Venezuelan President Hugo Chavez said the country's hydrocarbon reserves surpass those of Saudi Arabia but left open the possibility of an early commercial exploitation of the resource.
Santos Ltd says revenue increased two per cent in calendar 2010, despite an eight per cent drop in production, due to higher realised prices for oil and gas.
Eurasia Drilling Company Limited is in negotiations with an affiliate of Transocean for the acquisition of the Trident XX jackup drilling rig presently operating in the Caspian Sea. 
Magnum Hunter Resources Corp. has agreed to acquire Calgary-based oil and gas producer NuLoch Resources Inc. (TSXV:NLR) for US$327 million.
Kazakhstan's customs authorities recovered 21 billion tenge ($143 million) last year from the consortium that runs the large Karachaganak natural gas project, the customs committee said in a statement on Wednesday. Italian energy major ENI (ENI.MI: Quote) and Britain's BG Group are the main operators of the Karachaganak project, which has faced several tax and legal claims from Kazakh authorities, most recently a $1.2 billion claim in October. 
Fluor Corporation announced today that it was awarded an engineering, procurement and construction (EPC) contract by Santos Ltd. (STO AU) for its Gladstone Liquefied Natural Gas (GLNG) project in Queensland, Australia. Fluor’s EPC contract includes upstream facilities associated with the 7.8 million tonne-per-year liquefied natural gas (LNG) project that will extract and liquefy gas from coal deposits for eventual export to Asia and other global markets. Fluor booked $3.5 billion in its fourth quarter of 2010 for this new contract.
PTT Exploration and Production Pcl(PTTEP), Thailand's only publicly listed oil explorer, said on Tuesday it would spend 504 billion baht ($16.5 billion) over four years to expand production and boost sales.
World energy growth over the next twenty years is expected to be dominated by emerging economies such as China, India, Russia and Brazil while improvements in energy efficiency measures are set to accelerate, according to BP’s latest projection of energy trends, the BP Energy Outlook 2030.
Two Wilh. Wilhelmsen companies join forces to provide a more comprehensive portfolio of solutions, equipment and services tailored to the maritime and offshore industries.
Lundin Norway AS has been granted consent to carry out exploration drilling of well 16/1-15 in the North Sea.
Statoil has been awarded interests in 11 production licences on the Norwegian continental shelf (NCS) yesterday, 18 January. Statoil is operator for eight of these licences.
Anglo-Dutch company Offshore Ship Designers has launched a new offshore wind farm maintenance vessel concept. It aims to improve the uptime of deepwater wind turbines and reduce maintenance costs and carbon emissions while offering a solution to the logistics problem of carrying out simultaneous multiple wind turbine maintenance.
Northern Offshore, Ltd. announced today that its subsidiary, Northern Offshore U.K. Limited, was awarded a contract with Perenco UK Limited ("Perenco") for the jackup Energy Enhancer. The contract covers two well abandonments on the Welland Field in the UK Southern North Sea, and is scheduled to commence immediately following completion of the rig's current commitment. The abandonment programs are expected to take a total of 60 days to complete. Perenco has options to extend the contract for up to three additional wells with an estimated duration of 60 days per well.
Oceania Cruises took delivery today of the 66,000 gt MARINA at Fincantieri’s Sestri Ponente shipyard in Italy, the line’s first newly built ship.
458 km of MV/LV cables, including non-lead sheathed FR (fire-resistant) power cables have been supplied to CCC for EPIC contract for Berths & Port Infrastructure for Ras Laffan Port Expansion
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, is pleased to announce that it has been offered three new prospective licences in the Norwegian Sea under the 2010 Norwegian APA Licence Round.
Maersk Oil has received a license in the Norwegian North Sea as a result of the latest APA Licensing Round.
A Goldhofer modular trailer, supplemented by additional axles and a 4.5 m deck in the middle, was required by South African project cargo handler Vanguard to manage the transportation and rigging of three transformers from Richards Bay harbour to a substation in Secunda, Mpumalanga, South Africa.
Three Fairmount-Class tugs have departed from Korea to tow the FPSO Pazflor from Korea to Angola.
Hyundai Heavy Industries (HHI), the world's biggest shipbuilder, has signed a deal worth 1.14 trillion won or $1 billion in a drillship deal with U.S. oil and gas rig operator Nobile Drilling.
China has taken a major step toward commissioning its first aircraft carrier by largely completing the restoration of a derelict ship purchased from Ukraine, a news report said Wednesday.
Aker Solutions in Norway has finalised the vessel specifications of ‘AMC Connector’, a future new-build subsea installation and construction vessel based on the Aker OSCV 06L design.
More people were taken hostage at sea in 2010 than in any year on record, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report disclosed.
INTERNATIONAL accountancy firm and shipping industry consultant Moore Stephens says the shipping sector faces a challenging year in 2011, with freight rates under pressure, crew costs rising and banks closely monitoring the viability of poor performers.
THE NUMBER of ships passing through St Lawrence Seaway increased 15 per cent last year to 35.5 million tonnes.
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