Evergreen Marine plans to order more container ships

Taiwan-based shipping company Evergreen Marine Group said it plans to order more container ships as international trade gradually recovers from the global financial crisis. The order from Taiwan's largest container shipping company by revenue indicates the container shipping industry is recovering...

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Demand-supply gap keeps tanker mkt cold

Prices for the tanker segment haven't picked up, say industry veterans adding that an improvement was unlikely soon because the supply-demand gap would ... [Read More] Source: Financial Expr...

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Dry bulk market looking for support in coal trades and Indian iron ore exports

The dry bulk market is lacking support to end its 13-day slide, as evidenced by Monday’s session of the Baltic Dry Index (BDI), which ended with the main index down by 2.25% to 2,261 points. A similar fall occurred last Friday, which has now brought the market down to three-month low. Capesizes and...

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InterOil Announces Third Quarter Financial and Operating Results

InterOil Corporation today announced financial and operating results for the third quarter ended September 30, 2010. Third Quarter 2010 Highlights and Recent Developments The Antelope 2 horizontal well confirmed a higher condensate-to-natural gas ratio of 24-27.7 barrels per million cubic feet of natural...

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Kencana HL wins Sarawak Shell deals

KENCANA Petroleum Bhd’s wholly-owned subsidiary, Kencana HL Sdn Bhd (KHL), has won contracts worth RM275 million from Sarawak Shell Bhd for the fabrication of compression modules and tie-in modification.  KHL would do the fabrication of E8K Compression Module and F13K Compression Module & E-11P-B...

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Chikyu’ to commence exploratory oil drills in 2011

Cairn Lanka Ltd has awarded a contract to Japan Drilling Company Ltd for its dynamic position system deepwater drillship ‘Chikyu’ which is expected to commence drilling three exploratory oil wells off the coast of Mannar next year. Cairn India, the parent company,...

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CNOOC, Chesapeake close $1 bln U.S. shale deal

China's top offshore oil producer CNOOC Ltd and Chesapeake Energy Corp on Tuesday announced the completion of the Eagle Ford Shale project deal in the United States. The completion of the deal marks a victory for CNOOC's quest for U.S. government's approval after its fauled 2005 bid for Unocal.  [Read...

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Militants kidnap 7 from Exxon platform off Nigeria

Nigeria's main militant group said on Tuesday it was behind an attack on an Exxon Mobil oil platform and it had kidnapped seven Nigerian workers, the second such raid for which it has claimed responsibility in a week. The U.S. energy firm said armed men boarded...

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MEO acquires 100% interest in exploration permits AC/P50 and AC/P51

MEO Australia Limited has executed a binding sales and purchase agreement with Silver Wave Energy Pte Ltd to acquire their 100% interest in exploration permits AC/P50 and AC/P51 in the Ashmore Cartier region of the Timor Sea. Consideration for this acquisition...

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Premier Oil denies talk of takeover

BRITISH oil company Premier was yesterday forced to deny it had been approached by the Korea National Oil Company (KNOC) about a takeover offer after shares shot up. The North Sea-focused explorer played down takeover rumours yesterday, with a spokesperson saying: “If any approach had been made, we...

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Gazprom Cuts 2010 Gas Output Target for Second Time on Demand

OAO Gazprom cut its natural-gas production target for the second time this year because of sluggish domestic and foreign demand. Gazprom, the world’s biggest gas producer, plans to produce 515 billion cubic meters this year, the Russian gas export monopoly said...

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Residents attack oil exploration staff in Kenya

Employees of an oil and gas exploration company were injured during a demonstration by local residents in northern Kenya, police said on Monday. Security officers were deployed to protect staff including Kenyans and at least two Chinese nationals exploring in Marsabit, Marcus Ochola, the police commander...

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Bulgaria refuses to build oil pipeline that Russia hopes for

The trans-Balkan pipeline aimed at taking Russian crude through Bulgarian territory to Greece will not be built due to environmental concerns, Bulgarian Prime Minister Boiko Borisov told the newspaper 24 Chasa daily, Reuters reported. [Read more] Source: News...

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Oceanus International Investment AS Makes Investment in Fairstar Heavy Transport

Oceanus International Investment AS (Oceanus), a Norwegian investment company jointly owned by HNA Group and Bravia Capital of New York, announced today that it had acquired a significant minority shareholding in Fairstar Heavy Transport (Fairstar), which is listed on the Oslo Stock Exchange (OSLO:...

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Aurelian Oil & Gas to raise $95m

Aurelian Oil & Gas is seeking to raise approximately €95m(net of expenses) by placing 146.888m new shares at a price of 57.5p per share. The Placing Price represents a discount of 6.5% to Aurelian's closing share price on 12 November 2010. In total, the New Shares will represent approximately 30.2%...

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Gazprom May Buy 30% of Cuban Offshore Oil Blocks From Petronas

OAO Gazprom Neft has signed an agreement with Malaysia’s Petroliam Nasional Bhd., known as Petronas, to buy a 30 percent stake in a project to develop four blocks off Cuba, as the Russian oil producer expands abroad. The agreement requires approval by Cuban authorities to become effective, Gazprom Neft,...

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Seadrill orders two new jack-ups in China for delivery in 2012 and 2013

Seadrill has entered into an agreement for the construction of two jack-up drilling rigs with Dalian Shipbuilding Industry Offshore Co., Ltd (DSIC) in China. The new units are scheduled for delivery in the fourth quarter 2012 and first quarter 2013 respectively,...

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Pickens Buys Stake in BP Plc, Sells Transocean Shares

Billionaire oil investor T. Boone Pickens bought shares of BP Plc, the owner of the well that caused the biggest offshore U.S. crude spill in history, and sold his holdings in Transocean Ltd., which owned the drilling rig that exploded, according to a regulatory...

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Williams to buy Bakken-Three Forks stake

Williams Cos. Inc., Tulsa, will pay undisclosed private owners $925 million to acquire 85,800 net acres in North Dakota that it estimates represent 185 million boe net potential recovery from the Middle Bakken and Upper Three Forks formations.  The purchase will diversify the company’s exploration...

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Eni says Perla well confirms world class gas discovery off Venezuela

Eni says the successful results of the Perla 3 well, located in the Cardón IV Block, in the shallow water of the Gulf of Venezuelaconfirms Perla as a world-class supergiant gas discovery. Perla is one of the most significant in recent years and the largest ever...

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Newfield Exploration to Expand Acreage Position in Marcellus Shale

Newfield Exploration Company today announced the signing of a purchase and sale agreement with EOG Resources, Inc., for approximately 50,000 net acres in the Marcellus Shale. Substantially all the acreage is located in Bradford County, Pennsylvania, in the Susquehanna...

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Transocean to buy $195 million 'jackup' rig

Transocean Ltd. said Monday it has agreed to buy for $195 million a "jackup" offshore drilling rig capable of operating in water depths up to 400 feet and building wells 30,000 feet deep.[Read more] Source: Bloomb...

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Halliburton unveils website with fracking details

Halliburton unveiled a new website on Monday offering some details about the mix of chemicals used in a natural gas drilling technique, as the company attempts to allay public concerns about the impact of the practice on drinking water. [Read more] Source: Re...

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Polish sailor dies on ship off Qld coast

A 58-year-old man has died after falling into a ship's hold off the central Queensland coast this afternoon. [Read More] Source: ABC N...

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Piracy in Somalia: more than 400 sailors still being held

The pirates from the largely lawless eastern coast of Somalia are heavily armed with automatic weapons and rocket-propelled grenades, and there is evidence that they are gaining in reach and confidence. [Read More] Source: Telegraph.co...

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Cochin Shipyard plans ship repair complex

Cochin Shipyard Ltd has evinced interest in setting up a ship repair and shipbuilding complex at Poovar, close to the upcoming international container transshipment terminal at Vizhinjam in Thiruvananthapuram district of Kerala. [Read More] Source: Project Mo...

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STX OSV to Double Brazil Shipyard Capacity on Petrobras Oil-Drilling Plans

STX OSV Holdings Ltd., the biggest maker of oil-rig support vessels, plans to double capacity in Brazil as Petroleo Brasileiro SA works through the world’s largest oil-exploration investment plan. [Read More] Source: Bloomb...

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Yangtze River Delta Ship Orders Surge 145% In 1-3Q

Ship orders in the Yangtze River Delta fold grew 145 year-on-year to 30 million deadweight tons (dwt) in the first three quarters of 2010, accounting for 72.3 percent of total orders nationwide during that period, reports International Finance News.[Read More]Source: CapitalV...

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CSL aims to be the leading shipyard

Incorporated in 1972 as a fully government-owned company, Cochin Shipyard Limited (CSL) today has emerged as a forerunner in the Indian shipbuilding and ship-repair industry. Excerpts from a tête-à-tête with its officiating chairman and managing director, and director (operations) commodore K Subramaniam...... [Read...

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Japanese shipbuilder to deliver 20 more merchant ships to clients until 2013

Shipbuilder  Tsuneishi Heavy Industries (Cebu), Inc. has booked orders for about 20 vessels until 2013. Tsuneishi President Shinji Watadani said the firm would be building merchant ships with deadweight tonnage of up to 180,000. [Read More] Source: Business...

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Market watchers eye more shipping IPOs ahead

The shipping industry may be the next one to catch the IPO bug. On Friday, Norwegian shipbuilder STX OSV became the first such company in the past one year to launch an IPO on the Singapore Exchange. [Read More] Source: ChannelNewsAsia....

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Frontline, World's Biggest Supertanker Operator, Sees `Huge' China Imports

Frontline Ltd., the world’s biggest supertanker operator, said it’s seeing “huge” demand for crude-oil imports from China, potentially reversing a slump that contributed to mostly unprofitable charter rates since June. China, the world’s biggest energy user, cut...

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IEA's Tanaka: oil market 'very well supplied'

The oil market will have plenty of supply until at least the end of 2011 if OPEC keeps producing at current levels, International Energy Agency Executive Director Nobuo Tanaka said on Monday. "We think if OPEC continues production at the current level, the oil...

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Anadarko finds oil offshore Sierra Leone

Anadarko Petroleum Corp said on Monday its Mercury-1 oil exploration well located in the waters off the Sierra Leone coast encountered about 135 net feet of oil. Mercury is the company's second deepwater test in the Sierra Leone-Liberian basin off the coast of...

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