Evergreen Marine plans to order more container ships

Taiwan-based shipping company Evergreen Marine Group said it plans to order more container ships as international trade gradually recovers from the global financial crisis.
The order from Taiwan's largest container shipping company by revenue indicates the container shipping industry is recovering from the global financial crisis, which hit international trade hard.
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Source: bm.com.ph

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Demand-supply gap keeps tanker mkt cold

Prices for the tanker segment haven't picked up, say industry veterans adding that an improvement was unlikely soon because the supply-demand gap would ...
[Read More]
Source: Financial Express

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Dry bulk market looking for support in coal trades and Indian iron ore exports

The dry bulk market is lacking support to end its 13-day slide, as evidenced by Monday’s session of the Baltic Dry Index (BDI), which ended with the main index down by 2.25% to 2,261 points. A similar fall occurred last Friday, which has now brought the market down to three-month low. Capesizes and Panamaxes were the main “losers” of Monday’s new drop. Nevertheless, with Indian iron ore exports recovering
[Read More]
Source: Hellenic Shipping News

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InterOil Announces Third Quarter Financial and Operating Results

InterOil Corporation today announced financial and operating results for the third quarter ended September 30, 2010.
Third Quarter 2010 Highlights and Recent Developments
The Antelope 2 horizontal well confirmed a higher condensate-to-natural gas ratio of 24-27.7 barrels per million cubic feet of natural gas, approximately 60% higher than observed at the top of the reservoir. The horizontal well also demonstrated higher porosity deeper in the reservoir than previously modeled.
[Read more]
Source: Market Watch

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Kencana HL wins Sarawak Shell deals

KENCANA Petroleum Bhd’s wholly-owned subsidiary, Kencana HL Sdn Bhd (KHL), has won contracts worth RM275 million from Sarawak Shell Bhd for the fabrication of compression modules and tie-in modification. 
KHL would do the fabrication of E8K Compression Module and F13K Compression Module & E-11P-B Tie-in Modifications for Sarawak Shell’s operated fields off the coast of Sarawak. 
[Read more]
Source: Business Times

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Chikyu’ to commence exploratory oil drills in 2011

Cairn Lanka Ltd has awarded a contract to Japan Drilling Company Ltd for its dynamic position system deepwater drillship ‘Chikyu’ which is expected to commence drilling three exploratory oil wells off the coast of Mannar next year.
Cairn India, the parent company, is expected to invest around US$ 110 million in exploring for oil in a 3,400 square kilometre block off the coast of Mannar. It was the first company to win an Oil Exploration License from the government of Sri Lanka in 2008.
[Read more]
Source: The Island

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CNOOC, Chesapeake close $1 bln U.S. shale deal

China's top offshore oil producer CNOOC Ltd and Chesapeake Energy Corp on Tuesday announced the completion of the Eagle Ford Shale project deal in the United States.
The completion of the deal marks a victory for CNOOC's quest for U.S. government's approval after its fauled 2005 bid for Unocal. 
[Read more]
Source: Reuters

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Militants kidnap 7 from Exxon platform off Nigeria

Nigeria's main militant group said on Tuesday it was behind an attack on an Exxon Mobil oil platform and it had kidnapped seven Nigerian workers, the second such raid for which it has claimed responsibility in a week.
The U.S. energy firm said armed men boarded the offshore facility, operated by its Mobil Producing Nigeria unit in a joint venture with the state-run Nigerian National Petroleum Corporation (NNPC), late on Sunday but gave no further details. 7 from Exxon platform off Nigeria
[Read more]
Source: Reuters

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MEO acquires 100% interest in exploration permits AC/P50 and AC/P51

MEO Australia Limited has executed a binding sales and purchase agreement with Silver Wave Energy Pte Ltd to acquire their 100% interest in exploration permits AC/P50 and AC/P51 in the Ashmore Cartier region of the Timor Sea. Consideration for this acquisition is US$270,000 payable upon receipt of regulatory approvals for the equity transfer. As part of the agreement, Silver Wave has an option to acquire a 10% working interest in each permit prior to the expiry of Permit Year 3 by repaying 20% of MEO’s costs, including acquisition costs.
These permits cover a combined area of 1,943.6 km2 and were awarded in April 2009. They are currently in Permit Year 2 of their work program. Seismic acquisition is programmed for Permit Year 3 commencing 21st April 2011.
In a separate agreement, MEO has granted RedRock Energy Pte Ltd an option to acquire a 5% carried interest in each permit in consideration for the technical work RedRock has undertaken on the permits to date. Under this agreement, MEO will carry RedRock's 5% participating interest in each permit until the permit is either relinquished or if MEO elects to drill a well in either of the permits, will carry RedRock’s 5% participating interest through the first well in that permit.
MEO will continue to evaluate opportunities to add attractive acreage to its portfolio to ensure the replenishment of a seriatim of opportunities to add shareholder value.
Source: MEO Australia

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Premier Oil denies talk of takeover

BRITISH oil company Premier was yesterday forced to deny it had been approached by the Korea National Oil Company (KNOC) about a takeover offer after shares shot up.
The North Sea-focused explorer played down takeover rumours yesterday, with a spokesperson saying: “If any approach had been made, we would have had to make an announcement to the market.”
[Read more]
Source: City A.M.

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Gazprom Cuts 2010 Gas Output Target for Second Time on Demand

OAO Gazprom cut its natural-gas production target for the second time this year because of sluggish domestic and foreign demand.
Gazprom, the world’s biggest gas producer, plans to produce 515 billion cubic meters this year, the Russian gas export monopoly said today on its website in a third-quarter report under Russian accounting standards. The Moscow-based company forecast gas output at about 519 billion cubic meters in June, down from a target of 529 billion cubic meters given by Chief Executive Officer Alexei Miller in April.
[Read more]
Source: Bloomberg

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Residents attack oil exploration staff in Kenya

Employees of an oil and gas exploration company were injured during a demonstration by local residents in northern Kenya, police said on Monday.
Security officers were deployed to protect staff including Kenyans and at least two Chinese nationals exploring in Marsabit, Marcus Ochola, the police commander in charge of the region, told Reuters.
[Read more]
Source: Reuters

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Bulgaria refuses to build oil pipeline that Russia hopes for

The trans-Balkan pipeline aimed at taking Russian crude through Bulgarian territory to Greece will not be built due to environmental concerns, Bulgarian Prime Minister Boiko Borisov told the newspaper 24 Chasa daily, Reuters reported.
[Read more]
Source: News.Az

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Oceanus International Investment AS Makes Investment in Fairstar Heavy Transport

Oceanus International Investment AS (Oceanus), a Norwegian investment company jointly owned by HNA Group and Bravia Capital of New York, announced today that it had acquired a significant minority shareholding in Fairstar Heavy Transport (Fairstar), which is listed on the Oslo Stock Exchange (OSLO: FAIR), making it the largest shareholder at 29.9 percent. This significant investment aligns with HNA's strategy to continue to build its presence as a dominant player in the global transportation sector. Terms of the deal were not disclosed.
Today's announcement comes on the heels of several notable acquisitions and investments made this year by HNA and Bravia, including last week's acquisition of myTECHNIC, an aircraft maintenance and repair facility in Turkey. HNA and Bravia also acquired Allco Aviation, now Hong Kong Aviation Capital, earlier this year as well as a 33.3% shareholding in GTB Invest ASA, a listed shipping company in Norway.
"Fairstar is one of the leading companies in the marine heavy transportation sector," said Adam Tan, Executive Director of HNA Group. "We believe Fairstar offers serious growth opportunities."
As a top provider of marine heavy transport solutions, Fairstar moves high-value cargoes for offshore energy and construction projects.
"This transaction demonstrates our commitment to the global transportation and energy sectors, two of the most dynamic sectors in today's global marketplace," said Bharat Bhise, CEO of Bravia Capital Partners. "We see great promise in continuing to identify opportunities for Bravia and HNA to invest in the future of these two industries."
Based in Rotterdam, Fairstar operates two vessels the "FJORD" and the "FJELL." In addition to its current ships, Fairstar has two new buildings on order to be delivered in 2012. These ships are "true open stern" which will have maximum cargo versatility and removable buoyancy towers, as well as the ability to fully submerse in 12 meters of water, making them the most effective of ship types used in the heavy marine transport business. Fairstar is one of only two global organizations to operate this type of vessel.
Source: Marketwire (Press release)

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Aurelian Oil & Gas to raise $95m

Aurelian Oil & Gas is seeking to raise approximately €95m(net of expenses) by placing 146.888m new shares at a price of 57.5p per share.
The Placing Price represents a discount of 6.5% to Aurelian's closing share price on 12 November 2010.
In total, the New Shares will represent approximately 30.2% of the enlarged share capital of the Company.
[Read more]
Source: Stock Market Wire

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Gazprom May Buy 30% of Cuban Offshore Oil Blocks From Petronas

OAO Gazprom Neft has signed an agreement with Malaysia’s Petroliam Nasional Bhd., known as Petronas, to buy a 30 percent stake in a project to develop four blocks off Cuba, as the Russian oil producer expands abroad.
The agreement requires approval by Cuban authorities to become effective, Gazprom Neft, the oil arm of Russia’s natural- gas export monopoly, said today in an e-mailed statement.
[Read more]
Source: Bloomberg

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Seadrill orders two new jack-ups in China for delivery in 2012 and 2013

Seadrill has entered into an agreement for the construction of two jack-up drilling rigs with Dalian Shipbuilding Industry Offshore Co., Ltd (DSIC) in China. The new units are scheduled for delivery in the fourth quarter 2012 and first quarter 2013 respectively, and total project cost is estimated at US$380 million, which include project management, drilling and handling tools, spares and capitalized interest.
In addition, Seadrill has option agreements for construction of further two similar units with DSIC.
The two rigs ordered from Dalian represent the latest generation, high specification jack-up drilling rigs with greater capacities and capabilities than current more conventional units. The units are based on the Friede & Goldman JU2000E design, and are suitable for operations world wide, including the southern North Sea. The units have the capability to operate in water depths up to 400 ft and drill to depths of 30,000ft. They also offer improved drilling efficiencies with off-line pipe handling, simultaneous operations support and increased accommodation capacity.
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says," We expect market and conditions for premium jack-up rigs to continue to improve. These newbuild orders position our Company to meet the demand from our customers and further strengthen our position as the leading operator of modern, high quality offshore drilling units. Our jack-up rig fleet will, including the recent acquisition of Scorpion and the two recently ordered rigs from Jurong, constitutes the world largest modern jack-up fleet with a total of 18 units built after 2006."
Source: 4-Traders(Press release)

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Pickens Buys Stake in BP Plc, Sells Transocean Shares

Billionaire oil investor T. Boone Pickens bought shares of BP Plc, the owner of the well that caused the biggest offshore U.S. crude spill in history, and sold his holdings in Transocean Ltd., which owned the drilling rig that exploded, according to a regulatory filing.
[Read more]
Source: Bloomberg

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Williams to buy Bakken-Three Forks stake

Williams Cos. Inc., Tulsa, will pay undisclosed private owners $925 million to acquire 85,800 net acres in North Dakota that it estimates represent 185 million boe net potential recovery from the Middle Bakken and Upper Three Forks formations. 
The purchase will diversify the company’s exploration and production interests into light, sweet crude oil production. By 2013, 25% of the company’s E&P revenue streams are expected to be generated by oil production, up from 7% in 2010. 
[Read more]
Source: Oil & Gas Journal

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Eni says Perla well confirms world class gas discovery off Venezuela

Eni says the successful results of the Perla 3 well, located in the Cardón IV Block, in the shallow water of the Gulf of Venezuelaconfirms Perla as a world-class supergiant gas discovery. Perla is one of the most significant in recent years and the largest ever in Venezuela, upgrading current estimates of gas in place to over 14 Tcf (2.5 Bbbl of oil equivalent), the company said.
[Read more]
Source: Offshore Magazine

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Newfield Exploration to Expand Acreage Position in Marcellus Shale

Newfield Exploration Company today announced the signing of a purchase and sale agreement with EOG Resources, Inc., for approximately 50,000 net acres in the Marcellus Shale. Substantially all the acreage is located in Bradford County, Pennsylvania, in the Susquehanna River Basin. This transaction, valued at $405 million, will more than double Newfield's current acreage position in the Marcellus Shale and will provide a deep inventory of future development drilling locations. The closing is expected before year-end 2010 and is subject to customary terms and conditions.
Newfield plans to finance the transaction under the Company's revolving credit facility (an undrawn $1.25 billion facility). Longer term, borrowings under the credit facility would be reduced with proceeds from the sale of certain non-strategic assets.
Gross production from the properties is approximately 7 MMcf/d from five wells. There is an inventory of 11 uncompleted wells and plans to drill 10 additional wells by year-end 2010. Current gathering capacity is 25 MMcf/d with capability to expand to 95 MMcf/d in early 2011.  Newfield estimates that more than 400 gross operated well locations exist on the acreage and that net unrisked reserve potential is 1.5 – 2.0 Tcfe.
Newfield plans to run two operated rigs and invest approximately $100 million in 2011 to substantially hold the acreage by production. The Company plans to defer exploratory drilling in the deepwater Gulf of Mexico in 2011, allowing for a re-allocation of approximately $70 million to its Appalachian development program. Net production in 2011 from the acquired Marcellus properties is expected to exceed the production associated with the non-strategic assets planned for divestment in 2011.
"This transaction doubles our footprint in the Marcellus and adds core acreage with attractive development drilling opportunities," said Lee K. Boothby, Newfield Chairman, President and CEO. "This Marcellus acreage is high-quality and has a low cost structure. It will complement our portfolio of oil assets and provide us with greater flexibility in future commodity price cycles. The deal is consistent with our strategy of building a business in the Appalachian region, just as we have done in the Mid-Continent and the Rocky Mountains. The acreage is contiguous and has a gathering system in place that will allow us to access markets and grow production."
Newfield entered the Appalachian Region in October 2009 and assembled a team of professionals with experience in assessing and developing resource plays. The Company's initial entry into the region came through a joint venture with Hess Corporation covering approximately 70,000 gross acres primarily in Wayne County, Pennsylvania. The partnership has drilled three exploratory wells in Wayne County to date. Newfield operates the venture with a 50 percent interest.
Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy of growing reserves through an active drilling program and select acquisitions. Newfield's domestic areas of operation include the Mid-Continent, the Rocky Mountains, onshore Texas, Appalachia and the Gulf of Mexico. The Company has international operations in Malaysia and China.
This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding estimated or anticipated drilling plans, capital expenditures and asset sales, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services, the availability of refining capacity for the crude oil Newfield produces from its Monument Butte field in Utah, the availability and cost of capital resources, labor conditions and severe weather conditions (such as hurricanes). In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks.
Source: PRNewswire ( Press release)

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Transocean to buy $195 million 'jackup' rig

Transocean Ltd. said Monday it has agreed to buy for $195 million a "jackup" offshore drilling rig capable of operating in water depths up to 400 feet and building wells 30,000 feet deep.

[Read more]

 Source: Bloomberg

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Halliburton unveils website with fracking details

Halliburton unveiled a new website on Monday offering some details about the mix of chemicals used in a natural gas drilling technique, as the company attempts to allay public concerns about the impact of the practice on drinking water.
[Read more]
Source: Reuters

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Polish sailor dies on ship off Qld coast

A 58-year-old man has died after falling into a ship's hold off the central Queensland coast this afternoon.
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Source: ABC News

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Piracy in Somalia: more than 400 sailors still being held

The pirates from the largely lawless eastern coast of Somalia are heavily armed with automatic weapons and rocket-propelled grenades, and there is evidence that they are gaining in reach and confidence.
[Read More]
Source: Telegraph.co.uk

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Cochin Shipyard plans ship repair complex

Cochin Shipyard Ltd has evinced interest in setting up a ship repair and shipbuilding complex at Poovar, close to the upcoming international container transshipment terminal at Vizhinjam in Thiruvananthapuram district of Kerala.
[Read More]
Source: Project Monitor

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STX OSV to Double Brazil Shipyard Capacity on Petrobras Oil-Drilling Plans

STX OSV Holdings Ltd., the biggest maker of oil-rig support vessels, plans to double capacity in Brazil as Petroleo Brasileiro SA works through the world’s largest oil-exploration investment plan.
[Read More]
Source: Bloomberg

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Yangtze River Delta Ship Orders Surge 145% In 1-3Q

Ship orders in the Yangtze River Delta fold grew 145 year-on-year to 30 million deadweight tons (dwt) in the first three quarters of 2010, accounting for 72.3 percent of total orders nationwide during that period, reports International Finance News.[Read More]

Source: CapitalVUE

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CSL aims to be the leading shipyard

Incorporated in 1972 as a fully government-owned company, Cochin Shipyard Limited (CSL) today has emerged as a forerunner in the Indian shipbuilding and ship-repair industry. Excerpts from a tête-à-tête with its officiating chairman and managing director, and director (operations) commodore K Subramaniam......
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Source: Hindustan Times

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Japanese shipbuilder to deliver 20 more merchant ships to clients until 2013

Shipbuilder  Tsuneishi Heavy Industries (Cebu), Inc. has booked orders for about 20 vessels until 2013.
Tsuneishi President Shinji Watadani said the firm would be building merchant ships with deadweight tonnage of up to 180,000.
[Read More]
Source: Business World

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Market watchers eye more shipping IPOs ahead

The shipping industry may be the next one to catch the IPO bug.
On Friday, Norwegian shipbuilder STX OSV became the first such company in the past one year to launch an IPO on the Singapore Exchange.
[Read More]
Source: ChannelNewsAsia.com

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Frontline, World's Biggest Supertanker Operator, Sees `Huge' China Imports

Frontline Ltd., the world’s biggest supertanker operator, said it’s seeing “huge” demand for crude-oil imports from China, potentially reversing a slump that contributed to mostly unprofitable charter rates since June.
China, the world’s biggest energy user, cut net oil imports to the lowest level in 18 months last month, according to customs data released Nov. 10. Chinese oil companies made 44 percent more tanker bookings in October, for deliveries this month, data from Clarkson Research Services Ltd. show.
[Read More]
Source: Bloomberg

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IEA's Tanaka: oil market 'very well supplied'

The oil market will have plenty of supply until at least the end of 2011 if OPEC keeps producing at current levels, International Energy Agency Executive Director Nobuo Tanaka said on Monday.
"We think if OPEC continues production at the current level, the oil market will be very well supplied towards the end of next year," Tanaka told Reuters in an interview in Tokyo.
[Read more]
Source: Reuters

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Anadarko finds oil offshore Sierra Leone

Anadarko Petroleum Corp said on Monday its Mercury-1 oil exploration well located in the waters off the Sierra Leone coast encountered about 135 net feet of oil.
Mercury is the company's second deepwater test in the Sierra Leone-Liberian basin off the coast of western Africa and was drilled to a total depth of about 15,950 feet in about 5,250 feet of water
[Read more]
Source: Reuters

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