Chevron to build $1.4B lubricants plant at Mississippi refinery

Chevron Corporation announced that Chevron Lubricants will commence construction of a lubricants manufacturing facility at the company’s Pascagoula refinery. The $1.4 billion Pascagoula Base Oil Project (PBOP) is projected to generate approximately 1,000 jobs over the next two years of construction and about 20 permanent positions once the facility is operating. 
[Read more]
Source: Penn Energy

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Petrochina offers $1 bln for agreed Ineos j/v

PetroChina is offering $1 billion for a 50 percent stake in refineries in France and Scotland, seller UK chemical group Ineos said on Monday, in the first indication of the deal's value.
Under an agreement struck earlier this month, Petrochina will acquire a 50 percent stake in Ineos' European refining business, including the plants at Grangemouth in Scotland and Lavera in France.
[Read more]
Source: Reuters

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Plains Exploration shares rise on higher reserves

Shares of oil producer Plains Exploration & Production Co. rose Monday after the company said its level of proven reserves rose 16 percent in 2010.
The company said its year-end estimated proved reserves rose to the energy equivalent of 416.1 million barrels of oil. The reserves were comprised of 54 percent oil and 46 percent natural gas.
[Read more]
Source: Bloomberg

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Max Petroleum completes initial testing of UTS-1 well in Kazakhstan

UK based oil and gas explorer Max Petroleum has completed initial testing of the UTS-1 well at the Uytas field in western Kazakhstan.
The well will be placed on a 90-day production test after all necessary government approvals are obtained in the next few weeks, the company said.
[Read more]
Source: Energy Business Review

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US fracking firms may have broken enviro law-probe

Several energy companies mayhave violated environmental rules by injecting diesel into the ground without permits as part of a controversial natural gas drilling technique, according to findings from Congressional probe released on Monday.
[Read more]
Source: Reuters

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Forecast boosts expected Canadian drilling

There's going to be more oil and gas rigs at work in Canada this year.
That's according to a revised forecast from the Petroleum Services Association of Canada.
It expects 12,750 wells to be drilled through to rig release in 2011.
[Read more]
Source: 660News

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Egyptian Exposure for Offshore Drillers

We are closely monitoring the situation in Egypt to see if it may affect our offshore drillers. To date, we have not seen anything that will have a material impact on our fair value estimates. Transocean RIG and Diamond Offshore DO , which have rigs in the region, have evacuated the families of the offshore workers as a precaution. Transocean is the most exposed contractor, with 10 rigs in the region, although only 5 are currently working. The potentially affected active rigs are the drillship Discoverer Americas and jackups GSF Constellation II, GSF Rig 105, GSF Rig 141, and Transocean Comet. 
[Read more]
Source: The Star

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Noble Corporation Prices Offering of Senior Notes

Noble Corporation announced today that its indirect wholly-owned subsidiary, Noble Holding International Limited ("NHIL"), has priced an offering of $1.1 billion aggregate principal amount of senior notes in three separate tranches, with $300 million of 3.05% senior notes due 2016, $400 million of 4.625% senior notes due 2021, and $400 million of 6.05% senior notes due 2041.  The weighted average coupon of all three tranches is 4.71%. Noble Corporation, a Cayman Islands company ("Noble-Cayman") and a direct wholly-owned subsidiary of Noble, will fully and unconditionally guarantee the notes on a senior unsecured basis.  The estimated net proceeds of approximately $1.09 billion are expected to be used to repay the outstanding balance of Noble-Cayman's revolving credit facility, to repay the Company's portion of outstanding debt under the Bully I and Bully II credit facilities, and for general corporate purposes, including to finance a portion of the Company's 2011 capital program.  Pending the application of funds from the offering, the net proceeds are expected to be invested in U.S. government obligations, bank deposits or other secure, short-term investments.
Barclays Capital Inc., Wells Fargo Securities, LLC and SunTrust Robinson Humphrey, Inc. are acting as the book-running managers. HSBC Securities (USA) Inc., Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA), Inc., BNP Paribas Securities Corp., DnB NOR Markets, Inc. and Citigroup Global Markets Inc. are serving as co-managers. Copies of the prospectus supplement and prospectus may be obtained by calling Barclays Capital Inc. toll-free at (888)-603-5847, Wells Fargo Securities, LLC toll-free at (800)-326-5897 or SunTrust Robinson Humphrey, Inc. toll-free at (800)-685-4786.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Offers of securities will be made only by means of a prospectus supplement and prospectus filed with the U.S. Securities and Exchange Commission. The prospectus and prospectus supplement are part of a shelf registration statement that has become effective under the U.S. Securities Act of 1933, as amended.
Noble-Cayman is a direct, wholly-owned subsidiary of Noble Corporation, a Swiss corporation. Noble-Cayman performs, through its subsidiaries, contract drilling services with a fleet of 73 offshore drilling units (including eight drilling rigs currently under construction), located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and Asian Pacific. Noble-Cayman also owns and operates a dynamically positioned floating production, storage, offloading vessel.  
NHIL is an indirect, wholly-owned subsidiary of Noble-Cayman. NHIL owns, through its subsidiaries, a fleet of 64 mobile offshore drilling units (including 6 rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil and West Africa.
Source: Press release

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Orders rise to normal level

The world's total of newbuilding orders for 2010 was estimated at 1,758 ships (33.8m CGT, 120.7m DWT and 71.1m GT) increasing by 75% on 1,006 ships (14.4m CGT, 52.8m DWT and 29.8m GT) from 2009.
[Read More]
Source: ASIASIS

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N.Sea Troll, Oseberg fields resume output

Norway's biggest gas field, Troll, and the oil and gas Oseberg reservoir are back in operation after being shut for several days, operator Statoil said on Monday.
"They are both back in production," company spokesman Ola Anders Skauby told Reuters.
[Read more]
Source: Reuters

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Suez Crisis

The uprising and political unrest in Egypt is already having economic affects around the world.
On Monday, analysts will watch to see if the stock market rebounds from Friday’s 166-point drop, as the price of oil continues to rise.
[Read More]
Source: SHIPTALK

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Esbern Snare rescued crew from Beluga vessel

The Danish warship Esbern Snare rescued two crew members from the German owned heavy lift carrier Beluga Nomination, which last week was hijacked by Somalia pirates in the Indian Ocean far from Somalia.
[Read More]
Source: shipgaz

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GE Oil & Gas Selected for $120M Trans Europa Naturgas Pipeline Upgrade

GE Oil & Gas has been awarded a contract of more than $120 million (€90 million) to overhaul nine gas turbines located at four compression stations along the Trans Europa Naturgas Pipeline (TENP), which runs across Germany from the Dutch to the Swiss border.
GE Oil & Gas will convert the nine GE MS3002 gas turbines, including three new units and six fully over-hauled units, to dry low NOx (DLN) technology, which will lower NOx and CO2 emissions to meet the stringent future German legal requirements.
Andrew Way, vice president - Global Services, GE Oil & Gas said, “GE is committed to helping customers boost performance and efficiency on a sustainable basis. We will complete this important Trans Europa Naturgas Pipeline upgrade project by maintaining the existing footprint of the units and with minimal impact to the balance of plant operations. In addition, we will ensure optimum fuel performance for the refurbished gas turbines.”
In addition to converting the nine units to DLN operation, the scope of GE’s contract includes replacement of the gas turbine skids and auxiliaries, replacing and installing heat recuperators, installing new control logic functions into the existing controls systems, site installation activities, and a full-string test for the first upgraded unit. All of the upgraded units will be shipped to the project sites and will enter service over the next four years.
Source: Press release

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14,100TEU – Samsung breaks containership record

The record for the largest containership has been broken again, this time by Samsung Heavy Industries’ 14,100TEU ‘CSCL Star’ for China Shipping Line.
[Read More]
Source: Baird Maritime

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Hyundai Mipo bags more bitumen carriers

Hyundai Mipo Dockyard has won two additional 6,000 dwt bitumen carriers from Dutch shipowner Vroon.
[Read More]
Source: Seatrade Asia

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ExxonMobil Sees Huge Earnings Increase

ExxonMobil continued to deliver strong financial and operating results in its fourth quarter ended Dec. 31 2010, as profit hit $9.25 billion, an increase of 53 percent.
Full-year 2010 earnings, excluding special items, were $30.5 billion, up 57 percent from 2009, driven by higher crude oil and natural gas realizations, stronger refining margins and record chemical performance, the company reported.
[Read more]
Source: CSNews

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German yard bags second major order in a week

P+S Werften in eastern Germany has announced a big order for five ice-strengthened container/supply ships - just a week after bagging another for a unique offshore construction vessel.
[Read More]
Source: Motorship

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Maersk Oil to buy Devon Energy’s 15% interest in Angola Block 16

Maersk Oil, a fully owned subsidiary of A.P. Møller – Mærsk A/S, has agreed to acquire a 15% interest in Block 16 in Angola from Devon Energy for an initial payment of USD 70 million and future contingent considerations. The agreement is subject to closing conditions including government approval.
Maersk Oil already operates Block 16, which includes the Chissonga discovery. Maersk Oil’s interest in the block would increase to 65%, with Sonangol (20%) and Odebrecht (15%) as partners.
“Acquiring Devon Energy’s interest in the block will provide Maersk Oil further materiality in Angola, just as the evaluation work on the Chissonga discovery gathers pace,” said Lars Nydahl Jorgensen, Head of Exploration at Maersk Oil. “It shows our confidence in the prospectivity of Block 16 and Angola as a whole.”
Maersk Oil is in the process of analysing the results from wells drilled at the Chissonga discovery to determine whether it is commercial and if further appraisal drilling is needed.
Future payments to Devon Energy are contingent on reaching a number of milestones and may ultimately amount to more than the initial payment.
Maersk Oil is operator with a 50% interest in two other licenses in Angola – Block 8 and Block 23, where an exploration well is planned to be drilled later this year.
About Maersk Oil in Angola
In June 2005, Maersk Oil acquired 50% interest and operatorship in the Production Sharing Agreement for Block 16, about 100 kilometers offshore Angola. Water depth in the block ranges from 200-1500 meters. In November 2006, Maersk Oil acquired a 50% interest and operatorship in the Production Sharing Agreements for offshore Blocks 8 and 23. Partners are Svenska Petroleum (30%) and Sonangol (20%). Water depth in Block 8 is up to 500 meters and in Block 23, up to 1,500 meters.
Source: Press release

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The Somali Pirates Are Getting Smarter And More Aggressive

Somali pirates continued to increase their activity in 2010. They successfully hijacked 49 ships in 2010 (compared to 45 in 2009) and were holding 26 ships off the coast of Somalia as of Jan. 24.
[Read More]
Source: Business Insider

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AMEC wins £140m contract with BG Group

UK-based engineering and project management company AMEC has won an offshore oil services contract with BG Group.
The £140 million deal will see the firm supply provide engineering, procurement, construction, commissioning and project management for all of BG Group's facilities in the central North Sea, including its Armada, North Everest and Lomond platforms.
[Read more]
Source: Sage For Construction

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German boxship collided with Indian Navy ship

On Jan 30 at about 1700 Indian Navy ship INS Vindhyagiri collided with German boxship Nordlake. INS Vindhyagiri was returning to Mumbai after celebrating "Day at Sea" with families of military personnel, at least 200 people. Fire broke out as a result of the collision, but all civilians were evacuated, no injures or casualities.
[Read More]
Source: Maritime Bulletin

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Operation to rescue ice-nipped Russian ships cost $5 mln

Russia's operation to rescue its ice-nipped vessels in the Sea of Okhotsk cost five million dollars, a spokesperson for the Far Eastern Shipping Company said on Monday.
[Read More]
Source: Voice of Russia

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POSH Semco opts for Veripos

Veripos, the provider of precise GNSS positioning solutions to the offshore oil and gas industries, has been awarded an exclusive five-year contract by POSH Semco of Singapore, one of  Asia’s foremost specialist offshore companies.
[Read more]
Source: Offshore Shipping Online

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More shipping firms seen failing unless oversupply addressed

Shipping in the Suez Canal, the strategic waterway connecting the Red Sea with the Mediterranean Sea, hasn't been affected by unrest in Egypt, according to a canal authority official.
Source:Ship-technology
[Read More]
Source: Wall Street Journal

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Anadarko Provides Status Update of Caesar/Tonga Project

Anadarko Petroleum Corporation today announced that a mechanical issue involving the production riser system at the Caesar/Tonga project in the deepwater Gulf of Mexico will delay first production, which was expected in mid-2011. Although the production riser system underwent an extensive qualification program prior to installation, Anadarko's recent hydro-testing of the riser provided results that preclude it from being put into service on this project.
"We are delaying first production at the Caesar/Tonga project after our recent hydro-test of the production riser system indicated it was not fit for service," said Chuck Meloy, Anadarko Sr. Vice President, Worldwide Operations. "The project was otherwise on schedule, as we had recently secured the necessary permits to begin completions on the first two wells; nonetheless, in the interest of safety and the environment, delaying startup is clearly the right decision. We plan to continue the completion activities as we work with the co-owners to secure a reliable alternative for the production riser. Importantly, this should not impact our ability to meet the 2011 sales-volumes estimate that we provided in March of last year, as we continue to expect full-year 2011 volumes to be well within the range of 240 million to 250 million BOE (barrels of oil equivalent). We plan to announce our 2011 guidance and capital program during an extended investor conference call being planned for late February."
Anadarko operates the Caesar/Tonga development with a 33.75-percent working interest. Co-owners in the project include Statoil Gulf of Mexico LLC (23.55-percent working interest), Shell Offshore Inc. (22.45-percent working interest) and Chevron U.S.A. Inc. (20.25-percent working interest). Caesar/Tonga is located in the Green Canyon area of the Gulf of Mexico, in close proximity to Anadarko's Constitution spar in Green Canyon block 680.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2009, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
Source: Press release

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Nexus in Talks for FPSO Contract

Australian exploration company Nexus Energy is in talks with a contractor regarding a floating production, storage and offloading vessel contract.
Nexus was in discussion with British engineering company Petrofac and is negotiating with lenders and potential partners for the project, according to the Australian Financial Review.
Source:Ship-technology

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S.KOREA'S DAEWOO SHIPBUILDING WINS U.S. DRILL SHIP CONTRACT

Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660), South Korea's No. 2 shipbuilder, said Monday that it has won a deal to build a drill ship.
[Read More]
Source: Trading Markets

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Fugro Robertson Awarded Offshore Morocco Seismic Contract

Longreach Oil and Gas Limited, an oil & gas company focused on Morocco, announces that Fugro Robertson, one of the world's leading geoscience and technical services company, has been awarded the contract for seismic reprocessing on the Foum Draa and Side Moussa licenses, offshore Morocco.
[Read more]
Source: Oil Voice

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Hyundai Heavy nails record results

South Korea's Hyundai Heavy Industries, the world’s largest shipbuilder, made its best ever business results last year. 
Hyundai announced at the end of last week that the company saw KRW 22.4052trn ($20.1bn) of sales,
KRW 3.4394trn of operating profit and KRW 3.7611trn of net profit during 2010. 
Last year's sales showed a slight increase of 6% compared to the previous year, but both the operating profit and net profit increased sharply by 55% and 75% respectively, outreaching KRW 3trn for the first time in history. 
Its operating margin also showed a dramatic jump to 15.4% on 10.5% from 2009.
Source: SeaTrade-Asia

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Egypt's Protests Could Favor Shipping Stocks

Tanker stocks have already performed exceptionally well; compared to the S&P 500, they have averaged yields of 10%-15% higher.  And now with the tensions in Egypt, and the possibility of supply constraints in Suez Canals has shown increased activity in the shipping sector as well as the Dry Baltic Index.
[Read More]
Source: SmallCapNetwork

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The Netherlands: Dockwise Bags Two HMT Contracts

Dockwise announces that it has signed a contract for USD 25 mln, with an affiliate of Chevron U.S.A. Inc. regarding the transportation of the Jack & St. Malo hull from Korea to the Gulf of Mexico.
It is the intention of the parties that this contract – already included in the Q3 backlog as a Letter of Intent (LOI) – will be executed on the new T-0 vessel.
[Read more]
Source: Offshore Energy Today

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NYK Profit Jumps More Than Tenfold

NYK Line’s net profit jumped more than tenfold in the Japanese shipping company’s October-December fiscal third quarter as improved container shipping results offset higher fuel costs and soft bulk markets.
[Read More]
Source: Journal of Commerce

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DOE OKs Spex entry into Gindara

Australian firm Nido Petroleum Ltd. yesterday said the Department of Energy has approved the farm-in agreement under which Shell Philippines Exploration B.V. will acquire Nido’s 45 percent stake in the Gindara prospect at Service Contract 54 (SC 54) B.
[Read more]
Source: Malaya 

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Lloyd's Register & Bestway's ambitious design venture offers improved 'green' bulk carrier

‘Emerald’ design offers a lighter and environmentally friendly ship as project exceeds fuel-saving targets. Lloyd’s Register and Shanghai-based Bestway Marine Engineering Design have completed their joint-industry project to develop a trend-setting environmental bulk carrier, with results far exceeding expectations.

According to the provisional data from the project, the new design for a 35,000 Dwt bulk carrier will achieve an 18% improvement in environmental efficiency over comparable previous versions when measured against the IMO's Energy Efficiency Design Index, a method by which a ship's CO2 efficiency is measured.
“This project clearly demonstrates what can be achieved through the power of technical co-operation," said Nick Brown, Lloyd's Register's Country and Marine Manager, China. "It showcased our technical expertise and ability to provide timely insights and support to innovative designers such as Bestway right from the initial design stage. This project also highlighted the leadership Bestway is taking in the area of ship design. We are confident about working together again with Bestway on safe and efficient designs in the future.”
The new 'Emerald' design exceeded targets in a number of key areas: it reduced the Handysize model's steel weight by 12%, making room for more revenue-generating cargo without increasing fuel consumption (the target was a 10% reduction); it also reduced fuel consumption by 19.5% (the target was 15%).
Both companies have since committed to return to the drawing board to see what further practical gains can be made with 35,000-dwt and other ship designs to answer calls from the market for 'greener' more efficient ships.
“This project demonstrated and strengthened the strong relationship between Lloyd’s Register and Bestway. It is an excellent example of effective co-operation between a local design company and a leading classification society," said Prof. Liu Nan, Bestway Chairman and General Manager. "I am sure that with more co-operation our ‘Emerald’ series and other bulk carrier ship-types will be optimised and all these ship-types will satisfy a growing demand from the global ship-owner community.”
The project was started in 2009 to research the commercial, functional and design feasibility of developing environment-friendly, low-carbon, economical bulk carriers. Owners in Asia and in Europe are showing interest in the innovative vessel designs and Bestway is now applying the design criteria to a number of different sized bulk carriers.
With support from London-based members of the organisation's Strategic Research Group, Lloyd’s Register Classification Society (China) is working with Bestway to provide training on the application of the organisation's classification rules and rule-change updates, as well as providing Bestway staff with technical training on the operational impact these changes will have on ship-design.
Source: Lloyd’s Register

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No direct threat to Suez shipping - insurance market

No direct threat to ships passing through the strategic Suez Canal waterway exists at the moment, despite unrest in Egypt, a senior official with London's marine insurance market said on Monday.
[Read More]
Source: Reuters

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Feature: Ship fuel – time for ship owners and refiners to decide

The revised MARPOL Annex VI regime governing ship atmospheric pollution has been with us for two years now. Over that time the maritime and oil refining industries have had a chance to weigh up its robust requirements. Although compliance with the regime’s ultimate regulation will not be required for the best part of a decade, possibly longer, several of the provisions have already started to bite. Some pre-emptive regional requirements, which also impose controls on ship emissions – such as those in California and the European Union – have added immediacy to the debate.
[Read More]
Source: Baird Maritime

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Statoil: Responsible operation at Gullfaks

Statoil held a follow-up meeting with the Petroleum Safety Authority Norway (PSA) today in which we reviewed the status after the C06 incident at Gullfaks.
 “We addressed two topics in the meeting, specifically those relating to well integrity and pressure build-up in the Shetland formation,” says head of Gullfaks, Gunnar Nakken. 
[Read more]
Source: Statoil

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Ship owners unfazed by market tumble, keep placing newbuilding orders

With the dry bulk market at a two-year low at just 1,107 points, after losing an additional 2.64% at the beginning of the new week, one would expect that ship owners would have scaled back on their new building investment programmes. But, as one can clearly see by checking the latest ship brokers’ reports, this isn’t the case, not even by miles. According to Golden Destiny, just last week, with the dry bulk market losing ground consistently, an impressive 60 new building orders were reported, equalling a total invested capital of more than 2.8 billion dollars.
[Read More]
Source: Hellenic Shipping News

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Keel laid for Antarctic research vessel

The keel was recently laid for the Antarctic research and supply vessel ordered by the South African department of environmental affairs at STX Finland’s Rauma shipyard.
[Read More]
Source: motorship

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Balltec installs 16 SMCs for Total Pazflor FPSO

Balltec has just completed the supply and installation of 16 Permanent Subsea Mooring Connectors (SMC) for the Total Pazflor FPSO.
The facility is moored in approximately 3500 feet of water in Angola block 17. The connectors supplied by Balltec can be disconnected at any time during the design life of the facility should the need arise.
[Read more]
Source: Scandinavian Oil & Gas Magazine

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Northrop-Gamesa wind-power venture chooses Chesapeake

A team of engineers from Northrop Grumman Shipbuilding and Spanish energy firm Gamesa has started work on a project to design and develop a prototype offshore wind turbine in Chesapeake's Greenbrier area.
[Read More]
Source: dailypress.com

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Marathon Oil Corporation Declares Fourth Quarter 2010 Dividend

Marathon Oil Corporation announced today that the Company's board of directors has declared a dividend of 25 cents per share on Marathon Oil Corporation common stock. The dividend is payable March 10, 2011, to stockholders of record on Feb. 16, 2011.
[Read more]
Source: Offshore Energy Today

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Global Petroleum to acquire prospective oil and gas interests in Namibia

Global Petroleum has entered into an agreement to acquire Jupiter Petroleum Limited, a UK registered company, which holds prospective oil and gas exploration interests in offshore Namibia.
Global will issue 25 million shares at settlement and will reimburse reasonable historical expenditure on the Namibian and Juan de Nova interests, a French dependency in the Mozambique Channel.
[Read more]
Source: Proactive Investors

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BP oil spill wipes £2bn off UK dividend payments

The BP oil spill wiped £2 billion off the value of dividend payouts last year, according to figures from Capita Registrars.
Dividend payouts fell to £56.6 billion after the cancellation of £5.4 billion in dividends from BP.
[Read more]
Source: Reuters

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Australia: AWEs 4Q 2010 Production Slips 3%

Oil and gas production reached 1.53 million BOE for the quarter, a 3% decline on the previous period. Production was impacted by some operational issues at Tui, BassGas and Casino, which were all successfully resolved by the end of the period.
[Read more]
Source: Offshore Energy Today

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Falklands : DIRECTOR OF MINERAL RESOURCES REPORT FOR DECEMBER 2010

At a meeting of the Mineral Resources Committee the Director of Mineral Resources gave her report.

1). Progress with Offshore Drilling Programme:  Since the last report was prepared for the meeting held on 14 December, The Ocean Guardian has completed drilling well 25/10-1 (known as Dawn/Jacinta) for Desire Petroleum which is situated in licence area PL006.  The well is only the second to be drilled in the southern part of the North Falkland Basin, the first being well 26/06-1 (Ernest), drilled by Rockhopper Exploration last year.   The data and samples taken from the well will be analysed over the coming months in order to understand the geology and the future potential of the area.  
[Read more]
Source: SARTMA.com

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SapCrest, Kencana and Petrofac in JV to develop Berantai

Sapura Crest Petroleum (SapCrest), Kencana Petroleum and Petrofac Energy Developments, a unit of London-listed Petrofac, has entered into a joint venture (JV) to develop and operate the Berantai field located 150km offshore Terengganu.
A risk service contract was signed by Petronas and the operating parties to carry out the development and production of petroleum resources from the Berantai field while a joint operating agreement was also signed between the operating parties.
[Read more]
Source: The Star

Posted on 1/30/2011 / 0 comments / Read More

Carbon Energy seeks power plant approval

Carbon Energy Ltd is confident of gaining environmental approval from the Queensland government to continue development of its Bloodwood Creek pilot-scale power plant site between Dalby and Chinchilla.
Carbon Energy said on Monday that it had been notified by the Queensland Department of Environment and Resource Management (DERM) of an extension to the date for a final decision on the company's environmental authorities to February 11, 2011.
[Read more]
Source: Nine MSN

Posted on 1/30/2011 / 0 comments / Read More

ONGC says Cairn needs its consent for going ahead with Vedanta

State-owned ONGC said on Sunday that UK’s Cairn energy needs the Indian exploration major’s consent for the proposed $9.6 billion majority stake sale in Cairn India to Vedanta Resources and that all disputes could be resolved through a trilateral talk involving ONGC, Cairn and the government.
[Read more]
Source: Financial Express

Posted on 1/30/2011 / 0 comments / Read More

WestSide Corporation Limited Updates On Expansion Exploration Drilling Of Meridian SeamGas Reserves In The Bowen Basin

As Operator of the Meridian SeamGas CSG gas fields, WestSide Corporation Ltd is pleased to advise that drilling has commenced on the MER11V pilot production well in PL 94 in the Bowen Basin near Moura.
MER11V spudded at 16:30 hours on 27 January 2011 and was drilling ahead at 163 metres this morning. Dominion Drilling's DR02 rig will drill the well to a planned target depth of 1,333 metres to test for gas-bearing coal seams in the deeper part of the Meridian field.
The well is the fifth in an exploration program designed to increase the Meridian SeamGas joint venture's gross proved and probable (2P) reserves by up to 200 petajoules.
The MER02V appraisal which reached its target depth of 618 metres on January 25, 2011 intersected the targeted Baralaba Coal Measures and Kaloola Formation with total net coal measured exceeding 19 metres.
IFO testing is being planned on the new upper seams encountered in this well which will then be cased as a future producer, based on historical data from the known producing seams alone.
WestSide will issue regular updates as and when appropriate as the reserves expansion exploration program progresses.
Source: Press release

Posted on 1/30/2011 / 0 comments / Read More

OPEC to discuss oil policy February 22 in Riyadh

OPEC ministers will discuss oil output policy on the sidelines of an international energy conference in Saudi Arabia on February 22, an OPEC delegate said.
The Organization of the Petroleum Exporting Countries is under pressure to raise output and rein in oil prices now near $100 a barrel.
[Read more]
Source: Reuters

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Chesapeake Energy Corporation and CNOOC Limited announce Niobrara-Focused DJ Basin and Powder River Basin Project Cooperation Agreement

Chesapeake Energy Corporation and CNOOC Limited today announced the execution of an agreement whereby CNOOC International Limited, a wholly-owned subsidiary of CNOOC Limited, will purchase 33.3% undivided interest in Chesapeake’s 800,000 net oil and natural gas leasehold acres in the Denver-Julesburg (DJ) and Powder River Basins in northeast Colorado and southeast Wyoming. The consideration for the transaction will be $570 million in cash at closing. In addition, CNOOC Limited has agreed to fund 66.7% of Chesapeake’s share of drilling and completion costs until an additional $697 million has been paid, which Chesapeake expects to occur by year-end 2014. Closing of the transaction is anticipated in the first quarter of 2011.
[Read more]
Source: Your Oil and Gas News

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TNK-BP Billionaires Consider Dividend Halt as Dispute Escalates

BP Plc’s billionaire partners in the TNK-BP oil venture may try to stop $1.8 billion in dividend payments as a dispute about the U.K. explorer’s alliance with Russia’s biggest oil company worsens, a person with knowledge of the matter said.
[Read more]
Source: Bloomberg

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Talisman resumes drilling

Calgary's Talisman Energy Inc. suspended all "fracking" operations for about eight days across North America this month after what it described as "a well-control incident" in Pennsylvania.
Talisman spokeswoman Phoebe Buckland said from Calgary Thursday that the company halted all its fracking operations after "a water-based fluid release" at its Pennsylvania well and notified the Pennsylvania Department of Environmental Protection.
[Read more]
Source: The Vancouver Sun

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DNO reports a working interest (WI) production of 20,885 bopd in December and 16,252 bopd for the full fourth quarter

The average realized oil price on the NE production in the fourth quarter was USD 54 per barrel.
Local sales volumes in Kurdistan have further increased in January and the total WI production in January is expected to be around or above 28,000 bopd.
Yemen production DNO's WI production in Yemen in December 2010 was 6,281 bopd and the NE production was 3,939 bopd. In the fourth quarter of 2010, DNO’s WI production in Yemen was 6,156 bopd and the NE production was 3,872 bopd. 
[Read more]
Source: Your Oil and Gas News

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Rig Counts Jump: Producers step up drilling across North America

According to the weekly rig report from oilfield services firm Baker Hughes Inc., the number of rotary rigs drilling in the US and Canada increased by 35 rigs this week.
In the US, there are 1,732 rigs drilling, which is an increase of 19 rigs for the week and 415 rigs year over year. Specifically, there are two more inland water rigs, one less offshore rig, and 18 more land rigs working in the US.
[Read more]
Source: Penn Energy

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GMX Resources to raise $300 mln via shares, notes

Oil and gas company GMX Resources Inc said it will raise $100 million via a public offering of common shares and $200 million through a private placement of senior notes, sending its shares down 10 percent.
[Read more]
Source: Reuters

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Top man at Wärtsilä announces his retirement

Wärtsilä Corporation has announced that its president and CEO, Ole Johansson, has decided to retire after reaching 60 years of age in June 2011.
[Read More]
Source: Motorship

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El Paso Stays on Course with 2011 Pipeline and Production Growth Plans

El Paso EP set another year of growth goals for its exploration and production and pipeline units, with plans to invest $3.2 billion in 2011. Much of the firm's 2011 plans will continue with projects that were set in motion in 2010, warranting no changes to our model assumptions. However, we're encouraged by the firm's commitment to develop both its pipeline and E&P unit, while initiating development plans for its recently formed midstream joint venture with Kohlberg Kravis Roberts & Co. KKR.  El Paso remains supportive of its MLP, El Paso Pipeline Partners EPB, with plans for two to three asset dropdowns this year, and to use dropdown proceeds for more debt reduction.
[Read more]
Source: Morning Star

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New LPG engine from MAN

MAN Diesel & Turbo has introduced its Liquid ME-GI (liquid gas injection) engine which is powered by LPG (liquid petroleum gas), a smaller market than LNG but of significance in certain segments of the industry.
[Read More]
Source: Motorship

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Ferry KMP Lautan Teduh II burned, killed 19 people.

Ferry KMP Lautan Teduh II burned in the Sunda Strait, Sumatra, killed 19 people.
A total of 434 passenger ferry KMP Lautan Teduh II, which burned in the Sunda Strait , Sumatra, Indonesia, successfully evacuated, but 19 people of whom died, largely because of plunging into the sea.
[Read More]
Source: Allvoices

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Egdon acquires interests in UK petroleum licences

Hampshire-based oil and gas exploration company Egdon Resources is to acquire 50 per cent of two onshore UK petroleum exploration and development licences (PEDLs) from Oslo-based Valhalla Oil and Gas.
In turn it will pay Valhalla part of the profit from any revenues, after costs. The value of the deal was not disclosed.
[Read more]
Source: Insider Media Limited

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Shippers angry over 'silly' security demands from carriers

THE Shippers' Voice, an online forum for shippers, has lashed out at a move by container shipping lines who demand advanced freight information five days ahead of loading rather accepting the 24-hour advance rule set by the EU.
[Read More]
Source: Shipping Online

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Exxon Mobil drills world's longest well off eastern Russia

Irving-based Exxon Mobil said Friday that it had drilled the world's longest "extended-reach" well, a total length of 40,502 feet, in the Odoptu field offshore from far eastern Russia.
The horizontal well is part of the big Sakhalin-1 oil and natural gas project.
[Read more]
Source: Star-Telegram

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Shell’s Voser Looks to Rosneft for Exploration Deal

Peter Voser, chief executive officer of Royal Dutch Shell Plc, said he’s looking at a partnership with Russia’s state-owned OAO Rosneft to hunt for oil reserves.
“We are talking about potentially exploration” together, Voser said today in a Bloomberg Television interview in Davos, Switzerland. “Partnership with national oil companies is part of our business model. This is the way to go, we are driving this, and we’re quite happy to have these relationships.”
[Read more]
Source: Bloomberg

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Indian Navy destroys pirate mother ship, arrests pirates

Whilst the Coast Guard and Navy Dorniers tracked Prantalay, the pirate ship, Indian Naval Ship Cankarso, a recently commissioned Water Jet Fast Attack Craft was directed to intercept and investigate the ship.
[Read More]
Source: The Hindu

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Chevron Q4 profit surges to $5.3bn

Chevron Corporation's fourth-quarter profit rose to $5.3 billion from $3.1 billion the previous year easily topping Wall Street forecasts, but anaemic growth of its oil reserves disappointed investors.
Chevron, like smaller rivals ConocoPhillips and Occidental Petroleum, saw its earnings bolstered by higher oil prices, as well as a rebound in profit margins for petrol and diesel fuel.
[Read more]
Source: Trade Arabia

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Giant motherships give Somali pirates new reach-EU

Somali pirates are increasingly using hijacked merchant vessels with hostage crews as giant motherships to attack deeper into the Indian Ocean, the European Union anti-piracy task force says.
[Read More]
Source: Reuters

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BP Investors Push Dudley to Sell More Oil Fields After $5 Billion Dividend

BP Plc shareholders said they want Chief Executive Officer Robert Dudley to expand the company’s record asset sale program, raising cash that will help fund a $5 billion a year dividend.
BP is likely to bring back a dividend and may pledge sales beyond the $30 billion target when it outlines strategy and announces full-year results on Feb. 1, investors said. On the same day, a London court will consider a bid to stop BP’s $8 billion share swap with a Russian rival OAO Rosneft.
[Read more]
Source: Bloomberg

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Baltic index slides, set to stay pressured

The Baltic Exchange's main sea freight index .BADI, which tracks rates to ship dry commodities, fell to its lowest in nearly two years on Friday as the market continued to struggle with an excess of vessels.
[Read More]
Source: Reuters

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North P&I Club to launch fixed-premium hull and machinery cover

Directors of the ‘A’ rated 130 million GT North P&I club have decided to launch a fixed-premium product for hull and machinery cover on 1 July 2011. The move is in line with the club’s strategy of expanding its product range beyond its core protection and indemnity (P&I) service.
Initial targets for the new product are shipowner members of Marine Shipping Mutual Insurance (MSMI), a 39-year-old hull and machinery club that is managed by North’s management company, North Insurance Management Limited (NIML). The MSMI board recently decided to cease underwriting on 30 June 2011 after accepting that, though solvent, the hull club’s small-scale business model was unlikely to be viable in the foreseeable economic climate.
According to North chairman Albert Engelsman of Dutch shipping group Wagenborg, ‘Exact details of North’s new hull and machinery cover are still being finalised but it will be a fixed-premium product operating on a conventional subscription basis. While this is significantly different to MSMI’s model, it will offer the same level of club-style service and we anticipate it will be attractive to MSMI members as well as other shipowners in North and elsewhere.’
NIML joint managing director Paul Jennings says, ‘It has long been one of North’s publicly stated strategic aims to expand its product range to members, adding to the successful P&I, freight demurrage and defence, war and non-poolable covers offered today. Hull and machinery is something the club has wanted to offer for some time.’  
Fellow joint managing director Alan Wilson says, ‘This is an exciting development for North and its members, supported by the club’s strong financial position, reputation for high quality service and existing management experience in hull and machinery insurance. The directors are confident the new hull and machinery product will further enhance the club’s financial position and strengthen service to members.’
North provides P&I insurance to 100 million GT of owned tonnage and 30 million GT of chartered tonnage, with 4250 ships entered by 375 members. The club is based in Newcastle upon Tyne, UK with regional offices in Hong Kong, Piraeus and Singapore. MSMI currently has 8 million GT of entered tonnage, with 400 ships and 50 members, and is also based in Newcastle upon Tyne.
Source: Press Release

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Petrobras issues US$6B in Global Notes

Brazilian energy company Petrobras has concluded today a US$6 billion issuance of 5, 10, and 30 year notes in the international capital markets.
The transaction was the largest-ever corporate bond offering by a Brazilian company in the international capital markets, and the book was oversubscribed 2.5 times with more than 463 investors from the United States, Europe, Asia and Latin America participating, most of them dedicated to the high grade market.
[Read more]
Source: Oil & Gas Financial Journal

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Global application of UK Bribery Act 2010 – potential impact on shipping

The Bribery Act entails potential difficulties for companies worldwide, including shipowners, as its provisions on paying and receiving bribes, including bribery of foreign public officials, and anti-corruption compliance provisions for commercial organisations apply extraterritorially and not only to companies based and offences taking place in the UK.
[Read More]
Source: Bimco

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Big4 running for 20,000TEU class

It seems to happen that a 20,000-teu class ultra large container ship (ULCS) will appear in the market as early as 2014.
Korean big four - Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering and STX Offshore & Shipbuilding - are believed to have already entered into a negotiation with global shipowners to build ULCSs.
[Read More]
Source: Asiasis

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Subsea 7 S.A. awarded contracts offshore Brazil

Subsea announced today the award of two new contracts from Petrobras for activities offshore Brazil.
An extension to the contract for the Acergy Harrier. This contract, valued at approximately $40 million, is for the provision of saturation diving services to water depths of 300 metres for new construction tasks and inspection, maintenance and repair work, together with ROV services to 2,500 metres. Following a short extension of the previous three-year contract, this new contract will commences at the end of January until November 2011, when the Acergy Harrier is expected to commence work on the Sul-Norte Capixaba Project,The award of a lump-sum contract for the installation of two manifolds on the Tambaú Field together with the installation of a pipeline end manifold on the Jubarte Field in water depths of approximately 1,200 metres. Engineering will commence immediately, with offshore installation due to take place in early 2011 using the Skandi Acergy.
Victor Bomfim, Senior Vice President, Brazil, said: “We are pleased to be able to announce these awards. The Acergy Harrier follows more than thirteen uninterrupted years of similar work by this ship for Petrobras during which we have achieved an excellent safety and operational track
record. While the Equipment Installation contract is the third such award in three years. Together these awards demonstrate a high degree of client satisfaction.”
Source: Press release

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Sungdong Shipbuilding wins $583 mln order

South Korea's small and medium-sized shipbuilder Sungdong Shipbuilding and Marine Engineering Co Ltd said on Monday it had won orders worth 650 billion won ($582.6 million) to build 6 large container ships from Switzerland-based Mediterranean Shipping Co (MSC) and Greek shipping company Costamare Inc .
The container ships will be introduced successively from 2013.
Source: ForexPros

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ROC Oil: ACTIVITIES FOR QUARTER ENDED 31 DECEMBER 2010

ROC achieved an average daily production rate of 8,483 BOEPD in 2010, which was within the guidance range of between 8,000-9,000 BOEPD.  This result was particularly pleasing given that 35 days of production were lost at Zhao Dong due to severe weather conditions in 1Q 2010 and that oil production from the Basker-Manta-Gummy fields was suspended on 19 August 2010.  Despite the production disruptions, Zhao Dong met the production target set at the start of the year and continues to perform strongly, with oil production year-to-date averaging above 21,000 BOPD. 
Despite lower production during the Quarter, sales revenue increased by 26% to US$75.3 million.  Total sales revenue for 2010 was US$235.5 million and ROC had a net cash balance of US$31.3 million at 31 December 2010. 
Following CNOOC Limited approval of the Beibu Gulf Project Investment and Overall Development Plan, international joint venture partners are now progressing to a Final Investment Decision, which is expected by the end of February 2011.  ROC is proud of the cooperation achieved with CNOOC Limited on the Beibu Gulf project, which is the first instance where CNOOC Limited has entered into arrangements to share existing and new infrastructure with international joint venture partners to facilitate the development of multiple Chinese offshore oil fields, and  looks forward to further strengthening the relationship over the next two years.  First oil is anticipated before year-end 2012. 
Appointment of a permanent Chief Executive Officer is anticipated during February 2011.
Source: ROC Oil

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