Showing posts with label MOL. Show all posts
Showing posts with label MOL. Show all posts

Wednesday 14 September 2022

Emerging massive stimulus for oil tankers

Tankers generally, but VLCCs in particular, will benefit spectacularly as Europe’s energy trades transform and the ban on Russian crude oil imports comes into effect in December 2022.

According to New York broker, Poten & Partners, the ton-mile demand generated by European imports rose by 32% as a result of reducing Russian imports to 2.0 million barrels per day (bpd) from 2.5 million bpd.

“Finding alternative sources of supply for another 2.0 million bpd will provide another massive stimulus to ton-mile demand and tanker rates,” the broker declared.

Over the five-year period from January 2017 to January 2022, Europe imported at an average of 2.7 million bpd of Russian crude oil by sea, 26% of the seaborne total but only 14% in terms of ton-miles.

Most of the oil imported into Europe was carried on smaller tankers running short-haul trades across the Baltic and Black Seas. Between March and August, however, crude oil imported by sea from Russia fell to 19% and, in ton-mile terms, shed two percentage points to 12%.

Since the start of the war, Europe has pivoted away from Russian crude, replacing supplies with imports from the US Gulf, South America (Brazil, Guyana), West Africa, and the Middle East. Imports from the US Gulf have doubled from 6% to 12%. This has led to a significant increase in ton-mile demand, and is a welcome shot in the arm for the recently weak large tanker sector.

The broker also noted that Russia will look for other customers for its displaced two million barrels of crude, most likely in Asia, China and India in particular. This will provide a further boost for ton-mile demand. “The tanker market is in for a wild ride,” Poten predicted.

MOL orders first VLCC

Dalian Cosco KHI Ship Engineering has announced a contract to build two dual-fuel VLCCs for Mitsui O.S.K Lines (MOL).

This is the first LNG-fueled VLCC ordered from a Japanese tanker operator, and the first VLCC newbuild order from global market since July last year, said Dalian Cosco KHI Ship Engineering. 

According to brokers Poten & Partners in a recent report the last VLCC newbuilding was ordered in June 2021, while there have been no contracts for Suezmaxes since July last year. Tanker markets have endured a torrid couple of years which has seen owners refrain from ordering new tonnage.

This VLCC pair for MOL, measuring 339.5 metres in length and 60 metres breadth, meeting the Phase 3 regulation of EEDI, will be able to reduce 25-30% carbon emission as compared to the traditional vessel. 

The newbuild VLCCs are scheduled for delivery from 2025 through 2026.

Tuesday 19 January 2016

MOL discovers gas in Pakistan


MOL Pakistan announced on Tuesday that it had made a sizeable gas condensate discovery at Mardan Khel-1 exploratory well in district Hangu of Khyber Pakhtunkhwa.

“This will be a major booster to the exploration activities in the country,” the company said.

Mardan Khel-1, the 12th exploratory well in TAL Block, was spudded on Sept 17, 2014, and reached a total depth at 4,912 metres on Feb 17, 2015.

“During the post-acid test, well flowed 3,440 barrel per day (bpd) of condensate, 40.56 million standard cubic feet per day (mmscfd) gas with 5,822 psi pressure at 40/64 inches fix choke,” the company said.

It was the seventh discovery in the Tal block after Manzalai, Makori, Mamikhel, Maramzai, Makori East and Tolanj oil and gas condensate discoveries since 2002.



Monday 21 September 2015

Another oil and gas discovery in Pakistan

One of Pakistan leading oil and gas exploration and production company, Mari Petroleum Company Limited announced has struck another significant crude oil, condensate and natural gas discovery at Kalabagh well located in Karak block of Mianwali district, Punjab.

This joint venture in Karak is operated by Mari Petroleum with a 60% working interest and MOL having a 40% share. The discovery at Kalabagh-1A ST1 is the second for the company in the block in Datta, Samanasuk and Lockhart formations. Earlier, it made a major crude oil discovery in the block at Halini well-I in 2011.

During testing at Kalabagh well, gas and condensate flowed in the Datta formation at a rate of 3.3 million cubic feet per day (mmscfd) and 160 barrels per day respectively.

The well was also successfully tested in the Samanasuk formation where gas and condensate flowed at a rate of 4.68 mmscfd and 180 barrels per day. In the Lockhart formation, crude oil flowed at a rate of 500 barrels per day.

Additionally, the company is drilling third exploratory well Halini Deep-I in the block, which is currently at the depth of 5,669 meters and is amongst the very few wells being drilled down to such deep depth.