EXCO Resources, Inc. reports year end 2010 proved reserves

EXCO Resources, Inc. today announced a significant increase in its estimated proved reserves from prior year levels primarily attributable to continued drilling success in the Haynesville shale play. Our proved reserves at December 31, 2010 are estimated at 1.5...

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Azeris Sell Gas to EU, Iran

European Commission President Jose Manuel Barroso and Azeri President Ilham Aliyev signed a deal Thursday in which Azerbaijan commits to supplying Europe with “substantial volumes of gas.” In the agreement, Azerbaijan promises the EU to provide sufficient gas to enable the creation of the so-called...

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Encana rises on CNPC deal talk

Shares in Canadian natural gas producer Encana Corporation rose as much as 5.2% yesterday, as some speculated the company may be close to adding another joint-venture partner to speed development of its properties. [Read more] Source: Onein...

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EPL gains GoM assets

Energy Partners Ltd. (EPL) has acquired producing oil and natural gas assets in the shallow-water central Gulf of Mexico shelf from Anglo-Suisse Offshore Partners for $201.5 million. [Read more] Source: Offshore Magaz...

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Pirates target cruise ship

A cruise ship carrying hundreds of British passengers has been targeted by pirates in the Indian ocean. Holiday-makers on board The Spirit of Adventure had a formal dinner interrupted to be told pirates were approaching. The 350 guests and 200 crew of the ship,...

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HRT Climbs to Record After Chariot Raises Namibia Oil Reserve

HRT Participacoes em Petroleo SA, a Brazilian oil company that’s probing offshore Namibia, rose to a record in Sao Paulo trading after another company exploring in nearby blocks increased its reserve estimates. HRT rose 64.95 reais, or 3.8 percent, to 1,764.95...

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Oz tug hero hailed

A TUG MASTER has been praised for corralling a large boardwalk that had broken off and was heading towards a major bridge over Queensland’s swollen Brisbane River. Bowen Tug & Barges’ Doug Hislop, along with engineer Peter Fenton, took the small tug Mavis...

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Two sought in acid barge sinking on Rhine

WO CREW members are missing after a tank barge loaded with sulphuric acid sank in Germany this morning. The vessel was carrying 2,400 tonnes of acid for the chemicals group BASF when it sank on the Rhine near St Goarshausen. Two crew members were rescued, but...

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Kulczyk Oil Ventures Inc.: Ukraine - KOV Acquires New Exploration License

Kulczyk Oil Ventures Inc. is pleased to announce that its 70% owned subsidiary, KUB-Gas LLC ("KUB-Gas") has been awarded another exploration license area in Ukraine. The North Makeevskoye Exploration License is located adjacent to the KUB-Gas Makeevskoye and Olgovskoye licenses, near the City of Lugansk...

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Nordic Tankers in new joint pool

Nordic Tankers and Womar Logistics have reached an agreement to establish a jointly owned independent pool management company with the name of Nordic Womar. The company will initially manage two pools of coated chemical tankers. [Read More] Source: Maritime D...

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Old Foe Returns

Recent intelligence reports have indicated that the latest revelation of the existence of eight Tamil Tiger (LTTE) ships yet continuing its operations outside Sri Lanka could contribute to piracy and drug trafficking in Maldives. [Read More] Source: Shipt...

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Nigeria''s anti-graft body detains 12 oil executives

Nigeria''s anti-corruption body has detained 12 senior executives of oil firms Noble Corp, Tidewater and Transocean over allegations bribery of up to USD 100 million. The spokesman of the Economic and Financial Crimes Commission (EFCC), Femi Babafemi said the agency suspected the executives were involved...

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Swedish cluster signs agreement with Korea

SSPA, FKAB, White Smoke and Swedish Marine Technology Forum entered into a joint agreement with Korea’s KOGAS to evaluate the possibilities for developing a Korean system for delivery of LNG to gas-fuelled ships. [Read More] Source: Motors...

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Russia to decide on oil supplies to Belarus within week says minister

Russia may decide to resume oil supplies to Belarus within a week, after they were suspended over disagreement over re-export of oil products from Belarus, Russian Energy Minister Sergei Shmatko said on Thursday. "We expect that we will make the decision within...

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Japan builds 24 ships in Nov

Japan's 52 major shipbuilders delivered 24 ships of 1.05m gt in November 2010, according to the statistics from the Ministry of Land, Infrastructure, Transport and Tourism. The 24 export ships worth JPY107.9bn (US$1.3bn). Meanwhile, 33 ships of 1.56m gt started construction in the same month. The ships...

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Pirates board tanker in Malaysian waters

Pirates boarded a Denmark-registered tanker anchored in Malaysian waters in the early hours of Wednesday, but left the tanker without any loots. Tanker Torm Clara was anchored south of Tanjung Ayam, Johor, when the incident happened at about 0430 hours on 13 January, according to a ReCAAP alert. [Read...

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Brent crude futures push $100 a barrel, pressure OPEC to produce

Brent oil futures climbed towards $100 a barrel on Thursday, piling pressure on OPEC to raise production to prevent high prices hurting the world economy. But OPEC member Libya shrugged off concerns about oil at $100, saying there was no need for OPEC to add supplies. [Read...

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MOL implements Ship Energy Efficiency Management Plan

Mitsui O.S.K. Lines, Ltd. (MOL) reports that it has established a Ship Energy Efficiency Management Plan (SEEMP) and has started its use in the MOL tanker fleet. The SEEMP provides the most efficient vessel operation method (optimum route selection, appropriate...

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Lukoil Oil Output Falls 1.7 Percent in 2010 on Siberian Declines

OAO Lukoil’s crude output fell about 1.7 percent last year as aging western Siberian fields declined, while natural-gas production climbed more than 12 percent. Oil output slid to 96 million metric tons, the Moscow-based company said today in a statement. That’s down from 97.6 million the previous year,...

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Carnival Spirit to call Australia home

Carnival Cruise Lines announced yesterday that it would base the 88,500-tonne ‘Carnival Spirit’ in Australia. This will be Carnival’s first venture into Australian waters, and the largest cruise ship to be based full-time out of Australia.[Read More]Source: Baird...

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Ship carrying acid overturns in Germany: police

A ship carrying 2,000 tonnes of sulphuric acid overturned Thursday in the Rhine river near Sankt Goar, northwest of Mainz, and two members of its crew are missing, river police told AFP. "Two members of the crew were rescued but two others are missing," police...

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Ice-bound Commonwealth rescue suspended

The operation to tow the ice-locked mother ship Commonwealth in the Okhotsk Sea to clear water has been suspended due to a rupture of the tow rope. This operation was being carried out by the Krasin and The Admiral Makarov icebreakers. [Read More] Source: Voice...

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Australia's Brisbane port to remain shut until Sunday

Australia's Port of Brisbane will remain closed at least until Sunday to all commercial shipping due to continued flood-related strong currents and debris, it said Thursday. "The earliest possible movements of priority shipping in the port would be Sunday, 16...

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India: Govt to invest Rs. 5 trillion in Shipping sector by 2020

New Delhi: The government on Thursday unveiled a new policy for the Shipping sector that entails an investment of Rs. 5 trillion by 2020 to take the ports capacity to 3,200 MT and bring in major reforms in the space. “The Maritime Agenda 2020 is a perspective...

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Bergen Group awarded contract with Sartor Offshore for the construction of three vessels with total value of NOK 1 billion

Bergen Group BMV has been awarded contracts from Sartor Offshore AS for the construction of three multi-purpose offshore vessels with a total value of about NOK 1 billion. The newbuilding program has a strong focus on environmentally solutions based on high safety...

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Australia floods force ships to look for coal supplies elsewhere

An increasing number of dry bulk carriers are departing eastern Australia's coal ports empty-handed as devastating floods force companies to look for supplies elsewhere, traders and industry experts said. Deadly floods in Queensland, Australia's largest coal producing...

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Noble Energy Announces Sanction of Alen Project Offshore Equatorial Guinea

Noble Energy, Inc. announced that the Plan of Development for the Alen condensate/gas-recycling project has been approved by the Ministry of Mines, Industry, and Energy of the Republic of Equatorial Guinea. Noble Energy’s board of directors sanctioned the project...

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Diana Shipping Inc. Announces Time Charter Contract for M/V Melite

Diana Shipping Inc., a global shipping company specializing in the transportation of dry bulk cargoes, yesterday announced that it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers,...

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Dry-Bulk Vessel Scrapping May Quadruple This Year, FIS Says

Scrapping of ships carrying dry-bulk goods such as coal and iron ore may quadruple this year and still leave the market oversupplied with vessels, according to Freight Investor Services. Demolitions would have to surge to 30 million deadweight tons of fleet carrying capacity in 2011 to restore supply...

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Chief Executive Officer Appointed at Cosalt Offshore

Cosalt Offshore, a provider of lifting, tooling and marine services to the oil and gas industry, has announced the appointment of highly-experienced industry figure Rod Buchan as the new Chief Executive Officer. Mr Buchan most recently has been Managing Director...

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Wilhelmsen Ships Service Appoints new Business Director for Marine Logistics(Norway)

Wilhelmsen Ships Service has appointed Vidar Hole to the position of Business Director responsible for the Maritime Logistics Services portfolio. Vidar will drive the design, development and launch of new offers in line with the company’s strategy and identified...

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Cameron Receives $74 Million Order From Petrobras

Cameron  has received an order from Petrobras for 27 subsea trees and related equipment, worth approximately $74 million, for use in their developments offshore Brazil. The order represents the remaining trees under a 138-tree frame agreement announced in...

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Faroe Petroleum plc: Acquisition of Undeveloped Perth Oil Field, UK Central North Sea

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, is pleased to announce that it has acquired a 28% interest in each of UK licences P218 and P588 containing the undeveloped...

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Star Bulk Agrees on Financing for Its Capesize Newbuildings

Star Bulk Carriers Corp. yesterday announced the following: Two Capesize Newbuildings: Debt Finance Agreed The Company has signed commitment letters with a major European bank for senior debt financing of both capesize vessels, currently under construction, for up to 60% of the vessels' price at favorable...

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Shipping Hedge Fund Leases Vessel at a Loss as Australia Floods Sap Cargo

M2M Management Ltd., a hedge-fund group, is leasing out a ship at loss to get the vessel out of the Pacific region, where demand has been decimated by Queensland’s worst flooding in a half century. The capesize, three times the length of a football pitch, is carrying coal to the Atlantic region, where...

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Ship owners postpone decisions on new building orders after dry bulk rates head south

With heavy tonnage supply already plaguing the dry bulk market and the recent devastation in Australia’s Queensland expected to negatively affect freight rates for the months to come, demand for newbuilding orders seems to have been finally retreated, at least...

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EnerMech Invest £20 Million in Process, Pipeline & Umbilicals Division

Mechanical engineering group, EnerMech, has invested £20 million ($31.5M) in a new Process, Pipeline and Umbilical Services division and appointed one of the industries leading pipeline experts to head up the unit.  Les Graves joins the EnerMech board as...

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Ezra secures charters worth $73 million to deploy offshore support vessels

Ezra Holdings Limited, an integrated marine services provider in the offshore oil and gas sector, has secured fresh charters worth up to $73 million in total for three of its offshore support vessels, including two recently added multi-purpose platform supply...

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Topaz unit awarded $48m Maersk contract

Oilfield services company Topaz Energy and Marine has, through its subsidiary DMS, been awarded a five-year vessel contract with five one-year options worth an estimated $48 million (Dh176.3 million), including the option period. Under the contract, the offshore...

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Big 7 target $51bn orders

The Korean Government and shipbuilding industry expect local shipbuilders to beat Chinese rivals and to retake the world No.1 position in new orders this year. [Read More] Source: Asia...

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Mexican regulator announces new rules for deepwater drilling

Mexico's upstream regulator, the National Hydrocarbons Commission, announced rules to govern deepwater drilling within the nation's territorial waters. The new regulations, published in Tuesday's edition of El Diario Oficial-- the Mexican equivalent of the Federal...

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India plans Mega-yards

New shipyards capable of building large tanker and bulkers, a four-fold increase in national tonnage and a tripling of port capacity are on the cards of the “Maritime Agenda 2010-2020” unveiled on Thursday by the shipping minister G. K. Vasan. [Read More] Source: Asia...

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Brazil Mulls Offshore Subsea Lab to Monitor and Project its Natural Riches

The Brazilian government and Navy are considering an ambitious plan for launching an offshore subsea lab to be located at the limit of the country´s territorial waters and beyond the farthest pre-salt play. This is not only a government project but also a military...

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Gradual recovery for Chilean shipyards

The international financial crisis and the emergence of the infectious salmon anemia (ISA) virus halted the continuation of a five year period of prosperity for the Chilean shipyard sector, when they used to turnover USD 350 million a year. After two years of...

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Marport Secures Private Equity Financing

Marport Deep Sea Technologies Inc., a leading developer and manufacturer of sonar products for the defense and commercial fisheries markets, announced today that it has secured an equity investment led by Hasting Equity Partners, LLC and Admiralty Partners, Inc....

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Posco warns of cost surge; Q4 profit misses forecasts

Steelmakers across Asia have been raising product prices to cope with a projected increase in raw material prices, particularly coking coal [Read More] Source: livemint....

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Does Russia need floating nuclear power plants?

Recently, Russia’s state nuclear corporation Rosatom has initiated activites for the construction of floating nuclear power plants (FNPPs). It is planned that during the second quarter of 2012, FNPPs will be sent to the Russian far eastern region of Kamchatka....

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Grey Mountain Partners Invests in Triton Diving Services, LLC

Grey Mountain Partners, LLC (“GMP”) has made an equity investment in Triton Diving Services, LLC (“Triton”), a provider of commercial diving services to the offshore oil and gas industry in the Gulf of Mexico. The investment provides Triton with additional capital...

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AMC Engineering Awarded Certification

Findon-based AMC Engineering Ltd is ending the year on a high note after securing another industry certification. The international torque equipment specialists have been awarded the OSHAS18001 certification, an internationally recognised assessment specification...

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Carrier contract increased at Northrop Grumman Newport News shipyard

A $49 million defense contract is headed to Northrop Grumman Shipbuilding's Newport News shipyard. The contract announced late Tuesday is a modification for overhaul work on the USS Theodore Roosevelt, a Nimitz Class aircraft carrier. [Read More] Source: WVEC...

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GMB signs Rs 1 lakh cr MoU for expansion and shipyard projects

GANDHINAGAR: The state-run Gujarat Maritime Board (GMB) today signed memorandum of understandings (MoUs) worth over Rs one lakh crore with various companies for enhancing its cargo handling capacity and building of shipyards, at the Vibrant Gujarat Summit (VGS) 2011 here. A total of 97 MoU were signed...

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S. Korean ship exports expected to dip 5.6 pct in 2011: report

South Korea's ship exports are expected to decline in 2011 as over supply and economic uncertainties in advanced industrial economies are predicted to hurt worldwide demand, a joint government-industry report showed Thursday. [Read More] Source: Yonhap N...

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Ship Orders May Jump 4% as Recovery Spurs Fuel Demand

Global shipbuilding orders may rise 4 percent this year to the highest since 2008 as economic recovery drives demand for consumer goods and fuel, according to estimates South Korea’s industrial ministry released today. [Read More] Source: Businessw...

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