Abu Dhabi To Extend Japan Firm's Oil Rights By 30 Years

The rights to offshore oil fields held by a Japanese firm will be extended for 30 years after their 2012 expiration, the head of Abu Dhabi National Oil Co., or ADNOC, told the visiting Japanese trade minister Tuesday. [Read more] Source: NIK...

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Technip Awarded Umbilical Contracts in Angola

Technip announces that a consortium comprising two of its subsidiaries, Angoflex Ltda (owned jointly with Sonangol) and DUCO Ltd., has been awarded by Acergy Angola S.A. and Acergy West Africa S.A.S. major umbilical* contracts for the CLOV field development. This...

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Crowley Maritime acquires Houston freight firm

Tom Crowley Jr., chairman, president and CEO of Crowley Maritime Corporation calls the just-announced acquisition of Jarvis International Freight, Inc. "a unique opportunity to extend our logistics services to new industries and geographic areas." [Read More] Source: Marine Lo...

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Macondo commission releases investigation report, Halliburton comments

The National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling investigation report was released to the public today. While Halliburton says it continues to examine the report, it does disagree with some of the findings it has seen. In short, the report made the following conclusions: 1....

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Mexico unveils new deepwater oil drilling rules

Mexico's oil and gas regulator unveiled new rules for deepwater drilling on Tuesday aimed at preventing a repeat of BP's Macondo Gulf oil spill but stopped short of halting drilling during the safety review. [Read more] Source: Reut...

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Dalian Port plans $378 mln bond to repay debt

Dalian Port (PDA) Co Ltd (2880.HK)(601880.SS) said it plans to issue up to 2.5 billion yuan ($377.7 million) worth of domestic bonds, raising funds to adjust its debt structure, repay bank loans and for working capital. [Read More] Source: Reuter...

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Oil Pipeline in Alaska Has Plan to Restart

Worried about the effect of freezing temperatures, the operator of the Trans Alaska Pipeline System said it planned to temporarily restart the flow of oil through its 800-mile network, even though repairs had not yet been completed on the leak that forced the...

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Chevron Issues Interim Update for Fourth Quarter 2010

Chevron Corporation today reported in its interim update that earnings for the fourth quarter 2010 are expected to be higher than in the third quarter 2010. Upstream results are projected to improve between sequential quarters, benefiting from higher crude oil...

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Strictly Business

The Somali pirates we see pictures of are just a rag-tag bunch of Fagin’s young men with weapons charging across the water, often high on khat. But look past that and behind them is a very well structured, well-organized business plan that would impress any Wall-street firm. Investors and suppliers...

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Oil spill panel calls for sweeping changes

The presidential commission investigating the Deepwater Horizon spill in the Gulf of Mexico wants more funding for oversight, allocation of penalty payments to gulf restoration, and a lifting of the $75-million liability cap on oil firms. [Read more] Source: Los...

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Shipping facing a challenging year

Leading accountant and shipping industry adviser Moore Stephens says the shipping sector faces a challenging year in 2011, with freight rates under pressure, crew costs continuing to rise and the banks closely monitoring the future viability of poor performers. [Read More] Source: Motorshi...

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BAE systems develops anti-pirate device

BAE Systems in the UK has successfully demonstrated a prototype device that will serve as an effective non-lethal deterrent against pirate attacks on commercial vessels. Piracy worldwide is on the rise according to reports from the ICC’s International Maritime...

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Gazprom Neft to be operator of new Arctic oilfield

BP's Russian oil venture and the oil arm of state gas monopoly Gazprom tightened their grip on a major Arctic oil and gas field, putting themselves in position to finance and develop the huge deposit. The two companies said on Tuesday they acquired the license...

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ASEAN shipowners reject ITF wage proposal

The Federation of ASEAN Shipowners' Associations (FASA) has opposed the decision by the International Transport Workers' Federation (ITF) to establish a minimum wage for non-domiciled seafarers employed on national flag vessels. [Read More] Source: Baird Maritim...

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South Korean giants in US grain trading firm plan

STX Corp and Hanjin Transportation are part of consortium by South Korea that plans to set up a grain trading firm in the US. State-owned Korea Agro-Fisheries Trade Corp is in talks with STX and Hanjin as well as, CJ CheilJedang Corp and Samsung C&T, to form a consortium to establish a grain trading...

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Fire damage at Alberta crude oil producer less than originally feared

An initial examination of the fire-damaged upgrader at Canadian Natural Resources Ltd.'s Horizon oilsands project suggests it may be restarted sooner than expected. "We still have a ways to go to define a timeline but in terms of where we were here just at the...

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Oz lead ban was based on testing error

AN ERROR was behind a cancellation of lead exports from Western Australia last month, backup testing revealed today. The state government barred shipments by Magellan Metals through Fremantle on 31 December after monitoring of contamination levels indicated powdered...

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GNMTC suezmax attacked

A Libyan-owned suezmax tanker has been attacked by armed pirates in the Gulf of Aden, TradeWinds has learned. Pirates fired shots at General National Maritime Transport Co’s 164,925-dwt Barbarosa but the captain managed to outrun the gang, sources at the company...

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Chevron Says Eugene Platform Production Restored

Chevron Corp. restored oil production at an offshore platform in its Eugene Island field after a one-hour shutdown yesterday, according to Scott Walker, a company spokesman. “Chevron shut in a shallow-water platform in the Gulf of Mexico’s Eugene Island field...

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Icebreakers take icebound ships to open water

In the Sea of Okhotsk, the Krasin and Admiral Makarov icebreakers are leading two Russian icebound ships to open water.More than half the distance has been covered in the past 24 hours.The caravan is travelling very slowly because of pack ice off the Sakhalin...

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Amsterdam ports optimistic for 2011

Amsterdam Seaports, the ports serving the North Sea Canal region, ended 2010 with a 4% increase in transhipment traffic. Together, Amsterdam, Ijmuiden, Beverwijk and Zaanstad handled transhipment volumes totalling 90 million tonnes. [Read More] Source: Sea Ne...

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Panama, finally back to the White List

Panama's Shipping Registry, the largest in the world at the end of 2010, has finally exited the "grey list" compiled by signatories of the Paris Memorandum of Understanding (Paris MOU.) [Read More] Source: Sea N...

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Statoil Shuts Output at Snorre A, Vigdis After Leak

Statoil ASA, Norway’s biggest energy company, shut production at the Snorre A platform and Vigdis oil field in the North Sea after a gas leak. The alarm went off at 3:38 a.m. local time at the Snorre A platform due to a leak and production was shut down shortly...

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Iraq to buy nine ships for $100 million

raq has allocated $100 for the purchase of nine ships, said a source at the state-run Maritime Transport Company. The source said the ships will be mainly used for the import of foodstuffs to the country. [Read More] Source: Azza...

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Tethys Petroleum Receives Govt Approval For Doris Oil Production Project In Kazakhstan

Central Asia-focused Tethys Petroleum announced Tuesday that it has received Kazakh State approval for its Doris oil pilot production project on the Akkulka field. The approval gives the company the right to produce oil on the field during the exploration period,...

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Boxship profits seen hit by market share fight

A fight for market share between container shipping lines is denting rates and profits, and a lack of capacity discipline could knock earnings below current estimates, shipping consultants Drewry said. [Read More] Source: Reut...

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IMV Projects awarded EPCM contract by AltaGas

IMV Projects, a Wood Group company, has been awarded a multimillion dollar contract by AltaGas to provide full engineering, procurement and construction management (EPCM) services for the C$235MM Gordondale sour gas processing facility and associated gas gathering...

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Middle East Tanker Surplus Widens a Second Week, Weighing on Charter Rates

A surplus of supertankers competing to load 2 million-barrel cargoes of Middle East crude oil expanded for a second week, weighing on vessel owners’ efforts to raise charter rates. There are 18 percent more very large crude carriers, or VLCCs, for hire over the...

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Major Milestone: BP, partners improve production 10% at super-giant oil field Rumaila in Iraq

The Rumaila Operating Organisation (ROO) has met a major milestone in the re-development of the super-giant Rumaila field in Southern Iraq by increasing production by more than 10 percent above the 1.066 million barrels a day (b/d) initial production rate agreed...

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Bulker deliveries weighing in on freight rates keeping sentiment on a negative mode

A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With rates now closing in to $10,000/day for a capesize, it’s just a matter of time before some owners at least begin considering even the option of layoffs,...

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Utah: Uinta basin gas gathering project starts

Harvest Natural Resources Inc., Houston, and its partner in the Antelope project in Utah’s Uinta basin signed a contract on Dec. 21, 2010, under which El Paso Midstream Group Inc. will provide the capital to build and operate a 25-mile, low-pressure gas gathering...

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Mid yards up order targets

Korea's midsize shipyards - Hyundai Mipo Dockyard (HMD), SPP Shipbuilding and Sungdong Shipbuilding & Marine Engineering - have set their new order target for 2011 to the higher level than last year, planning vigorous new order activities. Majority of the...

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China: To avoid civil war

Generally speaking, it was not realistic to avoid horizontal competition completely. The competition can not only promoted development but also win-win out tome for the whole industry. However, the vicious competition might also trigger tragedy. Without regulation...

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Maersk Oil: Coaxing out oil from mature assets

If you can learn how to coax out more years from your infrastructure, look with fresh eyes at well data and think laterally, then you can gain a competitive edge when working with mature assets. Maersk Oil is an old hand in the art of teasing out oil from aging...

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Militant attacks in Delta to rise this year – Risk Intelligence

POLITICAL uncertainty in Nigeria looks set to continue to threaten onshore oil infrastructure and offshore security in the Niger Delta, a new report claimed. In its 2011 forecast, published today, Danish security analyst Risk Intelligence said there were 58 piracy-related...

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Malaysia unveils projects worth 22 bln U.S. dollars

Malaysian Prime Minister Najib Razak announced 19 large scale development projects aimed at transforming the country into a high-income nation by 2020 at Malaysia's federal administration center Putrajaya on Tuesday. The projects would generate almost 67 billion...

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Keppel seen bidding for gov’t stake in SSEI

Keppel Philippines Marine Inc. (KPMI) is expected to acquire the government’s 8.76-percent stake in Subic Shipyard and Engineering Inc. (SSEI), which is being auctioned off at a floor price of P584.77 million. Finance Undersecretary John Philip Sevilla said it would be surprised if KMPI would not bid...

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CGGVeritas, BG agree on technology development plan

CGGVeritas says it has signed a technology cooperation agreement with BG Group to develop and deploy seismic advances across the exploration and production workflow. The companies plan to collaborate on such projects as broadband acquisition and processing,...

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Prosafe wins LOI for Safe Scandinavia accommodation rig in the UK North Sea

Prosafe has been awarded a Letter of Intent (LOI) by an undisclosed client for the provision of the Safe Scandinavia accommodation support rig at a project in the British sector of the North Sea. The firm period of the contract linked to the LOI is four months...

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UK seeks to halve offshore hydrocarbon leaks

UK operators have committed to cut hydrocarbon leaks from offshore installations by 50% over the next three years, according to industry association Oil & Gas UK. Following collaboration between the industry and offshore safety initiative Step Change in Safety,...

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Caspian Sea drill ship ordered

Daewoo Shipbuilding and Marine Engineering (DSME) has been awarded a drill ship order by a South Korean consortium led by the state-run Korea National Oil Corporation. [Read More] Source: Motors...

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Talisman to hold on capital, boost 2011 production

Talisman Energy Inc. says it will boost production by five to 10 per cent this year while keeping spending to about $4 billion, roughly the same as in 2010. "Talisman's 2011 plan is expected to deliver strong production growth and improving profitability, based...

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Providence completes first phase of study for gas storage project

Providence Resources P.l.c., an oil and gas exploration company, through its wholly owned subsidiary EIRGAS Limited, has completed the first phase of the AMEC conceptual development study for the ULYSSES salt cavern gas storage project in the Kish Bank Basin, offshore eastern Ireland. The ULYSSES Project,...

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Hamworthy Wins Brazilian FPSO Pumps Contract For About £30 Mln

Hamworthy PLC said it won a contract from Brazilian shipyard Engevix Construcões Oceânicas S.A. for the supply of cargo pumping systems for eight Floating Production Storage and Offloading vessels or FPSOs. According to the company, the contract is worth about...

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ACE Winches wins contract from Bluestone Offshore

ACE Winches has secured a £1.6 million contract from Bluestone Offshore for the design and manufacture of two comprehensive winch packages for use on the offshore support vessel, Greatship Maya.  Each winch package comprises an 18.5 tonne Safe Working Load...

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Pride International, Inc. Provides Fleet Contract Status Update

Pride International, Inc. today announced that its report of drilling rig status and contract information covering the company's fleet of offshore drilling rigs and its two drilling management projects has been updated through today's date. The updated report,...

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ROC Announces Drilling Activity Update on Gharabi-1 Expolation

Roc Oil (Mauritania) Company, a wholly owned subsidiary of ROC, advises that the Maersk Deliverer rig started drilling the Gharabi-1 exploration well at 19:10 hours (Mauritania time) on 7 January 2011. At 06:00 hours on 9 January (Mauritania time) the well was...

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MEO Australia: Quarterly Activities Summary for Period Ended 31st December 2010

MEO Australia Limited  provides the following summary in relation to its activities for the quarter ended 31st December 2010. WA-360-P (MEO 25% & Operator, Petrobras 50%, Cue Energy 15%, Moby Oil & Gas 10%) [Read more] Source: Offshore Energy To...

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Blue Energy all systems go at Monslatt after flooding, no damage to infrastructure

Flooding has receeded and work on the Blue Energy Monslatt production pilot wells have recommenced, with the project located around 200 kilometres north-west of Rockhampton. Most importantly, there has been no damage to infrastructure at the Monslatt 4, 5, 7 and...

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