Entek Energy intersects 200ft gas column at offshore well in Gulf of Mexico

After intersecting around 200 feet of net gas pay during drilling, Entek Energy's GA A133 well in the Gulf of Mexico has now been temporarily suspended.
The well is awaiting tie in to production as early as the end of the second quarter 2011.
As gas prices are anticipated to rise, GA A133 is expected to deliver a strong revenue stream to the company.
[Read more]
Source: Proactive Investors

Posted on 1/04/2011 / 0 comments / Read More

AJ Lucas cuts earnings on Gorgon delay

AJ LUCAS Group has slashed its earnings expectations following delays at the $43 billion Gorgon gas project in the state's north west.
The earnings downgrade is also on the back of Queensland’s flood crisis and well as delays in approvals for the start of other infrastructure projects.
AJ Lucas said estimated earnings before interest, tax, depreciation and amortisation (EBITDA) for the six months to December 2010 were $3 million.
[Read more]
Source: Perthnow.com

Posted on 1/04/2011 / 0 comments / Read More

Clough Helix JV receives LOI for CACT Project, offshore China

Engineering and construction company Clough Limited today announced that the Clough Helix Joint Venture has been given a letter of intent by COOEC Subsea Technology Co Ltd (COOEC means China Offshore Oil Engineering Co) for offshore installation support activities associated with the Huizhou Field, offshore China.  The contract, which is expected to be signed in the next two weeks, is day rate with a minimum commitment of 120 days with options for further extension. 
The scope of work encompasses project management, offshore installation 
engineering, and offshore construction services delivered from Clough’s state-of-theart subsea construction vessel ‘Normand Clough’.  The project involves the installation of a turret loading buoy and associated risers, mid water arches, anchors, mooring chains and wire segments in water depths of approximately 115 metres. The work will also involve salvaging previously installed mooring lines. 
Engineering will commence immediately with the Normand Clough mobilising from 
Singapore in Q1 2011after installation of the saturation diving spread in direct continuity from the existing well intervention scope in China.   
Clough’s Chief Executive Officer John Smith said: “Clough and our partner Helix are extremely pleased to have been selected by COOEC for this important offshore construction project.  The Normand Clough with her newly installed saturation diving system is particularly well suited to this type of work.”
"The project will provide continuity of work into the 2011/12 financial year".
The Huizhou Field is operated by the CACT Operators Group encompassing China National Offshore Oil Corporation (CNOOC), Agip China BV, Chevron Overseas 
Petroleum Ltd., and Texaco China BV.   The field is located 190 kilometres south east off the coast of Hong Kong and will provide an average of 400 million cubic feet of natural gas per day, or enough to power 1.5 million homes.
The Clough Helix Joint Venture is an unincorporated joint venture between Clough and Houston based subsea intervention and construction contractor Helix Energy Solutions Group.  Established in February 2010, the Joint Venture provides a range of subsea services to offshore operators in  the Asia Pacific region including subsea well intervention and well abandonment, light subsea construction work, saturation and air diving and subsea inspection, repair and maintenance services.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Singapore Oil and Gas Report Q1 2011

The Singapore Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's oil and gas industry.
The latest Singapore Oil & Gas Report from BMI forecasts that the country will account for 3.87% of Asia Pacific regional oil demand by 2015, while not contributing to supply. Regional oil use of 21.42mn barrels a day (b/d) in 2001 will reach an estimated 27.11mn b/d in 2010, then rises to around 30.64mn b/d by 2015. Regional oil production was around 8.35mn b/d in 2001, and will average an estimated 8.91mn b/d in 2010. It is set to decrease slightly to 8.89mn b/d by 2015. Oil imports are growing rapidly, because demand growth is outstripping the pace of supply expansion. In 2001, the region was importing an average of 13.07mn b/d. This total will rise to an estimated 18.20mn b/d in 2010, and is forecast to reach 21.75mn b/d by 2015. The principal importers will be China, Japan, India and South Korea. By 2015 the only net exporter will be Malaysia.
In terms of natural gas, in 2010 the region is expected to have consumed 489bn cubic metres (bcm) and demand of 633bcm is targeted for 2015. Production of an estimated 412bcm in 2010 should reach 548bcm in 2015, implying net imports rising from around 77bcm to 84bcm. This is thanks to many Asian gas producers being major exporters. Singapores estimated share of gas consumption in 2010 is 2.05%, and market share is expected to rise to 2.16% by 2015. There is no gas production in Singapore.
For 2011, there is considerable oil demand and oil price uncertainty, but still a very strong possibility that oil will trend higher. Economic growth may have been subdued late in 2010 and into early 2011, but should still support meaningful oil demand increases. Non-OPEC supply is likely to emerge only slightly higher so, with continued OPEC discipline, the foundations have been laid for an oil price rise albeit falling well short of the improvement seen this year. It seems likely that the 2010 average OPEC basket price will have emerged around the US$77.00 per barrel (bbl) level, representing a year-on-year (y-o-y) gain of approximately 27%. Progress towards at least US$80 is seen as achievable in 2011.
Singapores real GDP growth in 2010 is assumed by BMI to be 12.9%, with the forecast average annual increase put at 5.7% in 2010-2015. There is no domestic oil or gas production but there is an active downstream segment, with extensive international oil company (IOC) involvement in refining and petrochemicals. Oil consumption beyond 2009 is forecast to increase by around 3% per annum to 2015, implying demand of 1.19mn b/d by the end of the forecast period. Gas demand and imports are forecast to increase from an estimated 10.0bcm in 2010 to 13.7bcm by 2015.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Vietnam to sell 49 pct of Dung Quat refinery

State oil and gas group Petrovietnam plans to sell a 49 percent stake in its Dung Quat oil refinery to help provide funding put at $1 billion to expand the plant's capacity, a state-run news website said.
[Read more]
Source: Reuters

Posted on 1/04/2011 / 0 comments / Read More

Happy 2010 for Chinese

2010 was definitely a happy year for most Chinese shipbuilders.
Jiangsu Yangzijiang Shipbuilding was one of them. In the first eleven months of 2011, Yangzijiang delivered 45 ships while the output of Jiangsu Province reached 19.86m dwt, which exceeded the original target of the year. The annual output of 2010 was expected to hit 22m dwt, raised by over 6m dwt against that of 2009.
[Read More]
Source: Asiasis

Posted on 1/04/2011 / 0 comments / Read More

Hanjin holds naming ceremony under strike

Korea's Hanjin Heavy Industries & Construction held a naming ceremony for its 180,000-ton class bulker, 'CHRISTINA BULKER´, at Youngdo yard yesterday while the company still struggles in restructuring and general strike.
[Read More]
Source: Asiasis

Posted on 1/04/2011 / 0 comments / Read More

STX's Rauma yard to deliver biggest Channel ferry to P&O

STX's Rauma shipyard in western Finland is to deliver MS Spirit of Britain to British ferry operator P&O on Wednesday.
The new ship will be the biggest English Channel ferry, with a length of 213 metres and a capacity of about 2,000 passengers, 195 cars and 180 lorries.
[Read More]
Source: Helsinki Times

Posted on 1/04/2011 / 0 comments / Read More

Chinese shipyards weather hard times

China's shipyards delivered less than 80 percent of their existing orders in the withering global shipping market, said a report from the China Association of the National Shipbuilding Industry (CANSI).
A total of 70 million deadweight tonnage (DWT) of ships were scheduled for delivery in 2010, but only 56.76 million DWT were actually delivered by Chinese shipbuilders by the end of November, 72.8 percent of the total orders, according to the CANSI report.
[Read More]
Source: People's Daily

Posted on 1/04/2011 / 0 comments / Read More

Massively indebted Vietnamese shipbuilder misses payment

International investors are growing concerned about Vietnam's state-owned shipbuilding conglomerate Vinashin, which is on the verge of bankruptcy. Its failure would have dire consequences for one of the most dynamic south-east Asian economies. Vinashin is the flagship for the development model advocated by the current leadership of the Vietnamese Communist party.
[Read More]
Source: guardian

Posted on 1/04/2011 / 0 comments / Read More

Ship sinks off China, 15 missing

RESCUERS have been searching for 15 seafarers missing after their general cargo ship reportedly sank in the Yellow Sea.
[Read More]
Source: Safety at sea

Posted on 1/04/2011 / 0 comments / Read More

A mariner's nightmare

Not a single day passes by when a seafarer does not think of piracy at sea. It is a nightmare for all mariners, who live on the sea. No mariner, however strong he is, can deny that he is not scared of the scourge of piracy at sea.
It was another win for the barefoot buccaneers of Somalia. They collected a $5.5 million ransom payment for a German-owned chemical tanker. Then, a day later, they hijacked another European cargo vessel, adding its eight crew members to their growing hoard of hostages. The Somali piracy crisis is appalling, and "outpacing" the international efforts to solve it.
[Read More]
Source: Safety4sea

Posted on 1/04/2011 / 0 comments / Read More

Colombo yard wins order for MPSV

Sri Lankan shipbuilder Colombo Dockyard has won an optional contract to build a third multipurpose platform supply vessels (MPSV) for Greatship Global Offshore Services of Singapore, a subsidiary of Greatship (India) Limited (GIL).
[Read More]
Source: Motorship

Posted on 1/04/2011 / 0 comments / Read More

Successful marine tests and refinancing plan approved

Remora AS has successfully completed the technical marine tests and verified the capabilities of its first vessel, the HiLoad DP #1.
An important milestone for Remora was reached on December 17, 2010 where the Certificate of class was issued by the Classification Society Det Norske Veritas ("DNV").
[Read More]
Source: Maritime & Energy

Posted on 1/04/2011 / 0 comments / Read More

WindPower Innovations reveals Barnhart Crane & Rigging's role in Oregon

 In its 2011 progress report, WindPower Innovations has unveiled the importance of its strategic alliance with Barnhart Crane & Rigging Co, completing the supply chain for its full service heavy lift WindPower Innovations facility, in the State of Oregon.
[Read More]
Source: Heavy Lift

Posted on 1/04/2011 / 0 comments / Read More

Rotterdam Port warns on future growth

The Netherlands: The port of Rotterdam has increased its cargo throughput, but the port authority has warned that future growth and stability will depend on creating niche markets and exploiting the port’s expertise in efficient logistics processes.
[Read More]
Source: Baird Maritime

Posted on 1/04/2011 / 0 comments / Read More

Oil industry calls on Congress to open more areas to drilling

The American Petroleum Institute has a message to Congress as it starts work Wednesday: Open more areas for drilling and we will create more jobs for the American people.
"With the right policies in place at all levels of government, our industry stands ready to be the engine of economic growth and recovery this country needs in 2011 and well beyond," said the industry group's chief, Jack Gerard, in a speech Tuesday.
[Read more]
Source: CNN

Posted on 1/04/2011 / 0 comments / Read More

Chinese Shipping Through N.Korean Port in Full Swing

In official confirmation that closer China-North Korea business ties have come to fruition, the state-run Xinhua news agency and local media in Jilin on Monday said China has transported 20,000 tons of coal from a mine in Jilin to Shanghai and Ningbo through North Korea's Rajin-Sonbong Port since Dec. 7.
[Read More]
Source: Chosunilbo

Posted on 1/04/2011 / 0 comments / Read More

Petrobras confirms interest in Eni's Galp Energia

Brazilian super-major Petrobras confirmed various media reports today that the mega-producer is mulling an opportunity to acquire a stake in Portuguese oil producer Galp Energia, which is held by the Italian major Eni Spa.
“Petrobras confirms that it is considering a possible business deal with Eni, but up to now no conclusion was drawn and there are no binding obligations between the parts,” the company statement read.
The only Portugese oil and natural gas operator and refiner, Galp Energia operations include upstream, downstream, midstream and marketing projects, as well as power generation. Active in 13 countries on four continents, including Spain, Portugal, Mozambique, Swaziland, Cape Verde, Gambia, Guinea-Bissau, Equatorial Guinea, Angola, Brazil, Venezuela, Uruguay and East Timor, Galp Energia employs nearly 7,500 people.
Source:  Press release

Posted on 1/04/2011 / 0 comments / Read More

The new International Buoyage System

Despite the availability of satellite navigation systems, and ships that are awash with electronics, maritime buoyage still matters, particularly in pilotage waters where visual aids provide the best possible way of marking a channel or identifying obstructions.
[Read More]
Source: Bimco

Posted on 1/04/2011 / 0 comments / Read More

Decline in Asia to Europe rates slows

The decline of container rates on the Asia to Europe trade slowed last week, as prices dropped just US$4 per teu.
According to the Shanghai Shipping Exchange (SSE), rates on services from Shanghai to Northern Europe dropped from $1,337 per teu for the week ending 10 December, to $1,333 per teu for the week ending 17 December.
[Read More]
Source: ifw

Posted on 1/04/2011 / 0 comments / Read More

Shipowners mutiny over salvage fees

British shipowners are lobbying to stop a change in the rules governing one of the most emotive subjects in the maritime world - salvage fees.
[Read More]
Source: Sea News

Posted on 1/04/2011 / 0 comments / Read More

Statoil says Snoehvit LNG to restart after repairs

Norwegian oil firm Statoil said on Tuesday that its idle Snoehvit gas field in the Barents Sea will resume production in late January after an onshore processing facility returns to service following repairs.
[Read more]
Source: Reuters

Posted on 1/04/2011 / 0 comments / Read More

Colombia: Petroamerica to get Llanos interests

Petroamerica Oil Corp., Calgary, will acquire participating interests from a Talisman Energy Inc. unit in four Llanos basin exploratory blocks in Colombia.
Cepsa Colombia SA operates the Los Ocarros, El Sancy, El Porton, and El Eden blocks, which cover more than 441,000 acres gross in a prospective trend. In El Porton, results from the Calatea-1 well are expected by early 2011.
Petroamerica will pay Talisman (Colombia) Oil & Gas Ltd. $18 million to earn a 25% participating interest in El Porton and 50% interests in Los Ocarros and El Sancy. Petroamerica will earn its 25% interest in El Eden, excluding the Chiriguaro-1 discovery, after paying Talisman's 50% share to a cap of $7.85 million to drill one exploratory well at a future date.
Transfer of rights in all four blocks is subject to approval by the Colombian National Hydrocarbon Regulatory Authority ANH.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Top Ocean Carriers' Capacity Swelled 14 Percent in 2010

The top 20 container lines increased their operated capacity 14 percent over the last 12 months, as the strong recovery in freight volume led carriers to take on new tonnage over 2010, Alphaliner reported.
The total liner capacity of both cellular and non-cellular vessels grew 8.6 percent in 2010 to reach 14.8 million 20-foot equivalent units as of Jan. 1, 2011, according to the Paris-based information service.
[Read More]
Source: Shipping Digest

Posted on 1/04/2011 / 0 comments / Read More

Denbury Completes Sale of its Interests in Encore Energy Partners LP; CO2 Injections Commence at Hastings Field

Denbury Resources Inc. today announced that on December 31, 2010 it closed the previously announced sale of its ownership interests in Encore Energy Partners LP to Vanguard Natural Resources, LLC (NYSE: VNR) (“Vanguard”). Denbury sold to Vanguard 100% of its interest in ENP’s general partner and approximately 20.9 million ENP common units, representing approximately 46% of ENP’s outstanding common units. Total proceeds from the sale were approximately $393 million, consisting of $300 million cash and 3,137,255 Vanguard common units valued at approximately $93 million based on the December 31, 2010 closing price of Vanguard units of $29.65. In addition, the existing bank debt of ENP, which was $234 million as of December 31, 2010, remained with ENP in the sale.
[Read more]
Source: The Vancouver Sun

Posted on 1/04/2011 / 0 comments / Read More

Supertanker Rents May Stagnate After Worst December in a Decade

Rental income from supertankers plying the industry’s key route may stagnate this year after the worst December since at least 2001 as an expanding fleet cuts rates owners can charge for vessel charters. Returns from shipping Middle East oil to Asia averaged $18,417 a day in December,
[Read More]
Source: Bloomberg

Posted on 1/04/2011 / 0 comments / Read More

Dry bulk market begins new year on sour note

Seasonal factors like the worst flooding in Australia’s Queensland in half a century, coupled with thin trade activity has put the dry bulk market on a downward trend, with the industry’s benchmark, the Baltic Dry Index (BDI) beginning the year exactly like it ended. The BDI was down yesterday by 80 points to reach 1,693 points, among the lowest it’s been since 2009.
[Read More]
Source: Hellenic Shipping News

Posted on 1/04/2011 / 0 comments / Read More

Devon says Canadian oil output returns to normal

Devon Energy Corp's Canadian heavy oil production has returned to normal levels after the company cut back output by 10,000 barrels per day for much of December to cope with outages on the Enbridge Inc (ENB.TO: Quote) pipeline system, a spokeswoman said on Tuesday.
[Read more]
Source: Reuters

Posted on 1/04/2011 / 0 comments / Read More

Xcite shuts well for future production use

Xcite Energy Limited said the 9/3b-6z well on the North Sea Bentley field has been suspended for potential future use as a production well.
The Ocean Nomad drilling rig is off hire from the Bentley field location.
[Read more]
Source: IBTimes.com

Posted on 1/04/2011 / 0 comments / Read More

Deep Driller-1 appraises KG block find

Gujarat State Petroleum Corp has spudded the second appraisal well in the Deen Dayal East area of the Krishna Godavari basin offshore India.
According to partner Jubilant Offshore Drilling, well DDE-APP-1 is being drilled by Aban Offshore’s Deep Driller-1 rig in 101 m (331 ft) water depth in block KG-OSN-2001/3.
[Read more]
Source: Offshore Magazine

Posted on 1/04/2011 / 0 comments / Read More

Circle Oil discovers natural gas with KSR-10 well in the Rharb Basin of Morocco

Circle Oil Plc reported that the KSR-10 exploration well has been drilled, logged and successfully tested in the Sebou Permit, Rharb Basin, Morocco. 
Circle Oil confirms a gas discovery in both the Main Hoot target and a secondary Mid Hoot target. The well first tested gas at a sustained rate of 10.6 mmscf/d on a 26/64" choke from the Main Hoot. The perforated Main Hoot zone of 8.4 metres at 1,736.6-1,728.2 metres MD plus a 1.5 metre zone at 1,720.0-1,718.5 metres MD has a calculated net gas pay of 9.9 metres. The Mid Hoot zone was then perforated and flowed gas at a sustained rate of 2.39 mmscf/d on a 16/64" choke. The perforated Mid Hoot zone of 1,650.5-1,649.7 metres MD plus 1,647.6-1,646.8 metres MD has a calculated net gas pay of 1.6 metres.
Additional gas pay zones of 4.4 metres, 3.1 metres and 1.4 metres in the Lower, Middle and Upper Guebbas were also logged. Testing of the Lower Guebbas encountered problems and was inconclusive. This Lower Guebbas zone together with the additional pay zones in the Middle and Upper Guebbas will be tested at a later date. The well is being completed as a potential producer. 
A full technical evaluation of all the results of the well is under way. This will allow for forward planning as a precursor to further assessment of the resource, including conducting an extended well test to give a more complete estimation of the reserves. 
The drilling rig is now moving to commence drilling ADD-1, being the fourth well of the planned five well drilling program in the area. Following this, the KSR-11 well will be drilled and the DRJ-6 well from the previous drilling campaign will be tested. Weather permitting, the KAB-1 well, drilled in September 2010, will be re-entered for logging or re-drilled. 
The Sebou permit lies to the north-east of Rabat in the Rharb Basin in Morocco. The Rharb Basin is a foredeep basin located in the external zone of the Rif Folded belt. The concession agreement, in which Circle has a 75% share and ONHYM, the Moroccan State oil company, has a 25% share, includes the right of conversion to a production licence of 25 years, plus extensions in the event of commercial discoveries.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Apache begins decommissioning of Lengendre oil field offshore Australia

Apache Corporation has started the planned decommissioning operations after cessation of production from the Legendre oil field in Production License WA-20-L, 90 miles (150km) off the northwest coast of Western Australia.
The main Legendre structure was discovered in 1997 and production began in May 2001. Gross production peaked at a rate of 45,000 barrels of oil per day, and production from the field over its 10-year life totaled 48.2 million barrels.
Subject to all necessary approvals, decommissioning will include removal of the Ocean Legend mobile offshore production unit, Karratha Spirit floating storage and offloading tanker, and recovery of all remaining subsea equipment.
Apache is operator of the field, and owns a 77.4-percent interest in the project, following the purchase of Woodside's majority 45-percent share in 2007. Santos holds the remaining 22.6 percent.
Apache also reported that operations have resumed at the Stag field offshore Western Australia after the passage of a tropical low pressure system
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Ithaca Energy announces stable production from second workover well (A23) on Beatrice Alpha

Ithaca Energy Inc. and its wholly owned subsidiary Ithaca Energy (UK) Limited, an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, is pleased to announce that stable production from the second workover well (A23) on Beatrice Alpha has increased by ~115% to approximately 560 barrels of oil per day (“bopd”) gross (280 bopd net to Ithaca), exceeding management expectations.
Activities will commence in early January 2011 on the third workover well of the campaign (Beatrice Alpha well A28).
Joint Venture Partners in the Beatrice Field are Ithaca (50%) and Dyas UK Ltd (50%).
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Origin Energy contributes $1 Million to the Queensland Premier's Disaster Relief Fund

Origin Energy today announced it would contribute $1 million to the Premier's Relief Fund.
"We are thinking of the families right across Queensland who have been hit so hard by the floods so close to Christmas,” said Managing Director Grant King.
In addition to the donation announced today, Origin has also been providing support to communities deeply affected by the floods in the Western Downs area, providing access to helicopter services and helping with initial clean-up efforts.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Dana Gas exceeds 2010 production targets in Egypt

Dana Gas PJSC, the Middle East's first and largest regional private sector natural gas company, has announced that its annual production rate for 2010 from its Nile Delta Concessions in Egypt is an estimated 42,000 barrels of oil equivalent per day, an increase of 20% on 2009, with production commencing from seven new fields.
[Read more]
Source: AMEInfo.com

Posted on 1/04/2011 / 0 comments / Read More

EnCore Oil's Varadero well encountered hydrocarbon bearing reservoir

EnCore Oil plc, an oil and gas exploration and production company, has announced that the Varadero exploration well 28/9-2 located in UK Central North Sea block 28/9 was drilled to a total depth of 5,205ft measured depth having successfully encountered quality hydrocarbon bearing reservoir sandstones at 4,020ft measured depth within the target Tay Sandstone level.
Initial analysis indicates the discovery of a 400 feet hydrocarbon bearing interval with a calculated net pay of 106 feet. Extensive wireline sampling and pressure testing of the hydrocarbon bearing zones have been undertaken and suggest the oil has an API of approximately 26 degrees. Analysis of the logs suggests quality sands with average porosities of approximately 33 per cent.
The well will now be plugged and abandoned as planned and the Galaxy II rig will be moved to the Burgman prospect. Subject to any weather or operational delays, the rig should arrive at the Burgman location next week and a further announcement will be made upon the spud of the Burgman well.
Alan Booth, EnCore's CEO, commented: "This is an excellent result at Varadero which further supports our view that Block 28/9 likely contains a series of accumulations in Tay "injectite" sands. We are becoming increasingly confident that the seismic data directly highlights the presence of high quality injectite reservoirs in Block 28/9 which, to date have all proven to be hydrocarbon bearing."
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Greece: Dryships Gets Hold of its First Newbuilding drillship OCEAN RIG CORCOVADO

DryShips Inc. , a global provider of marine transportation services for drybulk cargoes and offshore contract drilling oil services, announced today that its 78% owned subsidiary Ocean Rig UDW Inc. successfully took delivery of its newbuilding drillship, the Ocean Rig Corcovado.
[Read more]
Source: Offshore Energy Today

Posted on 1/04/2011 / 0 comments / Read More

Bounty declares Seaclem 1 a dry hole

Bounty Oil & Gas NL says its Seaclem 1 exploration well in PEP 11 offshore New South Wales, Australia, encountered no hydrocarbons. Bounty says data from the well will be used to further identify potential reservoirs in the Sydney basin.
[Read more]

Source: Offshore Magazine

Posted on 1/04/2011 / 0 comments / Read More

Desire sees 'no significant hydrocarbons' at Dawn offshore the Falklands

Desire Petroleum plc the company wholly focused on the North Falkland Basin, advises that the 25/5-1 well on the Dawn/Jacinta prospect has reached a total depth of 1,697 metres in pre-rift sediments. 
Based on preliminary drilling and wireline logging data there are no significant hydrocarbons in the Dawn prospect and the well will be plugged and abandoned with gas shows around 1,434 metres. The lithology in the section from 1,313 to 1,697 metres is predominantly claystone and good quality sandstone with 71metres of net reservoir based on initial log analysis.
Wireline logging and abandonment operations will now be completed and the rig will then go to Rockhopper Exploration to drill 1 or 2 wells, subject to regulatory approval, before returning to Desire to drill a well at a location still to be finalised and subject to regulatory approval.
The Dawn well was testing a significant fault block at the southern margin of the main basin, some 28 km from previous well control, with primary reservoir targets in the syn-rift and pre-rift. These targets are stratigraphically older than the reservoirs in the East Flank play. The implication of the well results for remaining prospectivity in this part of the basin will be assessed once the new data has been integrated and all post-well studies are completed.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

TGS Signs Cooperation Agreement with DMNG in Arctic Region

TGS has signed a three year sales, marketing and 2D seismic Cooperation Agreement with Dalmornefte Geophysica Yuzhno- Sakhalinsk (DMNG) in the Arctic region, east and west of the Bering Strait.  The Cooperation Agreement includes industry funded 2D operations performed in Russian waters during Q3 2010, which will serve as a foundation for additional work in 2011 and 2012.
"It is important for TGS to return to the Arctic region and add data coverage in an area that is believed to hold huge hydrocarbon volumes.  We have had a long and positive relationship with DMNG and are delighted to extend our relationship into additional high-quality projects in the Russian arctic," commented Kjell E. Trommestad, VP and General Director Europe for TGS.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Lundin Petroleum Completes Exploration Well In Norway

Lundin Petroleum AB (Lundin Petroleum) completed the exploration well 16/7-9 on the Norall prospect located in Block 16/7, (PL409), in the central part of the North Sea on the Norwegian Continental Shelf.   
This was the first exploration well in PL409 which was awarded in 2007 as a result of the APA2006. The water depth was 78 m. The vertical well 16/7-9 was targeting reservoirs of Jurassic to Triassic age and reached total vertical depth at approximately 2,665 meters in the Triassic Smith Bank Formation. The well proved the target reservoirs but encountered no hydrocarbons and is being plugged and abandoned as a dry hole. 
Lundin Petroleum is the operator of PL409 with 70 percent working interest. Partners are Bayerngas Norge AS with 20 percent interest and Statoil Petroleum AS with 10 percent working interest.
The well was drilled with the semi-submersible drilling rig Transocean Winner, which now will continue to PL340 to drill for Marathon.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Cairn contracts two rigs for drilling offshore Greenland

Continuing its exploration campaign offshore Greenland, Cairn has secured two dynamically positioned deepwater rigs to work the 2011 drilling season.
Both operated by Ocean Rig, the Leiv Eiriksson is a fifth generation semisubmersible rig, and the Ocean Rig Corcovado is a newbuild sixth generation drillship. Cairn has contracted the rigs to operate offshore Greenland during the 2011 drilling season.
Awaiting approval from the authorities, Cairn plans to drill up to four exploration wells during this drilling campaign.
“By contracting two vessels for the Greenland exploration program Cairn has increased operational capability and flexibility and continues to demonstrate its focus on safety,” said Sir Bill Gammell, chief executive of Cairn. “We look forward to drilling up to four exploration wells offshore Greenland during 2011.”
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Combination of Acergy S.A. and Subsea 7 Inc. Expected to complete on January 7, 2011

Acergy S.A . and Subsea 7 Inc.  announced  that the combination between the parties is expected to be completed on January 7, 2011.
In light of this, the following is announced:
After completion the new company will be known as Subsea 7 S.A. and the restated Articles of Incorporation approved by Acergy’s shareholders on November 9, 2010 and the appointment of the new Board of Directors of Subsea 7 S.A. will become effective. The completion of the combination is expected to take place following the closing of the Oslo Børs on Friday January 7, 2011. As a result, the first day of trading in Subsea 7 S.A. shares will be Monday January 10, 2011. Consequently, Friday January 7, 2011 will be the last day that the Subsea 7 Inc. shares will trade. Following the closing of the Oslo Børs on Friday January 7, 2011 the shares of Subsea 7 Inc. will be delisted and will cease to trade on Oslo Børs.
Each Subsea 7 Inc. shareholder will receive Subsea 7 S.A. shares based on their shareholdings registered at the Norwegian Central Securities Depository (VPS) on January 7, 2011, that is, reflecting trading undertaken on January 4, 2011 with settlement on a T+3 basis. Investors purchasing shares in Subsea 7 Inc. on or after January 5, 2011 will receive settlement in shares of Subsea 7 S.A. Likewise, investors purchasing Acergy’s American Depositary Shares (“ADSs”) on the NASDAQ Global Select Market on or after January 5, 2011 will receive settlement in ADSs of the same Company which will have the name of Subsea 7 S.A.
One share in Subsea 7 Inc. entitles the shareholder to 1.065 Subsea 7 S.A. shares. Fractions of shares will not be issued. Fractional shares will be aggregated into whole shares and sold in the market. The net cash proceeds, i.e. the selling price after deduction of costs in connection with the transaction, will be distributed proportionally among those shareholders entitled to fractions.
Subsea 7 S.A. shares will be delivered to Subsea 7 Inc. shareholders via the VPS on January 12, 2011 and will be available in investors’ accounts on January 13, 2011. Any relevant cash proceeds for fractions of shares are expected to be paid in January 2011.
The completion of the combination may trigger filing obligations in accordance with the  Luxembourg Transparency Law and the US Securities Exchange Act of 1934 by Subsea 7 S.A. shareholders who individually or as a group, beneficially own 5% or more of the shares of Subsea 7 S.A. or who reach or exceed other legal thresholds as a result of the combination. These filing obligations will also require existing shareholders who fall below such thresholds or experience a material change in their existing holdings (which could include a change of as little as 1%) as a result of the combination to promptly amend these filings to update beneficial ownership information. Subsea 7 S.A. will notify shareholders holding 5% or more of the company’s shares according to information available in the VPS on January 10, 2011. Holders of Subsea 7 S.A. shares are advised to consult their own legal  counsel for a detailed description of the regulations related to such filing obligations.
Following completion, the ticker symbol for Subsea 7 S.A.’s ADSs on the NASDAQ Global Select Market will change to SUBC.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

The Netherlands: Dynamic Positioning Capability Forecast, Planning of Operation, Hours and Days Ahead

One of the extensions within OCTOPUS-Onboard is the Dynamic Positioning capability forecast function, DP for short. The OCTOPUS-DP functionality gives offshore vessels the possibility to make optimum use of a safe time window for their weather-sensitive operations. An important remark has to be made here.
[Read more]
Source: Dredging Today

Posted on 1/04/2011 / 0 comments / Read More

Deep Down Announces Formation Of New JV, Cuming Flotation Technologies

Deep Down, Inc. , an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, today announced the formation of a new joint venture, Cuming Flotation Technologies, LLC (the "JV") with an affiliate of York Capital Management ("York"), for the purpose of combining the operations of Cuming Corporation and Deep Down's Flotation Technologies subsidiary as of December 31, 2010. Under the terms of the joint venture agreement with York, Deep Down contributed the assets and liabilities of Flotation Technologies Inc. into a new entity, Flotation Tech, LLC ("Flotec") plus $1.4 million in cash to the JV in exchange for a 20% equity interest, and York contributed $22.35 million in cash in exchange for an 80% interest. The cash contributions will be used to partially fund the acquisition of Cuming Corporation by the JV, with York providing a bridge loan to fund the balance of the $42 million purchase price and to provide working capital. To fund its cash contribution to the JV, Deep Down issued 20 million shares of common stock to York at $0.07 per share for total proceeds of $1.4 million. This issuance of stock was substantially offset by the return of 18 million shares of common stock previously issued in connection with the Cuming acquisition.
As an important part of this transaction, Deep Down has entered into two agreements with the JV. Under a Management Services Agreement, Deep Down will provide certain technical, administrative and management services to the venture on a cost reimbursable basis. Secondly, a Sales and Service Agreement will provide a platform for Deep Down, Cuming Corporation and Flotec to combine their product and service offerings to better serve the worldwide market.
The JV is expected to generate more than a $100 million of revenues for the year ended December 31, 2011.  Deep Down will use the equity method of accounting to recognize its proportionate share of the earnings of the JV.
Deep Down's CEO, Ron Smith, commented, "This joint venture allows Deep Down and its shareholders to participate in the benefits of combining our flotation technologies business with Cuming Corporation, without the dilutive impact of financing the acquisition through the issuance of a large amount of equity. We believe York will make a strong partner that is supportive of our objective of creating a global leader in syntactic foam products and services primarily for the offshore oil and gas markets. The benefits of combining these manufacturing operations, as well as the additional opportunities stemming from the other agreements, will create significant value for our shareholders."
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Maersk Oil Submits Report to the Danish Environmental Protection Agency

In connection with a series of articles in December 2010, questions were raised concerning whether Maersk Oil was in compliance with the prevailing guidelines for water sampling and analysis and oil spill reporting. The Danish Environmental Protection Agency subsequently requested a report from Maersk Oil.
The report from Maersk Oil was submitted to the Agency yesterday.
The main conclusions of the report are as follows:
– Since 2002, Maersk Oil has invested DKK 2 billion in new technology and enhanced water treatment equipment on its platforms in the Danish North Sea. This year, Maersk Oil will be investing a further DKK 100 million in, for example, nanotechnology, ceramic filters and reinjection of produced water. At year-end 2010, the average discharge of oil in produced water was 10 mg/l and thus below the limit value of 30 mg/l. On the Tyra and Skjold platforms, the monthly limit values were exceeded in 2010, but the problems have now been resolved.
– Maersk Oil obtains more than 5,000 samples annually, which are reported to the Danish Environmental Protection Agency. The independent bodies DNV and Force Technology perform external audits of the analysis methods. In 2010, seven external and six internal audits were performed. In addition, Lloyd’s Register has performed an independent evaluation of Maersk Oil’s internal monitoring procedure. Lloyd’s Register concludes overall that “Maersk Oil has established the necessary tools, processes, systems and technical expertise for complying with official rules for oil in water discharge”. Lloyd’s Register also made a number of specific suggestions for improvements which Maersk Oil will now be discussing with the Danish Environmental Protection Agency.
– Since 1999, Maersk has notified its platforms of impending surveillance flights. The purpose of this has been partly to give the platforms an opportunity to gather information for use in confirming whether or not any observed oil spill stemmed from the platforms themselves or had been discharged by passing vessels, and partly to raise environmental awareness among rig employees. According to the Danish Transport Authority, passing on information to the platforms does not constitute a contravention of the rules. However, following criticism from the Danish Environmental Protection Agency, this practice has ceased.
-In the period 2006-2010, Maersk Oil was notified of 349 surveillance flights over its installations in the Danish North Sea. During the same period, 14 instances of oil spills were reported coincidentally with surveillance flights. All in all there have been 142 oil spills during the period. The low number of coincidences in time means that Maersk Oil is able to rule out any systematic inappropriate filing of oil spill reports in connection with surveillance flights.
“The investigation does not give cause to believe that fraud has taken place in our oil spill reports or in the oil-in water analyses. I also note that Lloyd’s Register concludes that Maersk Oil has established the necessary tools and processes for complying with official rules,” says Jakob Thomasen, CEO of Maersk Oil.
“But we have to acknowledge that our processes can be improved, as Lloyd’s Register also indicates. We are now waiting to hear from the Danish Environmental Protection Agency. The credibility of Maersk Oil must not be called into question,” adds Jakob Thomasen.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Woodside denies talks of a pipeline from floating LNG platforms into East Timor

Woodside's proposed billion-dollar Greater Sunrise floating liquefied natural gas (LNG) platforms in the Timor Sea remain locked in a controversy as the East Timor government maintains its position that a processing plant be built inside the country instead of the planned gas hub.
[Read more]
Source: International Business Times

Posted on 1/04/2011 / 0 comments / Read More

Empire Oil & Gas to commence drilling at Red Gully-1 well in Western Australia

Western Australia based Empire Oil & Gas is scheduled to commence drilling at the Red Gully-1 well within the EP 389 permit, in the Perth Basin, tomorrow 5 January 2011.
Red Gully-1 is a directional well designed to evaluate the Gingin West Block A structure that is mapped updip from the Gingin West-1 discovery well in the Gingin West Block B Structure.
[Read more]
Source: Proactive Investors

Posted on 1/04/2011 / 0 comments / Read More

Jacka Resources kicks off drilling at Menzel Horr-1 well in Tunisia

Oil an Gas Explorer Jacka Resources commenced drilling at the Menzel Horr-1 (MHR-1) well on the Bargou Block in Tunisia, on 3 January 2011.

The Menzel Horr Prospect is the first of two wells planned on the block within the Bargou Exploration Permit. The appraisal well Hammamet West-3 is scheduled for mid-2011.

[Read more]

Source: Proactive Investorsd

Posted on 1/04/2011 / 0 comments / Read More

KBR Completes Acquisition of Affiliate Interests in M.W. Kellogg Limited (MWKL) from JGC Corporation

KBR today announced that it has completed the acquisition of the 44.94 percent share interest in M.W. Kellogg Limited (MWKL) previously held by JGC Corporation. With the completion of the transaction, MWKL, which was previously an affiliate of both companies since 1992, is again a wholly-owned KBR subsidiary. The Agreement to enter into the transaction was previously announced on December 20, 2010. The purchase price was GBP 106.6 million (approximately US$165 million), subject to certain post-closing adjustments.
MWKL, which has operated for over 60 years in the UK, will continue its operations in Greenford, UK. The organization will complement KBR's existing Leatherhead operations, which jointly will serve as the company's London Center of Operations, creating one of the largest engineering and construction organizations in the UK.
"We are pleased today to fully integrate MWKL back into the KBR family. The organization has played a key role in defining KBR's rich legacy in the LNG and other hydrocarbons markets," said William P. Utt, KBR Chairman, President and CEO. "The opportunity to consolidate our ownership of MWKL fits KBR's long-term strategy to enhance the range, flexibility and efficiency of KBR's LNG and hydrocarbons offerings to our customers."
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Hawkley ready to become gas producer

Ukraine-focused energy explorer Hawkley Oil and Gas Ltd says it is ready to make the leap to energy producer this month.
The company says commercial production from its assets in the Dnieper-Donets basin in Ukraine is expected to begin later this month after a new gas pipeline was completed.
[Read more]
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Norwest swaps Hunt 3 rig for 2 rig to drill Red Hill South

Norwest Energy NL has been offered Rig  2 by Hunt to drill  Red Hill South. Rig 2 has become available and is better suited to drill Red Hill South. The Company has executed a Letter of Intent to secure Rig 2 and is awaiting the formal contract that it expects to execute  shortly. 
The 14 February 2011 spud date is unchanged. 
The Redhill South prospect is estimated to have potential recoverable oil of 9MMbbl.  
The target reservoir is at a depth of 1,580 metres (TD is at 1,910 metres) and is approximately 100 metres offshore.  The well will be drilled from an onshore location about 200 metres inland and approximately 3km south of Port Dennison. It is anticipated that target reservoir depth will be reached towards the end of February 2011. 
In September Norwest entered into an Agreement to farm-out a 50% interest in TP15 to 
BharatPetro Resources Limited (BPRL).  Under the agreement BPRL will contribute $3m to the dry hole cost of the Redhill South well and Norwest $2m. The parties will contribute equally to the cost of testing the well. BPRL is also required to re-imburse $500,000 to Norwest for past costs. The agreement is subject to approval by the Western Australian Department of Mines and Petroleum which is expected to be received shortly. BPRL has received the consent of the FIRB to proceed with the transaction.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More

Tap Oil Announces Craigow-1 Well - Final Report

Tap Oil Limited (“Tap”) provides the following final report on the Craigow-1 exploration well, offshore Bass Basin between Victoria and Tasmania.
Since the last weekly report at 06:00 hours (EST) on 29 December 2010, the well was drilled in 311mm (12 ¼”) hole to a total depth of 1,800 metres and final logs acquired.
The well successfully evaluated all objectives as planned. Several high quality sands were intersected in the main Top Aroo Formation objective below thick sealing claystones as prognosed, however analysis of wireline logs, cuttings samples, gas readings and other data indicates that the sands are not hydrocarbon bearing.
Data from the well will be fully evaluated and incorporated into Tap’s geological and geophysical understanding of the Bass Basin over the coming few months. Tap will then consider its options for the future exploration of T/47P.
Craigow-1 will now be plugged and abandoned and the rig released. The well was drilled in quick time and was completed ahead of budget and without any safety or environmental issues.
Source: Press release

Posted on 1/04/2011 / 0 comments / Read More