ICE Futures Abu Dhabi exchange to launch in March
Intercontinental Exchange plans to launch ICE Futures Abu Dhabi (IFAD) - the world’s first futures contracts based on Murban crude oil - on March 29, subject to regulatory approvals.
It plans to launch IFAD with Abu Dhabi National Oil Company (ADNOC) - the producer of Murban crude - and nine of the world's largest energy traders partnering with ICE on the launch (BP, GS Caltex, INPEX, JXTG, PetroChina, PTT, Shell, TOTSA (Total) and Vitol).
ICE Murban Crude Oil Futures will be a physically delivered contract with delivery at Fujairah in the UAE on a free on board (FOB) basis. ICE Murban Futures will be complemented with a range of cash settled derivatives.
These include outright, differential and crack differentials against Brent, WTI, Gasoil and Naphtha among others, as well as inter-commodity spreads, which are planned to launch alongside Murban futures.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a leading energy clearing house, and will clear alongside ICE’s leading global energy futures platform covering oil, natural gas and the environmental complex, allowing customers to benefit from associated margin offsets and delivering meaningful capital efficiencies.
IFAD and ADNOC have signed MoUs with Occidental Energy Marketing, a subsidiary of Occidental, Chevron USA and Trafigura, under which each company has agreed to explore potential opportunities to price US crude exports to Asia off the ICE Murban Futures contract.
“As one of the largest exporters of US crude to Asia, we are pleased to explore opportunities to utilize the new price benchmark for light sweet crude oil that Murban Futures will provide,” said Fred Forthuber, President, Oxy Energy Services. “Murban moving to forward looking pricing, as a futures contract, is another great step in the evolution of the oil market."
Meanwhile ADNOC has completed the first phase of its large-scale multi-year predictive maintenance project to maximize asset efficiency and integrity across its upstream and downstream operations.
Utilising AI technologies such as machine learning and digital twins, ADNOC’s predictive maintenance platform helps predict equipment stoppages, reduce unplanned equipment maintenance and downtime, increase reliability and safety, and is expected to deliver maintenance savings by up to 20 percent.
Against a backdrop of unprecedented market conditions, the adoption of new technology remains at the heart of ADNOC’s strategy in maximizing the value from every barrel of oil, while delivering best returns.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."