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Jeddah - Yasmine El Tohamy - RIYADH: Oil prices edged higher for a third straight session on Tuesday as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment.
Brent futures gained 25 cents, or 0.3 percent, to $82.99 a barrel at 9:30 a.m. Saudi time. US West Texas Intermediate crude rose 27 cents, also 0.3 percent, to $79.01.
Both benchmarks settled over 2 percent higher the previous day at their highest closing levels since April.
The crude benchmarks have already climbed for four weeks in a row, with supplies expected to tighten due to cuts from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.
In China, the world’s second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous COVID-19 recovery, focusing on boosting domestic demand.
Pertamina, Petronas to pay up to $650m for Shell’s Masela gas stake
Indonesia’s Pertamina and Malaysia’s Petronas signed an agreement with Shell on Tuesday to buy its 35 percent stake in the Masela natural gas block for up to $650 million, moving the project forward after years of delay.
Pertamina Hulu Energi will take 20 percent, and Petronas Masela will take a 15 percent stake in the Indonesian gas block, the companies said at a signing ceremony at the Indonesia Petroleum Association conference.
Shell said in a statement that the base consideration for the sale is $325 million, with a contingent amount of $325 million to be paid when the final investment decision is taken on the Abadi liquefied natural gas project.
Abadi LNG, led by Japan’s Inpex Corp., will use gas from the Masela block, located 150 km offshore of Saumlaki in Maluku province, to produce 9.5 million tons per year of LNG at its peak, which will be exported from the proposed terminal.
Shell added that the transaction should be completed in the third quarter, subject to several conditions, including regulatory approval from Indonesia’s Ministry of Energy and Mineral Resources.
“The decision to sell our participation in the Masela PSC is in line with our focus on disciplined capital allocation,” said Zoe Yujnovich, Shell’s integrated gas and upstream director.
UN starts removal of oil from decaying tanker near Yemen
The UN said on Tuesday it started removing oil from a decaying supertanker off Yemen’s Red Sea coast.
“The operation seeks to remove more than 1 million barrels of oil from FSO Safer supertanker,” the UN said in a statement.
Vaar Energi’s profit fell more than expected in Q2
On Tuesday, Oslo-listed Vaar Energi, majority owned by Italy’s Eni, posted a 55 percent drop in second-quarter operating profit on weaker energy prices.
Earnings before interest and tax for the April to June quarter fell to $778 million from $1.73 billion in the same period of 2022.
Vaar last month announced an agreement to buy stakes in several Norwegian oil and gas fields, part of a wider $4.9 billion deal by Eni to acquire most assets of private equity-backed Neptune Energy.
(With input from Reuters)
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