Dec 22, 2010

Beach shares rise 7.5% on shale gas results

Shares in Beach Energy rose after it reported positive results from its shale gas exploration program in the Cooper Basin.
Beach shares were up 6 cents, or 7.41 per cent, at 87 cents early this afternoon.
Beach said drilling at its Encounter-1 well, the first of a two well shale gas exploration program, had penetrated the Roseneath-Epsilon-Murteree shale formations, which proved significantly thicker than expected.
[Read more]
Source:  The Sydney Morning Herald
Posted on 12/22/2010 / 0 comments / Read More

Shell Pays $10 Million Fine to Nigerian Government

Royal Dutch Shell Plc paid $10 million in fines to the Nigerian government over alleged bribes paid on its behalf by Panalpina Welttransport Holding AG, to Nigerian customs officials, Justice Minister Mohammed Adoke said.
[Read more]
Source: Royal Dutch Shell PLC.com
Posted on 12/22/2010 / 0 comments / Read More

Suncor slapped with $200,000 fine over waste water spill

Oilsands giant Suncor Energy Inc. has been ordered to pay $200,000 after pleading guilty to two violations of the federal Fisheries Act for the deposit of a "deleterious substance" into a northern Alberta river.
The charges stem from incidents that occurred between June and August 2008 due to road construction north of Fort McMurray, Alta., near the Steepbank River, said Environment Canada.
[Read more]
Source: The Vancouver Sun
Posted on 12/22/2010 / 0 comments / Read More

EOG Resources and Newfield Terminate Marcellus Agreement

EOG Resources, Inc. and Newfield Exploration Company, under the terms provided for in the purchase and sale agreement, have mutually agreed to terminate the agreement announced November 15, 2010, regarding EOG's sale of certain Marcellus Shale acreage.
EOG Resources, Inc. is one of the largest independent (non-integrated) oil and natural gas companies in the United States with proved reserves in the United States, Canada, Trinidad, the United Kingdom and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG."
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.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Shawcor Announces Contract To Provide Gulf Of Mexico Pipe Coating And Insulation Services For The Jack/St. Malo Project


ShawCor Ltd. today announced its pipe coating division, Bredero Shaw, has received a contract with a value in excess of US$40 million to provide subsea insulation coatings for the Jack/St. Malo project, operated by Chevron North America Exploration and Production Company. The subsea flowlines and risers will be installed approximately 250 miles (400 km) southwest of New Orleans in water depths up to 7,200 ft (2,200 m).
The work will be executed at the Bredero Shaw pipe coating facility in Beaumont, Texas. The site is being upgraded with the addition of a new Brigden™ modular coating facility capable of applying FBE and multi-layer anti-corrosion systems, as well as Thermotite® syntactic polypropylene, solid and foam polypropylene and Thermotite® ULTRA™ subsea thermal insulation systems.
This contract includes ID blasting and coating of approximately 92 km of 10" pipe with a 3-layer polypropylene anticorrosion coating and syntactic polypropylene thermal insulation. Qualification activities will commence during the first quarter of 2011, with full production planned from the third quarter of 2011 through the second quarter of 2012.
ShawCor Ltd is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The company operates through seven divisions with over seventy manufacturing and service facilities located around the world.
Bredero Shaw, ShawCor's largest division, is the global leader in pipe coating solutions and employs approximately 4,000 permanent and contract personnel located at offices and facilities in fifteen countries. The division provides specialized coating systems and related services for corrosion protection, insulation and weight coating applications on land and marine pipelines including highly engineered corrosion and insulation systems for deepwater applications.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Anadarko Cleanup Sites May Reach 2,800, Court Told

Anadarko Petroleum Corp. and its Kerr-McGee Corp. unit may face liability for 2,800 polluted sites, a lawyer said in a hearing on the progress of a lawsuit brought by the U.S. and spinoff Tronox Inc.
[Read more]
Source: Bloomberg
Posted on 12/22/2010 / 0 comments / Read More

Constellation Energy acquires oil properties in Kansas and Nebraska

Constellation Energy Partners LLC has acquired from a private seller, non-operated oil properties in northern Kansas and southern Nebraska for a purchase price of approximately $5.9 million.
The acquisition is effective November 1, 2010. The properties currently produce approximately 126 barrels of oil equivalent per day from 36 wells. Proved reserves are estimated to be 170,000 barrels of oil equivalent, of which approximately 81% are classified as proved developed producing. The transaction closed December 21, 2010 and was funded with cash on hand, Constellation said.
"This transaction expands our Mid-Continent asset base while at the same time adding oil to our production mix," said Stephen R. Brunner, President and CEO of Constellation Energy Partners. "We'll continue to look for opportunities to acquire assets with similar characteristics in transactions that are accretive to our unitholders."
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Calgary companies swap Trinidad block

Calgary junior Canadian Superior - renamed Sonde Resources earlier this year after emerging from court protection from creditors - is selling its 25 per cent stake in an exploration block off the east coast of Tinidad and Tobago.
The company announced Wednesday it had struck a deal with Calgary-based international intermediate Niko Resources to sell its 25 per cent interest in Block 5C for $75.5 million US, plus the assumption of Sonde's $12-million US obligation to fund exploration of Block MG.
[Read more]
Source: Calgary Herald
Posted on 12/22/2010 / 0 comments / Read More

Algeria energy official in graft probe

A senior executive at Algeria's Sonatrach state energy company is under judicial investigation over allegations of improperly awarded supply contracts, several local newspapers reported on Wednesday.
If the investigation is confirmed, it would mark a new phase in a corruption probe which first emerged in January when it led to the removal of Sonatrach's chief executive and disrupted the company's decision-making for months.
[Read more]
Source: Reuters
Posted on 12/22/2010 / 0 comments / Read More

Petrofac Shares Rise on Start of $3.4 Billion Turkmen Contract

Petrofac Ltd., the oilfield services and engineering provider, rose to a record after it started work on the $3.4 billion second phase of the South Yoloten project in Turkmenistan.
[Read more]
Source: Bloomberg
Posted on 12/22/2010 / 0 comments / Read More

Iraq Oil Output +100,000 B/D To 2.5 Mln B/D - Oil Minister

Iraq's crude oil production increased by 100,000 barrels a day to 2.5 million barrels a day from Wednesday, the newly appointed oil minister said Wednesday.
Abdul Kareem Luaiby, who was sworn in as new Iraqi oil minister Tuesday, also said his ministry would continue dialogue with the Kurdish authorities in northern Iraq to solve issues regarding oil deals signed in the region.
[Read more]
Source: Zawya
Posted on 12/22/2010 / 0 comments / Read More

Italy court cuts Eni Tunisia gas fine

Italy's Council of State has cut a 290 million euros fine imposed on oil and gas group Eni for abuse of its market position with regard to natural gas imports from Tunisia to 20 million euros.
[Read more]
Source: Reuters
Posted on 12/22/2010 / 0 comments / Read More

Mitsui delivers 29 vessels

Japan's Mitsui Engineering & Shipbuilding revealed Tuesday its newbuilding output for 2010 was 29 vessels totaling 1,213,580 GT, declining by 10% in GT against last year, showing an year-on-year decrease in terms of both the number of vessels and GT.
[Read More]
Source: Asiasis
Posted on 12/22/2010 / 0 comments / Read More

It’s time to order ship now?

Chinese ship orders showed upturn this year. The orderbooks of some yards were extended to 2012 or 2013.
Secretary Wang Jinlian of China Association of the National Shipbuilding Industry (CANSI) said the shinning statistics of this year could not indicate the forecast of next year.
[Read More]
Source: Asiasis
Posted on 12/22/2010 / 0 comments / Read More

Emergency call from nuclear waste vessel

Last week “Puma” delivered nuclear waste in Murmansk. On its return voyage around Norway’s Finnmark coast, a leakage happened and the vessel had to seek emergency assistance.
[Read More]
Source: Barents Observer
Posted on 12/22/2010 / 0 comments / Read More

Pirates blocked by razor wire

PIRATES failed in their attempt to hijack a general cargo ship today after they were unable to break through razor wire, according to EU NAVFOR.
[Read More]
Source: Safety at Sea
Posted on 12/22/2010 / 0 comments / Read More

Fumes overcome bulker crew in Canada

SIXTEEN Chinese crew members are in a Canadian hospital today after being overcome by fumes on their Liberian-flagged bulker.
There are five crew members still aboard the 29,653dwt Hermann Schoening, which is anchored off Port Colborne at the western entrance to the Welland Canal. It is carrying a load of grain from Milwaukee.
[Read More]
Source: Safety at Sea
Posted on 12/22/2010 / 0 comments / Read More

Ascent Resources: Drilling of PG-11 in Slovenia Commences

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, yesterday commenced drilling the Pg-11 evaluation well in the Petişovci field, a part of the Petişovci-Lovaszi Project in Slovenia and Hungary.
The Pg-11 well is the first to be drilled by Ascent in the Petişovci-Lovaszi project area and the first for 30 years to be drilled in the field area. Recently, the Company announced an independently verified P50 estimate of gas-in-place of 412 Bcf (11.7 Bm3; 68.7 MMboe) for the project area.
The primary objective of the Pg-11 well is to collect state-of-the-art data in order to assist in optimising the re-development of the gas field using the technological advances of the last 30 years. Consequently, the evaluation programme will include core sampling, extensive wireline logging and testing, and the data set will allow 3-D seismic calibration and enhancement of the geological model of the whole project area.
The Pg-11 well is being drilled using Crosco International's Cardwell 1 drilling unit and preliminary results are expected to be available in February 2011.  The start of the drilling was delayed by a few days due to the poor weather conditions in the past two weeks and stringent certification procedures. 
Ascent's Managing Director Jeremy Eng said, "This is a positive step in the development the Petişovci-Lovaszi Project.  Pg-11 is an important well and whilst the main effort is in the evaluation of the Miocene gas reservoirs and the application of new technology to most efficiently developed the gas reserves, we expect that after the evaluation phase the well will be completed as a producing well and will then contribute to cashflow in the medium term."
Ascent, through its wholly owned subsidiary, Ascent Slovenia Limited will have a 75% interest in the Petişovci Project and Slovenian partner, Geoenergo d.o.o. holds 25%.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Maersk raises Asia/Latin America rates

Maersk Line said it is raising rates on shipments from the Far East to the Caribbean.
[Read More]
Source: Vietnam Shipper
Posted on 12/22/2010 / 0 comments / Read More

Shipping lines announce rate increases for new year

From Asia to North America, rates will increase by US$320 per teu, $400 per feu, $450 per 40ft high-cube or reefer and $510 per 45ft container. An increase of $400 per teu will be applied to cargo moving from Asia to South America and the US west coast.
[Read More]
Source: Vietnam Shipper
Posted on 12/22/2010 / 0 comments / Read More

China Demands Damages From S. Korea Over Capesized Fishing Boat

On Tuesday, China demanded that South Korea pay damages for the sinking of a Chinese fishing boat in the Yellow Sea Saturday. South Korean coast guard stopped the fishing boat for illegal fishing in South Korean waters.
[Read More]
Source: The Maritime Executive
Posted on 12/22/2010 / 0 comments / Read More

500 Seafarers held hostage by pirates at Christmas

As many people are about to enjoy the Christmas holiday season, it is important to remember that over 500 seafarers, of many different nationalities, are currently being held hostage by Somali pirates.
In fear for their safety, and even of their lives, and deprived of contact with their families, these seafarers have also suffered the trauma of having their ships attacked with automatic weapons, prior to being kidnapped for ransom.  Many have been held captive for several months, often in the most appalling conditions, by armed criminals who can be violent and unpredictable.
Merchant seafarers are too often out of sight and out of mind.  It is vital that the international community focuses on the plight of those held in Somalia, as well as the tens of thousands of ships’ crew who, each and everyday throughout the holiday period, will continue to transport the raw materials and finished products that keep our modern world functioning.  About 90% of world trade is transported by sea, including many of those goods, exchanged as Christmas gifts, which have been transported via the high-risk pirate danger area which now extends over much of the Indian Ocean.
There has been an unprecedented degree of co-operation amongst the world’s military navies, whose dedicated personnel are seeking to provide protection to merchant shipping.  But the number of navy ships available is simply insufficient to prevent vulnerable ships from being attacked.  Moreover, 85% of those pirates pursued and captured end up being released, only to reoffend with impunity.  The risk/reward ratio is still far too much in the pirates’ favour.
A few months ago there was an incredible global response to plight of the miners trapped in Chile.  The 500 seafarers, held hostage over Christmas in Somalia, are also isolated and terrified, and deserve similar recognition from the media and the public at large.  Governments might then be persuaded to do more to deter, and ultimately eradicate, the scourge of Somali piracy.
Since January 2008, over 2,600 seafarers have been held hostage by Somali pirates.  Additional information is published by the ICC International Maritime Bureau, which does an excellent job collecting statistics and information about piracy attacks on behalf of the global shipping industry.
Source: Round Table of international shipping associations – and the International Transport Workers’ Federation (ITF)
Posted on 12/22/2010 / 0 comments / Read More

Neptune in deeply discounted equity offer

Neptune Marine Services Ltd is seeking to raise up to $80.6 million by selling new shares at less than a third of the current market value, under plans to return to profitability.
The equity raising will be a three-for-one pro-rata entitlement offer of new shares at six cents per share to eligible shareholders, a deep discount from the last trading price of 20.5 cents.
[Read more]
Source: The Sydney Morning Herald
Posted on 12/22/2010 / 0 comments / Read More

Waiting Game

The Bangladesh government has asked families of the sailors who were on board the Bangladeshi ship Somali pirates hijacked in the Arabian Sea to have patience, saying such rescue might take a long period of time.
[Read More]
Source: Shiptalk
Posted on 12/22/2010 / 0 comments / Read More

Safety Fears

Humber Coastguard staff have issued an urgent SOS plea to seafarers to protest against plans to scrap its 24-hour cover.
Under Government  proposals, the Humber Maritime Rescue Co-ordination Centre (MRCC) at Bridlington will be open from  9am to 7pm.
Outside these hours, rescues off the East Yorkshire coast will  be co-ordinated at one of three larger centres in Aberdeen, the Solent or Dover.
[Read More]
Source: Shiptalk
Posted on 12/22/2010 / 0 comments / Read More

Too many – too soon!

In the light of what happened this year in the large tanker sector, 2011 will be even more challenging, said Gibson Research in the broker’s latest weekly report.
[Read More]
Source: Tanker Operator
Posted on 12/22/2010 / 0 comments / Read More

Dubai port receives largest cargo ship

Hamriya Port in Dubai recently received its largest general cargo ship, according to media reports.
The MV Veesham Oak, built in South Korea in 1984, is owned by Veesham Shipping and has a 4,944 square metre (m2) deck with a holding capacity of 20,602 cubic metres (m3).
The Panama-registered vessel is the largest ship to dock at the port to date, measuring 156.24 metres long and 22 metres wide.
[Read More]
Source: portworld
Posted on 12/22/2010 / 0 comments / Read More

Sundolpur Gas Field Goes on Drilling

Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX) has started drilling a well in the Sundalpur-1 gas field in Noakhali under government funding.State Minister for Power, Energy and Mineral Resources Enamul Haque inaugurated the drilling work at Sundalpur gas exploration well-1 under Companyganj Upazila of Noakhali district on Tuesday (Dec 21). 
[Read more]
Source: Energy Bangla
Posted on 12/22/2010 / 0 comments / Read More

Gulfsands Petroleum sells three Gulf of Mexico properties

Gulfsands Petroleum, the oil and gas exploration and production group active in Syria, Iraq, Tunisia, Italy and the US, has sold three properties from its Gulf of Mexico asset portfolio for US$4.2m.The non-core producing assets are located in the shallow water shelf area of the Gulf of Mexico and the disposal is a part of an ongoing plan at Gulfsands to rationalise its US oil and gas property portfolio. 
[Read more]
Source: Stockopedia
Posted on 12/22/2010 / 0 comments / Read More

E-learning helps MARPOL understanding

The American Club has released two new modules in its series of web-based e-learning aids designed to familiarise seafarers with the six annexes to the MARPOL Convention.
[Read More]
Source: Motorship
Posted on 12/22/2010 / 0 comments / Read More

World’s first standards for application of corrosion resistant steels

Tokyo: ClassNK has developed and released the world’s first set of standards for the application of corrosion resistant steels to the cargo oil tanks of oil tankers. The new Guidelines on Corrosion Resistant Steel for COT are the first guidelines to lay out clear requirements for the application of the new steels, whose use was approved by the IMO’s Maritime Safety Committee (MSC) earlier this year.  
[Read More]
Source: Seatrade Asia
Posted on 12/22/2010 / 0 comments / Read More

Clough Appoints New Director Process Engineering

Engineering and construction company Clough Limited has strengthened their engineering capability with the appointment of Nick White as Director, Process Engineering. Mr White will report to Gary Bowtell, Executive Vice President, Engineering.
Mr White joins Clough with more than 30 years experience in process design in a variety of sectors, including LNG production, onshore and offshore oil and gas processing, cryogenic air separation and petrochemicals.
Prior to his appointment Mr White was Head Consultant for Granherne Pty Ltd, where he worked with an extensive list of oil and gas clients and projects including Inpex Browse greenhouse gas management, Woodside North West Shelf developments, Pluto LNG developments including Train 2 and Train 3; and the Laverda subsea tie-back to the Stybarrow FPSO.
Mr White also has extensive overseas experience including contract work with Petroleum Development Oman, Maersk Oil & Gas, Skjold Development Denmark, British Gas Exploration and Petroleum Feasibility Studies, Norsk Hydro-Oseberg Area Development Studies and the Saga Petroleum-Offshore Gas Gathering System Process Optimisation/Robustness Study.
'I am delighted to welcome Nick to our team' said Clough CEO John Smith.
His vast gas processing experience will enhance the service Clough can offer to our customers as an Engineering led EPC contractor in the oil and gas sector."
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Finnish support for green vessels

The Finnish Ministry of Transport and Communications has granted a total of EUR 30 million for vessel investments improving the level of environmental protection.
[Read More]
Source: shipgaz
Posted on 12/22/2010 / 0 comments / Read More

Samsung Sets Sights on Macedonian Wind Farm

According to a report from The Guardian, South Korean industrial giants target booming East European renewables market. Samsung Heavy Industries (SHI), South Korea's third largest shipbuilder, is set to join with the Korea South-East Power (Kosep) to build a 100MW wind farm in Stip, Macedonia.
[Read More]
Source: MarineLine
Posted on 12/22/2010 / 0 comments / Read More

DryShips Closes Offering of Shares, Ocean Rig UDW

DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and offshore contract drilling oil services, announced today that its wholly-owned subsidiary Ocean Rig UDW Inc., has closed its offering by way of a private placement of shares of Ocean Rig's common stock with total gross proceeds of $500m. The offering was made to professional investors and eligible counterparties in Norway, to non-United States persons in reliance on Regulation S under the Securities Act of 1933, as amended and in a concurrent private placement in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
[Read More]
Source: MarineLine
Posted on 12/22/2010 / 0 comments / Read More

Shipping Confidence Dips Again

Overall confidence levels in the shipping industry dropped for the second successive quarter, although they are still up on the corresponding period last year, according to the latest survey by accountant and shipping industry adviser Moore Stephens. Owners in particular appear to be having a rethink about planned new investments and, together with charterers, are anticipating a fall in dry bulk and container ship rates over the next twelve months.
[Read More]
Source: MarineLine
Posted on 12/22/2010 / 0 comments / Read More

Wrong Directions: A Recipe for Failure

This U.S. Coast Guard safety alert addresses critical concerns uncovered during an ongoing marine casualty investigation and should be of vital interest to Ship Builders, Classification Societies, Owner / Operators and others involved with vessel operations.
[Read More]
Source: MarineLine
Posted on 12/22/2010 / 0 comments / Read More

Seadrill enters into contract for newbuild tender rig

Seadrill has entered into a conditional agreement with BP Trinidad and Tobago LLC for a firm two year contract plus further one year option period for the newbuild semi-tender West Jaya offshore Trinidad and Tobago. Contract value for the firm period is approximately US$140 million including a mobilization fee for the transit. In addition, BP will compensate Seadrill for minor equipment upgrades related to the assignment. 
West Jaya is currently under construction at Keppel Shipyard in Singapore and delivery is scheduled for the end of March 2011. The unit will subsequently commence transit to Trinidad/Tobago and start-up on the contract with BP is expected early July 2011. 
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says, "This is the first tender rig assignement for Seadrill in the Americas expanding the geographical footprint of our tender rig operations. Furthermore, this is our first tender rig contract with BP. We consider this as an excellent opportunity to further develop our strong operational relationship with BP the Americas." 
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

IRISL P&I insurer sanctioned

U.S. Treasury sanctions are making it harder for Islamic Republic of Iran Shipping Lines (IRISL) to get P&I cover.
Yesterday, the Treasury designated Moallem Insurance Company under Executive Order 13382, an authority aimed at freezing the assets of proliferators of weapons of mass destruction and their supporters, and isolating them financially. Designations under E.O. 13382 prohibit all transactions between the designees and any U.S. person, and freeze any assets the designees may have under U.S. jurisdiction.
[Read More]
Source: MarineLog
Posted on 12/22/2010 / 0 comments / Read More

Filipino customs officer charged with stealing from shipment

The Philippines’ Department of Finance has filed charges against three Bureau of Customs (BOC) officers for allegedly stealing samples from a seized shipment of household items.
[Read More]
Source: Baird Maritime
Posted on 12/22/2010 / 0 comments / Read More

Ship underwriters widen Somali piracy threat zone

London’s marine insurance market has widened the stretch of waterways deemed at high risk from Somali pirates as the armed gangs strike further out at sea, industry officials say.
The move is expected to raise insurance premiums for ship owners, reflecting the growing pirate threat.
[Read More]
Source: Reuters
Posted on 12/22/2010 / 0 comments / Read More

The Start of a Bull Market in Tanker Rates

Should you ignore the new bull market in oil tanker rates? The market has just done that, yawning at the relentless climb in spot charter rates to hire VLCCs, Suezmax and Africamax vessels. Who can blame them? Every time, a company makes a dime shipping oil, it buys another tanker, flooding the oil shipping business with oversupply and killing shipping rates off.
[Read More]
Source: Seeking Alpha
Posted on 12/22/2010 / 0 comments / Read More

Asian and US ports 'lag behind' accelerating growth

Asian and US ports have been warned they need to carry out upgrades to match accelerating trade growth.
Senior managers at logistics giant DHL said that port and infrastructure investment in India and the US was "lagging behind".
[Read More]
Source: Cargo Systems
Posted on 12/22/2010 / 0 comments / Read More

Hellas: Shipowners still leading the pack in terms on ship purchases

Shipowners based in Hellas retained their overall lead in ship purchases after the end of November, acquiring 14 vessels of a total worth of $449 million this month, according to a survey report from Golden Destiny.  Chinese presence in the bulk carrier sector proved stronger this month, holding 21.2% of the market in terms of reported number of transactions versus 12.7% of Greek owners. On the other hand, the purchase interest from Chinese in the tanker sector has been virtually absent; while Greek owners maintain their appetite acquiring 20% of the total number of units reported sold. In the container sector, Greek owners have slowed down their purchase plans, representing a 88% monthly decline, with only one unit reported to have been acquired.
[Read More]
Source: Hellenic Shipping News
Posted on 12/22/2010 / 0 comments / Read More

Hyundai Heavy to set up division for green energy business

Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Wednesday that it plans to set up a division mainly involved in the solar and wind power energy business.
[Read More]
Source: Yonhap News
Posted on 12/22/2010 / 0 comments / Read More

X-BOW® FIVE YEARS - OVERWHELMING RESPONSE FROM USERS

Ulstein Group has sold nearly 70 offshore ship designs since the company started to develop Ulstein designs in 1999. Over 40 of these designs are for X-BOW® vessels, a new hull design that was launched five years ago. 15 X-BOW® vessels are already at work, and the feedback from crew is overwhelming.
[Read more]
Source: Offshore Energy Today
Posted on 12/22/2010 / 0 comments / Read More

Contract wins for Sembcorp Marine, Keppel Corp

RIG builders Sembcorp Marine and Keppel Corp both announced sizeable contract wins on Wednesday.
Jurong Shipyard, a unit of Sembcorp Marine, won two contracts worth a combined US$400 million (S$530 million) to build two jack-up rigs for a unit of Noble Corp, a drilling contractor listed in New York.
[Read More]
Source: STRAITS TIMES
Posted on 12/22/2010 / 0 comments / Read More

Statoil awards Aker Solutions Kristin low-pressure production contract

Statoil has given Aker Solutions the assignment to build and install a compressor module on the Kristin platform in the Norwegian Sea. The module will help to improve recovery from the Kristin and Tyrihans fields.
The engineering, procurement, construction and installation (EPCI) contract is for topside modifications and a new compressor module for Kristin. 
The estimated value of the contract is NOK 900 million (US$149.7 million). 
“We’ll see more of modification projects to facilitate low-pressure production in the future,” says Vidar Birkeland, acting chief procurement officer in Statoil. 
“This is an important contribution to improving recovery. The compressor module will also enable us to produce gas and condensate faster and help to maintain Statoil’s production targets.” 
With low-pressure production on the Kristin field it will be possible to tie back future projects in a promising area to the platform.
 “This is an important contribution to improving recovery. The compressor module will also enable us to produce gas and condensate faster and help to maintain Statoil’s production targets.” 
With low-pressure production on the Kristin field it will be possible to tie back future projects in a promising area to the platform. 
In total, reserves in the Kristin and Tyrihans fields will be increased by nearly 115 million barrels of oil equivalent.
 “The Kristin platform is an important hub on the Halten Bank and we will now be able to boost recovery in the short and the long term,” says Ivar Aasheim, senior vice president for Statoil’s operations north business cluster.
 “This will also help to extend the lifetime of the Kristin platform.” 
The offshore installation work will extend from 2012 up to completion in early 2014.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Keppel to build US$180 million KFELS B Class jackup for Jasper

Keppel FELS Limited has secured an order for a KFELS B Class jackup rig worth about US$180 million from Jasper Investments Limited, with an option for another similar unit. The rig is slated for delivery in 2H 2012.
If exercised, the option for the additional rig will bring the total contract value to about US$365 million.
Mr Wong Kok Seng, Executive Director of Keppel FELS, said, "We would like to thank our new customer Jasper for entrusting Keppel FELS with its latest newbuild rig.
"Having built more than 40% of the world's jackup rigs in the last 10 years, we continue to set benchmarks, not just for completing newbuilds safely, on time and within budget, but also for robust solutions that serve our customers' needs.
"This is the fourth order for our proprietary KFELS B Class design received within the span of a month. It reflects the growing market value of this high specification rig with a proven performance and safety track record."
The KFELS B Class design is cementing its position as the preferred jackup solution for international drillers with a total of 33 units having entered the global market. Jasper's latest unit will be able to operate in water depths of 400 feet, drill 30,000 feet deep and accommodate 150 men.
Mr Geoffrey Yeoh, Executive Director of Jasper, said, "As confidence returns to the global oil and gas industry, we are stepping up our building programme to tap into opportunities fuelled by persistent demand for new-generation, high-capability rigs.
"Our partnership with a world-class rig builder and designer like Keppel FELS will strengthen our position to participate in high value projects that will give Jasper a firm foothold in the offshore drilling sector. The addition of the industry-proven KFELS B Class jackup rig will boost the capability of our premium fleet, with which we are confident of delivering high performance and value to our customers."
The above is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

STX Finland, Viking Line Sign $315m Deal

STX Finland Oy and Viking Line ABP signed an agreement for the construction of an environmentally friendly, new generation cruise ferry for Viking Line. The agreement includes an option for a sister ship.
[Read More]
Source: Maritime Professional
Posted on 12/22/2010 / 0 comments / Read More

FMC Technologies Signs Enterprise Framework Agreement With Shell

FMC Technologies, Inc. announced today that it has signed a five-year Enterprise Framework Agreement (EFA) with Shell with an option to extend the agreement for an additional five years. This agreement facilitates to international projects the same mutual benefits that Shell and FMC have enjoyed through a strategic Gulf of Mexico relationship that has existed over the past 17 years.  
Under the agreement, Shell's business units in the Americas intend to utilize FMC for all deepwater subsea equipment projects within the scope of the agreement, unless tendering is otherwise required. Specific scope of supply includes subsea trees, mounted controls, processing equipment, manifolds, sled components, jumpers and various other hydraulic, chemical, electrical and control systems. This agreement for deepwater subsea equipment is also available for use by other Shell global business units as may be allowed by local commercial and legal requirements.
"FMC Technologies has had a longstanding alliance with Shell for projects in the Gulf of Mexico," said John Gremp, President and Chief Operating Officer of FMC Technologies. "In addition, we have supported a variety of Shell's international projects, such as Parque das Conchas, Gumusut and a number of other offshore and surface developments. This agreement is a significant addition to our relationship and we are excited about the future prospects it holds."
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Xcite Energy completes flow test of horizontal well on Bentley field

Xcite Energy Limited, an oil exploration and development company, has announced the successful completion of 9/3b-6z horizontal well flow test on the Bentley field.
The flow rates achieved demonstrate both the commerciality of the Bentley field and the reservoir properties to be above the upper end of modelled expectations.
Key flow test results includes total flow test of 36 hours including clean-up of 9 hours, with cumulative production to tote tanks of over 2,000 barrels and multi-rate flow tests were conducted, culminating in a final stabilised flow rate of 2,900 stock tank barrels of oil per day.
Richard Smith, CEO of Xcite Energy, commented: "This is an outstanding outcome for the Xcite team and for the industry contractors to deliver this successful well test on Bentley. This flow test fully demonstrates the commercial potential of the Bentley field and the long-held belief that Xcite has maintained in this major North Sea asset. We now move on to the first stage production planned for 2011 with an excellent platform."
Source: Press release

Posted on 12/22/2010 / 0 comments / Read More

Vantage Drilling Company Announces Updates for Sapphire Driller and Platinum Explorer

Vantage Drilling Company announced today that its customer for the Sapphire Driller has advised Vantage that it believes the current political disruptions in Côte d'Ivoire constitute a force majeure event under the drilling contract. The Sapphire Driller has just completed its work offshore Gabon and was preparing to mobilize to Côte d'Ivoire when Vantage was informed that the customer would not provide the necessary logistics support to allow Vantage to mobilize to the initial well location. Vantage is working with this customer to evaluate alternatives. However, Vantage intends to vigorously preserve and defend its rights under the drilling contract. 
Paul Bragg, Chairman and Chief Executive Officer, commented, "The recent developments in the Ivory Coast are unfortunate and we hope that they are quickly resolved. We are monitoring the situation closely and we are discussing other near-term contract opportunities. We are hopeful that there will be little idle time for the Sapphire Driller."
Vantage also announced that the Platinum Explorer has cleared customs and navy inspection. The drillship is currently preparing to mobilize to its first well location. Mr. Bragg commented, "We are very pleased to be in India and the ship is progressing ahead of plans. We anticipate arriving on the first well location within a week."
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 eight 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.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Aker Solutions wins Ekofisk topside early engineering and procurement contract

ConocoPhillips has conditionally awarded a contract for engineering, procurement and construction (EPC) of the topside module for the Ekofisk 2/4 Z platform to Aker Solutions. The contract award is subject to project approval by the PL018 license group, and Norwegian authorities' approval of the plan for development and operation (PDO). The PL018 approval is planned for the first quarter 2011 and PDO approval in the second quarter of 2011.
Contract parties are Aker Solutions' subsidiary, Aker Egersund A/S and ConocoPhillips Skandinavia A/S. Pending project sanction and final contract award, Aker Solutions will only book early engineering and procurement as order backlog.
Source: Press release
Posted on 12/22/2010 / 1 comments / Read More

Meo Receives Regulatory Approval For Acquisition Of 100% Interest In Permits AC/P50 & AC/P51

MEO Australia Limited has been advised today that the Delegate of the Designated Authority for the Territory of Ashmore and Cartier Islands offshore area has approved the acquisition by MEO of a 100% interest in AC/P50 & AC/P51 from Silver Wave Energy Pte Ltd ("Silver Wave") and has duly registered the associated dealings.
These approvals satisfy the conditions precedent pertaining to the transaction and settlement proceeds of US$270,000 will now be paid to Silver Wave. As part of this transaction, 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.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

TGS Announces its First Multi-client 3D Survey in Indonesia


TGS will commence a new multi-client 3D survey in the Tarakan Basin, offshore East Kalimantan, Indonesia in the Celebes Sea. The survey, TBN10, is the first ever multi-client 3D survey for TGS in Indonesia waters and will cover in excess of 1,600 km2. The data will be acquired by the M/V Seisquest and will commence before the end of this year, with acquisition expected to complete in Q1 2011.
The TBN10 survey will be conducted over the highly prospective and extensive play fairway which includes a recent gas discovery. The new 3D seismic will provide improved stratigraphic and structural resolution of the Tarakan sub-basin, leading to a better understanding of its petroleum system and a much clearer definition of the numerous leads and prospects already identified on existing 2D seismic in the area.
“TGS is particularly excited to announce this new 3D program, stated CEO Robert Hobbs. The company has built significant experience in this region through our long-term investment in data that informs our customers about the potential of this frontier region. This 3D project confirms the further maturation of this important hydrocarbon province.”
The TBN10 multi-client 3D survey is supported by industry funding and also supports the Indonesia government’s overall objective to attract exploration and raise declining production levels.

Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Tap Oil: Zola-1 Well Drilling Upgrade

Tap Oil Limited provides the following update on the Zola-1 exploration well, offshore Carnarvon Basin, Western Australia.
Location / Proposed Depth
The Zola-1 well is located in permit WA-290-P, immediately south of the giant Gorgon gas field in the Carnarvon Basin, Western Australia. The well is being drilled in 285 metres of water and the primary Mungaroo Formation target will be intersected at approximately 4,300 metres below sea level.  Further secondary targets will see the well drilled to a target depth of 5,000 metres.
Progress
During the period from 0600 hours WST on 15 December 2010 to 0600 hours WST on 22 December, 406mm (16”) hole was drilled 85 metres to a depth of 3,509 metres.
Forward Plan
The well will be drilled ahead in 406mm (16”) hole to the intermediate casing point and casing run.  After intermediate casing is run and cemented, drilling the 311mm (12.25”) hole to the next casing point will commence.
Zola-1 is planned to take approximately 40-50 days from spud to reach a final total depth of approximately 5,000 metres. Upon completion of evaluation the well will be plugged and abandoned in the normal course of offshore operations.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

ANCAP Received Proposals for 2D Seismic Studies Offshore Uruguay

ANCAP closed on December 13, 2010 an international tender for the acquisition of between 5.600 and 7.000 kilometers of 2D seismic data covering the Punta del Este and Pelotas basins as well as gravimetry and magnetometry data.
[Read more]
Source: Offshore Energy Today
Posted on 12/22/2010 / 0 comments / Read More

EnerMech Acquires Aberdeen Valve Supplies Ltd

EnerMech has acquired Aberdeen Valve Supplies Ltd (AVS) in a deal believed to be worth around £1.5 million.
AVS and its subsidiaries LG Ball Valves Ltd and Valve Paint Shop Ltd are based in Altens and supply valves, valve controls and associated equipment and services to the oil, gas and petrochemical industries.
EnerMech recently announced it will invest £2 million in setting up its own valve care division and the acquisition will bolster this business line. AVS has an excellent service reputation, which allied to EnerMech’s international reach will enhance the enlarged division and lead to significant growth.
The value of the deal has not been revealed but includes the trade and assets of all three companies. All AVS equipment, including a sophisticated valve testing and valve painting and coating facility in Altens, will be relocated to EnerMech’s headquarters in Howes Road, Aberdeen by mid 2011. AVS owners, Gordon Whyte and Sylvia Aitken and more than 20 staff will join EnerMech as part of the acquisition deal.
EnerMech managing director, Doug Duguid, said the deal was an excellent fit for EnerMech and was part of the company’s strategy to expand its service lines by acquisition and organic growth.
Mr Duguid said: “Aberdeen Valve Supplies has a first class reputation for its service quality, has long standing relationship with key clients and maintains a number of important contracts in valve supply and maintenance.
“The subsidiary LG Ball Valves manufactures its own line of ball valves, which fits very well with our existing services and we will continue to use that brand name. With our extensive international infrastructure we can push out AVS’s products and services to new markets and offer clients of both companies a much more focused, one-stop shop service.
“I am delighted to welcome Gordon Whyte and Sylvia Aitken and their staff in to the EnerMech group and look forward to working with them to establish one of the most specialised valve care companies operating in the oil and gas sector.”
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

Cove prepares to drill Tubarao

Cove Energy plc, the East African oil and gas exploration company, announces that the Belford Dolphin drillship has arrived on location at the Tubarao well site.  This follows cessation of operations on the Lagosta gas discovery which has been suspended to allow for future flow testing. As announced on 29th November the Lagosta well encountered over 550 feet of natural gas pay in Oligocene and Upper Eocene high quality sands.
John Craven, CEO of Cove Energy said:
”We are very pleased with the major success at Lagosta which found substantial gas pays in the main Oligocene and Upper Eocene objectives.   ”The significance of this discovery means that the partnership can now confidently proceed to advance commercialisation options - particularly as the operator believes that the three gas discoveries already made, Windjammer, Barquentine and Lagosta, exceed the resource size threshold to support a Liquefied Natural Gas (LNG) development in our extensive 2.6 million acre block, offshore Mozambique.
Cove is excited by the continuous exploration and appraisal programme planned for 2011
and beyond.  Drilling operations at the Tubarao well are expected to take 6 to 8 weeks and we look forward to announcing results from that well as and when appropriate.”
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More

MEO Australia Announces Artemis-1 Progress Report

MEO Australia Limited advises that since the last progress report, final logs were acquired and abandonment operations commenced. The proximity of a Tropical Low, with the potential to develop into a cyclone, necessitated the de-manning of all personnel from the rig starting on Tuesday 14th December. Re-manning of the rig commenced on Friday 17th December and abandonment operations were re-started on Sunday 19th December.
Abandonment operations are continuing and the rig is expected to be released over the coming weekend.
Source: Press release
Posted on 12/22/2010 / 0 comments / Read More
 
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