ExxonMobil Plans Five-Year Investment of $185 Billion

NEW YORK--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) plans to invest approximately $185 billion over the next five years to develop new supplies of energy to meet expected growth in demand, Chairman and CEO Rex W. Tillerson said today in a presentation at the New York Stock Exchange.

“During challenging times for the global economy, ExxonMobil continues to invest to deliver the energy needed to underpin economic recovery and growth,” Tillerson said in a presentation to investment analysts.

Tillerson said that even with significant efficiency gains, ExxonMobil expects global energy demand to increase by 30 percent by 2040, compared to 2010 levels. Demand for electricity will make natural gas the fastest growing major energy source and oil and natural gas are expected to meet 60 percent of energy needs over the next three decades.

To help meet that demand, ExxonMobil is anticipating an investment profile of approximately $37 billion per year through the year 2016.

“An unprecedented level of investment will be needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources,” said Tillerson. “We are developing a diverse portfolio of high-quality opportunities across all resource types and geographies.”

A total of 21 major oil and gas projects will begin production between 2012 and 2014. In 2012 and 2013, the company expects to start up nine major projects and anticipates adding over 1 million net oil-equivalent barrels per day by 2016.

At the meeting the company outlined its major achievements in 2011 and plans for the future. Highlights include:

• ExxonMobil replaced 107 percent of its 2011 production (116 percent excluding asset sales), increasing proved reserves to 24.9 billion oil equivalent barrels. It was the 18th consecutive year the company replaced more than 100 percent of its production, with proved reserve additions of 1.8 billion oil-equivalent barrels.
• Nine major upstream projects are expected to start-up in the next two years including four in West Africa, Kashagan Phase 1 in Kazakhstan and the Kearl Oil Sands project in Canada.
• In the downstream, the company completed a large project at the Thailand refinery, which is expected to increase the supply of lower sulfur motor fuels by more than 50 thousand barrels per day. Additional projects are under way, including new facilities at ExxonMobil’s Singapore refinery and at a joint-venture refinery in Saudi Arabia.
• A major expansion at the Singapore chemicals facilities is nearing completion. Commissioning and startup activities are expected to continue through 2012 and will provide a world-scale integrated platform with unparalleled feedstock flexibility. The expansion will add 2.6 million tonnes per year of additional capacity and will help meet demand growth in Asia Pacific.

This is the 10th year that ExxonMobil has made an annual presentation to analysts at the New York Stock Exchange.

CAUTIONARY STATEMENT: Projections, expectations, business plans, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including demand growth and mix; capital expenditures; resource recoveries; production rates and growth; and project plans, schedules, and outcomes could differ materially due to changes in market conditions affecting the oil and gas industry, including long-term oil and gas price levels; the occurrence and duration of economic recessions; future technological developments; political or regulatory developments; reservoir performance; timely completion of development projects; the outcome of commercial negotiations; unexpected technical or operating events; and other factors discussed in Item 1A of ExxonMobil's most recent Form 10-K and posted in the Investors section of our website. (www.exxonmobil.com)

Proved reserves in this release, for 2009 and later years, are based on current SEC definitions, but for prior years the referenced proved reserve volumes are determined on bases that differ from SEC definitions in effect at the time. Specifically, for years prior to 2009 included in our statement of 18 straight years of at least 100 percent replacement, reserves are determined using the price and cost assumptions we use in managing the business, not the historic prices used in SEC definitions. Reserves determined on ExxonMobil's pricing basis also include oil sands and equity company reserves for all periods. Prior to 2009, these volumes were excluded from SEC reserves.

"Resources" and "resource base" include quantities of discovered oil and gas that are not yet classified as proved reserves, but that are expected ultimately to be recovered in the future. The term “resource base” is not intended to correspond to SEC definitions such as “probable” or “possible” reserves.

See the "Frequently Used Terms" posted in the Investors section of our website for more information on proved reserves and resources.

Source: Exxon Mobile

Posted on 3/08/2012 / 0 comments / Read More

Technip awarded an engineering contract for Luva

Technip was awarded a lump sum front-end engineering design (FEED) contract by Statoil ASA for the development of the Luva floating platform, offshore Norway, at a water depth of approximately 1,300 meters (4,265 feet).

The contract covers the design and planning for procurement, construction and transportation of a Spar⁽¹⁾hull and the mooring systems as well as the design of the steel catenary risers⁽²⁾. The award builds on the study work (including pre-FEED) that has been ongoing since early 2010 to document the suitability of a Spar platform in Norwegian waters.

This award confirms Technip's leadership in the design of Spar platforms, mooring systems and steel catenary risers, and further confirms that the Spar continues to be the platform of choice for certain developments, not only in Gulf of Mexico and the Far East, but also in new basins, in this case the Norwegian Sea.

Technip’s operating center in Houston, Texas will execute the contract in cooperation with the Technip operation centers in Norway and Finland, further highlighting Technip's strength of executing projects using multiple engineering centers

Source: Technip

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SONGA OFFSHORE SE : FEBRUARY FLEET UPDATE

Songa Venus achieved an operating efficiency of 100% during the month, the rig continues to operate for Petronas Carigali in Malaysia.

Songa Mercur achieved an operating efficiency of 100% during the month, the rig is operating for Petronas Carigali in Malaysia.

Songa Dee achieved operating efficiency of 93% during the month. The rig has just entered into CCB outside Bergen for 3 to 4 weeks to complete Statoil initiated upgrades.  The rig will thereafter continue the 5 year contract on the Gullfaks field for Statoil.

Songa Delta achieved an operating efficiency of 100% during the month operating for Wintershall / Det Norske Oljeselskap.

Songa Trym achieved an operating efficiency of 100% during the month operating for Statoil at the Troll field.

Songa Eclipse is undergoing contractual acceptance testing in Angola.  A leaking component in the BOP has caused delays and repairs are scheduled to be completed within 2-3 weeks. Last portion of acceptance testing will then resume and the rig will thereafter commence its one well plus 18 month contract with Total E&P Angola.

Source: Songa Offshore

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EDC announces renaming of Trident 20 jack-up rig to SATURN

MOSCOW,  March 7, 2012 - Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, announces that in February 2012 its TRIDENT 20 jack-up drilling rig was renamed SATURN.  

The SATURN is a Keppel FELS CS Mod V cantilever jack-up delivered in 2001, and is capable of operating in water depths to 350 feet and drilling to 26,000 feet. TheSATURN is the highest specification jack-up rig currently operating in the Caspian Sea, with features including three 2,200 hp mud pumps, a 3,000 hp drawworks and a 15,000 psi high-pressure BOP system.

The jack up rig, which was acquired in February 2011 from Transocean, is presently operating in Turkmen waters of the Caspian Sea on a long-term contract with Petronas Carigali (Turkmenistan) Sdn Bhd which will run through 2012.

Eddy Redd, Senior Vice President of EDC’s Offshore Group commented:

“We are very pleased with the performance of the SATURN in its first year under EDC ownership. This high-spec jack-up with its motivated crews has formed an integral part of our offshore operations, and has set a benchmark for jack-up operations in the Caspian Sea.”

Source:Eurasia Drilling Company

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SCALDIS orders crane ship from STX

SCALDIS orders unique crane ship with 4,000 ton hoisting capacity for offshore installation and decommissioning work for the oil, gas and renewable energy industries

Antwerp, 8 March 2012 - The shareholders of the Antwerp-based specialist in hoisting on the water Scaldis Salvage & Marine Contractors NV have ordered an extremely powerful, self-propelled DP2 crane ship from Korean shipbuilders STX Offshore & Shipbuilding. The vessel will be built in STX’s shipyard in Dalian and finished in Xiamen, both of which are located in the People’s Republic of China.

The contract with STX Offshore & Shipbuilding for the construction and delivery of the ship was signed on 29 February 2012. The design was drawn up in-house on the basis of the extensive experience that Scaldis has accumulated hoisting heavy objects in challenging offshore conditions. The keel will be laid in February 2013. Delivery is scheduled for spring 2014.

Scaldis is ordering this ship with one eye on the further support and expansion of its services, including the installation of offshore infrastructure and decommissioning activities in deep water for the oil and gas industry and the installation of offshore wind farms. Otherwise, the ship can also be used for any type of heavy lifting work in challenging situations, such as the construction of bridge components and clearing shipwrecks.

The provision of a helipad in combination with accommodation for 78 people means Scaldis is capable of providing a varied range of additional services.

A few specific characteristics make this new crane ship unique in its field. It has two Huisman cranes each with a lifting capacity of 2,000 tons, based on a design by Vuyk Engineering Rotterdam. The ship also has extra carrying capacity of 3,000 tons. The cranes can be moved by 25 m on the ship. This allows the deck to be used to transport and then relocate cargo at a later stage.

The ship and the cranes are an integrated design which allows the maximum load to be hoisted in significant wave heights of up to 1.5 m. In these circumstances, the freeboard is not less than 3 m anywhere on the vessel. In standby or transport modes, significant wave height can be as much as 7.0 m. It is also worth noting that the maximum load can be lifted in water depths of just 5.0 m.

The four azimuth thrusters and the DP2 system allow installation work to be conducted in deeper water without the use of anchors. This guarantees flexibility and efficiency and also means that work can be carried out in zones where many pipelines and cables already lie on the bed, for example. The crane ship is also equipped with 4 main working anchors and winches and 4 secondary devices.

The powerful and rapid ballast system can follow the hoisting operation exactly, allowing jobs to be completed quickly and continuously. The ship will be equipped with a so-called 'moonpool' for the purposes of operating a separate ROV (Remotely Operated Vehicle) for inspecting and supervising installation work on the seabed. Finally, the presence of heavy fenders allows containers to be loaded/unloaded at sea.

Source: SCALDIS

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