Israel Approves Doubling of Taxes on Oil and Gas Extraction Profits

The Israeli government on Sunday approved a near doubling of the profit tax on gas and oil extracted from its territory, a move of considerable significance in the wake of recent offshore gas discoveries expected to be worth tens of billions of dollars. The cabinet voted overwhelmingly to accept the...

Posted on 1/23/2011 / 0 comments / Read More

Tony Hayward eyes up Glencore role

Tony Hayward is planning to amass a diverse "portfolio" of directorships at companies in the UK and overseas before the summer and is in early stage talks about joining commodities trader Glencore. It is understood that Mr Hayward, who resigned as chief executive...

Posted on 1/23/2011 / 0 comments / Read More

Sailor dies, six others go missing after a vessel capsizes off Gujarat coast

A sailor lost his life and over half a dozen crewmembers were reported missing after an Indian survey ship capsized off Pipavav coast in the Gulf of Cambay in Gujarat on Saturday.he vessel had a total of 32 crewmembers onboard, out of which 25 were rescued by a fishing trawler, which was in the vicinity...

Posted on 1/23/2011 / 0 comments / Read More

Cranes to salvage capsized ship

In this Jan. 21, 2011 file picture a tanker is capsized in river Rhine near St Goarshausen, western Germany. Three cranes have begun working on salvaging the capsized tanker loaded with sulfuric acid that has been floating in the Rhine River for days. German...

Posted on 1/23/2011 / 0 comments / Read More

Malaysia navy frees hijacked tanker "MT Bunga Laurel"

The Royal Malaysian Navy said its commandos injured three pirates in a gunbattle and rescued the 23 crew members of the Malaysian-flagged MT Bunga Laurel early Friday, less than two hours after the assailants stormed the vessel with pistols and assault rifles. [Read...

Posted on 1/23/2011 / 0 comments / Read More

Four Men Killed Following Industrial Accident at Claxton Engineering in Great Yarmouth

Claxton Engineering Services Limited confirms that an accident occurred on Friday afternoon at its premises in North River Road, Great Yarmouth, Norfolk where construction work on a new facility is being carried out by external contractors. The company has said building work was being carried out at...

Posted on 1/23/2011 / 0 comments / Read More

China Shipping Container Lines Launches Big Container Ship

SHANGHAI, Jan 21, 2011 (SinoCast Daily Business Beat via COMTEX) -- China Shipping Container Lines Co., Ltd. (SHSE: 601866) , one of the container shipping service providers in the country, kicked off the first trip of a ultra large container ship yesterday. [Read...

Posted on 1/23/2011 / 0 comments / Read More

Keppel Corp Unit Wins US$360 Million Order To Build 2 Rigs For Clearwater Capital

Keppel Corp. Ltd. Sunday said its unit Keppel FELS Ltd. has received an order worth US$360 million to build two jack-up oil rigs from Clearwater Capital Partners LLC. The two rigs are scheduled for delivery in the first two quarters of 2013, Keppel said in a statement...

Posted on 1/23/2011 / 0 comments / Read More

Canadian Natural Has Access to More Area Near Horizon Project in Alberta

Canadian Natural Resources Ltd. has access to most of the once-restricted area at its Horizon oil sands project in northeastern Alberta that was damaged in an explosion and fire Jan. 6. A stop-work order will remain in effect “for a number of days for the immediate area of the fire and explosion, about...

Posted on 1/23/2011 / 0 comments / Read More

Keppel secures $462m rig deal

Keppel FELS, a unit of conglomerate Keppel Group, has secured two new contracts worth US$360 million ($462 million) from Clearwater Capital Partners to build KFELS B Class jack-up rigs. [Read More] Source: Today Onl...

Posted on 1/23/2011 / 0 comments / Read More

Stena Bulk bulks up in MR products tanker sector

Stena Bulk is bulking up in the MR segment (Medium Range product tankers of 50,000 dwt). It is acquiring 50 percent of the Danish shipping company Weco. The move doubles the Stena Bulk fleet in this segment from 15 to 30 tankers. Now its objective over the next couple of years is to build up an operation...

Posted on 1/23/2011 / 0 comments / Read More

Offshore Rig Count: Utilization slightly down this week

The global supply of offshore drilling rigs is unchanged this week at 790 units. However, the number of rigs under contract fell by one to 571, reducing the worldwide utilization rate slightly to 72.3 percent.  In the US Gulf of Mexico, the fleet count grew...

Posted on 1/23/2011 / 0 comments / Read More

EU force says piracy raids endanger hostages

Despite successful raids by Malaysian and South Korean navies that rescued two ships and their crew members from Somali pirates, the European Union Naval Force said it would not follow suit because such raids could further endanger hostages. [Read More] Source:...

Posted on 1/23/2011 / 0 comments / Read More

Schlumberger Profit Rises; Next Quarter May Be Lower

Schlumberger Ltd., the world’s largest oilfield services provider, said fourth-quarter profit rose 31 percent as surging crude prices drove a drilling boom in North America. The company’s shares fell after the chief executive officer said next quarter’s earnings...

Posted on 1/23/2011 / 0 comments / Read More

Drydocks World secures $200m in loans for operations

Drydocks World, the ship repair business owned by Dubai World, has secured US$200 million (Dh734.5m) in loans to cover working capital over the next three months. The agreement, announced by WAM, the state news agency, has been signed with seven of Drydocks World's existing creditors and is on a secured...

Posted on 1/23/2011 / 0 comments / Read More

Yang Ming Marine Plans to Build Mega Container Ship Fleet

In tandem with the inauguration of the sixth container terminal of Kaohsiung Harbor, Yang Ming Marine Transport Corp. will build six to nine 12,600-TEU (twenty-foot equivalent unit) container ships at a cost of over NT$20 billion, reported Frank F.H. Lu, chairman of the company. [Read More] Source:...

Posted on 1/23/2011 / 0 comments / Read More

Russia to back TAPI gas pipeline project in Central Asia

Russia will cooperate in a range of energy projects including the construction of the Trans-Afghanistan (TAPI) pipeline, Russian President Dmitry Medvedev and his Afghan counterpart Hamid Karzai said in a joint statement on Friday. The pipeline project participants...

Posted on 1/23/2011 / 0 comments / Read More

Why the Collapse in the Baltic Dry Index?

The floods in Queensland, Australia, are taking more than a human toll, tragic as that is. Consumers in Asia will have to pay higher prices for coking coal as the floods could remove some 14 million tons of coking coal from world markets out of a forecast annual...

Posted on 1/23/2011 / 0 comments / Read More

Slowdown in Asian exports seen to damp commodity shipping

Asian exports that helped power the world recovery last year are poised to grow more slowly as the region’s manufacturing rebound eases and US unemployment restrains consumption after a post-recession spending spree. [Read More] Source: Manila Bulleti...

Posted on 1/23/2011 / 0 comments / Read More

Environmentally Hazardous Bulk Cargoes and the IMSBC Code

The BIMCO Marine Department has received some enquiries regarding mineral concentrates and metal sulphide concentrates in the International Maritime Solid Bulk Cargoes (IMSBC) Code. The enquiries centered on whether these cargoes are considered environmentally hazardous substances (EHS) and thus should...

Posted on 1/23/2011 / 0 comments / Read More

Persian Gulf Tanker Rates End Four-Day Climb on Surplus Ships

The cost of delivering Middle East crude to Asia, the world’s busiest route for supertankers, ended a four-day climb because of a surplus of ships for hire. [Read More] Source: Bloomb...

Posted on 1/23/2011 / 0 comments / Read More

Dry bulk market’s downturn sees no relief

The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79% this past week, to reach 1,370 points, thus falling below the 1,400-point mark and reaching its lowest level since early February of 2009. Since the beginning...

Posted on 1/23/2011 / 0 comments / Read More

American Petro-Hunter announces 20% increase in oil production at Poston Project, Kansas

American Petro-Hunter, Inc. is pleased to update the status of the Company's Poston Project, Trego County Kansas. Oil production from the #1 and #3 Lutters Wells totaled 830 barrels shipped and sold to N.C.R.A. for a value of $65,577 in December. This represents...

Posted on 1/23/2011 / 0 comments / Read More

CSC's largest ship makes maiden voyage to Europe

China Shipping Co (CSC) launched a maiden voyage for its largest ship at Yangshan Port on Thursday. The ship can carry 14,100 twenty equivalent-unit (TEU) containers. The ship, named CSCL Star, was built by South Korea's Samsung Heavy Industries Shipyard and was...

Posted on 1/23/2011 / 0 comments / Read More

GE Revenue at $41.4B; Up First Time in 2 Years

General Electric Co. said Friday its fourth-quarter net income increased 52 percent as the company made more money on both the industrial and lending sides of its business. The lending arm, GE Capital, suffered huge writedowns on risky loans during the financial...

Posted on 1/23/2011 / 0 comments / Read More

Krasnoyarsk shipyard to build bunker ship for Norilsk Nickel

OJSC Krasnoyarsk Shipyard was awarded a RUB 400m order (USD 13,368m) for a fuel bunkering vessel from MMC Norilsk Nickel. Today, January 20, 2011 the shipbuilder started the construction of the vessel of capacity of 1,110 tons, Norilsk Nickel press release said. [Read More] Source: Port N...

Posted on 1/23/2011 / 0 comments / Read More

Hyundai in sole lead

Korea's Hyundai Heavy Industries is said to have signed another new order contract with German shipowner D Oltmann to build two 4,500-teu containerships plus one optional ships in late 2010. And it consecutively won three drillships plus three optional ships in the beginning of the year. [Read More] Source:...

Posted on 1/23/2011 / 0 comments / Read More

Eni, Petrochina ink global upstream agreement focusing on shale development

Eni signed a Memorandum of Understanding with CNPC/Petrochina, the biggest listed national oil company in the world. The Memorandum of Understanding sanctions a broad spectrum of possible business opportunities to the benefit of both parties in China and internationally.  In...

Posted on 1/23/2011 / 0 comments / Read More

Samsung develops anti-piracy system

Samsung Heavy Industries Co., South Korea's third-largest shipbuilder, said Sunday it has developed an anti-piracy solution system that can track down and repel nearby pirate ships. [Read More] Source: Koreatimes http://www.koreatimes.co.kr/www/news/biz/2011...

Posted on 1/23/2011 / 0 comments / Read More

Statoil: Plan submitted for Visund South

21 January, the licensees in Visund South submitted a plan for development and operation (PDO) to the Ministry of Petroleum and Energy. Production start-up is scheduled for the third quarter of 2012. Visund South, which consists of the Pan and Pandora discoveries,...

Posted on 1/23/2011 / 0 comments / Read More

Valiant Petroleum plc: Don Southwest 'E' Panel Discovery

Valiant Petroleum plc ("Valiant") is pleased to announce that its Don Southwest 'E' Panel exploration well (211/18a-S7) has reached total depth of 11,540 TVDSS feet (3,517 metres) and has encountered a hydrocarbon bearing Brent sand formation indicating a gross...

Posted on 1/23/2011 / 0 comments / Read More

Successful Launch Ceremony for TSHD CONGO RIVER (The Netherlands)

The launch ceremony for the 30,000m³ trailing suction hopper dredger CONGO RIVER took place on 21 January 2011 at the IHC Merwede shipyard in Krimpen aan den IJssel, The Netherlands. IHC Merwede is building the impressive ship for the DEME Group and the CONGO...

Posted on 1/23/2011 / 0 comments / Read More

Croatia: New tender for major shipyards on May 3 2011

Croatia said on Thursday a bid for one of its major shipyards had been abandoned, a step which might slow down the pace of European Union entry talks, in which the cutting of subsidies to ailing docks is a key demand. [Read More] Source: Balkans....

Posted on 1/23/2011 / 0 comments / Read More

China aims to make more waves

There are vast cranes moving back and forth, a cacophony of hammering, welding and drilling, and a brisk pace of activity that no doubt helps the workers keep warm in the bitter cold of winter. Here at the China Shipbuilding Indhttp://www.thenational.ae/thenationalconversation/industry-insights/economics/china-aims-to-make-more-wavesustry...

Posted on 1/23/2011 / 0 comments / Read More

VENEZUELA Claims 297 Billion Barrels of Proven Oil Reserves

“At the end of 2010, we had a level of 217 billion barrels of oil, and now, at the start of this year, we are in a position to certify 297 billion barrels,” says Venezuela Energy and Petroleum Minister Rafael Ramirez, meaning that the South American nation would...

Posted on 1/23/2011 / 0 comments / Read More

Fugro, IPEX Win Deepwater Drop Coring Project in Brazil

Fugro Brasil, along with consortium partner IPEX, has recently been awarded a deep water drop coring project by the ANP (National Oil & Gas Agency) for the Ceará Basin development plan in the north-east of Brazil, in order to increase knowledge of the equatorial...

Posted on 1/23/2011 / 0 comments / Read More

Brent oil, gas platforms shut for weeks-Shell

Four North Sea Brent oil and gas platforms, which shut down on Saturday, are expected to remain closed for several weeks, a spokeswoman for operator Shell said on Friday. "Works are progressing on Brent Bravo, they are expected to take several weeks. Production...

Posted on 1/23/2011 / 0 comments / Read More

Wod Mac Report Highlights Increased UK Expenditure in 2011

Wood Mackenzie's latest analysis of the UK upstream oil and gas industry finds that the steady recovery seen in 2010 will continue in 2011. Returning confidence will see capital investment nearly double from £4.4 billion in 2010 to £7.7 billion in 2011, leading...

Posted on 1/23/2011 / 0 comments / Read More

'K'Line Offshore: PSV KL Brisfjord delivered

For some days in early January three newbuildings for K Line Offshore AS were berthed at STX Brevik-yard. On 13th January KL Brisfjord was successfully delivered.The vessel has a deadweight of 5.185 T and cargo deck area of 1.100 m2. KL Brisfjord is flying NOR-flag...

Posted on 1/23/2011 / 0 comments / Read More

India: ONGC detects oil leak on subsea pipeline offshore Mumbai

India's Oil and Natural Gas Corp. (ONGC) leakage has been detected at ONGC’s Mumbai Uran Trunk (MUT) offshore India oil pipeline at 8:45 this morning. The oil leak was observed 2 kilometers from the BPB platform on the Bassein oil and gas field offshore western...

Posted on 1/23/2011 / 0 comments / Read More

Maersk Oil awarded Avaldsnes licence in Norway

Maersk Oil announces it has been awarded a licence in the Norwegian North Sea as a result of the latest APA Licensing Round. The licence is a geographical extension of Licence PL501, where operator Lundin and partners Statoil and Maersk Oil made the recent Avaldsnes...

Posted on 1/23/2011 / 0 comments / Read More

Egyptian oil worker kidnapped from Nigerian vessel

Gunmen have kidnapped an Egyptian oil services worker from a Nigerian vessel contracted by Italian energy firm Agip off the coast of the Niger Delta, the company which owns the vessel said on Friday. [Read more] Source: Reut...

Posted on 1/23/2011 / 0 comments / Read More

Nord Stream AG: Constructive Dialogue to Continue

The status of the Nord Stream Pipeline construction and the considerations of the Szczecin and Swinoujscie Seaports Authority regarding deepening and expanding the ports and its approaches were the focal point of a meeting between Nord Stream representatives and...

Posted on 1/23/2011 / 0 comments / Read More

Woodside Petroleum revenue jumps despite fall in output

WOODSIDE Petroleum has reported a 20 per cent gain in full-year revenue as rising oil and gas prices, and the renegotiation of North West Shelf liquefied natural gas contracts, offset a drop in production. In its fourth-quarter report yesterday, Woodside logged...

Posted on 1/23/2011 / 0 comments / Read More

Aker Drilling selects advisers for IPO

Further to yesterday’s announcement of the contemplated initial public offering (IPO) of Aker Drilling, the company wishes to inform that Arctic Securities, DnB NOR Markets, Pareto Securities and RS Platou Markets have been retained as financial advisors and facilitators...

Posted on 1/23/2011 / 0 comments / Read More

Schilling Robotics Expands into Asia-Pacific and South America Regions

Schilling Robotics, LLC, experts in subsea systems, announced today that it has formally opened a new support center in Singapore, and has commenced construction of another support center in Brazil which will open in April 2011. This international expansion of...

Posted on 1/23/2011 / 0 comments / Read More

CHANGE IN MHB BOARDROOM

Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) has appointed Mr Dominique de Soras as a Non-Independent Executive Director and also the new Managing Director and Chief Executive Officer with effect from 1 February 2011.  He will replace En. Wan...

Posted on 1/23/2011 / 0 comments / Read More