Chevron to build $1.4B lubricants plant at Mississippi refinery

Chevron Corporation announced that Chevron Lubricants will commence construction of a lubricants manufacturing facility at the company’s Pascagoula refinery. The $1.4 billion Pascagoula Base Oil Project (PBOP) is projected to generate approximately 1,000 jobs...

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Petrochina offers $1 bln for agreed Ineos j/v

PetroChina is offering $1 billion for a 50 percent stake in refineries in France and Scotland, seller UK chemical group Ineos said on Monday, in the first indication of the deal's value. Under an agreement struck earlier this month, Petrochina will acquire a 50 percent stake in Ineos' European refining...

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Plains Exploration shares rise on higher reserves

Shares of oil producer Plains Exploration & Production Co. rose Monday after the company said its level of proven reserves rose 16 percent in 2010. The company said its year-end estimated proved reserves rose to the energy equivalent of 416.1 million barrels...

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Max Petroleum completes initial testing of UTS-1 well in Kazakhstan

UK based oil and gas explorer Max Petroleum has completed initial testing of the UTS-1 well at the Uytas field in western Kazakhstan. The well will be placed on a 90-day production test after all necessary government approvals are obtained in the next few weeks,...

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US fracking firms may have broken enviro law-probe

Several energy companies mayhave violated environmental rules by injecting diesel into the ground without permits as part of a controversial natural gas drilling technique, according to findings from Congressional probe released on Monday. [Read more] Source:...

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Forecast boosts expected Canadian drilling

There's going to be more oil and gas rigs at work in Canada this year. That's according to a revised forecast from the Petroleum Services Association of Canada. It expects 12,750 wells to be drilled through to rig release in 2011. [Read more] Source: 660N...

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Egyptian Exposure for Offshore Drillers

We are closely monitoring the situation in Egypt to see if it may affect our offshore drillers. To date, we have not seen anything that will have a material impact on our fair value estimates. Transocean RIG and Diamond Offshore DO , which have rigs in the region,...

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Noble Corporation Prices Offering of Senior Notes

Noble Corporation announced today that its indirect wholly-owned subsidiary, Noble Holding International Limited ("NHIL"), has priced an offering of $1.1 billion aggregate principal amount of senior notes in three separate tranches, with $300 million of 3.05% senior notes due 2016, $400 million of 4.625%...

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Orders rise to normal level

The world's total of newbuilding orders for 2010 was estimated at 1,758 ships (33.8m CGT, 120.7m DWT and 71.1m GT) increasing by 75% on 1,006 ships (14.4m CGT, 52.8m DWT and 29.8m GT) from 2009. [Read More] Source: ASIA...

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N.Sea Troll, Oseberg fields resume output

Norway's biggest gas field, Troll, and the oil and gas Oseberg reservoir are back in operation after being shut for several days, operator Statoil said on Monday. "They are both back in production," company spokesman Ola Anders Skauby told Reuters. [Read more] Source:...

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Suez Crisis

The uprising and political unrest in Egypt is already having economic affects around the world. On Monday, analysts will watch to see if the stock market rebounds from Friday’s 166-point drop, as the price of oil continues to rise. [Read More] Source: SHIPT...

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Esbern Snare rescued crew from Beluga vessel

The Danish warship Esbern Snare rescued two crew members from the German owned heavy lift carrier Beluga Nomination, which last week was hijacked by Somalia pirates in the Indian Ocean far from Somalia. [Read More] Source: shipga...

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GE Oil & Gas Selected for $120M Trans Europa Naturgas Pipeline Upgrade

GE Oil & Gas has been awarded a contract of more than $120 million (€90 million) to overhaul nine gas turbines located at four compression stations along the Trans Europa Naturgas Pipeline (TENP), which runs across Germany from the Dutch to the Swiss border. GE...

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14,100TEU – Samsung breaks containership record

The record for the largest containership has been broken again, this time by Samsung Heavy Industries’ 14,100TEU ‘CSCL Star’ for China Shipping Line. [Read More] Source: Baird Maritim...

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Hyundai Mipo bags more bitumen carriers

Hyundai Mipo Dockyard has won two additional 6,000 dwt bitumen carriers from Dutch shipowner Vroon. [Read More] Source: Seatrade Asi...

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ExxonMobil Sees Huge Earnings Increase

ExxonMobil continued to deliver strong financial and operating results in its fourth quarter ended Dec. 31 2010, as profit hit $9.25 billion, an increase of 53 percent. Full-year 2010 earnings, excluding special items, were $30.5 billion, up 57 percent from 2009,...

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German yard bags second major order in a week

P+S Werften in eastern Germany has announced a big order for five ice-strengthened container/supply ships - just a week after bagging another for a unique offshore construction vessel. [Read More] Source: Motors...

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Maersk Oil to buy Devon Energy’s 15% interest in Angola Block 16

Maersk Oil, a fully owned subsidiary of A.P. Møller – Mærsk A/S, has agreed to acquire a 15% interest in Block 16 in Angola from Devon Energy for an initial payment of USD 70 million and future contingent considerations. The agreement is subject to closing conditions including government approval. Maersk...

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The Somali Pirates Are Getting Smarter And More Aggressive

Somali pirates continued to increase their activity in 2010. They successfully hijacked 49 ships in 2010 (compared to 45 in 2009) and were holding 26 ships off the coast of Somalia as of Jan. 24. [Read More] Source: Business Insi...

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AMEC wins £140m contract with BG Group

UK-based engineering and project management company AMEC has won an offshore oil services contract with BG Group. The £140 million deal will see the firm supply provide engineering, procurement, construction, commissioning and project management for all of BG...

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German boxship collided with Indian Navy ship

On Jan 30 at about 1700 Indian Navy ship INS Vindhyagiri collided with German boxship Nordlake. INS Vindhyagiri was returning to Mumbai after celebrating "Day at Sea" with families of military personnel, at least 200 people. Fire broke out as a result of the collision, but all civilians were evacuated,...

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Operation to rescue ice-nipped Russian ships cost $5 mln

Russia's operation to rescue its ice-nipped vessels in the Sea of Okhotsk cost five million dollars, a spokesperson for the Far Eastern Shipping Company said on Monday. [Read More] Source: Voice of Rus...

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POSH Semco opts for Veripos

Veripos, the provider of precise GNSS positioning solutions to the offshore oil and gas industries, has been awarded an exclusive five-year contract by POSH Semco of Singapore, one of  Asia’s foremost specialist offshore companies. [Read more] Source: Offshore...

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More shipping firms seen failing unless oversupply addressed

Shipping in the Suez Canal, the strategic waterway connecting the Red Sea with the Mediterranean Sea, hasn't been affected by unrest in Egypt, according to a canal authority official. Source:Ship-technology [Read More] Source: Wall Street Jour...

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Anadarko Provides Status Update of Caesar/Tonga Project

Anadarko Petroleum Corporation today announced that a mechanical issue involving the production riser system at the Caesar/Tonga project in the deepwater Gulf of Mexico will delay first production, which was expected in mid-2011. Although the production riser system underwent an extensive qualification...

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Nexus in Talks for FPSO Contract

Australian exploration company Nexus Energy is in talks with a contractor regarding a floating production, storage and offloading vessel contract. Nexus was in discussion with British engineering company Petrofac and is negotiating with lenders and potential partners for the project, according to the...

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S.KOREA'S DAEWOO SHIPBUILDING WINS U.S. DRILL SHIP CONTRACT

Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660), South Korea's No. 2 shipbuilder, said Monday that it has won a deal to build a drill ship. [Read More] Source: Trading Market...

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Fugro Robertson Awarded Offshore Morocco Seismic Contract

Longreach Oil and Gas Limited, an oil & gas company focused on Morocco, announces that Fugro Robertson, one of the world's leading geoscience and technical services company, has been awarded the contract for seismic reprocessing on the Foum Draa and Side Moussa...

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Hyundai Heavy nails record results

South Korea's Hyundai Heavy Industries, the world’s largest shipbuilder, made its best ever business results last year. 
Hyundai announced at the end of last week that the company saw KRW 22.4052trn ($20.1bn) of sales, KRW 3.4394trn of operating profit and KRW 3.7611trn of net profit during 2010. 
Last...

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Egypt's Protests Could Favor Shipping Stocks

Tanker stocks have already performed exceptionally well; compared to the S&P 500, they have averaged yields of 10%-15% higher.  And now with the tensions in Egypt, and the possibility of supply constraints in Suez Canals has shown increased activity in...

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The Netherlands: Dockwise Bags Two HMT Contracts

Dockwise announces that it has signed a contract for USD 25 mln, with an affiliate of Chevron U.S.A. Inc. regarding the transportation of the Jack & St. Malo hull from Korea to the Gulf of Mexico. It is the intention of the parties that this contract – already...

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NYK Profit Jumps More Than Tenfold

NYK Line’s net profit jumped more than tenfold in the Japanese shipping company’s October-December fiscal third quarter as improved container shipping results offset higher fuel costs and soft bulk markets. [Read More] Source: Journal of Comme...

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DOE OKs Spex entry into Gindara

Australian firm Nido Petroleum Ltd. yesterday said the Department of Energy has approved the farm-in agreement under which Shell Philippines Exploration B.V. will acquire Nido’s 45 percent stake in the Gindara prospect at Service Contract 54 (SC 54) B. [Read more] Source:...

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Lloyd's Register & Bestway's ambitious design venture offers improved 'green' bulk carrier

‘Emerald’ design offers a lighter and environmentally friendly ship as project exceeds fuel-saving targets. Lloyd’s Register and Shanghai-based Bestway Marine Engineering Design have completed their joint-industry project to develop a trend-setting environmental bulk carrier, with results far exceeding...

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No direct threat to Suez shipping - insurance market

No direct threat to ships passing through the strategic Suez Canal waterway exists at the moment, despite unrest in Egypt, a senior official with London's marine insurance market said on Monday. [Read More] Source: Reut...

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Feature: Ship fuel – time for ship owners and refiners to decide

The revised MARPOL Annex VI regime governing ship atmospheric pollution has been with us for two years now. Over that time the maritime and oil refining industries have had a chance to weigh up its robust requirements. Although compliance with the regime’s ultimate...

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Statoil: Responsible operation at Gullfaks

Statoil held a follow-up meeting with the Petroleum Safety Authority Norway (PSA) today in which we reviewed the status after the C06 incident at Gullfaks.  “We addressed two topics in the meeting, specifically those relating to well integrity and pressure...

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Ship owners unfazed by market tumble, keep placing newbuilding orders

With the dry bulk market at a two-year low at just 1,107 points, after losing an additional 2.64% at the beginning of the new week, one would expect that ship owners would have scaled back on their new building investment programmes. But, as one can clearly see by checking the latest ship brokers’ reports,...

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Keel laid for Antarctic research vessel

The keel was recently laid for the Antarctic research and supply vessel ordered by the South African department of environmental affairs at STX Finland’s Rauma shipyard. [Read More] Source: motors...

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Balltec installs 16 SMCs for Total Pazflor FPSO

Balltec has just completed the supply and installation of 16 Permanent Subsea Mooring Connectors (SMC) for the Total Pazflor FPSO. The facility is moored in approximately 3500 feet of water in Angola block 17. The connectors supplied by Balltec can be disconnected...

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Northrop-Gamesa wind-power venture chooses Chesapeake

A team of engineers from Northrop Grumman Shipbuilding and Spanish energy firm Gamesa has started work on a project to design and develop a prototype offshore wind turbine in Chesapeake's Greenbrier area. [Read More] Source: dailypress....

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Marathon Oil Corporation Declares Fourth Quarter 2010 Dividend

Marathon Oil Corporation announced today that the Company's board of directors has declared a dividend of 25 cents per share on Marathon Oil Corporation common stock. The dividend is payable March 10, 2011, to stockholders of record on Feb. 16, 2011. [Read more] Source: Offshore Energy To...

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Global Petroleum to acquire prospective oil and gas interests in Namibia

Global Petroleum has entered into an agreement to acquire Jupiter Petroleum Limited, a UK registered company, which holds prospective oil and gas exploration interests in offshore Namibia. Global will issue 25 million shares at settlement and will reimburse reasonable historical expenditure on the Namibian...

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BP oil spill wipes £2bn off UK dividend payments

The BP oil spill wiped £2 billion off the value of dividend payouts last year, according to figures from Capita Registrars. Dividend payouts fell to £56.6 billion after the cancellation of £5.4 billion in dividends from BP. [Read more] Source: Reut...

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Australia: AWEs 4Q 2010 Production Slips 3%

Oil and gas production reached 1.53 million BOE for the quarter, a 3% decline on the previous period. Production was impacted by some operational issues at Tui, BassGas and Casino, which were all successfully resolved by the end of the period. [Read more] Source:...

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Falklands : DIRECTOR OF MINERAL RESOURCES REPORT FOR DECEMBER 2010

At a meeting of the Mineral Resources Committee the Director of Mineral Resources gave her report. 1). Progress with Offshore Drilling Programme:  Since the last report was prepared for the meeting held on 14 December, The Ocean Guardian has completed drilling...

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SapCrest, Kencana and Petrofac in JV to develop Berantai

Sapura Crest Petroleum (SapCrest), Kencana Petroleum and Petrofac Energy Developments, a unit of London-listed Petrofac, has entered into a joint venture (JV) to develop and operate the Berantai field located 150km offshore Terengganu. A risk service contract was signed by Petronas and the operating...

Posted on 1/30/2011 / 0 comments / Read More

Carbon Energy seeks power plant approval

Carbon Energy Ltd is confident of gaining environmental approval from the Queensland government to continue development of its Bloodwood Creek pilot-scale power plant site between Dalby and Chinchilla. Carbon Energy said on Monday that it had been notified by...

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ONGC says Cairn needs its consent for going ahead with Vedanta

State-owned ONGC said on Sunday that UK’s Cairn energy needs the Indian exploration major’s consent for the proposed $9.6 billion majority stake sale in Cairn India to Vedanta Resources and that all disputes could be resolved through a trilateral talk involving ONGC, Cairn and the government. [Read...

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WestSide Corporation Limited Updates On Expansion Exploration Drilling Of Meridian SeamGas Reserves In The Bowen Basin

As Operator of the Meridian SeamGas CSG gas fields, WestSide Corporation Ltd is pleased to advise that drilling has commenced on the MER11V pilot production well in PL 94 in the Bowen Basin near Moura. MER11V spudded at 16:30 hours on 27 January 2011 and was drilling...

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OPEC to discuss oil policy February 22 in Riyadh

OPEC ministers will discuss oil output policy on the sidelines of an international energy conference in Saudi Arabia on February 22, an OPEC delegate said. The Organization of the Petroleum Exporting Countries is under pressure to raise output and rein in oil...

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Chesapeake Energy Corporation and CNOOC Limited announce Niobrara-Focused DJ Basin and Powder River Basin Project Cooperation Agreement

Chesapeake Energy Corporation and CNOOC Limited today announced the execution of an agreement whereby CNOOC International Limited, a wholly-owned subsidiary of CNOOC Limited, will purchase 33.3% undivided interest in Chesapeake’s 800,000 net oil and natural gas...

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TNK-BP Billionaires Consider Dividend Halt as Dispute Escalates

BP Plc’s billionaire partners in the TNK-BP oil venture may try to stop $1.8 billion in dividend payments as a dispute about the U.K. explorer’s alliance with Russia’s biggest oil company worsens, a person with knowledge of the matter said. [Read more] Source:...

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Talisman resumes drilling

Calgary's Talisman Energy Inc. suspended all "fracking" operations for about eight days across North America this month after what it described as "a well-control incident" in Pennsylvania. Talisman spokeswoman Phoebe Buckland said from Calgary Thursday that the...

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DNO reports a working interest (WI) production of 20,885 bopd in December and 16,252 bopd for the full fourth quarter

The average realized oil price on the NE production in the fourth quarter was USD 54 per barrel. Local sales volumes in Kurdistan have further increased in January and the total WI production in January is expected to be around or above 28,000 bopd. Yemen production...

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Rig Counts Jump: Producers step up drilling across North America

According to the weekly rig report from oilfield services firm Baker Hughes Inc., the number of rotary rigs drilling in the US and Canada increased by 35 rigs this week. In the US, there are 1,732 rigs drilling, which is an increase of 19 rigs for the week and...

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GMX Resources to raise $300 mln via shares, notes

Oil and gas company GMX Resources Inc said it will raise $100 million via a public offering of common shares and $200 million through a private placement of senior notes, sending its shares down 10 percent. [Read more] Source: Reut...

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Top man at Wärtsilä announces his retirement

Wärtsilä Corporation has announced that its president and CEO, Ole Johansson, has decided to retire after reaching 60 years of age in June 2011. [Read More] Source: Motorshi...

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El Paso Stays on Course with 2011 Pipeline and Production Growth Plans

El Paso EP set another year of growth goals for its exploration and production and pipeline units, with plans to invest $3.2 billion in 2011. Much of the firm's 2011 plans will continue with projects that were set in motion in 2010, warranting no changes to our...

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New LPG engine from MAN

MAN Diesel & Turbo has introduced its Liquid ME-GI (liquid gas injection) engine which is powered by LPG (liquid petroleum gas), a smaller market than LNG but of significance in certain segments of the industry. [Read More] Source: Motorshi...

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Ferry KMP Lautan Teduh II burned, killed 19 people.

Ferry KMP Lautan Teduh II burned in the Sunda Strait, Sumatra, killed 19 people. A total of 434 passenger ferry KMP Lautan Teduh II, which burned in the Sunda Strait , Sumatra, Indonesia, successfully evacuated, but 19 people of whom died, largely because of plunging...

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Egdon acquires interests in UK petroleum licences

Hampshire-based oil and gas exploration company Egdon Resources is to acquire 50 per cent of two onshore UK petroleum exploration and development licences (PEDLs) from Oslo-based Valhalla Oil and Gas. In turn it will pay Valhalla part of the profit from any revenues, after costs. The value of the deal...

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Shippers angry over 'silly' security demands from carriers

THE Shippers' Voice, an online forum for shippers, has lashed out at a move by container shipping lines who demand advanced freight information five days ahead of loading rather accepting the 24-hour advance rule set by the EU. [Read More] Source: Shipping Onlin...

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Exxon Mobil drills world's longest well off eastern Russia

Irving-based Exxon Mobil said Friday that it had drilled the world's longest "extended-reach" well, a total length of 40,502 feet, in the Odoptu field offshore from far eastern Russia. The horizontal well is part of the big Sakhalin-1 oil and natural gas project. [Read...

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Shell’s Voser Looks to Rosneft for Exploration Deal

Peter Voser, chief executive officer of Royal Dutch Shell Plc, said he’s looking at a partnership with Russia’s state-owned OAO Rosneft to hunt for oil reserves. “We are talking about potentially exploration” together, Voser said today in a Bloomberg Television...

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Indian Navy destroys pirate mother ship, arrests pirates

Whilst the Coast Guard and Navy Dorniers tracked Prantalay, the pirate ship, Indian Naval Ship Cankarso, a recently commissioned Water Jet Fast Attack Craft was directed to intercept and investigate the ship. [Read More] Source: The Hi...

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Chevron Q4 profit surges to $5.3bn

Chevron Corporation's fourth-quarter profit rose to $5.3 billion from $3.1 billion the previous year easily topping Wall Street forecasts, but anaemic growth of its oil reserves disappointed investors. Chevron, like smaller rivals ConocoPhillips and Occidental...

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Giant motherships give Somali pirates new reach-EU

Somali pirates are increasingly using hijacked merchant vessels with hostage crews as giant motherships to attack deeper into the Indian Ocean, the European Union anti-piracy task force says. [Read More] Source: Reuter...

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BP Investors Push Dudley to Sell More Oil Fields After $5 Billion Dividend

BP Plc shareholders said they want Chief Executive Officer Robert Dudley to expand the company’s record asset sale program, raising cash that will help fund a $5 billion a year dividend. BP is likely to bring back a dividend and may pledge sales beyond the $30...

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Baltic index slides, set to stay pressured

The Baltic Exchange's main sea freight index .BADI, which tracks rates to ship dry commodities, fell to its lowest in nearly two years on Friday as the market continued to struggle with an excess of vessels. [Read More] Source: Reuter...

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North P&I Club to launch fixed-premium hull and machinery cover

Directors of the ‘A’ rated 130 million GT North P&I club have decided to launch a fixed-premium product for hull and machinery cover on 1 July 2011. The move is in line with the club’s strategy of expanding its product range beyond its core protection and indemnity (P&I) service. Initial targets...

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Petrobras issues US$6B in Global Notes

Brazilian energy company Petrobras has concluded today a US$6 billion issuance of 5, 10, and 30 year notes in the international capital markets. The transaction was the largest-ever corporate bond offering by a Brazilian company in the international capital markets,...

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Global application of UK Bribery Act 2010 – potential impact on shipping

The Bribery Act entails potential difficulties for companies worldwide, including shipowners, as its provisions on paying and receiving bribes, including bribery of foreign public officials, and anti-corruption compliance provisions for commercial organisations apply extraterritorially and not only...

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Big4 running for 20,000TEU class

It seems to happen that a 20,000-teu class ultra large container ship (ULCS) will appear in the market as early as 2014. Korean big four - Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering and STX Offshore & Shipbuilding - are believed to have already...

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Subsea 7 S.A. awarded contracts offshore Brazil

Subsea announced today the award of two new contracts from Petrobras for activities offshore Brazil. An extension to the contract for the Acergy Harrier. This contract, valued at approximately $40 million, is for the provision of saturation diving services to...

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Sungdong Shipbuilding wins $583 mln order

South Korea's small and medium-sized shipbuilder Sungdong Shipbuilding and Marine Engineering Co Ltd said on Monday it had won orders worth 650 billion won ($582.6 million) to build 6 large container ships from Switzerland-based Mediterranean Shipping Co (MSC)...

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ROC Oil: ACTIVITIES FOR QUARTER ENDED 31 DECEMBER 2010

ROC achieved an average daily production rate of 8,483 BOEPD in 2010, which was within the guidance range of between 8,000-9,000 BOEPD.  This result was particularly pleasing given that 35 days of production were lost at Zhao Dong due to severe weather conditions...

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