Petrofac Secures Contract Worth GBP 40 Mln

Petrofac Ltd. said it has been awarded a contract worth GBP 40 million over three years for the provision of engineering services to the UK Continental Shelf assets of Maersk Oil North Sea UK Ltd. The contract was awarded following a competitive tender and includes three one-year options for extension....

Posted on 11/11/2010 / 0 comments / Read More

HHI Launches World's Largest FPSO

ULSAN, South Korea (Nov. 11, 2010) held a naming ceremony for the Usan FPSO, the world's largest floating production storage and offloading facility. The Usan FPSO can refine 160, 000 barrels of oil and 5 million cubic meters of gas daily. It has storage for 2million...

Posted on 11/11/2010 / 0 comments / Read More

Malaysia Will Offer Tax Breaks to Spur Oil Exploration

Malaysia, Southeast Asia’s second- largest oil and gas producer, will offer tax incentives to encourage the exploration of less-profitable fields to boost revenue and extend the life of the country’s petroleum reserves. The nation wants to attract oil and gas companies including state-owned Petroliam...

Posted on 11/11/2010 / 0 comments / Read More

Norwest endorses AWE’s view of shale gas potential of the Perth Basin

Norwest Energy announces that it endorses the view that A W E Limited has for the shale gas potential of the Perth Basin. NWE also shares the same view of AWE that “the commercial drivers in the Perth Basin could allow this shale gas opportunity to provide Australia’s first commercial venture in the...

Posted on 11/11/2010 / 0 comments / Read More

Shell's Prelude Liquified Natural Gas Project Approved With Restrictions

Royal Dutch Shell Plc, Europe’s largest oil company, won approval from the Australian government to proceed with the development of the world’s first liquefied natural gas project using a floating plant. The Prelude project, located about 475 kilometers (295 miles) north-northeast of Broome in Western...

Posted on 11/11/2010 / 0 comments / Read More

Waiting on Feds to Issue Permits

Offshore supply vessel Michael G. McCall, Gulf Craft’s most recent delivery, could not get work in the Gulf of Mexico. Seacor chartered it for operations off the west coast of Africa. The 190-ft by 34-ft vessel was delivered in July 2010. (Photo courtesy Gulf...

Posted on 11/11/2010 / 0 comments / Read More

New inland waterways ship concept

The Mercurius Shipping Group, located in Zwijndrecht, the Netherlands, has developed a new concept for a clean inland waterways cargo ship.Called the "M-factor," the vessel is powered by Volvo Penta marine diesel engines both for propulsion and for the bow thruster.[Read...

Posted on 11/11/2010 / 0 comments / Read More

Bigger bollard pull for Fairmount Marine duo

Fairmount Marine has announced increased bollard pull capacities for two of its tugs, Fairmount Sherpa and Fairmount Summit.Each vessel recently completed its first special survey and subsequently a new bollard pull test was performed.[Read More]Source: Heavy...

Posted on 11/11/2010 / 0 comments / Read More

Firm Captures Third Cracker Contract in Abu Dhabi

German gas and engineering company Linde AG has been awarded a US$1.1 billion contract by Abu Dhabi Polymers Company Limited to build an ethane cracker at Ruwais in Abu Dhabi, part of the Bourage 3 expansion project, Industrial Info Resources reports[Read More]Source: Break B...

Posted on 11/11/2010 / 0 comments / Read More

STX Europe: STX Osv Holdings Limited - Initial Public Offering In Singapore

STX Europe is pleased to announce that the initial public offering (the "Offering") of ordinary shares in STX OSV Holdings Limited ("STX OSV") has been completed, and that trading of the shares of STX OSV on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX") is expected to start...

Posted on 11/11/2010 / 0 comments / Read More

DryShips Announces Letter of Intent for Drilling Contract

DryShips Inc., a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced yesterday that its fully-owned subsidiary Ocean Rig UDW Inc. has received a Letter of Intent for the Eirik Raude from a British exploration company. The Letter...

Posted on 11/11/2010 / 0 comments / Read More

Business booms for Somali pirates despite crackdown

NAIROBI: The monsoon season has ended and the Indian Ocean is calm again. For Somalia's pirates, that means a busy time of year. The pirates hold hostage more than 25 ships and 500 people, says Ecoterra International, a humanitarian agency with offices in East...

Posted on 11/11/2010 / 0 comments / Read More

Panama-flagged ship seized off Somalia waters: EU Navy

Pirates have seized a Panama-flagged chemical tanker with a crew of 31 off the coast of Somalia, the European Union Naval Force for Somalia (EU Navfor) said on Thursday. The anti-piracy taskforce EU Navfor said that the 24,105 tonne MV Hannibal II was taken while...

Posted on 11/11/2010 / 0 comments / Read More

Iran seeks crude storage in Southeast Asia

Iran is seeking to store at least 2 million barrels of crude oil for at least six months in Southeast Asia but is struggling to find hosts due to international sanctions, industry sources familiar with the storage negotiations said on Thursday. The world's fifth-largest oil exporter, under Western pressure...

Posted on 11/11/2010 / 0 comments / Read More

UK Salamander Energy to buy Indonesian Elnusa Bangkanai Energy

UK-based Salamander Energy, a company focused on oil and gas exploration in Asia, said on Thursday it had agreed to buy Elnusa Bangkanai Energy(EBE) in Indonesia from sector player PT Elnusa Tbk for cash USD11.2m (EUR8.2m). EBE controls 69% in Bangkanai PSC, containing...

Posted on 11/11/2010 / 0 comments / Read More

Upturn in Shipbuilding to Continue

The growth rate of stock prices of Korea's shipbuilding companies exceeded that of KOSPI Index in 2010, thanks to an improvement in newbuilding order intakes.  Shares of STX Offshore & Shipbuilding and Hanjin Heavy Industries & Construction soared...

Posted on 11/11/2010 / 0 comments / Read More

STX PO to order $1bn new ships

STX Pan Ocean plans to invest $1bn in general cargo vessels and kamsarmax bulkers.  [Read More] Source: Asia...

Posted on 11/11/2010 / 0 comments / Read More

OPEC lifts world oil demand forecasts

The Organisation of Petroleum Exporting Countries (OPEC) revises upward on Thursday its world oil demand growth estimates for both 2010 and 2011 amid cautious optimism about the global economic outlook. OPEC said it was pencilling in world oil demand growth of...

Posted on 11/11/2010 / 0 comments / Read More

Atlas deal brings cheap shale gas to Chevron

Chevron agreed to buy Marcellus Shale natural gas producer Atlas Energy because it was inexpensive and Chevron would still benefit from a $1.4 billion drilling carry supplied by Atlas' Indian joint venture partner, Reliance Industries, CEO John...

Posted on 11/11/2010 / 0 comments / Read More

OGX Reports 3Q10 Results

Today announced results for the third quarter ended September 30, 2010. The following financial and operating information is presented on a consolidated basis, in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board - IASB, in reais,...

Posted on 11/11/2010 / 0 comments / Read More

Mexico Oil Producer Pemex Belongs on Stock Exchange, Bolsa CEO Tellez Says

Petroleos Mexicanos, Latin America’s largest oil producer, would benefit from following the path of Brazil’s state-controlled Petroleo Brasileiro SA and selling a stake to the public, according to Luis Tellez, chairman and chief executive officer of Bolsa Mexicana...

Posted on 11/11/2010 / 0 comments / Read More

Marathon to drill heavily in Woodford shale in '11

Marathon Oil Corp  plans to greatly expand its drilling program in the Woodford shale next year because it represents a superior investment, its chief executive said on Thursday. The Woodford shale in Oklahoma delivers high output rates at a more reasonable...

Posted on 11/11/2010 / 0 comments / Read More

Petrobras Quarterly Profit Rises to $5 Billion, Misses Estimates

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, said third-quarter profit increased 7.9 percent, missing analyst estimates, after oil rose and it posted a 1.97 billion-real gain related to a stronger currency. Net income increased to 8.57 billion...

Posted on 11/11/2010 / 0 comments / Read More

DONG Energy earnings lifted by higher prices, wind

Denmark's DONG Energy  reported on Thursday a 47 percent rise in core earnings for the first nine months of the year, driven by higher oil, gas and power prices and increased electricity generation. Oil and gas output slipped 1 percent in January-September...

Posted on 11/11/2010 / 0 comments / Read More

Repsol Third-Quarter Profit Climbs as Refining Margins Improve

Spain's biggest oil company, said third-quarter profit rose 70 percent after refining margins improved and crude prices increased. Profit adjusted to exclude inventories and one-time items climbed to 502 million euros ($693 million) from 296 million euros a year...

Posted on 11/11/2010 / 0 comments / Read More

DNO INTER in Q3 2010 Higher production and solid cash flow from operations

As a result of higher production DNO International ASA delivered increased revenues and improved results from operations in the third quarter. "I am pleased to note that the good trend in our financial results and cash flow from operations continued into the third quarter. DNO will now enter a period...

Posted on 11/11/2010 / 0 comments / Read More