Friday, August 12, 2011

SCF denies Libyan connection- moves into Brazil

The SCF Group (Sovcomflot) has firmly denied media reports of a possible buyout of Libyan shipping company General National Maritime Transport Company (GNMTC).

“Such speculation is entirely inaccurate and SCF Group confirms that neither it, nor any of its subsidiaries, has any plans whatsoever to acquire GNMTC, or any of its assets,” the company said in a statement.

However, SCF confirmed the start of a new co-operative agreement In Brazil, between Statoil and SCF, when the Aframax ‘Adygeya’ loaded crude oil from the Peregrino field, operated by the Norwegian oil major.

Statoil owns a 60% shareholding in Peregrino and operates the field, which has become the company’s largest oilfield operation outside the Norwegian continental shelf.

SCF said that the oil major paid significant attention to the selection of shippers to be involved with the project. SCF, a long-standing strategic partner of Statoil, was one of only two shipping companies to meet the high and specific requirements of the project.

Detailed development surrounding SCF’s participation in oil shipments from Peregrino started with Statoil in 2009. The resulting agreement foresees the chartering of up to six ships from SCF, when the project reaches its full capacity.

SCF will provide tonnage for half of the oil produced in the field using Aframaxes, on the basis of timecharter agreements of between three to five years.

Peregrino crude oil has special characteristics with implications for its transportation. In particular, it is a very heavy crude with the maximum possible viscosity and requires heating for both loading and shipment.

The cargo requires additional attention from the tanker’s crew, as loading and sea transport is undertaken at 70 deg C. To provide the highest levels of safety and prevent possible environmental risks during shipments from Peregrino, SCF and Statoil plan to establish a working group to resolve any technical and commercial questions arising.

Peregrino is situated on the coast of Brazil, 85 km east of Rio de Janeiro. It was discovered in 1994 and oil production started in April 2011.

Today, estimated recoverable resources are in the range of 300 – 600 mill barrels of oil. The production should reach a plateau of 100,000 barrels per day within the first year.

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