Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Aker BP ASA    AKERBP   NO0010345853

AKER BP ASA

(AKERBP)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Equinor's new North Sea crude heads to Asia's top oil markets - sources

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/22/2019 | 03:46am EST

A new North Sea crude marketed by Norway's Equinor is making inroads into Asia's top oil importers, with several cargoes set to arrive in China, India and South Korea in the coming months, refining officials and trade sources said.

Buyers of Johan Sverdrup crude included South Korea's Hyundai Oilbank Corp [INPTVH.UL], India's Reliance Industries Ltd and several independent refineries in China, they said.

Johan Sverdrup, the largest North Sea discovery in more than three decades, is one of two oilfields operated by Equinor that started production in the second half of this year.

Asian buyers have quickly warmed to the new grade as its price is competitive compared with oil from other suppliers such as Oman, Brazil and Angola, while a lower sulphur content makes it easier to refine, the sources said.

Reliance and Hyundai Oilbank also have a preference for heavier grades that contain more residue which can be upgraded into more lucrative fuels, they said.

A Hyundai Oilbank spokesman said the purchase was part of its efforts to diversify crude supply sources.

(GRAPHIC: New North Sea crude oil marketed by Norway’s Equinor is making inroads into Asia - https://fingfx.thomsonreuters.com/gfx/ce/7/7480/7462/SverdruptoAsia.png)

Reliance did not respond to a request seeking comment.

Unipec, the trading arm of Asia's top refiner Sinopec, loaded the first Johan Sverdrup crude cargo last month which will arrive in southern China in December.

Hyundai Oilbank's 2-million-barrel cargo and Reliance's 1 million-barrel cargo will also be discharging in December, shipping data on Refinitiv Eikon showed. There is also a 1-million barrel cargo on its way to Fujairah in the United Arab Emirates, according to the data.

It takes about 35 days to ship Johan Sverdrup crude from Norway's Mongstad port to South Korea or China's Shandong province, the data showed.

Equinor, which holds a majority stake in the Johan Sverdrup oilfield, is marketing the new oil to Chinese independent refineries, competing head on with Brazil's Lula crude and Angolan oil, Chinese refinery sources said.

So far, Sinochem Hongrun Petrochemical Co and Shandong Qingyuan Group, have bought the new grade, two sources with knowledge of the matter said. Dongfang Hualong Group has also bought the new grade, one of the sources said.

The crude has been sold at premiums of around $6 a barrel to ICE Brent delivered to Shandong, for January-loading cargoes that will arrive in February, the sources said.

The price was similar to that of Oman crude, they said, which is unusual because sour, or high-sulphur, crude like Oman is usually cheaper than sweet crude.

Johan Sverdrup crude has an API gravity of 27.2 degrees and contains 0.82% sulphur.

Production at the Johan Sverdrup oilfield is expected to reach 440,000 barrels per day in summer of 2020. Other shareholders include Sweden's Lundin Petroleum Norway's state-owned Petoro, Aker BP and France's Total.

By Shu Zhang and Jane Chung

Stocks mentioned in the article
ChangeLast1st jan.
AKER BP ASA 0.46% 262.2 Delayed Quote.19.27%
EQUINOR ASA -1.12% 168.6 Delayed Quote.-7.48%
LUNDIN PETROLEUM -0.44% 295.4 Delayed Quote.33.65%
RELIANCE INDUSTRIES -0.68% 1561.95 End-of-day quote.38.68%
TOTAL -0.21% 47.485 Real-time Quote.3.04%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AKER BP ASA
05:41aAKER BP : first ever to use new well stimulation method offshore
PU
12/05Norway ramps up Western Europe's largest oilfield as oil's future questioned
RE
11/26DETNOR02 : Distribution Put Option Expired
AQ
11/22Equinor's new North Sea crude heads to Asia's top oil markets - sources
RE
11/22Equinor's new North Sea crude heads to Asia's top oil markets - sources
RE
11/11AKER BP ASA : - Norwegian Petroleum Directorate Minor oil discovery south of the..
AQ
11/11AKER BP : S&P Global Ratings upgrades Aker BP to BBB- with stable outlook
AQ
11/11AKER BP : Full speed ahead for Ærfugl Phase 2
AQ
10/31AKER BP : Ex dividend USD 0.5207 today
AQ
10/31AKER BP ASA : Ex-dividend day for interim dividend
FA
More news
Financials (NOK)
Sales 2019 30 422 M
EBIT 2019 12 603 M
Net income 2019 1 623 M
Debt 2019 29 796 M
Yield 2019 7,25%
P/E ratio 2019 57,0x
P/E ratio 2020 17,0x
EV / Sales2019 4,06x
EV / Sales2020 2,93x
Capitalization 93 710 M
Chart AKER BP ASA
Duration : Period :
Aker BP ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AKER BP ASA
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 304,65  NOK
Last Close Price 260,60  NOK
Spread / Highest target 48,6%
Spread / Average Target 16,9%
Spread / Lowest Target -11,7%
EPS Revisions
Managers
NameTitle
Karl Johnny Hersvik Chief Executive Officer
Øyvind Eriksen Chairman
Kjetel Digre Senior Vice President-Operations
David Torvik Tønne Chief Financial Officer
Bernard Looney Director
Sector and Competitors
1st jan.Capitalization (M$)
AKER BP ASA19.27%10 251
CONOCOPHILLIPS-0.83%67 844
CNOOC LIMITED-6.91%64 561
EOG RESOURCES INC.-14.56%43 347
CANADIAN NATURAL RESOURCES LIMITED18.70%34 972
OCCIDENTAL PETROLEUM CORPORATION-36.45%33 356