Buccaneer Energy Limited Jack-Up Rig Acquisition Funding In Cook Inlet Alaska

Buccaneer Energy Limited is pleased to announce that it has incorporated a wholly owned subsidiary Buccaneer Alaska Drilling. Subsequently, Buccaneer Drilling incorporated a wholly owned subsidiary Kenai Offshore Ventures. It is the intention that Buccaneer Drilling...

Posted on 11/16/2010 / 0 comments / Read More

UK gas up on Elgin Franklin outage, tight supply

British gas prices extended gains early on Tuesday due to lower supply stemming from the Elgin Franklin gas field outage and continuing cold weather, traders said. Gas for Wednesday pushed up 0.30 pence at 49.50 pence per therm at 1048 GMT compared with day-ahead...

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Doubts hang over Cairn’s Indian sale

UK OIL and gas explorer Cairn Energy yesterday cast doubt on the planned sale of most of its Indian business to miner Vedanta Resources for up to $8.5bn (£5.4bn), but said it still hoped to seal the deal next year. Cairn said there was no guarantee it would sell...

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Apache Corp to get stake in Australia block

U.S.-based Apache Corp is set to get 40 percent of Australian exploration block WA 388P as the current partners hand over part of their stakes to reduce drilling costs, three Indian industry sources said on Tuesday. India's Bharat Petroleum , Hindustan Petroleum...

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PGS issues $275 mln shares to expand seismic fleet

Norwegian oil services provider Petroleum Geo-Services issued on Tuesday $275 million in shares to expand its fleet, betting on a strong recovery in the market for seismic scans in search of oil and gas. PGS shares were down 4.2 percent to 82.95 crowns at 0951...

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Norway says 'scary' offshore costs must come down

The cost of oil and gas exploration and production off Norway is "scary" and must be reduced if the country aims to develop more fields, its oil and energy minister said on Tuesday. "Cost developments on the Norwegian continental shelf over the past few years...

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Premier Oil Joins Hess to Explore the North Red Sea

Premier Oil Plc, the U.K. crude and natural gas explorer focusing on Vietnam and Indonesia, will join Hess Corp. in exploring the North Red Sea off Egypt. Premier will boost exploration spending by 25 percent to about $200 million in 2011 from this year, according...

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BP, firms missed key errors before spill

The interim report by the National Academy of Engineering and the National Research Council blames the massive spill on workers' decisions to move ahead with temporary abandonment of BP's doomed Macondo well despite warning signs from a key test of well integrity. "The...

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Ecopetrol to Invest $10.6 Billion to Boost Output; Eyes Stake Sale in 2011

Ecopetrol SA, Colombia’s largest oil company, said it plans to invest $10.6 billion in 2011 as it seeks to almost double production over the next decade. The Bogota-based company may spend more if it makes acquisitions, it said today in a statement. Ecopetrol...

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Brazil's Petrobras: Light Oil Discovered South Of Santos Basin

Petroleo Brasileiro SA, or Petrobras, on Tuesday said it has confirmed the presence of light oil in a well drilled to the south of the Santos basin. The well is located about 280 kilometers off the coast of the state of Sao Paulo, in a water depths of 400 meters,...

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Russia's Novatek to pay $900 mln for Sibneftegaz

Novatek, Russia's biggest independent gas producer, said on Tuesday it would pay $900 million for Sibneftegaz, the latest acquisition in its strategy to increase its asset base. Chief Financial Officer Mark Gyetvay said the total size of the deal, including Sibneftegaz's 11 billion rouble ($354 million)...

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Billionaire Eskenazi Said to Boost Stake in YPF Unit as Soon as Next Month

Argentina’s billionaire Eskenazi family plans to boost its 15.4 percent stake in Repsol YPF SA’s local unit as early as next month to take advantage of falling borrowing costs, a person familiar with the situation said. The Eskenazis’ Petersen Group will pay about...

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Pittsburgh bans natural gas drilling

Pittsburgh became the first city in gas-rich Pennsylvania to ban natural gas drilling after city council members, citing health and environmental concerns, unanimously approved the measure Tuesday. The council received a standing ovation after voting 9-0 to approve...

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Transocean says four more rigs now out of work

Four more Transocean Ltd  rigs are without contracts, according a fleet update on Tuesday, reflecting a broader slump in demand for some of the older rigs run by the world's largest drilling contractor. Switzerland-based Transocean has been quicker than rivals to pull rigs off the market, or "stack"...

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Vantage Drilling Company Announces Delivery and Sailing of Platinum Explorer Drillship

Vantage Drilling Company ) announced that it has taken delivery of the ultra-deepwater drillship, the Platinum Explorer, from Daewoo Shipbuilding and Marine Engineering Co. Ltd. in South Korea. The vessel has set sail from the shipyard in transit to India...

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Shareholder sues Atlas to stop Chevron deal

A shareholder filed a class action lawsuit to block the proposed acquisition of Atlas Energy Inc by Chevron Corp, alleging the $3.2 billion deal was "intrinsically unfair" to shareholders. The acquisition of Atlas gives Chevron access to the Marcellus shale field in Pennsylvania and neighboring states,...

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Nexen shares tumble on lower Long Lake outlook

Nexen Inc. saw its shares fall on Tuesday after the Calgary-based oil producer said its Long Lake oilsands project won't hit full capacity this year or next. Nexen's stock fell 82 cents on the Toronto Stock Exchange, or nearly four per cent, to close at $21.55 after the company said Long Lake would...

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ABG Shipyard Q2 net up 22.70% at Rs 56.2-crore

The country's largest private ship-building company , ABG Shipyard, today said that it has clocked a 38.32 per cent increase in its net sales to Rs 555.48-crore as against Rs 401.58-crore in the year-ago period. [Read More] Source: Economic Ti...

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Injured bulker crewman 'safe'

A SEAFARER injured from a weekend fire on a Greek bulker is recovering at a Dutch hospital, the ship’s owner told Fairplay today. [Read More] Source: Safety at ...

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World’s Largest Sister Ships Meet for First Time

Royal Caribbean International’s newest cruise ship, Allure of the Seas, was welcomed by more than 8,000 guests and crew members aboard sister-ship Oasis of the Seas on Saturday, Nov. 13. [Read More] Source: MarineL...

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Shipping experts explore nuclear power potential

A consortium of British, American and Greek interests have agreed to investigate the practical maritime applications for small modular reactors (SMR) as commercial tanker-owners search for new designs that could deliver safer, cleaner and commercially viable forms of propulsion. [Read More] Source:...

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PGS to invest in fleet expansion

Petroleum Geo-Services ASA (PGS) has initiated an equity issue to fund a program to renew and expand the company’s fleet of seismic ships by building two fifth generation Ramform vessels. Petroleum Geo-Services ASA (PGS) has initiated an equity issue to fund...

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Nanjing Tanker makes ethylene carrier debut

Nanjing Tanker Corporation’s first ethylene carrier successfully completed its maiden voyage late last week. It is the first Chinese owned ethylene chemical carrier. [Read More] Source: Seatrade A...

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Pacific Basin splashes out $284m on newbuildings

Pacific Basin Shipping has ordered 10 bulkers from Chinese yards at a cost of $284.4m. The Hong Kong based owner has ordered six 35,000 dwt handysize bulk carriers from Jiangmen Nanyang Ship Engineering....... [Read More] Source: Seatrade A...

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Maersk seeks bigger market share of imports into China

Maersk Line, the world's largest container carrier, wants a larger share of shipments generated from imports to China as the country's economic growth pattern translates to stronger domestic demand. [Read More] Source: Cargonews A...

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Canadian owner interested in Estonian newbuilding

The Estonian newspaper Saarte Hääl reports that British Columbia Ferry Services Inc (BC Ferries) has shown interest in buying Saaremaa Shipping Company’s newbuilding Hiiumaa........ [Read More] Source: Ship...

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Rolls-Royce and Bestway strengthen ship design collaboration

Rolls-Royce, the global power systems company, recently signed a collaboration agreement with Shanghai Bestway Marine Engineering Design Company Ltd (Bestway), a leading marine design and research company in China. [Read More] Source: Shipping Ti...

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Korean vessel fire frustrates Uruguay’s cruise season official launching

A fire which broke out in a Korean flagged fishing vessel docked in the port of Montevideo and which was still burning early Monday forced the suspension of the official launching of Uruguay’s cruise season. [Read More] Source: MercoPr...

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Oil marketers feel heat as ship owners raise fees over piracy

Oil marketers are feeling the pinch of rising piracy attacks as ship owners charge higher premiums to sail to Mombasa. “Shipping operators will face higher insurance premiums due to the increased risk of piracy in areas such as the Gulf of Aden and the east coast...

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Chinese duo win 10 BC orders

Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, announced Monday that it has contracted or acquired US$284.4 million contracts to build ten dry bulk vessels [Read More] Source: Asia...

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China to face technical obstacle

‘So far, China has surpassed Korea in terms of output, order intakes and orderbook,’ said Chinese analyst Liang Zhiyong. Frankly China became the world No.1. However, he also indicated that in next five year China would face serial challenges from new regulations and standards. As a result, China’s...

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Sembcorp Marine's PPL Shipyard Announces A US$195 Million Contract To Sell A Jack-Up Rig To Transocean Ltd

Sembcorp Marine's subsidiary PPL Shipyard has signed a US$195 million contract to sell a jack-up rig, already under construction, to Transocean Ltd, the world’s largest drilling contractor and the leading provider of drilling management services worldwide. The jack-up rig is based on PPL Shipyard's...

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Keppel shipyard liable for fire that gutted Aboitiz ship

The Supreme Court is standing pat on its decision ordering Keppel Cebu Shipyard, Inc. to pay a minimum of P330 million for the fire that burned down Aboitiz Transport System Corp.’s M/V Superferry 3 in 2000. [Read More] Source: ABS CBN N...

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China shipping may lead revival in ship orders

Hanjin Shipping Co., South Korea’s largest shipping line, and China Shipping (Group) Co. said they were close to ordering new vessels as world trade rebounds from the global recession. [Read More] Source: Fresh Pl...

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Coastal Energy Announces Appraisal Success in Multiple Reservoirs at the Songkhla Field

Coastal Energy Company announces successful appraisal drilling success from the Oligocene and Eocene reservoirs at the Songkhla field. The Songkhla A-09 well was drilled to 8,109 feet true vertical depth and encountered 140 feet of net pay in the Lower Oligocene...

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Huntington field development plan approved by DECC

Norwegian Energy Company ASA is pleased to announce that the Field Development Plan for the Huntington field has been approved by the Department for Energy and Climate Change (DECC) Huntington will be developed using the FPSO Sevan Voyageur, and as previously announced the leasing contract for this...

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