To­tal buys a cargo of North Sea For­ties from Shell

The Pak Banker - - Company& -

LONDON: To­tal SA bought a cargo of North Sea For­ties crude from Royal Dutch Shell. Pro­duc­tion of the four grades that make up Dated Brent will drop 8 per­cent next month, Bloomberg re­ported .

To­tal said it bought a Dec. 22 to Dec. 24 ship­ment at $1 be­low the cash cost of North Sea oil in Fe­bru­ary. Oc­ci­den­tal Petroleum Corp.'s Phi­bro unit bid for a con­sign­ment with­out at­tract­ing any sell­ers, ac­cord­ing to traders in­volved in the trans­ac­tions. Re­ported North Sea mar­ket ac­tiv­ity typ­i­cally oc­curs dur­ing the Platts' trad­ing win­dow that ends daily at 4:30 p.m. in London. Prior to the win­dow, For­ties crude load­ing from 10 to 21 days in the fu­ture cost 30 cents less than Dated Brent, un­changed from the pre­vi­ous day. Brent crude for Jan­uary set­tle­ment traded at $90.30 a bar­rel on the London-based ICE Fu­tures Europe ex­change at the close of the win­dow, down from $90.67 a bar­rel at the same time yes­ter­day. The Fe­bru­ary con­tract traded at $90.44 a bar­rel. The price spread be­tween the two near­est-term con­tracts nar­rowed to 14 cents from 16 cents yes­ter­day.

Ship­ments of the four North Sea grades that com­pose Dated Brent will de­cline by 8 per­cent in Jan­uary, ac­cord­ing to load­ing pro­grams re­leased to­day. Ex­ports will to­tal 1.11 mil­lion bar­rels a day, down from 1.21 mil­lion a day this month.

Brent ex­ports will to­tal 4.2 mil­lion bar­rels in Jan­uary, or 135,484 a day. For­ties ship­ments will be 15 mil­lion bar­rels, or 483,871 a day. There will be 4.2 mil­lion bar­rels, or 135,484 a day of Ose­berg, and about 11.15 mil­lion bar­rels, or 359,677 a day of Ekofisk. Daily ex­ports of North Sea Stat­fjord crude are sched­uled to de­cline 14 per­cent to 165,484 bar­rels a day in Jan­uary, ac­cord­ing to its load­ing pro­gram. Gull­faks ship­ments will fall 12.2 per­cent to 193,548 bar­rels. PT Per­tam­ina, In­done­sia's state-owned oil com­pany, is seek­ing to buy low­sul­fur crude oil for de­liv­ery in Fe­bru­ary, ac­cord­ing to a doc­u­ment ob­tained by Bloomberg News. The com­pany also pur­chased one cargo a month of Nige­ria's Qua Iboe crude for de­liv­ery from Fe­bru­ary to April at its Cil­i­cap re­fin­ery, said an of­fi­cial who asked to re­main uniden­ti­fied, cit­ing com­pany pol­icy. In­dian Oil Corp., the nation's biggest re­finer, is­sued a ten­der to buy crude oil for load­ing in Fe­bru­ary, ac­cord­ing to doc­u­ments re­ceived.

More­over, Wall Street Jour­nal re­ported oil prices un­der $80 a bar­rel will make it dif­fi­cult to in­vest in some pro­duc­tion projects needed to meet global en­ergy de­mand, To­tal SA (TOT, FP.FR) Chief Ex­ec­u­tive Christophe de Marg­erie said Fri­day. -PB News

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