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Crew abandon vessel after Red Sea attack: Update

  • : Crude oil
  • 24/02/19

Adds Houthi comments paragraphs 3-5, 8

A ship was attacked 35 miles (56km) south of Mokha, Yemen on 18 February, forcing the crew to abandon the vessel, the UK Maritime Trade Operations (UKMTO) said.

The vessel was damaged by a nearby explosion at around 20:00 GMT, the vessel master reported. The crew have abandoned the ship and are safe, while military authorities remain on the scene to provide assistance, the UKMTO said.

The UKMTO did not identify the vessel involved. But the military spokesman of Yemen's Houthi militants Yahya Saree identified the vessel as the Rubymar, which he said the Houthis targeted "with a number of appropriate naval missiles."

"The ship suffered catastrophic damage and came to a complete halt," Saree said on 19 February. "As a result of the extensive damage that the ship suffered it is now at risk of… sinking in the Gulf of Aden. During the operation we made sure that the ship's crew exited safely."

The Rubymar is a Belize-flagged bulk carrier that was travelling from the Saudi port of Ras al-Khair in the Mideast Gulf to the Bulgarian Black Sea port of Varna, according to vessel tracking service FleetMon, which also showed that the vessel had "armed guards on board."

US Central Command said on 18 February that it had carried out five strikes on areas of Yemen controlled by the Houthi militant group, including on an unmanned underwater vessel. This was after US forces struck more targets in Yemen during strikes over 16-17 February, following an attack on the Pollux Long Range 2 tanker in the Red Sea on 16 February. The Pollux was carrying Russian crude to India, according to Vortexa data.

But US and UK strikes against Houthi militants will not remove the threat against maritime navigation through the Red Sea, said the head of Yemen's Saudi-backed presidential council Rashad al-Alimi at the Munich Security Conference on 17 February. Partnership with his government to restore the state and retake Houthi-controlled areas will ensure regional security, he said.

Houthi forces "will not hesitate to take more military measures and carry out more qualitative operations against all hostile targets", Saree added, to defend Yemen and support Palestinians coming under bombardment by the Israeli military in its campaign against the Gaza-based Hamas militant group that carried out a cross-border attack on Israel on 7 October. "The operations… in the Red and Arab Seas will not stop until the aggression stops and the siege on Gaza is lifted," Saree said.

At 04:00 GMT the Ice front-month April Brent crude contract was at $82.88/bl, lower by 59¢/bl from its settlement on 16 February when the contract ended 61¢/bl higher.

The Nymex front-month March crude contract was at $78.78/bl, down by 41¢/bl from its settlement on 16 February when the contract ended $1.16/bl higher.


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24/12/09

Shale M&A to pick up pace in 2025 after hitting pause

Shale M&A to pick up pace in 2025 after hitting pause

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Republicans weigh two-step plan on energy, taxes


24/12/06
24/12/06

Republicans weigh two-step plan on energy, taxes

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US House panel approves river infrastructure bill


24/12/06
24/12/06

US House panel approves river infrastructure bill

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Opec+ delays unwinding of 2.2mn b/d cut again: Update


24/12/05
24/12/05

Opec+ delays unwinding of 2.2mn b/d cut again: Update

Updates throughout Dubai, 5 December (Argus) — Opec+ producers have delayed a plan to start increasing crude output by another three months to April 2025. Eight members of the group ꟷ Saudi Arabia, Russia, Iraq, Kuwait, the UAE, Kazakhstan, Algeria, Oman ꟷ were scheduled to begin gradually unwinding 2.2mn b/d of voluntary cuts from January over a 12-month period. They agreed today to postpone the start of the production increase until April and to return the full amount over 18 months rather than a year. The delay is designed "to support market stability", the Opec Secretariat said, adding that the unwinding of the cuts "can be paused or reversed subject to market conditions". The Opec+ group also agreed today that a 300,000 b/d production target increase for the UAE will now be phased in starting in April over an-18 month period. It was previously set to be phased in over nine months starting in January. These changes will effectively reduce the amount of additional oil being introduced to the market every month, compared to the previous plan. The return of the 2.2mn b/d of cuts should, in theory, be partially offset by those members that have pledged to compensate for exceeding their production targets this year. These compensation-related cuts were supposed to have been delivered by the end of September 2025 but this has now been extended until June 2026. Opec+ also agreed today to keep in place two other sets of cuts by an additional year to the end of 2026. These cuts — a group-wide 2mn b/d reduction to formal targets and 1.65mn b/d of voluntary cuts by nine members — had been set to remain in place until the end of 2025. And an update to the official crude production capacity levels of each member — from which quotas are calculated — was pushed back by another year to 2027. By Bachar Halabi, Nader Itayim and Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Shell, Equinor to create biggest UK producer: Update


24/12/05
24/12/05

Shell, Equinor to create biggest UK producer: Update

adds details throughout London, 5 December (Argus) — Shell and Norway's state-controlled Equinor plan to combine their UK upstream businesses into a joint venture to create the UK North Sea's largest oil and gas producer. The new business will produce more than 140,000 b/d of oil equivalent (boe/d) from 2025, the companies said. Bank analysts reckon growth projects will enable production to eventually increase beyond 200,000 boe/d. It marks the latest deal in a wave of consolidation in the the UK sector of the North Sea, including Italian firm Eni's deal earlier this year to merge its UK upstream assets with those of independent producer Ithaca Energy and UK company Harbour Energy's tie-up with Germany's Wintershall Dea last year . Shell and Equinor are following a similar 50:50 ownership structure and self-financing model that BP and Italy's Eni employed in Angola when they combined their offshore assets there to create Azule Energy in 2022 . The Shell-Equinor joint venture's assets will include Equinor's stakes in the Mariner and Buzzard fields, alongside Shell's interests in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion projects. A consequence of the deal is that Shell, having walked away from Ithaca's contentious Cambo oil project in the UK's west of Shetlands area last year, will now be exposed to Equinor's equally controversial 300mn bl Rosebank project , which is currently under judicial review . If Rosebank goes ahead, it is likely to be the largest growth driver of the new company with around 70,000 boe/d of production from 2027. Although Shell's assets will contribute a greater share of the joint venture's production to begin with, Equinor's assets have greater growth potential. Through the new entity, Shell will also benefit from Equinor UK's £6bn ($7.6bn) of tax losses. "Equinor's higher UK tax loss position and growth potential offsets the higher current production in Shell's UK portfolio, hence the 50:50 split in ownership of the new company," Barclays analysts wrote in a note. The deal does not include Equinor's assets that straddle the UK's maritime border with Norway — Utgard, Barnacle and Statfjord. Equinor will also retain ownership of its UK offshore wind portfolio, as well as other low-carbon and gas storage assets. Shell will retain ownership of its interests in Scotland's Fife NGL plant and St Fergus Gas Terminal, as well as floating wind projects under development. It will also remain the technical developer of the Acorn carbon capture and storage (CCS) project in Scotland. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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