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

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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

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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

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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

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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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Norway: Bergen Group Offshore Bags EPCI Modification Contract on Statfjord B&C

Bergen Group Offshore has, through its subsidiary Bergen Group Rosenberg AS, been awarded an offshore modification project by Statoil Petroleum AS.
The contract value for the project is estimated to NOK 20-25 million(USD $4million).
[Read more]
Source: Offshore Energy Today

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Malaysia: Offshore Works Raising Cash for Projects

Integrated oil and gas services provider Offshore Works Asia Pacific has an order book worth more than RM1.5 billion( USD$491 million) for the next five years.
To fund the projects and future contracts, Offshore Works was in the midst of securing working capital, country chairman (Malaysia) Datuk Wahiruddin Abd Wahid said Friday.
[Read more]
Source: Offshore Energy Today

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Gulf Of Mexico Gas Leak Stopped At Apache Platform -US Regulators

Federal regulators said Saturday that a natural gas leak first noticed two weeks ago at a Gulf of Mexico production platform owned by Apache Corp. (APA) and Stone Energy Corp. (SGY) has been stopped.
The leak was first noticed by Apache workers on Jan. 16 while they were on site to permanently plug abandoned wells nearby. Efforts are underway to permanently seal the leaking well, the Bureau of Ocean Energy Management, Regulation and Enforcement said in a news release.
[Read more]
Source: Nasdaq

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Perisai acquires 51pc stake in Intan Offshore

Perisai Petroleum Teknologi Bhd, a growing supplier of vessels and a solutions provider for the oil and gas industry, has proposed to acquire a 51 per cent equity interest in Intan Offshore Sdn Bhd for RM45.237 million. 
The acquisition will be satisfied with the issuance of 70.683 million new shares in Perisai at an issue price of 64 sen each. 
[Read more]
Source: Business Times

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Australia's Santos says Mutineer oil platform in maintenance

Australia's Santos said on Friday that its Mutineer-Exeter floating production, storage, and offloading platform was undergoing maintenance at the Port of Dampier after being moved from its offshore location due to a cyclone.
[Read more]
Source: Reuters

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Beluga-group shows its range of services on the Australasian oil & gas exhibition & conference

The Australasian oil & gas exhibition & conference (AOG) is Australia’s largest exhibition for the oil and gas sector. From 23rd to the 24th February 2011 Perth will expect more than 450 exhibitors from 16 countries. Delegates, exhibitors and visitors will experience the petroleum sector as playing an increasingly important role in Western Australia, which with 500 commercial mining and petroleum projects currently underway, is one of the world’s leading resources economies. 

[Read more]

Source: Beluga-group

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GermanyL: GL Noble Denton Issues Guidelines for Float-Over Installations and Moorings

GL Noble Denton has issued new guidelines for float-over installations and for moorings. These guidelines have been developed on the basis of GL Noble Denton’s experience as the industry’s leading consultancy and assurance service for floatover operations and mooring installations.
[Read more]
Source: Offshore Energy Today

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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: The Motorship

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