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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