Valeura Energy Completes Modification of MT Jaka Tarub Vessel for Wassana Offshore Oil Field
Oil and gas company Valeura Energy said Monday that modifications to the MT Jaka Tarub crude oil storage vessel were complete, making the vessel compatible with infrastructure at its Wassana oil field, offshore Thailand.According to Valeura Energy, the vessel is capable of tandem crude oil loading/offloading. "Subject to favorable metocean conditions, the vessel will arrive at the Wassana field in the coming days, after which Valeura intends to resume oil production operations, targeting initial rates of up to 3,000 bbls/d, net to the 89% working interest share held by its subsidiary company Valeura Energy Asia Pte. Ltd." the company said.As reported by Offshore Engineer in December 2022…
Devastating Fire May Force Cuba to Resort to Expensive Floating Oil Storage
An inferno at Cuba's largest oil storage facility has killed at least one firefighter, injured many more, and threatens to further swell the fuel import bill for the impoverished island nation that relies on foreign oil for everything from transportation to its power grid.Cuban officials may need to scramble to set up expensive floating storage capacity to handle imports aimed at easing an acute fuel scarcity, sources and experts said on Monday.Cuba relies on the 2.4-million-barrel Matanzas terminal…
Floating Oil Storage Stacks up in the Singapore Strait
The number of tankers used for storing fuel oil along the Singapore Strait has risen since the Ukraine war broke out and could rise further as more of Russia's supplies hit by sanctions head to Asia, industry sources and analysts said.A rise in floating storage supply along the strategic waterway is an indicator that more supplies are available to Asia, which will help ease tight markets. But, at the same time, it could limit a recovery in spot fuel oil prices for the year and weigh on Asian refining profits for the grade.Earlier this month…
