Bounty Oil and Gas NL Utopia 10 Well Spud

Bounty Oil and Gas NL announces that the Utopia 10 oil development well in Utopia Field; PL 214 Eromanga Basin, SW Queensland will spud today. The Utopia Field lies 50km southeast of the town of Eromanga.
Utopia 10 will be drilled vertically through the Murta reservoir zone to a total depth of 1100 metres BRT finishing in the Namur Sandstone. The reservoir will be fracture stimulated to increase flow rate.
This is the fourth development well drilled into the Murta zone since Bridgeport Energy assumed operatorship.
The well is planned to increase Utopia oil production and provide a path for the future development strategy to be adopted aimed at producing the substantial undeveloped oil reserves in the Utopia Field.
Utopia 10 will be followed immediately by Ufouria 1H a short offset horizontal development well in the Murta zone between the Ufouria 1 and Utopia 1 wells.
Source: Press release

Posted on 12/01/2010 / 0 comments / Read More

Brazil's Congress passes oil industry overhaul

Brazil's Congress approved a legal overhaul of the country's oil sector late Wednesday night, clearing the way for Brazil to expand development of vast offshore oil fields it hopes will turn it into a global energy exporter.
[Read more]
Source: Reuters

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STX buys Korean block manufacturer

Seoul: The board of directors of Korea's STX Offshore & Shipbuilding decided to buy the entire shares (321,360) in Hyukshin Machinery, a compatriot ship-block manufacturer, for KRW 39.2bn (about $34m), STX announced in a stock exchange filing recently.
[Read More]
Source: Seatrade Asia Online

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Officer shortage lower than expected

Today, balance rules between supply and demand on the world’s seafaring labour market, although there is a modest overall two per cent shortage of officers, the latest update of the ISF/Bimco Manpower study shows.
[Read More]
Source: shipgaz

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30 years in prison for attack on US vessel

The Somali Jaamac Ciidle as been sentenced to 30 years imprisonment by a federal court in Virginia for his role in pirate attack on April 10.
[Read More]
Source: shipgaz

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IHC Engineering Business and SAS to deliver lay system to McDermott International

IHC Engineering Business (IHC EB) is to deliver a 300 tonne pipelay system to McDermott International Inc.
“We are ambitious to expand our market share of turnkey pipelay systems, particularly flexible product lay systems, and therefore we sought a partnership with an established provider of tensioner systems in order to deliver lay systems,” explains IHC EB’s Managing Director, Toby Bailey.
[Read More]
Source: Offshore Shipping Online

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P&O Maritime Services enters cable installation market

P&O Maritime Services, owner and operator of specialist science and cargo vessels, has entered the power cable installation market with its vessel CS European Supporter.
[Read More]
Source: Maritime Journal

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Ensco rig sent to S.America as Gulf permits sought

A brand-new Ensco Plc rig will move from the Gulf of Mexico to South America and be put to work for Tullow Oil Plc  for three months, while original client Cobalt International Energy Inc seeks drilling permits.
Ensco said on Wednesday the deal with a Tullow subsidiary would pay $440,000 a day for work off the French Guiana coast, not including about 50 days of mobilization and demobilization when the deepwater rig would earn 75 percent of that rate.
[Read more]
Source: Reuters

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Crew expenses set to raise ship operating costs

Vessel operating costs are expected to rise by 3.2 per cent in 2010 and by 3.5 per cent in 2011, with crew costs identified as the category most likely to produce the highest levels of increase, according to a new survey by international accountant and shipping consultant Moore Stephens.
[Read More]
Source: Baird Maritime

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Worldwide supply and demand for seafarers is “balanced”

BIMCO and the International Shipping Federation (ISF) have published the results of their latest comprehensive study of the worldwide supply and demand for seafarers, finding that there is a general balance between supply and demand.
[Read More]
Source: Baird Maritime

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The Netherlands: Building the Hard Seawall at Maasvlakte

Protect the newly sprayed-on land against the winter storms. That’s the Blockbuster. After the stormy season, the enormous crane will continue blocks in the new Maasvlakte sea defence.
[Read More]
Source: Dredging Today

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Swire Oilfield Services Opens Regional Office in Singapore

Swire Oilfield Services, the world's leading supplier of specialist DNV rated offshore cargo carrying units (CCU), today announces its expansion in Asia with the launch of a new Singaporean subsidiary and the opening of a regional office in Singapore.
The new office was opened by chief executive officer Tor Helgeland, chief operating officer Rupert Bray and chief finance officer Lyall Dochard and will service the oil and gas industry in South East Asia.
[Read more]
Source: Press release

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BLG Logistics handles offshore wind power modules

Bremen-based BLG Cargo Logistics - part of the BLG Logistics Group - operates Europe's large terminal for conventional cargoes in Bremen (pictured) and is seeing ever-increasing numbers of logistics services associated with the offshore wind farm industry.
[Read More]
Source: Heavy Lift

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Offshore-Drilling Decision Makes Waves

The top executive of the American Petroleum Institute expressed surprise at the Obama administration's decision today to pull back its expanded offshore-drilling policy and disputed comments made by Interior Secretary Ken Salazar that indicated the oil and gas industry will be able to continue to develop offshore.
"The announcement today is one of great disappointment, frankly a surprise, a reversal of position based on where the president was in just March," API President and CEO Jack Gerard told National Journal shortly after the announcement. 
[Read more]
Source: The Atlantic

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Indian Firms Win Contracts at Paradip

Engineering firm Punj Lloyd Limited has secured a US$246.3 million lump-sum turnkey contract from Indian Oil Corporation Limited for the US$6.48 billion Paradip refinery planned for Orissa.
[Read More]
Source: Break Bulk

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Halliburton Pursuing $15 Billion In International Shale-Drilling Jobs

Halliburton Co. is pursuing $15 billion worth of drilling jobs in international shale formations, exporting technological expertise currently employed in U.S. unconventional oil and gas production, a company official said Wednesday.
"One might argue these international opportunities represent the single largest growth opportunity in the oil field service over the course of the next five to 10 years," said Jonathan Lewis, Halliburton's senior vice president of drilling and evaluation, at an energy conference here.
[Read more]
Source: Nasdaq

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Maritime stocks hit hard at year-end, analysts say

Gloomy freight sector in the last quarter of the year is weighing down maritime transport companies, making brokerages recommend investor to dump maritime shares.
[Read More]
Source: Saigon

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Nigeria to File Charges Against Former U.S. Vice President Over Bribery

Nigeria will file charges against former U.S. Vice President Dick Cheney and officials from five foreign companies including Halliburton Co. over a $180 million bribery scandal, a prosecutor at the anti-graft agency said.
[Read more]
Source: Bloomberg

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Supertanker Rates May Rise on Demand, Africa, Dynacom Says

Ody Valatsas, chartering manager at Dynacom Tankers Management Ltd., comments on the market for supertankers lifting 2 million-barrel cargoes of Middle East crude oil.
[Read More]
Source: Bloomberg

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Greek and Asian owners put their faith in RINA

Greece is the leading shipowning nation in the world, in both historical and contemporary terms.
In the present macro economic scenario, it is significant that the Greek merchant marine continues to look very robust, and indeed is regarded by many as one of the potential solutions to help the Greek economy recover. Greek shipping will remain strong as the country’s shipowners continue to invest and re-invest in modern ships, and to use their unique feel for the markets to trade with the entrepreneurial skills for which they are renowned. And, in the process, the links between Greek shipping and RINA are set to grow much stronger.
[Read More]
Source: Nafsgreen

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ConocoPhillips Announces First LNG Shipment from Qatargas 3 Project

ConocoPhillips announced today that the first cargo of liquefied natural gas from the Qatargas 3 joint venture was shipped on Nov. 25, 2010. The cargo departed from Ras Laffan Industrial City, Qatar, bound for the Canaport LNG Terminal in Saint John, New Brunswick, Canada.
"ConocoPhillips is proud of our participation in the QG3 project," said Jim Mulva, chairman and chief executive officer. "It increases our company's global LNG output, while contributing to Qatar's achievement of reaching total LNG production capacity of 77 million tonnes per annum. During the five years of development work that this massive project required, we have enjoyed the opportunity to establish close, collaborative relationships with Qatargas, Qatar Petroleum and the people of Qatar, and now look forward to seeing QG3 provide clean-burning natural gas to markets throughout the world."
[Read more]
Source: Press release

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Dry bulk market weighed down by capesize “blues”

The negative sentiment currently undergoing in the capesize market has kept the dry bulk market’s benchmark, the Baltic Dry Index (BDI) on the “minus” area. Yesterday, the BDI ended down by 0.14% to 2,096 points, marking the fifth straight loss for the index. As it turns out, the gains witnessed in all other ship segments are offset by the negative impact of the capesize market.
[Read More]
Source: Hellenic Shipping News

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Guatemala seeks bids for oil exploration zones

Guatemala on Wednesday began seeking bids from foreign oil companies interested in exploring four possible oil patches in the northern part of the country.
Guatemala published the details of the tender rules on Wednesday in the official gazette but did not speculate about what kind of reserves might be found in the areas up for bid.
[Read more]
Source: Reuters

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E.On Sells Stake in Gazprom For $4.5Bln

German energy concern E.On said Wednesday that it sold its 3.5 percent stake in Gazprom. VEB bought 2.7 percent, with settlement to come later this month.
E.On has already sold the other 0.8 percent on the market and is earning 3.4 billion euros ($4.5 billion) on the entire deal, the company said.
VEB chief Vladimir Dmitriyev confirmed that the bank had signed a deal with E.On to buy the 2.7 percent of Gazprom. "A deal has been signed," Dmitriyev told reporters.
[Read more]
Source: The Moscow Times

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Ecopetrol Invited by Reliance, ONGC Videsh to Explore in India

Ecopetrol SA, Colombia’s state- controlled oil producer, has been asked by Reliance Industries Ltd. of India and ONGC Videsh Ltd. to jointly develop energy blocks in the South Asian country, Colombia’s ambassador to India said.
India is offering 34 oil and gas exploration blocks in its ninth round of auctions to help meet demand in Asia’s second- fastest growing major economy. The auction began on Oct. 15 and will close on March 18.
[Read more]
Source: Bloomberg

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Iraq expects to initial Akkas gas deal within days

Iraq expects to sign an initial contract for the Akkas gas field within days, a senior Iraqi oil official said on Wednesday, after a delay due to a row between the oil ministry and local authorities over exports.
South Korea's KOGAS and Kazakhstan's KazMunaiGas won a deal on Oct. 20 to develop the western Akkas gas field, near the Syrian border, in Iraq's third energy auction since the 2003 U.S.-led invasion.
[Read more]
Source: Reuters

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Kazakh PM says investors behind oil disputes

Kazakhstan, seeking to boost oil output by 60 percent over the next decade, will not change contract terms with foreign oil majors unless investors fail to meet targets, the country's prime minister said on Wednesday.
Karim Masimov said investors in Kazakhstan's oil sector, the largest in Central Asia, were primarily responsible for various contractual disputes and that the country would seek to reopen talks on a massive oilfield development should production lag.
"Whatever disputes you may hear about from investors, it's basically started by them. They are asking for some additional favours," Masimov told Reuters.
[Read more]
Source: Forexyard

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Northrop Wins Coast Guard Contract

Defense contractor Northrop Grumman Corporation (NOC - Analyst Report) received a $480 million contract to construct the fourth National Security Cutter (NSC) – WMSL 753, for the U.S. Coast Guard. Northrop will complete the construction work at its Pascagoula facility.
[Read More]
Source: ZACKS

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S. KOREA-OWNED DANA PETROLEUM FINDS NEW OIL WELL IN EGYPT

An international consortium joined by Britain's South Korea-owned oil company Dana Petroleum plc has made a new oil discovery in Egyptian waters, the Korea National Oil Corp. (KNOC) said Thursday.
The discovery marks the first successful search since South Korea's state-run company acquired the British oil firm in a hostile takeover earlier this year.
The well is located in the Gulf of Suez in Egypt, and is believed to hold a reserve of some 20 million barrels. It recorded a delivering flow rate of 1,343 barrels of oil per day during drill stem tests, according to KNOC.
"The successful discovery and stem tests by Dana Petroleum mark the first visible success of the company since KNOC's acquisition of the company where it was able to confirm the existence of oil at its first attempt," KNOC said in a press release.
Dana has a 65 per cent interest in the exploration project with the rest owned by Japan's Inpex Corp., it added.
Dana currently produces about 6,900 barrels of oil in Egypt alone, and is taking part in 52 exploration projects with prospective or estimated resources of more than 700 million barrels.
SOurce: Press release

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Enovation Resources Agrees Successful Farm-out of Handcross Prospect

Enovation Resources an oil & gas exploration, development and production Company, is pleased to announce the execution of a Farm-Out Agreement between its 100% owned North Sea subsidiary, Sussex Energy Limited, and Valiant Petroleum Limited ('Valiant') relating to the Handcross prospect in Licence P.1631, Block 204/18b.
Under the agreement Valiant will acquire an additional forty percent (40%) participating interest in the Licence and Block in exchange for the payment of certain dry hole well costs in respect of Sussex's remaining participating interests.
Following completion of the transfer, the participating interests of the parties will be: Valiant ninety percent (90%) (Operator) and Sussex ten percent (10%). Sussex also has certain rights in agreed circumstances to increase its participating interest in the Licence and Block by a minimum five percent (5%) for a total of a minimum of fifteen percent (15%) participating interest. The agreement is subject to DECC consent.
The agreement, along with Valiant's recent success in the 26th Round securing blocks 204/14c and 204/19c adjacent to the existing Handcross acreage means the partnership has control over the entire Handcross Prospect with total gross P50 prospective resources of around 200 mmboe. Sussex would like to drill the well in 2011 and Valiant has stated that it is talking to several parties to secure a suitable deepwater rig in the timeframe.
Commenting, Diz Mackewn, CEO said:
"We are delighted to have closed this important transaction with our partners in the Handcross Prospect, which, together with the award of the adjacent blocks, enables the drilling plans for this high impact exploration prospect to be advanced. This well now represents real near term growth potential for the business".
Source: Press release

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Potential Cuts in Indonesian Oil and Gas Production

A new maritime law in Indonesia requiring companies to use Indonesian-flagged ships for transporting goods domestically could significantly cut oil and gas production in 2011.
A significant production drop in oil production of up to 260,000 b/d and in natural gas production of up to 22% according to Priyono, head of BPMigas an oil and gas watchdog.  
[Read more]
Source: GLGroup

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65 charged with kidnapping oil workers in Nigeria

A magistrate in Nigeria's oil city of Port Harcourt has charged 65 people believed to be behind the recent abduction of some of over a dozen oil workers, police said Wednesday. "Sixty-five of them were charged on Monday. They are suspected of kidnapping seven oil workers, including American citizens," Rita Inoma-Abbey, police spokeswoman for Rivers State told AFP.
[Read more]
Source: Business Recorder

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Chinese shipbuilding faces cost rising

China Association of the National Shipbuilding Industry (CANSI) issued monthly report on November 30th that Chinese shipbuilding industry faced severe problems this year such as labor cost rising, CNY appreciation, and material price surging. 
[Read More]
Source: Asiasis

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Gulf Keystone spuds Shaikan-2 appraisal well in Kurdistan

Gulf Keystone announces the commencement of drilling operations on its Shaikan-2 appraisal well, on December 1, 2010, in Kurdistan. 
This is the first deep appraisal well to be drilled on the Company's substantial Shaikan oil discovery. Gulf Keystone has an effective 75 percent working interest in the Block and is partnered with the MOL subsidiary, Kalegran, which has 20 percent and Texas Keystone International has the remaining 5 percent. 
The well design for Shaikan-2 has been modified to drill through the geopressured sections of the Triassic age rocks. This high pressure interval forced the cessation of drilling on Shaikan-1, when the well experienced the inflow of significant volumes of oil and gas from a section of the middle Triassic. The Shaikan-2 well is designed to drill through the Cretaceous, Jurassic and the Triassic, to a planned total depth in the Permian, depending on well results, of 5,000 meters. Drilling and testing is expected to take six months. 
John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented: 
"We are very excited to finally be spudding our first deep appraisal well on the Shaikan structure. In the success case, we hope for, as a minimum, a significant increase in our current P90 volume of 1.9 billion barrels of oil in place, thus narrowing the possible range of oil in place numbers. In the upside case, we would, of course, also hope for a further upward movement of our P10 volume which is currently independently estimated at 7.4 billion barrels of oil in place."
Source: Press release

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Amels launches the first Limited Editions Amels 212 ahead of schedule

Managing director Rob Luijendijk says this latest launch provides further confirmation that customers really appreciate the Amels combination of proven, high quality and speed of delivery.
[Read More]
Source: SuperYatchTimes.com

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Statue Cruises orders fuel cell powered hybrid ferry

Statue Cruises, a subsidiary of Hornblower Cruises & Events., has signed an agreement with Derecktor Shipyards in Bridgeport, Conn., to complete the world's first hybrid ferry using hydrogen fuel by April 2011.
[Read More]
Source: Marine Log

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Ecopetrol Announces Oil Discovery in Meta Province

The Akacias-1 well is located in the municipality of Acacias, Meta province, and is part of the Company's CPO-9 Exploration and Production Contract with the National Hydrocarbons Agency.
Ecopetrol, which has a 55% stake in the block, is the operator. The other 45% belongs to the Canadian company Talisman.
"This new hydrocarbons discovery in the Eastern Llanos substantiates the important potential of this region, which produces 40% of the country's oil, joining other recent discoveries by Ecopetrol and other companies and encompassed in our heavy crude strategy, which, in turn, helps us meet our goals of increasing reserves and continuously boosting our production by more than 12% a year until we reach one million barrels equivalent by 2015," said Ecopetrol's president, Javier Gutierrez Pemberthy.
Drilling of the Akacias-1 well, which began on August 31, 2010, reached a depth of 11,780 feet, or 3.5 kilometers. The hydrocarbon accumulation was proven in the T2 formation, at a net perforation interval of 352 feet.
The well was characterized by its technical complexity with drilling along a highly deviated directional path, with a horizontal displacement of 6,100 feet. This means that horizontal perforation techniques were used, allowing the well in the subsoil to be slanted more than 1.8 kilometers until reaching the target in the T2, K1 and K2 formations.
The results of initial production tests, made available just recently, show crude oil production of 9.3 degrees API, with average flow of 1,280 barrels per day supported by an artificial lift system and water cut of some 9.1%.
Akacias-1 is the sixth finding with Ecopetrol participation since the beginning of the year and the third in the Eastern Llanos region. Previously, the company proved the presence of hydrocarbons in four Colombian wells: Río Zulia West-3, in partnership with Tepic; Quifa-6, in partnership with Pacific Rubiales; Oripaya-1, 100% Ecopetrol; and Mago-1, in partnership with Shell; and one in Brazil: Itauna-1 in partnership with Anadarko.
Ecopetrol and Talisman, partners in the CPO-9 block, are working together on other exploration and production projects in Colombia and Peru, including the acquisition of BP's affiliate in Colombia announced in August of this year and pending approval by the appropriate authorities.
Source: Press release

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Seatrade Med opens in Cannes

The Seatrade Med Cruise Convention has debuted in France, with 2000 participants having streamed through the doors of the Palais des Festivals et des Congrès in Cannes by lunchtime on day one. The event will run over three days and play host to an industry conference, a showcase exhibition, Cruise Agent Day by Top Cruise as well as an exceptional social programme.

The convention was officially inaugurated this morning by a VIP delegation that included Bernard Brochand, Deputy Mayor of Cannes as well as representatives from CCI Nice, Grasse, Villefrance-sur-Mer, the Provence-Alpes-Côte D’Azur region, Seatrade and UBM Live.

Regional industry booming with vast potential still untapped
Delegates packed the conference suite at this morning’s opening session to hear industry leaders upbeat on the rapid expansion of the Mediterranean cruise market. MSC Cruises’ CEO, Pierfrancesco Vago noted that Europe is the fastest growing source market in the world and added that with some 196m people (39% of the population) living in coastal regions and some 180 European ports, the potential is vast.

On a cautionary note, Carnival UK CEO David Dingle warned against real threats to the industry from “ill thought-out” environmental regulation, with sulphur content in fuel being the biggest problem. “You cannot overestimate environmental issues” he added.

French cruise market going from strength to strength
A survey of 30 ports and 20 maritime and river shipping companies on the growth of the cruise industry in France, conducted by the National Tourism Council and previewed today during Cruise Agent Day by Top Cruise, revealed that since 2000 the number of cruise passengers to France has tripled. This year 2m passengers visited France on 1600 cruise calls, figures that pave the way for concrete recommendations to be made to public authorities and tourist industry professionals.

Seatrade’s chairman, Chris Hayman, said, “The Mediterranean is now the second most popular cruise destination, after the Caribbean. We are delighted to bring Seatrade Med to France for the first time, recognising the economic importance of the cruise industry to this country, with its world-renowned cruise shipbuilding and ship technology industry. With 5m Europeans now cruising, France, which boasts the longest coastline in Europe, is in an ideal position to benefit from the economic impact of the growing Mediterranean cruise market.”

He also saluted the outstanding work of the French Riviera Cruise Club, organising partners for Seatrade Med 2010, in raising awareness of the cruise industry among local businesses and other regional economic players.

Exhibition open for business
Shipbuilders STX Europe and cruise market newcomers Daewoo Shipbuilding of Korea, plus technical suppliers such as ADT Fire & Security Italia S.p.A, HMS S.A, Mitel Corporation and Desso B.V. are showcasing their latest innovations on the Seatrade Med floor. This year’s exhibition hosts 153 exhibitors from 42 countries. Added to the mix of regional ports, tourist boards and DMCs is a heavy scattering of global destinations, including Dubai Cruise Terminal, the Caribbean Village, the Port of Halifax (Canada), Cruise Canada New England, Cruise Indian Ocean Association, NYCruise, Puerto Costa Maya and the Ministry of Culture and Tourism Republic of Indonesia. MedCruise, principal supporter of Seatrade Med, is hosting numerous mini press conferences and events on what, at just over 700 sqm, is their largest ever pavilion at the show.

Elsewhere in the show, cruise agents are taking part in Top Cruise’s Cruise Agent Day, with a programme of cruise line workshops and destination conferences as well as time on the exhibition floor and the chance to win a fabulous cruise on MSC Splendida, offered by MSC Cruises, in a prize draw this afternoon.

Principal sponsors of Seatrade Med 2010 are the City of Nice, Conseil Général Alpes-Maritimes, Palais des Festivals et des Congrès, Région Provence Alpes Côte D’Azur and Riviera Ports Authority. Other main sponsors of the event are Antibes Port Vauban, Atout France, Club Croisière Corsica, Fidelio Cruise Software GmbH, Hepburn Bio Care, Marseille Provence Cruise Club, MedCruise, MSC Cruises, STX Europe, Syndicat des Hôteliers de Cannes et Environs, Var Provence Cruise Club (VPCC) and Villefranche sur Mer.
Source: Press Release

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S.KOREA'S STX OFFSHORE FORMS PLANT TIE-UP WITH U.S. FIRM

South Korean shipbuilder STX Offshore & Shipbuilding Co. (KSE:067250) said Wednesday that it has signed a deal to team up with KBR Inc., a U.S. engineering and construction company, in the offshore plant sector.
[Read More]
Source: Trading Markets

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Sinopacific applies LTV shipbuilding concept

Many shipbuilding companies are investigating new approaches to reducing fuel consumption, carbon emissions and operating costs, to enhance safety and achieve environmentally neutral operation while maintaining ship speed and increasing load capacity.
[Read More]
Source: Motorship

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LNG demand to outstrip supply-GDF Suez

Global liquefied natural gas demand will double by 2020, driven by increases in Asia, but supply will struggle to keep up over that period, GDF Suez's president of LNG said on Wednesday.
Difficulties in getting new production projects online will lead to a sellers' market in the future, said GDF Suez's Philip Olivier, a change from the buyers' market which currently exists due to ample supply.
[Read more]
Source: Reuters

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Ichthys LNG Project Releases Invitations to Tender for Onshore Gas Processing Facilities

Invitations to Tender for the major onshore construction packages for the Ichthys LNG Project (INPEX Browse, Ltd. 76%, Operator, and Total E&P Australia 24%) have commenced, President Director Australia, INPEX CORPORATION, Seiya Ito said today.
[Read more]
Source: Press release

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Gas Plus drops Eni deal on rules uncertainty

Italian gas company Gas Plus has not exercised an option to buy Eni offshore assets in Italy due to uncertainty over exploration rules, the company said sending its shares lower.
Gas Plus said in a statement on Wednesday conditions did not exist at the moment for it to exercise an option to buy Societa Adriatica Idrocarburi by a Nov. 30 deadline.
[Read more]
Source: Reuters

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Franklin Templeton to start legal action over Romgaz

Fund manager Franklin Templeton said it would take legal action against Romania for forcing energy firm Romgaz to make a donation to the state budget, adding the government had damaged investor confidence. Romgaz, Romania's main gas producer, is one of the holdings of Fondul Proprietatea, a 3.4 billion euro ($4.4 billion) fund created to compensate citizens whose properties were confiscated during communism and which is managed by Templeton.
[Read more]
Source: Reuters

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Aker Solutions wins NOK3.4bn subsea system deal for Asgard field

Norway's oil-service group Aker Solutions ASA said today it won a NOK3.4bn contract to supply the subsea gas compression system for the Asgard field in the Norwegian Sea.
The contract was awarded by Norwegian oil giant Statoil ASA.
The deal is conditional on a positive investment decision due to be taken in the first quarter of 2011, Statoil said in a separate statement.
Deliveries will be carried out by the end of 2014.
Aker Solutions pointed that the system provides improved energy efficiency and safety, and lower costs compared to using a traditional platform.
"Asgard may be the first installation worldwide to employ seabed processing involving gas compression and this represents an important technological leap in the development of fields in deep and demanding waters," Statoil said.
The project will be managed out of Aker Solutions' head office in Oslo, while the equipment will mainly be manufactured at its facilities in Egersund and Tranby, both in Norway, and in Aberdeen, UK.
Aker Solutions has entered the deal via its subsidiary Aker Subsea AS.
Source: Press release

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Tap Oil Announces Zola-1 Commences

Tap Oil Limited is pleased to advise that the Stena Clyde semi-submersible drilling rig commenced drilling the Zola-1 well at this morning.
The Zola prospect is a very large Triassic tilted fault block on trend with the giant Gorgon gas field.  One of the largest undrilled structural features in the Carnarvon Basin, Zola is covered by high quality newly reprocessed 3D seismic data and is considered a moderate risk prospect.  Zola is estimated by Tap to contain mean recoverable gas volumes of 1.0 trillion cubic feet with upside potential for 2.0 trillion cubic feet.  The well will test the gas potential of several top and intra Mungaroo Formation sands – the primary reservoir at Gorgon.  In addition it is possible that some Jurassic reservoirs may be developed flanking the main Triassic structure.  The primary Mungaroo Formation target will be intersected at approximately 4,300 metres below sea level.  Water depth at the well location is approximately 280 metres.
Zola-1 is planned to take approximately 40-50 days to reach to a final total depth of around 5,000 metres. Weekly updates will be provided during drilling operations.
Tap’s Managing Director and CEO, Troy Hayden, said he was pleased to have commenced the Zola-1 well which has the potential to deliver a resource several times larger than Tap’s current 2P reserves.
Source: Press release

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Acergy, partner bag USD240m pipeline deal in Brazil

Oslo-listed oil service company Acergy SA and Brazilian Odebrecht Oil & Gas have won a USD240m contract from federal oil giant Petrobras to carry out works on the Sul-Norte Capixaba pipeline project offshore Brazil.
Acergy's share of the contract is nearly USD190m, the company said in a statement today.
The contract involves engineering, project management, procurement and fabrication services.
Acergy's work also includes the installation of a 150 km gas pipeline linking the Camarupim field gas pipeline to the Parque das Baleias complex.
Engineering will start immediately with offshore installation scheduled to commence in late 2011, using the vessels Acergy Polaris and Acergy Harrier.
The Sul-Norte Capixaba project is located in water depths of between 30 m and 100 m.
Source: Press release

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Norway: Eidesvik Offshore Confirms Vessel no 2 with Kleven Maritime

In July this year Kleven Maritime entered into a contract with Eidesvik Offshore for the delivery of one advanced Platform Service Vessel of the VS 489 LNG design, with one optional vessel to be declared before December 1st 2010. This option has now been declared. The vessels are to be outfitted at Kleven Verft in Ulsteinvik, Norway. Deliveries are set for Q1 and Q4 2012.
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Source: Offshore Energy Today

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BG Group hits gas with second well off Tanzania

BG Group has discovered gas with its second Tanzanian exploration well, Chewa-1, the company announced today. The well, located in Block 4 approximately 80 km offshore southern Tanzania in a water depth of around 1 300 m, is some 8 km northwest of BG Group's Pweza-1 gas discovery announced in October.
Chewa-1, operated by Ophir Energy plc (40%), is the second of a three-well initial work program planned for Blocks 1, 3, and 4 offshore southern Tanzania. The initial work program also includes the acquisition of 4,000 sq km of 3D seismic data. BG Group (60%) has the option to assume operatorship of all three blocks upon completion of the initial work program.
"This is an encouraging start to our campaign in Tanzania," said BG Group Chief Executive Frank Chapman. "We have a large acreage position to explore and an extensive exploration program will be needed to assess the full potential of this new play."
Source: Press release

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Lundin Petroleum finds oil in Norwegian Sea

Swedish company Lundin Petroleum AB said today that it has found oil by drilling the 16/1-4 wildcat on the Apollo prospect in the Norwegian Sea.
The well is located in production licence (PL) 338, where Lundin Petroleum, via its wholly-owned unit Lundin Norway AS, is operator and holds 50%.
The initial recoverable resources are estimated at between 15 million and 65 million barrels of oil.
The well, located about 4 km north west of the Luno field and 3 km south of the Draupne discovery, was drilled by the semi-submersible drilling rig Transocean Winner to a total water depth of 2.55 km. The rig will now be moved to the
PL409 licence in the North Sea to drill the Norall prospect.
An extensive data acquisition programme including detailed logs, cores and oil samples have been acquired over all the reservoirs. Based on the quality of the data acquired testing was deemed not to be necessary, the Swedish company said.
The well has been plugged and abandoned.
The other partners in PL338 are Wintershall Norge ASA, part of German group BASF SE (FSE: BAS), with 30% and RWE Dea Norge AS, a unit of of German utility RWE AG (ETR: RWE) with 20%.
Source: Press release

Posted on 12/01/2010 / 0 comments / Read More

China’s order cancellations dive

According to statistics of China Association of the National Shipbuilding Industry (CANSI), the order cancellations of Chinese shipbuilding industry slumped greatly.
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Source: Asiasis

Posted on 12/01/2010 / 0 comments / Read More

Dutch shipbuilder launches the first LIMITED EDITIONS AMELS 212 ahead of schedule

Emerging into the light is the first LIMITED EDITIONS AMELS 212, the largest yacht yet produced to the Dutch shipyard’s successful LIMITED EDITIONS formula.
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Source: BYM Product and Industry News

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COSCO Dalian wins deals worth over US$110m to build 3 bulk carriers

COSCO Corporation (Singapore) Limited said on Wednesday that COSCO (Dalian) Shipyard Co Ltd has secured contracts valued over US$110 million to build three bulk carriers of 82,000 dwt each.
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Source: The Business Times

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Drydocks World Marks National Day By Delivering Historic Drilling Rig After Repairs

Al Ittihad is Abu Dhabi-based National Drilling Company's first offshore rig and its successful restoration is another major achievement for Dubai's global shipyard
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Source: zaway

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Greece agrees 15-year freeze on civilian shipyards to end EU case

Brussels - Greece has agreed to end the civilian activities of its main shipbuilding company for 15 years, in order to end a court case over illegal aid with the European Union, officials in Brussels confirmed Monday.
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Source: m&g

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Research launched into titanium shipbuilding

The University of New Orleans (UNO) has been awarded a three-year $4.8 million grant from the Office of Naval Research to advance the science and technology of titanium shipbuilding.
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Source: Motroship

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