Dec 28, 2010

Synergy Resources buys four producing wells in Wattenberg field from Nobel Energy

Synergy Resources Corporation, a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin, announced that it has purchased a 100 percent working interest in four producing wells from Noble Energy that are adjacent to Synergy’s Pratt Lease. The Pratt Lease has over 20 potential drill sites. As part of the transaction, Synergy assigned the lease rights on 340 net acres in Northern Weld County to Noble Energy. Synergy retained an overriding royalty interest in the leases assigned to Noble Energy. 
Ed Holloway, CEO of Synergy Resources Corporation, stated, “We are pleased to have consummated this acquisition with Noble Energy and by acquiring these wells it will allow Synergy to commence drilling the first of six wells on the Pratt Lease by the end of the year. This transaction marks the completion of another step of our business plan as we continue to grow our cash flow and proven reserves.”
Source: Press release

Posted on 12/28/2010 / 0 comments / Read More

Repsol completes sale of Brazilian unit stake to Sinopec

Spanish energy giant Repsol shareholders on Tuesday approved the sale of 40 percent of its Brazilian affiliate to Sinopec, China's largest oil group, for 7.1 billion dollars (5.2 billion euros).
"The general assembly of Repsol Brazil shareholders held in Rio de Janeiro today approved the capital increase of 7.1 billions euros which was subscribed in full by Sinopec," the Barcelona-based company said in a statement.
[Read more]
Source: AFP
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Russia lashes out at western critics of Khodorkovsky trial

Russia's government came out fighting today in response to international criticism over the jailing of the oil tycoon Mikhail Khodorkovsky, warning European countries and the US to "mind their own business".
Source: The Guardian
Posted on 12/28/2010 / 0 comments / Read More

Williams says natgas leak in Miss. storage cavern

Williams Cos said Tuesday a gas leak in a natural gas storage cavern in Eminence, Mississippi, forced the evacuation of some local residents but did not disrupt gas supplies to customers on its huge Transco pipeline.
 "We have gas leaking from one of the caverns in our Eminence storage facility. As a safety precaution, we have evacuated neighbors who live near the facility," company spokesman Chris Stockton told Reuters, noting the leak was coming from one of seven storage caverns in the area.
[Read more]
Source: Reuters
Posted on 12/28/2010 / 0 comments / Read More

Chevron: No scientific basis for $113-billion claim

Chevron Corp. said admissions during court-ordered depositions of the plaintiffs’ own consultants confirm there is no scientific basis for the $113-billion claim for damages in litigation pending in Lago Agrio, Ecuador. 
[Read more]
Source: Oil & Gas Journal
Posted on 12/28/2010 / 0 comments / Read More

Korea, Japan clash for high-end ships

Japan's shipbuilders seem to be focusing on taking fresh orders for newbuilds supposed to be delivered after the second half of 2013 next year.
[Read More]
Source: Asiasis
Posted on 12/28/2010 / 0 comments / Read More

Samsung wins Evergreen's 30 ships?

Korea's Samsung Heavy Industries is expected to win new orders for another 10 8,000-teu boxships in ealry next year following having received new orders for 20 8,000-teu boxships from Evergreen this year.
[Read More]
Source: Asiasis

Posted on 12/28/2010 / 0 comments / Read More

Indonesia oil, gas companies eye 43% rise in 2011

Indonesia's oil and gas companies will increase their spending next year by 43.3% from 2010 to $18.91 billion in a bid to meet the country's output target of 970,000 b/d, a senior BPMigas official said Friday.
[Read more]
Source: Platts
Posted on 12/28/2010 / 0 comments / Read More

Russia Confirms Order for French Mistral Warships

On Friday Russia’s President, Dmitry Medvedev confirmed the country’s order for two French Mistral-class helicopter carriers.
The order, priced at $1.3 billion is Russia’s largest foreign arms purchase in several decades.
[Read More]
Source: The Maritime Executive
Posted on 12/28/2010 / 0 comments / Read More

Over 1.7m tons of condensate produced from Shah Deniz

1.753m tons of condensate were produced from Shah Deniz offshore gas condensate field in January-November, sources in SOCAR reported.
The condensate production has increased by 20.2% over the same period of the last year. Production from the field made up 167,600 tons in November.
[Read more]
Source: News.Az
Posted on 12/28/2010 / 0 comments / Read More

Iran implements 14 mega projects in South Pars field

Iran Daily reported that Iran is implementing 14 mega projects in its giant South Pars field that are scheduled to be completed in 35 months.
Mr Moussa Souri MD of Pars Special Economic Energy Zone said that "Iran has embarked on the development of 14 projects in South Pars, which will officially come on stream in 35 months."
[Read more]
Source: Steel Guru
Posted on 12/28/2010 / 0 comments / Read More

QUANTUM SHIP: TAKING A QUANTUM LEAP INTO THE FUTURE

To revolutionize the container shipping industry with a design that integrates efficiency along with responsibility, a cargo ship called Quantum Ship has been conceptualized and designed by the ship building company DNV.
[Read More]
Source: Maritime Sun News
Posted on 12/28/2010 / 0 comments / Read More

Ship Released

Somali pirates have released a German-owned chemical tanker with 19 Indians among its crew of 22 almost eight months after it was taken hostage in waters south of Oman, the European Union Naval Force reported.
[Read More]
Source: Ship Talk
Posted on 12/28/2010 / 0 comments / Read More

Oil, Gas Companies Want to Sell $90 Billion of Assets Globally

Oil and gas assets worth more than $90 billion globally are on the market as companies such as BP Plc, Royal Dutch Shell Plc, ExxonMobil Corp. and ConocoPhillips have put sizable portfolios of assets up for sale, the Financial Times reported, citing figures from Derrick Petroleum Services, a consulting firm.
[Read more]
Source: Bloomberg
Posted on 12/28/2010 / 0 comments / Read More

Pirates seized an Antigua and Barbuda-flagged ship

Somali pirates seized an Antigua and Barbuda-flagged ship early Monday (27 Dec), approximately 175 nautical miles northeast of the port Salalah, Oman, EU anti-piracy mission said today.
[Read More]
Source: Ship Talk
Posted on 12/28/2010 / 0 comments / Read More

ConocoPhillips spent $4.87 million to lobby Congress on offshore drilling, other issues

ConocoPhillips spent $4.87 million in the third quarter to lobby the federal government on offshore drilling and other issues, according to a disclosure report.
That's up from the $3.95 million the company spent in the same period last year but less than the $5.2 million it spent in the second quarter of this year.
[Read more]
Source: Canadian Business
Posted on 12/28/2010 / 0 comments / Read More

Korean ports’ throughput in November hits new record

Seoul: Cargo throughput of all South Korean ports achieved 106.79m tons in November, an increase of 13.5% year-on-year and a new record for the month, according to the statistics of the Korean Ministry of Land, Transportation and Maritime Affairs (MLTM).
[Read More]
Source: Seatrade Asia
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Odense newbuilding moves to Korsør

Odense Steel Shipyard has been forced to move its surplus newbuilding to a lay-up berth at Korsør on the isle of Sjælland.
[Read More]
Source: Shipgaz
Posted on 12/28/2010 / 0 comments / Read More

Eidesvik Announces Charter Agreement with CGGVeritas

The Charterer CGGVeritas has recently trough it subsidiary Exploration Investment Resources II AS declared their option and extended the contract with 3 years for the seismic vessel Veritas Viking starting ultimo May 2011. The owner of the vessel is Eidesvik Shipping AS, a subsidiary of Eidesvik Offshore ASA.
[Read more]
Source: Offshore Energy Today

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Sevmash appeals Arkhangelsk ruling

The Russian state-owned shipyard Sevmash has appealed the recent ruling by the state commercial court in Russian Arkhangelsk, which approved Odfjell’s application concerning the “recognition and enforcement” of the arbitral award filed against Sevmash.
[Read More]
Source: Shipgaz
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Have the EU's shipping emissions proposals capsized?

Any attempt to bring shipping into the EU’s Emissions Trading Scheme (EU ETS) may be open to legal challenges, according to new research by the European Commission.
Maritime transport produces about four per cent of global man-made CO2 emissions, but there are currently no regulations in place to curb the sector’s growing carbon footprint.
[Read More]
Source: Business Green
Posted on 12/28/2010 / 0 comments / Read More

Dry-bulk shipping income to fall in 2 years

Shipowners will earn less next year and in 2012 from renting out vessels to haul goods such as coal and iron ore as the fleet expands, Arctic Securities said.
The Baltic Dry Index, a measure of commodity-shipping costs, has slid 26 percent this year, according to the Baltic Exchange in London.
[Read More]
Source: Bloomberg
Posted on 12/28/2010 / 0 comments / Read More

USA: ZADCO Shifts from Offshore Rig to Artificial Island

Abu Dhabi’s Zakum Development Company (ZADCO) is working at full stretch on the enormous expansion of drilling and production to achieve its goal to produce 750,000 barrels per day (bpd) of crude oil by 2015 - dubbed the UZ 750 project - raising output by 200,000 bpd.
[Read more]
Source: Offshore Energy Today
Posted on 12/28/2010 / 0 comments / Read More

Chinese newbuilding completions more than 50% ahead

From Jan to Nov this year, China’s shipbuilding output was 56.76m dwt, a 55.4% increase year-on-year, according to the latest report of the China Association of the National Shipbuilding Industry (CANSI) released today.
[Read More]
Source: Seatrade Asia
Posted on 12/28/2010 / 0 comments / Read More

Baltic Dry Index expected to slip

The Baltic Dry Index, a measure of commodity shipping cost, is expected to slip towards 1,700 this week, as its trending signal has turned bearish.
The index failed to develop an uptrend around a key support level at 2,060.
As the following drop seems to be accelerating, it becomes less possible for the index to rise in the medium term.
A bearish head-and-shoulders pattern formed on its daily chart, with the index having completed a pullback to the neckline resistance at 2,980, the downtrend resumed towards the Dec 5, 2008, low at 663.
Resistance is at 2,179, and a rise above would open the way towards 2,829.
Source: Reuters
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Greece-China shipping sector cooperation expanding

Acceleration and further promotion of bilateral cooperation between Greece and China, focusing on the exchange know-how in the shipping sector, were the main points of recent seminars organised at the initiative of the maritime affairs, islands & fisheries ministry.
[Read More]
Source: ANA
Posted on 12/28/2010 / 0 comments / Read More

Statoil awards FMC $75MM subsea supply contract for Vigdis North-East in North Sea

FMC Technologies, Inc. announced that it has signed an agreement with Statoil for the manufacture and supply of subsea production equipment to support the Vigdis North-East development. The award has a value of approximately $75 million in revenue to FMC Technologies. 
Vigdis North-East is a fast-track oil and gas field located in water depths of approximately 920 feet (280 meters) in the Norwegian sector of the North Sea. FMC's scope of supply includes the manufacture of four subsea trees, one manifold, subsea and topside control systems and an umbilical. The equipment will be based on a standard subsea solution designed by FMC for Statoil. Deliveries are scheduled to commence in the third quarter of 2011. 
"This is the third fast-track award we've received from Statoil in 2010, joining Pan Pandora and Katla," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "FMC's proven standardized systems will reduce the time from discovery to production, and we are pleased to continue our support of this important strategy."
Source: Press release
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PNGRB invites bids for gas pipeline

Oil regulator PNGRB has invited bids for laying two natural gas pipelines, which will partly include the one already being laid by Reliance Industries to transport gas from its eastern offshore fields.
[Read more]
Source: BUsiness-Standard
Posted on 12/28/2010 / 0 comments / Read More

Ship scrapping could swing into the foray during the first weeks of 2011

As the dry bulk market is looking to end the year on a low note, in fact the lowest in almost a year, ship owners could very well be looking to offload their older carriers to scrapyards around the world. With scrap prices holding firm and buying interest still remaining high, it seems that the wise thing to do right now would be to sell some of the older carriers for demolition. These are vessels which are currently facing stricter controls and rules – not to mention port inspections – especially when their owners are looking to trade them in European ports. At the same time they have returned their purchase values more than once throughout the years, making the decision to decomission them an easier one.
[Read More]
Source: Hellenic Shipping News
Posted on 12/28/2010 / 0 comments / Read More

Norway: Advances in Ultrasonic Cleaning Presented by Wilhelmsen Ships Service

Wilhelmsen Ships Service has launched a new range of Unitor Ultrasonic Cleaning Machines. The series, which consists of four choices of cleaning unit capacity, includes some important advanced features, such as an ultrasound sweep function to ensure a uniform distribution of the cleaning function throughout the cleaning bath. The new cleaners are also lighter, easier to service, have a shorter cleaning time and are more robust than any previous ultrasonic cleaners.
[Read more]
Source: Dredging Today
Posted on 12/28/2010 / 0 comments / Read More

Ship-breakers end strike, to resume work

The four-day-long strike by ship-breakers at Alang, Asia's largest ship-breaking yard, ended on Friday evening after the representatives of ship-breakers met officials of central excise and other departments concerned to discus their problems. The work at Alang yard will resume on Saturday.
Read more: Ship-breakers end strike, to resume work.
[Read More]
Source: Times of India
Posted on 12/28/2010 / 0 comments / Read More

Another Hijacking off Somalia Keeps World's Weirdest Stock Market Moving By Justin Rohrlich Dec 22, 2010 1:15 pm

Somali pirate hijackings are financed by what may well be the world’s most unusual “stock market.”
A pirate interviewed by Canada’s National Post says that, in Haradheere, 250 miles northeast of Mogadishu, brigands set up an exchange of sorts to fund their activities.
[Read More]
Source: Minyanville
Posted on 12/28/2010 / 0 comments / Read More

Pirates retreat after bid to board Maltese ship

An attempt by pirates to board a Maltese registered vessel in the Arabian Sea yesterday afternoon was foiled by a navy helicopter of unknown nationality.
[Read More]
Source: Times of Malta
Posted on 12/28/2010 / 0 comments / Read More

Shipping left to plot GHG course, for now

The International Maritime Organization (IMO) remains in charge of greenhouse-gas (GHG) emissions regulation in shipping following the UN climate talks in Cancún – but its window of opportunity to do so may not last long.\
[Read More]
Source: Carbon Positive
Posted on 12/28/2010 / 0 comments / Read More

Feature: Fatigue nightmares

For half an hour there was almost unbroken silence on the bridge before it was shattered by the unmistakeable sounds of a ship running aground on rocks.
The playback from the voyage data recorder told a familiar story to the listening casualty investigators: a lone watchkeeper at night had nodded off with no lookout posted and the watch alarm disabled as his ship sailed blindly on.
The German investigators discounted the watchkeeper’s claims he had not fallen asleep. Timesheets also told a story of illegally excessive workloads on the German-flag cargoship’s three officers working a two-watch system deemed “inadequate” by the investigators.
The English version of the report into the incident in September last year which resulted in the ship being declared a constructive total loss was published only days after a major shipping company had pleaded guilty to breaking international laws governing hours of rest and failing to comply with a warning to rectify the situation on one of its UK-flag containerships.
The UK, following a number of incidents in which fatigue among watchkeepers and the lack of a dedicated lookout were listed as key factors, has taken a unilateral stance “to ensure the safety of shipping and protect the environment”.
The Maritime & Coastguard Agency (MCA) earlier this year set out its plan for dealing with the problem. This includes inspection of crews’ timesheets and cross-checking them with other on-board documentation and ships’ voyage schedules. Surveyors are also checking that dedicated lookouts are being deployed at night.
The MCA also said it would be looking for evidence companies were auditing shipboard records, pointing out the requirement for such audits under the International Safety Management Code. Previously, German casualty investigators had criticised the operators of a containership which smashed into a bulk carrier at 25 knots one night in September 2007 for failing to either spot the excessive hours being worked by the lone watchkeeper or act on the information.
Casualty investigators are reluctant, however, to state categorically fatigue was the cause of an incident. In the grounding incident the report says, “We are unable to exclude the possibility of the officer of the navigational watch being affected by fatigue caused by an excessive workload.” In the collision case the report noted “significant violations of the stipulated maximum work and minimum rest periods”, but could not conclusively attribute the incident to fatigue, despite evidence
This cautiousness derives from the fact that while fatigue has been acknowledged as a potential risk it remains difficult to measure. Someone may have worked long hours but may still be capable of performing satisfactorily. Other factors such as an individual’s physical and mental state have to be considered.
Yet the assumption is being made that working long hours with inadequate rest can cause error-inducing fatigue, hence the reliance on rules setting maximum and minimum hours for rest and work that will increase with the entry into force of the Maritime Labour Convention and the amended Standards of Training, Certification and Watchkeeping convention.
An overly prescriptive approach can, however, throw up problems. What, for example, exactly constitutes rest or work? If a watchkeeper after completing a watch does anything, except in emergencies, that could be described as work – record-keeping, for example– when they should be resting, it may be construed as a breach of the rules.
In aviation, work can include the “commute time” taken by flight crew to reach the airport from where they are due to fly and other duties such as record-keeping. In shipping it is not unknown for Masters and other senior officers to take up their posts shortly after arriving by air and the briefest of handovers, while the workload created by administrative duties has also increased.
An alternative approach to “archaic” prescriptive rules adopted by some airlines is the use of company-specific “fatigue risk management systems” (FRMS). They retain the limits on maximum hours but only on a monthly or annual rather than daily basis.
Fatigue risk management plans that are subject to approval by the relevant authority make use of “biomathematical” models to predict the risk of fatigue in specific patterns of working hours, with monitoring of alertness levels and feedback gained from crew reports. Pilots wear wristwatch-like devices that monitor movement and light and can tell whether a person is asleep or awake.
Other industries such as rail, chemical and health are also adopting FRMS, while in the mining industry drivers of heavy trucks are donning “smartcaps” that by measuring brainwave activity can alert them to dangerous fatigue levels that can lead to “microsleeps”.
As the science of fatigue advances and technology provides more reliable means of monitoring and measuring wakefulness, shipping stands to benefit. A research project into fatigue among seafarers aims to produce a “fatigue management toolkit” for the industry.
Volunteers in Project Horizon, funded by the European Union, are having their brainwaves monitored while performing duties on bridge, engine-room and cargo-handling simulators at the Chalmers University of Technology in Sweden and the Warsash Maritime Academy in the UK.
The project will, however, take 30 months to complete and in the meantime the industry, at a time of economic crisis and during a continuing shortage of officers, won’t be allowed to rest by ever-louder calls to reduce the workload on sea staff.
Some companies do seem able to respond. One has added a fourth officer in reaction to a port-state control inspection critical of the workload of the Chief Officer, according to a recent posting on an internet forum dedicated to fatigue at sea. A Master on the same forum says timesheets have provided him with a “data-driven” case to press management for higher manning levels.
Complying with the separate rules on hours of work and rest and all other crew-related regulations can be “a nightmare”, according to one industry expert. Airlines admit managing fatigue is just as complex and challenging but when successfully done can result in both greater safety and efficiency, while improving flight crews’ lifestyles. That is something for shipping to sleep on.
Source: Bimco
Posted on 12/28/2010 / 0 comments / Read More

Festive season puts a lid on ship acquisitions

The holiday season has affected the overall turnover of ship acquistions deals prior to Christmas with the current week not expected to exhibit any different signs. According to a weekly report from Piraeus-based shipbroker Golden Destiny, last week was marked by a slow pace of overall sale & purchase activity, with the shipbuilding industry accounting for 46% of the total deals reported, while after weeks of stalling, the demolition market is also picking up its pace.
[Read More]
Source: Hellenic Shipping News
Posted on 12/28/2010 / 0 comments / Read More

Abu Dhabi Ship Building Launches Second 42m Landing Craft For Royal Bahrain Naval Force

Abu Dhabi Ship Building, a world-class ship builder specializing in the construction, repair and refit of naval, military and commercial vessels, held today (Tuesday December 28, 2010) an official ceremony to launch Al Hamra - the second 42m Landing Craft for the Royal Bahrain Naval Force. The delivery is the last under a four-vessel contract won by Abu Dhabi Ship Building in 2008 amidst tight competition from other international shipyards.

Abu Dhabi Ship Building has delivered a total of two 16m Fast Landing Craft and two 42m Landing Craft for the Bahrain navy, all built at its world-class dock in Mussafah, Abu Dhabi. This project affirms the ship builder’s ability to build high quality naval ships at competitive prices in its modern and fully-equipped facilities.

The 16m units were delivered in late 2009 and can rapidly deploy personnel and supplies. They were manufactured at Abu Dhabi Ship Building’s state-of-the-art composite facility and can reach speeds of over 35 knots when traveling light or 25 knots when carrying a payload of 6 tonnes. The 42m craft are based on vessels serving the UAE Navy and are designed for troop, vehicle and cargo transport with beach deployment capability. The first one was delivered in early 2010 ahead of program schedule.

“Today’s launching of this second 42m vessel is yet another major step forward in our growth as a preferred supplier and service provider for the GCC’s maritime military markets,” said Mohammed Salem Al Junaibi, acting Chief Executive Officer, Abu Dhabi Shipbuilding. “This has been a very fulfilling project for us and we are proud to have provided excellent high-quality, mission-capable vessels to a very important customer. Once again we have shown how we can deliver world-class vessels that exceed the technical and quality requirements of our clients on time.”

“It is highly productive to engage a customer that works closely with you on a project such as this. The convenient geographical location and shared understanding on the construction of an excellent vessel has ensured advanced delivery. This partnership clearly demonstrates how the ability to build world-class vessels at competitive prices in a convenient local geographical location is becoming the preferred choice of the region’s market,” added Al Junaibi.

ADSB is a Public Joint Stock Company listed on the Abu Dhabi Securities Market. The company was established in 1996 by the UAE Offsets Group and has built a strong reputation for high quality construction and repair of both Military and commercial vessels. It is owned 10 per cent by the Abu Dhabi Government, 40 per cent by Mubadala Development Company, and 50 per cent by more than 6,000 National shareholders.
Source: Press Release
Posted on 12/28/2010 / 0 comments / Read More

Vinashin yet to agree on 1st payment of $600M debt

State media say the Vietnam Shipbuilding Industry Group doesn't yet have an agreement on the first repayment toward $600 million it owes foreign creditors.
[Read More]
Source: Businessweek
Posted on 12/28/2010 / 0 comments / Read More
 
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