfellow Nemaha LLC in a bid to expand its shale oil development businesses.
Source: Brecorder.com
