Buccaneer Energy Limited Jack-Up Rig Acquisition Funding In Cook Inlet Alaska

Buccaneer Energy Limited is pleased to announce that it has incorporated a wholly owned subsidiary Buccaneer Alaska Drilling. Subsequently, Buccaneer Drilling incorporated a wholly owned subsidiary Kenai Offshore Ventures.
It is the intention that Buccaneer Drilling and its wholly owned subsidiary Kenai Offshore will be the Company's corporate entities that will acquire a Mobile Offshore Drilling Unit i.e. jack-up rig. It is the intention that Kenai Offshore will operate the MODU in the Cook Inlet as a commercial stand alone venture, contracting drilling services to third party lease operators in the Cook Inlet. This will include Buccaneer Alaska, the holder of the Company's leases in the Cook Inlet.
On 9 November 2010 Kenai Offshore made an application to the Alaskan Industrial and Development Export Authority for an allocation of US$60.0 million in bonds under the US Federal Governments Recovery Zone Facility Bond program. AIDEA is the issuing authority within Alaska for the RZFB program.
The main feature of the RZFB is that it allows companies, with an allocation, to issue them to investors with the income from the bonds being exempt from US federal taxes. The coupon rate paid and term of the RZFBs is a commercial negotiation between issuer and investor.
On 16 November 2010 Kenai Offshore was informed by AIDEA that its application was successful and it had been allocated the full US$60.0 million in RZFBs. This allocation gives Kenai Offshore the ability to issue up to US$60.0 million in RZFBs, Kenai Offshore is not required to issue the full allocation and will consider the most appropriate funding structure in conjunction with its financial advisors. The allocation of RZFBs must be utilised by the 31 December 2010.
A key point of Kenai Offshore RZFB application was that the acquisition and mobilisation of a jack-up rig to the Cook Inlet would create significant job opportunities within the Borough of Kenai which has suffered heavily during the economic downturn.
Source:  ABN Newswire (Press release)

Posted on 11/16/2010 / 0 comments / Read More

UK gas up on Elgin Franklin outage, tight supply

British gas prices extended gains early on Tuesday due to lower supply stemming from the Elgin Franklin gas field outage and continuing cold weather, traders said.
Gas for Wednesday pushed up 0.30 pence at 49.50 pence per therm at 1048 GMT compared with day-ahead closing prices on Monday, while December was flat on 48.90 pence ($7.79 per mmBtu) and January rose 0.50 pence at 50.90 pence.
[Read more]
Source: Reuters

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Doubts hang over Cairn’s Indian sale

UK OIL and gas explorer Cairn Energy yesterday cast doubt on the planned sale of most of its Indian business to miner Vedanta Resources for up to $8.5bn (£5.4bn), but said it still hoped to seal the deal next year.
Cairn said there was no guarantee it would sell 40 to 51 per cent of its 62.4 per cent stake in Cairn India to London-listed Vedanta due to regulatory uncertainty.
[Read more]
Source: City A.M.

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Apache Corp to get stake in Australia block

U.S.-based Apache Corp is set to get 40 percent of Australian exploration block WA 388P as the current partners hand over part of their stakes to reduce drilling costs, three Indian industry sources said on Tuesday.
India's Bharat Petroleum , Hindustan Petroleum , Videocon Industries , Gujarat State Petroleum Corp and Australia's Oilex, which operates the block, currently own 14 percent each.
[Read more]
Source: Reuters

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PGS issues $275 mln shares to expand seismic fleet

Norwegian oil services provider Petroleum Geo-Services issued on Tuesday $275 million in shares to expand its fleet, betting on a strong recovery in the market for seismic scans in search of oil and gas.
PGS shares were down 4.2 percent to 82.95 crowns at 0951 GMT after dipping as much as 5 percent. In a sign of confidence in the company, they hovered around the issue price of 83 crowns despite a 1 percent fall on Oslo's .OSEBX index.
[Read more]
Source: Reuters

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Norway says 'scary' offshore costs must come down

The cost of oil and gas exploration and production off Norway is "scary" and must be reduced if the country aims to develop more fields, its oil and energy minister said on Tuesday.
"Cost developments on the Norwegian continental shelf over the past few years are, in my view, scary. The numbers are too high and pose a challenge," Terje Riis-Johansen told an oil seminar in the Norwegian capital.
[Read more]
Source: Reuters

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Premier Oil Joins Hess to Explore the North Red Sea

Premier Oil Plc, the U.K. crude and natural gas explorer focusing on Vietnam and Indonesia, will join Hess Corp. in exploring the North Red Sea off Egypt.
Premier will boost exploration spending by 25 percent to about $200 million in 2011 from this year, according to Chief Financial Officer Tony Durrant. The company raised its debt facility by $470 million to $1.8 billion to fund projects and also extend the maturity of its borrowings.
[Read more]
Source: Bloomberg

Posted on 11/16/2010 / 7 comments / Read More

BP, firms missed key errors before spill

The interim report by the National Academy of Engineering and the National Research Council blames the massive spill on workers' decisions to move ahead with temporary abandonment of BP's doomed Macondo well despite warning signs from a key test of well integrity.
"The various failures mentioned in this report indicate the lack of a suitable approach for anticipating and managing the inherent risks, uncertainties ... associated with deepwater drilling," the report said.
[Read more] 
Source: Reuters

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Ecopetrol to Invest $10.6 Billion to Boost Output; Eyes Stake Sale in 2011

Ecopetrol SA, Colombia’s largest oil company, said it plans to invest $10.6 billion in 2011 as it seeks to almost double production over the next decade.
The Bogota-based company may spend more if it makes acquisitions, it said today in a statement.
Ecopetrol is exploring for oil across Colombia, and in Peru, Brazil and the U.S. Gulf of Mexico as it spends more than $80 billion through 2020 to almost double output from last year. To fund investment, Ecopetrol may sell a 9.9 percent equity stake, sell bonds abroad or in Colombia, borrow from banks or sell stakes in non-strategic assets, the company has said.
[Read more]
Source: Bloomberg

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Brazil's Petrobras: Light Oil Discovered South Of Santos Basin

Petroleo Brasileiro SA, or Petrobras, on Tuesday said it has confirmed the presence of light oil in a well drilled to the south of the Santos basin.
The well is located about 280 kilometers off the coast of the state of Sao Paulo, in a water depths of 400 meters, and the reservoir lies a further 2.2 kilometers below the seabed, Petrobras said.
[Read more]
Source: Foxbusiness

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Russia's Novatek to pay $900 mln for Sibneftegaz

Novatek, Russia's biggest independent gas producer, said on Tuesday it would pay $900 million for Sibneftegaz, the latest acquisition in its strategy to increase its asset base.
Chief Financial Officer Mark Gyetvay said the total size of the deal, including Sibneftegaz's 11 billion rouble ($354 million) debt, would be nearly $1.2 billion.
[Read more]
Source: Reuters

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Billionaire Eskenazi Said to Boost Stake in YPF Unit as Soon as Next Month

Argentina’s billionaire Eskenazi family plans to boost its 15.4 percent stake in Repsol YPF SA’s local unit as early as next month to take advantage of falling borrowing costs, a person familiar with the situation said.
The Eskenazis’ Petersen Group will pay about $1.3 billion for an additional 10 percent stake in Buenos Aires-based oil producer YPF, said the person, who declined to be identified because talks are private. Petersen, which has an option until 2012 to increase its stake, will finance 40 percent with its own funds and the remainder through bank loans, the person said.
[Read more]
Source: Bloomberg

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Pittsburgh bans natural gas drilling

Pittsburgh became the first city in gas-rich Pennsylvania to ban natural gas drilling after city council members, citing health and environmental concerns, unanimously approved the measure Tuesday.
The council received a standing ovation after voting 9-0 to approve the ban within city limits.
Pittsburgh sits atop part of the Marcellus Shale, a large rock formation in West Virginia, Ohio, Pennsylvania and New York. 
[Read more]
Source: Fuelfix

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Transocean says four more rigs now out of work

Four more Transocean Ltd  rigs are without contracts, according a fleet update on Tuesday, reflecting a broader slump in demand for some of the older rigs run by the world's largest drilling contractor.
Switzerland-based Transocean has been quicker than rivals to pull rigs off the market, or "stack" them, in response to any perceived weakness in demand.
[Read more]
Source: Reuters

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Vantage Drilling Company Announces Delivery and Sailing of Platinum Explorer Drillship

Vantage Drilling Company ) announced that it has taken delivery of the ultra-deepwater drillship, the Platinum Explorer, from Daewoo Shipbuilding and Marine Engineering Co. Ltd. in South Korea. The vessel has set sail from the shipyard in transit to India to commence a five year contract with Oil & Natural Gas Corporation Limited.

Paul Bragg, Chairman and Chief Executive Officer of Vantage, commented, "We have taken delivery of Platinum Explorer on time and budget, and have begun the maiden voyage to India to commence the contract there, starting around yearend. This is a huge milestone for Vantage, as we have now completed construction of the fleet orders that we acquired two years ago. Our jackups have enjoyed full utilization and high operating efficiency since commencement of operations. We are well prepared to start work with Platinum Explorer, and having her in service will result in more than doubling of our ongoing rig cashflows."

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and one ultra-deepwater drillship, the Platinum Explorer. Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of nine owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
Source: Press Release

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Shareholder sues Atlas to stop Chevron deal

A shareholder filed a class action lawsuit to block the proposed acquisition of Atlas Energy Inc by Chevron Corp, alleging the $3.2 billion deal was "intrinsically unfair" to shareholders.
The acquisition of Atlas gives Chevron access to the Marcellus shale field in Pennsylvania and neighboring states, which is one of the largest U.S. natural gas finds in decades.
[Read more]
Source: Reuters

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Nexen shares tumble on lower Long Lake outlook

Nexen Inc. saw its shares fall on Tuesday after the Calgary-based oil producer said its Long Lake oilsands project won't hit full capacity this year or next.
Nexen's stock fell 82 cents on the Toronto Stock Exchange, or nearly four per cent, to close at $21.55 after the company said Long Lake would produce a range of 38,000 to 42,000 barrels per day in 2011 versus a design rate of 72,000 bpd. The company expects Long Lake to exit next year at a rate of 42,000 to 55,000 bpd, well below its full production potential.
[Read more]
Source: Calgary Herald

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ABG Shipyard Q2 net up 22.70% at Rs 56.2-crore

The country's largest private ship-building company , ABG Shipyard, today said that it has clocked a 38.32 per cent increase in its net sales to Rs 555.48-crore as against Rs 401.58-crore in the year-ago period.
[Read More]
Source: Economic Times

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Injured bulker crewman 'safe'

A SEAFARER injured from a weekend fire on a Greek bulker is recovering at a Dutch hospital, the ship’s owner told Fairplay today.
[Read More]
Source: Safety at sea

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World’s Largest Sister Ships Meet for First Time

Royal Caribbean International’s newest cruise ship, Allure of the Seas, was welcomed by more than 8,000 guests and crew members aboard sister-ship Oasis of the Seas on Saturday, Nov. 13.
[Read More]
Source: MarineLink

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Shipping experts explore nuclear power potential

A consortium of British, American and Greek interests have agreed to investigate the practical maritime applications for small modular reactors (SMR) as commercial tanker-owners search for new designs that could deliver safer, cleaner and commercially viable forms of propulsion.
[Read More]
Source: Motorship

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PGS to invest in fleet expansion

Petroleum Geo-Services ASA (PGS) has initiated an equity issue to fund a program to renew and expand the company’s fleet of seismic ships by building two fifth generation Ramform vessels.

Petroleum Geo-Services ASA (PGS) has initiated an equity issue to fund a program to renew and expand the company’s fleet of seismic ships by building two fifth generation Ramform vessels.
[Read More]
Source: Motorship

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Nanjing Tanker makes ethylene carrier debut

Nanjing Tanker Corporation’s first ethylene carrier successfully completed its maiden voyage late last week. It is the first Chinese owned ethylene chemical carrier.
[Read More]
Source: Seatrade Asia

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Pacific Basin splashes out $284m on newbuildings

Pacific Basin Shipping has ordered 10 bulkers from Chinese yards at a cost of $284.4m. The Hong Kong based owner has ordered six 35,000 dwt handysize bulk carriers from Jiangmen Nanyang Ship Engineering.......
[Read More]
Source: Seatrade Asia

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Maersk seeks bigger market share of imports into China

Maersk Line, the world's largest container carrier, wants a larger share of shipments generated from imports to China as the country's economic growth pattern translates to stronger domestic demand.
[Read More]
Source: Cargonews Asia

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Canadian owner interested in Estonian newbuilding

The Estonian newspaper Saarte Hääl reports that British Columbia Ferry Services Inc (BC Ferries) has shown interest in buying Saaremaa Shipping Company’s newbuilding Hiiumaa........
[Read More]
Source: Shipgaz

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Rolls-Royce and Bestway strengthen ship design collaboration

Rolls-Royce, the global power systems company, recently signed a collaboration agreement with Shanghai Bestway Marine Engineering Design Company Ltd (Bestway), a leading marine design and research company in China.
[Read More]
Source: Shipping Times

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Korean vessel fire frustrates Uruguay’s cruise season official launching

A fire which broke out in a Korean flagged fishing vessel docked in the port of Montevideo and which was still burning early Monday forced the suspension of the official launching of Uruguay’s cruise season.
[Read More]
Source: MercoPress

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Oil marketers feel heat as ship owners raise fees over piracy

Oil marketers are feeling the pinch of rising piracy attacks as ship owners charge higher premiums to sail to Mombasa.
“Shipping operators will face higher insurance premiums due to the increased risk of piracy in areas such as the Gulf of Aden and the east coast of Africa,” Petroleum Focus Consultants director George Wachira said.
[Read More]
Source: Daily Nation

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Chinese duo win 10 BC orders

Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, announced Monday that it has contracted or acquired US$284.4 million contracts to build ten dry bulk vessels
[Read More]
Source: Asiasis

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China to face technical obstacle

‘So far, China has surpassed Korea in terms of output, order intakes and orderbook,’ said Chinese analyst Liang Zhiyong. Frankly China became the world No.1. However, he also indicated that in next five year China would face serial challenges from new regulations and standards. As a result, China’s No.1 position might be shocked. 
[Read More]
Source: Asiasis

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Sembcorp Marine's PPL Shipyard Announces A US$195 Million Contract To Sell A Jack-Up Rig To Transocean Ltd

Sembcorp Marine's subsidiary PPL Shipyard has signed a US$195 million contract to sell a jack-up rig, already under construction, to Transocean Ltd, the world’s largest drilling contractor and the leading provider of drilling management services worldwide.
The jack-up rig is based on PPL Shipyard's latest proprietary design, the Pacific Class 400 and is scheduled for delivery in the fourth quarter of 2011. On completion, the rig will be capable of operating in waters of 400 feet and drill to depths of 30,000 feet. Equipped with the latest drilling equipment, the rig will have improved drilling efficiencies with offline handling features and simultaneous operations support. The rig is also equipped with increased accommodation for 150 men instead of 120 men as in the earlier series of Pacific Class 375 jack-up rigs.
Dr Benety Chang, Deputy Chairman of PPL Shipyard said “We are pleased that Transocean has chosen PPL Shipyard as a strategic partner in this contract. We would like to thank Transocean for their confidence in our proprietary Pacific Class 400 high-performance rig design and its advanced drilling capabilities. This rig design has been very well-received since its launch and reflects the growing demand for quality premium high-specification jack-up rigs.”
Transocean currently owns and operates five drilling rigs built by Sembcorp Marine’s yards, including two jack-ups and one semi-submersible supplied by PPL Shipyard and two semi-submersibles built by Jurong Shipyard.
The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2010.
Source: Sembcorp Marine

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Keppel shipyard liable for fire that gutted Aboitiz ship

The Supreme Court is standing pat on its decision ordering Keppel Cebu Shipyard, Inc. to pay a minimum of P330 million for the fire that burned down Aboitiz Transport System Corp.’s M/V Superferry 3 in 2000.
[Read More]
Source: ABS CBN News

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China shipping may lead revival in ship orders

Hanjin Shipping Co., South Korea’s largest shipping line, and China Shipping (Group) Co. said they were close to ordering new vessels as world trade rebounds from the global recession.
[Read More]
Source: Fresh Plaza

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Coastal Energy Announces Appraisal Success in Multiple Reservoirs at the Songkhla Field

Coastal Energy Company announces successful appraisal drilling success from the Oligocene and Eocene reservoirs at the Songkhla field.
The Songkhla A-09 well was drilled to 8,109 feet true vertical depth and encountered 140 feet of net pay in the Lower Oligocene Wedge reservoir with average porosity of 15%. The well also encountered 75 feet of net pay in the underlying Eocene reservoir analogous to that seen in the Songkhla A-07 well, which had 16.5% porosity and initially flow tested 1,100 bopd. The A-09 well also pushed down the lowest known oil in the Eocene by 105 feet.
[Read more]
Source: Market Watch

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Huntington field development plan approved by DECC

Norwegian Energy Company ASA is pleased to announce that the Field Development Plan for the Huntington field has been approved by the Department for Energy and Climate Change (DECC)
Huntington will be developed using the FPSO Sevan Voyageur, and as previously announced the leasing contract for this unit was signed last week. Production is expected to commence in the first quarter of 2012.  
The Huntington field is located in Block 22/14b in the UK part of the Central North Sea. Noreco has a 20% interest in the block, which is operated by E.ON Ruhrgas UK E&P (25% interest). The other partners are Premier Oil UK Limited (40%) and Carrizo Oil & Gas, Inc. (15%). 
Source: 4-Traders (Press release) 

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