CNPC Overseas Output to Be 50% of Total by End-2015

China National Petroleum Corp., the country’s biggest oil and gas producer, said it expects overseas output to account for half of its overall production by the end of 2015. Output in Central Asia will expand “rapidly” during the 2011 to 2015 period, the parent...

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PTTEP Joins Statoil as Partner in Canadian Oil Sands

Statoil has agreed to sell a 40% interest in its oil sands project in Alberta, Canada to PTT Exploration and Production of Thailand. Pursuant to the transaction, PTTEP has agreed to pay a total of USD 2,280 million for the 40% interest. Statoil will retain 60% ownership and shall act as the Managing...

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NZOG shares down a third after Pike River trading halt

New Zealand Oil & Gas shed as much as a third of its market value when the shares resumed trading after being halted for the Pike River Coal mine explosion. NZOG shares slumped 36 cents to 84 cents and earlier sank to 80 cents, the lowest since April 2005. [Read...

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Hess Acquires Additional Bakken Acreage

Hess Corporation announced today that it has agreed to acquire 167,000 net acres in the Bakken oil shale play in North Dakota from TRZ Energy, LLC for $1,050 million in cash. The properties being acquired are located near Hess' existing acreage and have current...

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North Sea oil rig deal will create 1,000 Tyneside jobs

A £150m oil rig deal between US oil group Apache and engineering contractor Offshore Group Newcastle (OGN) will create 1,000 jobs in the North-east over the next 20 months. The new oil platform, in the Forties field 110 miles east of Aberdeen, will be "bridge-linked" to Apache's existing Forties Alpha...

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Macquarie to fund LNG export facility

A North American trading arm of Macquarie Group says it will help Freeport LNG Development build a $US2 billion LNG export terminal. The announcement by Macquarie's North American energy marketing and trading arm of the addition to an existing Texas import facility...

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ConocoPhillips laying off gas staff

ConocoPhillips Canada confirmed Monday it is laying off western Canadian staff after shutting in 28,000 barrels of oil equivalent per day of natural gas production due to poor commodity prices. Spokesman Rob Evans said the shut-ins, which started in the fall,...

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BP oil spill fight hurt by low flow estimate

BP's early fight to contain the massive oil spill at its ruptured Macondo well may have failed because the oil giant underestimated how much oil was gushing into the Gulf of Mexico, the White House oil spill commission said on Monday. [Read more] Source: Reut...

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PDVSA, Eni Sign $17 Billion Crude Oil Agreements

Petroleos de Venezuela SA and Eni SpA said they’ll jointly invest $17 billion to produce and refine heavy crude in the Orinoco Belt. The Petrojunin venture will pump as much as 240,000 barrels a day in the Junin 5 block of the Orinoco and the Petrobicentenaria...

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Salazar's La. visit doesn't satisfy drillers, pols

Oil and natural gas industry leaders and Louisiana elected officials expressed frustration Monday that a meeting with Interior Secretary Ken Salazar didn't lead to more progress on easing restrictions on offshore drilling. Salazar traveled to Louisiana on Monday...

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Flint Energy strikes US$36M deal to expand U.S. drilling business

Flint Energy Services Ltd. has made a US$36 million asset acquisition, including property and equipment in five locations in the United States, expanding its business in key emerging shale gas zones. [Read more] Source: Canadian Busin...

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Venezuela sees success vs Exxon, ConocoPhillips

Venezuela foresees a successful end in 2011 or 2012 to battles over "rude" compensation claims by Exxon Mobil Corp and ConocoPhillips, Energy Minister Rafael Ramirez said on Monday. "We'll probably have news on that in 2011-2012," he told reporters of the U.S....

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Anadarko Announces Brazil Post-Salt Discovery

Anadarko Petroleum Corporation today announced interim results at the Itauna #1 well in block BM-C-29 offshore Brazil. To date, the well has encountered in excess of 275 net feet of oil and natural gas pay in two separate post-salt zones on which show reports...

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Rousseff to keep Gabrielli as Petrobras CEO

Brazil's President-elect Dilma Rousseff is likely to keep Jose Sergio Gabrielli as chief executive of oil group Petrobras for at least another year to help boost the government control of the nation's oil wealth, newspaper O Estado de S. Paulo said on Monday,...

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AKER SOLURNER ASA : Solutions secures contracts for mooring and loading system

Aker Solutions has won two contracts for the supply of mooring and loading systems in Brazil. The contracts have a combined value of approximately NOK 210 million. "The contracts are strategically important for Aker Solutions based on the potential for future...

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Israel to consider funding for Tamar natgas site

Israel's government said on Monday it will examine ways to provide funding to natural gas exploration companies after partners drilling the Tamar field said they were having difficulties in closing financing. Earlier this month, a Finance Ministry advisory panel called the Sheshinski committee recommended...

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TNK-BP to double gas ouput by 2020

Russian-British TNK-BP intends to double gas production to 30 billion cubic meters by 2020, Alastair Ferguson, TNK-BP's head of gas business development, said on Monday. Associated gas will account for about a half of the company's gas production,  [Read...

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Caza Oil & Gas Announces Completion of O.B. Ranch #1 Well/Bongo Prospect

Caza Oil & Gas, Inc. is pleased to provide an operational update on the O.B. Ranch #1 exploratory well on the Bongo Prospect in Wharton County, Texas. As previously announced, Caza began the completion procedure on the O.B. Ranch #1 well on November 13, 2010. The well was perforated in the Cook...

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Qatar Plans Dukhan Field Shutdown, Studies Expansion

Qatar Petroleum, the state- controlled energy company, plans to partially shut its Dukhan oil field for three weeks in the last quarter of next year. The shutdown will affect 120,000 barrels a day of output from the field, which currently produces 250,000 barrels...

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Heaviest Transformer En Route to Wilhelmshaven

A 495-metric-ton transformer built by Siemens in its Nuremberg, Germany, facility is on its way to a GDF Suez power plant in Wilhelmshaven, Germany on the North Sea. The transformer is the heaviest ever built by Siemens, according to a company statement. [Read...

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Who orders ships?

In 2010, the shipping market seemed to have stepped out of depression and began to rebound. However, different views occurred on forecast. [Read More] Source: Asia...

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Samsung keeps No.1 by orderbook

Korea’s Samsung Heavy Industries (SHI) has retained its No.1 world ranking in the orderbook, followed by Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering (DSME), which are in competition for the No.2 position. [Read More] Source:...

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15 rescued from sinking

SEARCHERS have reportedly rescued all 15 people aboard a general cargo ship that capsized and sank off Yemen. [Read More] Source: Safety at ...

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Tärntank adds another tanker to Danish flag

Tärntank Rederi AB has transferred the Norwegian flagged tanker Tarnbris to Danish flag (DIS). Her new port of registry is Skagen. Next spring the sister vessel Tarnsjo (ex Tärnsjö) will reflag to DIS-flag as well. [Read More] Source: ship...

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19 freed Filipino crew of S. Korean vessel back in PH

The NS SpirNineteen Filipino seafarers captured by Somali pirates who attacked a South Korean supertanker and freed after seven months have arrived home safe and sound, according to the Department of Foreign Affairs (DFA). [Read More] Source: Global Nat...

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Pirates attack tanker with Russian crew, one injured

The NS Spirit tanker owned by Novoship, part of Russia's largest shipping company Sovcomflot, was attacked by pirates off the coast of Nigeria on Monday, injuring one Russian crew member, the company said. [Read More] Source: RIA Novo...

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1 dies at ship breaking yard

One person has died in Shitakunda when a heavy propeller fell on him Sunday afternoon. [Read More] Source: bdnews24....

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Challenges seen for dry bulk sector

Expectations of slower Chinese commodity imports and fleet growth will keep the dry bulk market under pressure next year, while sluggish demand will weigh on the tanker sector, Citigroup’s head of shipping said. Freight players are watching for further signs that...

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Two largest ships built by Vietnam’s maritime industry

The Ha Long Shipbuilding Company, a subsidiary of the Vinashin Business Group, held a ‘keel laying’ ceremony for two new cargo ships weighing 47,500 tonnes each – the largest ever to be built in Vietnam. [Read More] Source: VOV N...

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Eike Batista Firm to Build Shipyard in Southeastern Brazil

A subsidiary of Brazilian billionaire Eike Batista’s mining, energy and engineering conglomerate has announced plans to build a shipyard at an industrial complex in the southeastern city of Sao Joao da Barra. [Read More] Source: Herald Trib...

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Nakilat Ship Repair Yard to open on Tuesday

Doha: Under the auspices of the Emir H H Sheikh Hamad bin Khalifa Al Thani, Qatar Shipping Company (Nakilat) will inaugurate its Ship Repair Yard in the Port of Ras Laffan city on Tuesday. [Read More] Source: The Penins...

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Ten Somalis Facing Court in Germany's First Piracy Trial in Four Centuries

Ten Somalis were accused by prosecutors of attacking the ship Taipan on the Indian Ocean in Germany’s first piracy trial in four centuries. [Read More] Source: Bloomb...

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LNG to Displace Oil as Dominant Ship Fuel Within 40 Years, Det Norske Says

Liquefied natural gas will become the dominant fuel source for all merchant ships within 40 years as environmental pressures force owners to use cleaner burning fuel, the world’s fourth-largest vessel classifier said. [Read More] Source: Bloomb...

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ABG Shipyard 2QFY2011 performance highlights and results update

ABG Shipyard (ABG) reported strong 2QFY2011 results, ahead of our estimates on the back of revenue booking from the recent orders. ABG has seen revival in fresh order additions (~Rs.2,700cr in FY2011 till date) as compared to a listless FY2010. [Read More] Source: StockMarketsRev...

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China Datang To Build Wind Power Project With Korea Electric Power

China Datang Corporation and Korea Electric Power plan to jointly build a wind power project in Liaoning Province with initial spending of $47 million, reports yicai.com, citing foreign media. Dating Corporation will contribute 60 percent of the initial investment. [Read More] Source: Capital...

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China Shipbuilding Industry Corporation pledges asset injections into China shipbuilding industry

Yangcheng Evening News reported that China Shipbuilding Industry Corporation, the parent company and effective controller of China Shipbuilding Industry pledged to inject five enterprises into it including Wuchang Shipbuilding Industry in the following three years. [Read More] Source: Steel G...

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Chinese worker trapped under sea for 18 hours

A Chinese worker has been trapped in a one-metre diameter canister under sea for almost 18 hours as the rescue work continues, a media report said Friday. [Read More] Source: Sify N...

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Shipowners likely to cancel or delay 40pct of order book in China

It is reported that China shipbuilding industry holder of the world largest order book will see dozens of small shipyards go under or get taken over next year as a choppy wave of consolidation rocks an oversupplied market. [Read More] Source: Steel G...

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Chongqing Steel shipbuilding plate receives ABS certificate

It is reported that Chongqing based Chinese steel producer Chongqing Iron and Steel Co Ltd has recently announced that its shipbuilding plate products have successfully received the certificate issued by American Bureau of Shipping. [Read More] Source: Steel G...

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China Shipbuilding Industry to issue RMB 5 bln in bills

China Shipbuilding Industry Corp, one of the biggest shipbuilding enterprises in China, announced that it will float RMB 5 billion in 365-day short-term bills on the interbank market on Nov. 23. [Read More] Source: China Knowle...

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