Petrohawk Sells Fayetteville Shale Assets To XTO For $575 Million

Petrohawk Energy Corp. of Houston announced Thursday that it had completed the sale of its natural gas assets in the Fayetteville Shale Play of north-central Arkansas to XTO Energy Inc., a subsidiary of Exxon Mobil, for $575 million. [Read more] Source: Arkansas Busin...

Posted on 12/23/2010 / 0 comments / Read More

OPEC targets $100/barrel, as oil price hits $91

The Organisation of Petroleum Exporting Countries (OPEC) has expressed optimism that  the price of  crude oil will hit $100 per barrel, as the price peaked at $91 per barrel on Thursday. Oil shot to a more than two-year high for a second day in a row,...

Posted on 12/23/2010 / 0 comments / Read More

Italy's Eni, Russia's Gazprom extend strategic agreement to 2012

The heads of Italian Eni and Russian Gazprom have extended the strategic agreement between the companies until 2012, Eni said Thursday. Gazprom CEO Alexei Miller and Eni CEO Paolo Scaroni signed an extension of the November 2006 deal in Moscow Thursday. The previous deal would have expired at the end...

Posted on 12/23/2010 / 0 comments / Read More

Libya's Ghanem sees no new oil concessions in 2011

Libya does not expect to issue any new oil concession licences in 2011, the chairman of its National Oil Corporation (NOC) said on Thursday. Libya has not held an oil and gas licensing round for several years, although it has signed exploration and production...

Posted on 12/23/2010 / 0 comments / Read More

Russian oil flows to Europe hit by pipeline fire

Russian oil flows to Poland and Germany were reduced on Thursday after maintenance works caused a fire on a pipeline section in Belarus, raising the risk of disruptions during a cold snap that has boosted demand in Europe. The fire cut off 50,000 tonnes of oil...

Posted on 12/23/2010 / 0 comments / Read More

Sime sues ex-CEO, 4 others

Sime Darby is claiming at least RM338 million from the five over their alleged roles in the RM1.7 billion losses suffered by its energy and utilities division this year. Conglomerate Sime Darby Bhd has sued its former group chief executive officer Datuk Seri Ahmad...

Posted on 12/23/2010 / 0 comments / Read More

Aurelian given a lift by positive update

European oil producer Aurelian Oil & Gas (AUL) were on the front foot on Thursday, following a positive operational update. Amongst several highlights was the news it successfully completed the Trzek-2 horizontal well and encountered 1,378.5 metres of gas. Trzek-2,...

Posted on 12/23/2010 / 0 comments / Read More

Second tug robbed

A TUG WAS robbed by armed pirates off Malaysia today, in the second such incident this month, regional anti-piracy body ReCAAP ISC reported.  Surya Wira 1 was towing a barge laden with coal when it was attacked about 5.6 n-miles southeast of Tanjung Piai, a location close to Singapore’s Jurong...

Posted on 12/23/2010 / 0 comments / Read More

Cadogan suspends drilling of Pokrovska 1 in Ukraine

Cadogan Petroleum plc, a London-listed oil and gas company with operations in Ukraine, has suspended drilling of the Pokrovska 1 well "due to the onset of winter weather and the complexity of the drilling operations," the company said in a disclosure for the London...

Posted on 12/23/2010 / 0 comments / Read More

Splendor inquiry stirs alerts

THE US Coast Guard has issued two urgent safety alerts after finding that a key Carnival Splendor firefighting system failed during its 8 November engine-room blaze. Crew extinguished the blaze using portable firefighting equipment. “But before it was declared...

Posted on 12/23/2010 / 0 comments / Read More

2010, Rise of Sinopacific Shipbuilding Group

It might be hard to judge now if the global shipbuilding industry is recovering, but an encouraging story is certainly taking place in China in 2010. According to Clarkson Research Services, China overtakes Korea as the world's top shipbuilder in the first half...

Posted on 12/23/2010 / 0 comments / Read More

Horizon halts PNG decision on PRL 5

Horizon Oil Ltd has been given an injunction by a Papua New Guinea court restraining that nation's government from taking action over the company's PRL 5 licence. [Read more] Source: Nine ...

Posted on 12/23/2010 / 0 comments / Read More

BMP defeats pirates again

During the night of the 22 December, the MV THOR NAUTILUS defeated a pirate attack thanks to the use of BMP (Best Management Practices), proving once again the efficiency of self-protection measures in this high risk area. [Read More] Source: ...

Posted on 12/23/2010 / 0 comments / Read More

Maersk Oil to buy Brazilian assets for USD 2.4 bln

The fully owned subsidiary of A.P. Møller - Mærsk A/S, Mærsk Olie og Gas A/S ("Maersk Oil"), has agreed with SK Energy Co., Ltd. to acquire SK do Brasil Ltda. for USD 2.4 billion on a cash and debt-free basis. The acquisition is subject to customary conditions, including governmental approval and will...

Posted on 12/23/2010 / 0 comments / Read More

Yemeni Seizure

Somali pirates on Thursday seized a Yemeni fishing vessel with four crew members. The attack occurred some 120 nautical miles east of the Yemeni island of Socotra. To date, the Somali pirates hold hostage at least around 670 sailors from 39 vessels.This data was recently released by “Ecoterra International”,...

Posted on 12/23/2010 / 0 comments / Read More

Drillsearch Energy Ltd Drillsearch Secures Landmark Traditional Owner Agreements

Drillsearch Energy Ltd is pleased to announce that it has reached landmark agreements with both the Wangkamurra and Kullilli Traditional Owners covering [6] pending Authority to Prospect (ATP) exploration award block application areas in SW Queensland. The agreements cover the Native Title claims of...

Posted on 12/23/2010 / 0 comments / Read More

Container volumes up at Saudi Arabia's ports

Container volumes at Saudi Arabia's ports were up 9.8% in October to 13.5 million tonnes compared to the same period last year, according to Dow Jones. [Read More] Source: Port Wo...

Posted on 12/23/2010 / 0 comments / Read More

CNPC, Kazmunaygaz Begin Building Kazakhstan-China Pipeline

Kazakhstan and China began building the second phase of the Kazakhstan-China pipeline this weeks, CNPC reported n a news release. On December 21, the commencement ceremony of the pipeline (from Beyneu to Shymkent) was held in Aktobe. [Read more] Source: Oil and Gas Eura...

Posted on 12/23/2010 / 0 comments / Read More

Australia’s DP World sells 75% ownership to US Fund

DP World Australia, an offshoot of the Dubai World Investment Fund has announced the sale of 75% ownership of its downunder port operations to Citi Infrastructure Investors for US$1.49 bn. [Read More] Source: Seatrade A...

Posted on 12/23/2010 / 0 comments / Read More

Keppel AmFELS delivers third Rowan jack-up

Keppel AmFELS Inc.,, Brownsville, Texas, , has delivered the third of four EXL jack-up rigs to a subsidiary of Rowan Companies, Inc. ahead of schedule and within budget. [Read More] Source: Marine ...

Posted on 12/23/2010 / 0 comments / Read More

EU report on need to reduce shipping pollution

Shipping pollution should be reduced to tackle climate change and prevent damage to human health, according to a report from the European Commission released on December 21. The European Commission's Joint Research Centre (JRC) provides an overview of methodologies for estimating air emissions from...

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Melrose sells US oil field assets

Melrose Resources, the oil and gas company, has completed the sale of assets in the Permian Basin in the US to Quantum Resources Management in a deal worth $80 million (£52m). [Read more] Source: Scots...

Posted on 12/23/2010 / 0 comments / Read More

New Zealand court backs seaman

New Zealand’s High Court has maintained its historically benevolent position towards seamen in wage claims, recently dismissing an application by Van Oord Australia for an order staying proceedings brought by Arthur Udovenko. [Read More] Source: Baird Marit...

Posted on 12/23/2010 / 0 comments / Read More

Damen, Doeksen working on first eco-friendly ferry design

The Netherlands: Damen has been tasked with developing the first environmentally friendly ferry design for the Dutch shipping company Rederij Doeksen. Based in Harlingen, Rederij Doeksen operates passenger and car ferries between Harlingen and the Dutch Wadden islands of Vlieland and Terschelling. [Read...

Posted on 12/23/2010 / 0 comments / Read More

CLASS RULES FOR WIND SERVICE VESSELS

DNV has developed the worlds first class rules for wind farm service vessels in order to improve safety and promote uniform standards. The rules will be published on 1 January 2011 but can be used as of today, and DNV has already secured a contract for the first...

Posted on 12/23/2010 / 0 comments / Read More

Dry bulk owners could soon reconsider scrapping older vessels

With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bid to relieve part of the market’s oversupply of vessels. Yesterday, the Baltic Dry Index lost further ground to...

Posted on 12/23/2010 / 0 comments / Read More

Bergen Group wins construction vessel contract

Norway's Volstad Maritime has ordered a Skipsteknisk ST-259 CD design offshore construction vessel at Bergen Group Fosen. The order is worth around NOK 725 million and includes an option for a second ship. [Read More] Source: Marine...

Posted on 12/23/2010 / 0 comments / Read More

DryShips To Buy 12 Tankers For $770M, Plans Spinoff Or IPO

DryShips Inc. (DRYS) said it was entering into the tanker industry with a $770 million purchase of 12 vessels from a South Korean shipyard and planned to set the new segment up for a spinoff or initial public offering. [Read More] Source: Wall Street Jour...

Posted on 12/23/2010 / 0 comments / Read More

Pipavav Shipyard inks MoU with SAAB Group

Mumbai-listed shipbuilder Pipavav Shipyard Ltd has signed a memorandum of understanding for defence co-production with the Swedish group SAAB Dynamics AB, marking its entry into army and airforce segments and help the firm cater to the entire range of defence products. [Read More] Source: Livem...

Posted on 12/23/2010 / 0 comments / Read More

Aker Solutions wins drilling equipment contract

Aker Solutions has won a contract to supply a complete drilling equipment package for a new deepwater drillship. The contract value is approximately USD 100 million. The contract also includes options for a further two complete drilling packages, which can be...

Posted on 12/23/2010 / 0 comments / Read More

Todd Shipyard agrees to $130M purchase by Vigor

Todd Shipyards Corp. has agreed to be acquired by Vigor Industrial LLC for about $130 million in cash, the companies said Thursday. [Read More] Source: Bloomb...

Posted on 12/23/2010 / 0 comments / Read More

Providence Resources Sees Significant Activity In 3 Operational Areas In FY11

Providence Resources plc Thursday said that it anticipates significant activity in fiscal year 2011 in its three operational areas of the United Kingdom, the Gulf of Mexico and offshore Ireland where the company has multiple drilling targets. [Read more] Source: RTT N...

Posted on 12/23/2010 / 0 comments / Read More

Xilin Steel to build large steel base in Northeastern China

It is reported that Chinese Xilin Steel will try to foster a steel production capability of 10 million tonnes by the end of 2015 through a CNY 10.5 billion investment plan. [Read More] Source: Steel G...

Posted on 12/23/2010 / 0 comments / Read More

Odfjell acquires two new 44,000 dwt parcel tankers

During first half of 2011 Odfjell and our partner National Chemical Carriers Ltd. Co. (NCC) of Saudi Arabia will bring four newbuildings into our joint coated pool.  Odfjell has entered into an agreement with SLS Shipbuilding Co Ltd, Korea, to acquire two coated 44,000 dwt IMO II parcel tankers. [Read...

Posted on 12/23/2010 / 0 comments / Read More

Repsol agrees to sell stake in YPF for 500 million dollars

Spain's biggest oil company, Repsol, said Thursday it has agreed to sell 3.3 percent of its Argentine unit YPF SA to two US investment funds for 500 million dollars (381.5 million euros). Repsol will sell a 1.63 percent stake in YPF to Capital International for 250 million euros and an identical stake...

Posted on 12/23/2010 / 0 comments / Read More

Local corporation hands over 53,000-tonne vessel to Germany

Nam Trieu Shipbuilding Industry Corporation on December 23 handed over a 53,000 tonne vessel named Lucia Bolten to the Lucia Bolten Shipping Co, Ltd under Germany’s Orange Ocean Group. [Read More] Source: VOV N...

Posted on 12/23/2010 / 0 comments / Read More

Italian Company receives ship made in Vietnam

Bach Dang Shipbuilding Industry Corporation handed over a 4,500-cubic-metre ethylene carrier vessel named "King Arthur" to Italian ship owner Mediterranea Di Navigazione on Dec. 21. [Read More] Source: Sai...

Posted on 12/23/2010 / 0 comments / Read More

Vinashin defaults but wants to meet creditors

Vietnam's state shipbuilder Vinashin has defaulted on a loan to a group of international lenders and informed them on Thursday it would make an interest payment only, sources with knowledge of the arrangement said. [Read More] Source: Business Specta...

Posted on 12/23/2010 / 0 comments / Read More

Maersk to buy Brazil oil assets for $2.4 bln

Denmark's A.P. Moller-Maersk has agreed to buy oil assets in Brazil from South Korea's SK Energy for $2.4 billion to gain access to current production and growth potential, Maersk said. The Danish shipping and oil group's Maersk Oil unit has agreed with SK Energy to acquire SK do Brasil Ltda. on a cash...

Posted on 12/23/2010 / 0 comments / Read More

China Shipping Orders 5 New Oil Tankers

China Shipping Development (600026, 1138.HK) and its wholly-owned subsidiary, China Shipping (HK) Marine, ordered $351 million worth of new ships from Dalian Shipbuilding Industry and China Shipbuilding and Offshore International, reports China Securities Journal, citing a company filing. [Read More] Source:...

Posted on 12/23/2010 / 0 comments / Read More

Keppel AmFELS delivers third Rowan jack-up

Keppel AmFELS Inc.,, Brownsville, Texas, , has delivered the third of four EXL jack-up rigs to a subsidiary of Rowan Companies, Inc. ahead of schedule and within budget. [Read more] Source: Marine ...

Posted on 12/23/2010 / 0 comments / Read More

Aker sells construction unit to US company for £437m

HUNDREDS of workers at the offices of a global engineering firm were told yesterday that the business is to be sold to a US rival in a deal worth about $675m (£437m). Norwegian firm Aker Solutions said it had agreed to sell part of its process and construction business (P&C), which employs 700 staff...

Posted on 12/23/2010 / 0 comments / Read More

Petrobras to use AGR’s eco-friendly RMR®

AGR Drilling Services has signed contracts with Petrobras to provide its RMR® services for the corporation’s offshore operations. The two-year deals initially apply to operations in the Rio Grande do Norte/Ceara region, based in Natal. The Norwegian firm’s patented...

Posted on 12/23/2010 / 0 comments / Read More

Afren provides development update on Ebok field in Nigeria

Afren plc, an oil and gas production, development and exploration company, has announced an update on the development activities of the Ebok field, located offshore southeast Nigeria. The Adriatic lX jack up drilling unit is currently drilling at the Ebok field,...

Posted on 12/23/2010 / 0 comments / Read More

Nido Petroleum: Tindalo Operations Update

Nido Petroleum Limited , as Operator of Service Contract 54A (SC 54A),provides this update on the well testing of the Tindalo-1ST1 following the completion of recent workover operations. Each of four potentially productive zones are separated by inflatable external...

Posted on 12/23/2010 / 0 comments / Read More

Norway:Talisman Energy to Use Maersk Guardian Rig on Varg A

Talisman Energy Norge AS (TENAS) has been granted consent to drill three sidetrack wells on Varg A using the mobile drilling facility Mærsk Guardian. [Read more] Source: Offshore Energy To...

Posted on 12/23/2010 / 0 comments / Read More

Norway:New Drilling Contract for Bredford Dolphin

Dolphin AS, a subsidiary of Fred. Olsen Energy ASA , has entered into a Letter of Award with Premier Oil Norge AS for a one well drilling contract with the semi-submersible drilling rig Bredford Dolphin for operation on the Norwegian continental shelf. [Read more] Source:...

Posted on 12/23/2010 / 0 comments / Read More

DRYSHIPS INC. ANNOUNCES OCEAN RIG UDW INC. COMMON STOCK PURCHASE PROGRAM

DryShips Inc., a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced today that its Board of Directors has approved a share purchase program for up to a total of $25.0 million of common...

Posted on 12/23/2010 / 0 comments / Read More