Chevron Offers to Sell Forties; Angola Crude Exports to Increase

Chevron Corp. (CVX) failed to sell North Sea Forties crude even after lowering its offer. There were no bids of offers for Russian Urals blend.

Angola, Africa’s second-largest oil producer, will export 55 crude cargoes in October, two more than in September, a preliminary loading program obtained by Bloomberg News showed.

North Sea

Chevron was unable to sell Forties for Sept. 6 to Sept. 8 loading at a premium of $1.15 a barrel, 30 cents less than its offer yesterday, according to a Bloomberg survey of traders and brokers monitoring the Platts pricing window.

No bids or offers were made for Brent, Oseberg or Ekofisk crudes. Reported crude trading typically occurs during the Platts window, which ends at 4:30 p.m. London time.

Brent for October settlement traded at $110.19 a barrel on the ICE Futures Europe exchange at the close of the window, compared with $109.79 in the previous session. The November contract was at $109.32, a discount of 87 cents to October.

North Sea Alvheim and connected oil fields were shut for nine days of maintenance, according to Marathon Oil Corp. (MRO), which operates the field.

“Production from the Greater Alvheim Area is now shut according to plan,” Ingvar Solberg, a Stavanger, Norway-based spokesman said in an e-mailed response to questions. Output halted last night at Alvheim, Volund and Vilje fields, which feed into Alvheim’s floating production, storage and offloading, or FPSO, vessel. The Alvheim area produces about 120,000 barrels a day before closure.

Mediterranean/Urals

PKN Orlen SA closed an import tender earlier today for 100,000 metric tons of Urals for Sept. 1 to Sept. 5 loading, according to two people with knowledge of matter who asked not to be identified because the information is confidential. The result wasn’t known yet.

OAO Surgutneftegas issued a tender to sell Urals loading on Sept. 5 to Sept. 6 from the Baltic Sea port of Primorsk, according to two traders who participate in the market. The tender closes on Aug. 19.

West Africa

Shipments from Angola will total 52.76 million barrels, or 1.7 million barrels a day, the plan showed. That compares with a revised plan of 50.91 million, or 1.7 million barrels a day, next month. Most consignments are 950,000 to 1 million barrels. The final program will be released on Aug. 26.

Exports for September increased to 53 lots from 52 after one Saturno cargo was added, a revised shipping schedule showed.

Nigeria’s loading programs for October and official selling prices for September are expected to be released next week.

To contact the reporters on this story: Sherry Su in London at lsu23@bloomberg.net; Laura Hurst in London at lhurst3@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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