Page 13 - MEOG Week 13 2022

MEOG NEWS IN BRIEF MEOG

Refiners’ margins for middle distillates also Owji said that exports of condensate, which emerged recently is the potential sale of a
hit all-time highs this month, as Russia cut is a very light form of crude, reached nearly majority stake in its Oil & Gas business.
refining output and diesel exports. read more 240,000 barrels per day (bpd) at the end of the In its latest statement, the company said
However, spot premiums have halved calendar year to March 20. it has received an early-stage proposal for a
from peaks over the last week in muted trade, That comes as condensate exports from potential sale of a majority stake in its Oil &
prompting some buyers to call for smaller Iran had been reported at only 60,000 bpd in Gas business and has entered preliminary
hikes in Saudi oil prices. early August when Owji took office under a discussions with an interested party.
“Physical supply-demand balance is not new administrative government in Tehran. The divestment could be part of Lamprell’s
that strong,” said one respondent, adding that Condensates accounted for a significant financial strategy it unveiled at the start of
spot premiums for grades such as Murban had part of Iranian crude oil exports before the the year which may include additional equity,
fallen dramatically. United States imposed its unilateral sanctions monetizing assets, project-specific financing,
Saudi Aramco may also reduce price on Iran in 2018. including small working capital facilities with
hikes for Saudi medium and heavy grades as Shipments declined significantly after Saudi banks, and hybrid facilities to conclude
Russian Urals crude is still heading into India, major customers like South Korea stopped these options in the second quarter of 2022.
another respondent said. imports from Iran to comply with American As part of the reorganization in January,
Indian state refiners and Nayara Energy sanctions. the company was segmented into three
have bought several million barrels of Urals That comes as Iran has been facing an distinct business units, Renewables, Digital,
crude this month, drawn by low prices. read increased supply of condensate from its and Oil & Gas. These reflect Lamprell’s recent
more South Pars gas field in the Persian Gulf where track record as one of the leading providers
“We recommended lower OSPs as natural gas production has more than doubled of fabrication services to the renewables
otherwise they (Saudi grades) will be too over the past decade. industry.
expensive next cycle,” a third respondent said. Owji did not elaborate on more details Since 2017, the company has fabricated
Saudi crude OSPs, usually released around the about increased condensate shipments from over 100 foundations for the UK’s flagship
fifth of each month, set the trend for Iranian, Iran including to where they have been sent. offshore wind farms, with serial production
Iraqi and Kuwaiti prices, affecting about 9 However, unconfirmed reports have for renewables projects becoming a core area
million barrels per day (bpd) of crude bound suggested that private buyers in China have of expertise for Lamprell.
for Asia. imported large cargoes of Iranian crude in late At the same time, the Group has
State oil giant Saudi Aramco sets its crude 2021 and early this year. accelerated its focus on digital innovation and
prices based on recommendations from The minister reiterated his previous continued to advance its traditional business
customers and after calculating the change in statements about Iran’s success to reduce large of providing jack-up rigs and related energy
the value of its oil over the past month, based inventories of crude that has been floating on infrastructure to the oil & gas industry, with
on yields and product prices. sea since the sanctions were imposed. a strong competitive position in the Arabian
As a matter of policy, Saudi Aramco He said condensate supply to domestic Gulf.
officials do not comment on the kingdom’s customers had increased over the past eight The direction is also strengthened by recent
monthly OSPs. months, allowing a better management of deals from the Oil & Gas and Renewables
REUTERS crude storage facilities in south of Iran. industries. The company has received limited
PRESSTV notice to proceed from the Saudi-based
contractor, Bas Global Marine Services
GAS (BGMS), on the construction of multiple
SERVICES jack-up lift barges and delivery by the second
Iran’s condensate exports Lamprell enters oil and gas half of 2023.
It has also signed a Moray West Offshore
quadrupled in August- business sale talks Wind Farm capacity reservation deal with
Ocean Winds, a 50-50 joint venture between
March UAE-based offshore construction and EDP Renewables and ENGIE, securing
capacity at Lamprell’s Hamriyah yard for the
Iran’s oil minister Javad Owji says condensate fabrication specialist Lamprell has pushed work as the project moves towards a financial
exports from the country rose nearly four-fold back the publication of its financial figures for close and full contract award.
over the past eight months. the year 2021 as it goes over potential financial RIGZONE
Speaking to the Iranian radio on Monday, and strategic options. One of the options that

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