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Asia-Pacific Crude-Steady with Indonesia seeking spot condensate

Published 27/09/2018, 07:56 pm
© Reuters.  Asia-Pacific Crude-Steady with Indonesia seeking spot condensate
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SINGAPORE, Sept 27 (Reuters) - The Asia Pacific crude oil market remained steady on Thursday as deals for November were mostly done and firm sentiment drove oil prices higher.

INDONESIA

* Indonesia's Pertamina may have issued a tender seeking condensate for delivery over September to October, an industry source said.

It was not immediately clear if its previous tender for the same dates was awarded.

MALAYSIA

* Malaysian oil and gas exploration and production company Hibiscus Petroleum is aiming to double its oil output in the United Kingdom and Malaysia to 20,000 barrels per day (bpd) by 2021, a senior company executive said.

It needs an additional $50 million by 2020 to boost production from about 10,000 bpd now, Kenneth Pereira, managing director of the company, said.

The company, which develops small oil and gas fields in Asia, has two major producing assets.

One is the Anasuria Cluster in the North Sea in the United Kingdom. The other is in Malaysia, the 2011 North Sabah production sharing contract (PSC), which includes the Labuan crude oil terminal.

BRENT-DUBAI EFS

* Brent's premium to Dubai swaps DUB-EFS-1M was at $3.54 per barrel for November, down 12 cents from the previous session.

NEWS

* The Trump administration is not considering a release from the U.S. emergency oil stockpile to offset the impact of looming Iran sanctions, and will instead rely on big global producers to keep the market stable, Energy Secretary Rick Perry said on Wednesday. Oman crude futures 1OQc1 on the Dubai Mercantile Exchange touched their highest in four years at just above $90 a barrel on Wednesday, overtaking ICE Brent LCOc1 for a second session, data from the exchanges showed. Nexen Petroleum, a unit of China's CNOOC Ltd, plans to exit the United States, divesting its stake in giant oil and gas developments in the Gulf of Mexico as trade tensions between two countries mount, three people familiar with the plan told Reuters on Wednesday. Energy giant China National Petroleum Corp (CNPC) will keep drilling through the winter at oilfields in the west of the country to boost domestic crude output, answering calls from Beijing to bolster the nation's energy independence. Energy giant China National Petroleum Corp (CNPC) will keep drilling through the winter at oilfields in the west of the country to boost domestic crude output, answering calls from Beijing to bolster the nation's energy independence. Royal Dutch Shell (LON:RDSa) is in talks to buy a stake in an oil and gas project from Gazprom (MCX:GAZP) Neft, three sources familiar with the discussions told Reuters, a rare foray into Russia's energy sector by a Western oil major since sanctions were imposed. crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

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Dubai

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Brent/Dubai EFS

DUB-EFS-1M

PRODUCT CRACKS

Fuel oil crack

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Gasoil crack

GOSGCKMc1

Naphtha crack

NAFOBSGCKMc1

Complex refining margins REF/MARGIN1

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