Compressor blamed for fire

A FIRE in the engine room of one of the world’s few coal-burning merchant ships was caused by an overheating air compressor, an inquiry has found.  The fire began after an explosion on 10 February last year when the 76,358dwt River Embley was at anchor at Gladstone, Queensland, at the end of a...

Posted on 1/25/2011 / 0 comments / Read More

Petrobras Discovers ‘High Quality’ Oil in Santos Basin

Petroleo Brasileiro SA, Brazil’s state-run energy producer, said it discovered “high quality” oil in deep waters at an offshore field in the Santos Basin. The find occurred after drilling the 3-BRSA-861-SPS well located 275 kilometers (170 miles) off the coast...

Posted on 1/25/2011 / 0 comments / Read More

Lukashenka to buy oil on terms of Moscow

Belarusian oil refineries signed oil import contracts for January on the conditions offered by Russian companies, which means a price bonus of $6.3 per barrel, or $46 per tonne. Interfax-Zapad news agency learnt this on Tuesday from an oil market player. “In accordance...

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Cuba reports oil and gas output unchanged

Cuba's oil and natural gas production last year was similar to 2009 as output continued to stagnate and new wells simply made up for the decline in old ones output, state-run media said on Tuesday. [Read more] Source: Reut...

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Ecopetrol and Talisman Energy Finalize the Purchase of BP in Colombia and Announce Change of Company Name

Once obtained the corresponding authorizations, Ecopetrol S.A.and Talisman Colombia Holdco Limited (Talisman) completed today the acquisition of BP Exploration Company (Colombia) Limited for US$1.750 billion. Ecopetrol will have 51% of the new company and Talisman the remaining 49%. "This transaction...

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Sable Island Nova Scotia gas production cut-Spectra

Natural gas production from the Sable Offshore Energy Project, off the coast of Nova Scotia, was decreased on Tuesday, Spectra Energy pipeline units Maritimes U.S. and Maritimes Canada said in separate notices. [Read more] Source: Reut...

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Odense deliver the first of three frigates

Odense Steel Shipyard has officially delivered the first of the three frigates under construction for the Danish Navy. The first one is now handed over to the Navy and will during the next 12 months be fitted with military equipment before being operative at the...

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Plains All American Pipeline To Expand Capacity of Basin Pipeline System

Plains All American Pipeline, L.P. today announced a project to expand the capacity of its Basin Pipeline system to provide additional take-away capacity for increased crude oil production in west Texas and New Mexico. The Basin Pipeline system, which is 87% owned...

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COSCO gets newbuild semisub heavy-lift vessel

COSCO Shipping Co. by has received the newbuild semisubmersible Xiang Yun Kou heavy-lift vessel built by Guangzhou Shipyard International. The vessel has twin propellers and diesel-electric propulsion, and a deadweight of 48,231 metric tons (53,165 tons).Xiang...

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New shipping rules urged to avert "Arctic Titanic"

The Arctic Ocean needs tough new shipping rules as a rapid thaw opens the remote, icy region and brings risks of disasters on the scale of the Titanic, politicians and experts said on Monday. [Read More] Source: Reut...

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Hijacked Vietnamese cargo ship expected to be ransomed for $5 mln 0

The owners of a seized Vietnamese cargo vessel estimated Sunday that pirates will demand US$5 million for the release of the ship and its crew.   Last week, the Hoang Son Sun and 24 Vietnamese seamen were captured by Somali pirates. [Read More] Source:...

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Ethiopian Shipping Lines orders 9 ships from China

CHINA's active engagement with Africa has resulted in Ethiopian Shipping Lines (ESL) making its largest vessel order in the company's 46-year history, reports maritime consultant Alphaliner. The Ethiopian national carrier has placed a contract for nine new ships at Chinese yards this week for about...

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Power Play: Petrobras jumps to third largest energy company in the world

Brazilian major Petrobras has taken a step up to third place in the PFC Energy 50. The ranking came out this week, listing the biggest energy companies in the world based on capital value. Petrobras ended December 2010 at US $228.9 billion, relegating Shell and...

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UNX ENERGY SIGNS 3D SEISMIC CONTRACT WITH POLARCUS

UNX Energy Corp., an emerging oil and gas company with interests offshore Namibia, has signed a 3D seismic contract with Polarcus Limited . UNX plans to acquire 1,460 km2 of 3D seismic in the 90%-owned 2713 blocks in offshore Namibia. The 3D seismic program is...

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Maersk to plan optimum route by new weather tool

Maersk Line is using a new tool that updates ships with changing weather conditions on their routes to improve reliability. [Read More] Source: Sea N...

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India`s Shipping Outlook Negative in 2010: Fitch

Credit rating agency, Fitch Ratings says the outlook for the Indian shipping industry is negative in 2010, due to increased competition and, consequently, low freight rates. Assets acquired in the last two to three years (and hence at peak prices) are now at low yields - at times below [Read More] Source:...

Posted on 1/25/2011 / 0 comments / Read More

Baker Hughes Reports Fourfold Increase in Profit on Demand for Drilling

Baker Hughes Inc., the oilfield contractor that acquired BJ Services Co. last year, said profit quadrupled as higher crude prices lifted demand for drilling work in North America. Net income rose to $335 million, or 77 cents a share, from $84 million, or 27 cents, a year earlier, the Houston-based company...

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Gorch Fock crew drank heavily, report says

More serious allegations about conditions on the German navy training ship “Gorch Fock” emerged Tuesday, with sailors reporting excessive drinking, death threats, sexual assault and unprofessional conduct by officers on board. [Read More] Source: The Lo...

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Keppel's 4Q profits up 17%

The improving offshore and marine industry, and higher productivity in its rig-building business helped Keppel Corp to achieve record profits in the fourth quarter. Net profit for the three months ended Dec 31 rose 17 per cent to $403 million - the highest quarterly...

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Maersk and CMA CGM re-organise Far East-Greece services

MAERSK Line and CMA CGM, the world's largest and third carriers, have announced a reorganisation of their Far East-Greece service from their joint AE-12/BEX 2 loop to the AE-11/MEX 2 loop. [Read More] Source: Sea New...

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UN study proposes Somalia pirate court

Somali pirates are expanding their attacks and costing the world more than $7 billion a year, according to a UN study that calls for stepped up security and a pirate court. The report by former French minister Jack Lang suggests establishing a court under Somali jurisdiction but based in a foreign country...

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Maersk Oil: Billion Dollar Project Reaches Major Milestone (Brazil)

The floating production unit Maersk Peregrino is in position and ready to work in the booming Brazilian offshore market. The transformation is the pinnacle of a comprehensive process and succeeded only due to excellent partnership and teamwork. [Read more] Source:...

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Port Tracker Forecasts Strong Europe Container Growth

Container volumes across Europe ended the year on a high note with estimates for November 2010 reaching just over 3 million 20-foot equivalent units of containers and for 2011 growth in the high single digits, according to the Global Port Tracker. [Read More] Source:...

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Hyundai Heavy Industries to Hit 100 Million Gross Tons

Hyundai Heavy Industries is set to be the first shipyard to hit 100 million gross tons in April with regard to combined newbuild output of commercial ships. The company completed its first shipbuilding contract for a 260,000t vessel in 1997 and has delivered 1,590 ships of 96.737 million gross tons...

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Shipping industry reacts to successful action against pirate hijackers

BIMCO, the International Chamber of Shipping, INTERCARGO and INTERTANKO congratulate the governments of the Republic of Korea and of Malaysia, and their naval and joint action forces, on repossessing from Somali pirate gangs the hijacked chemical tankers Samho Jewelry and Bunga Laurel and freeing their...

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Panoro Energy ASA signs farm-out agreement for blocks SM-1035, SM-1036 and SM-1100 in the Santos Basin offshore Brazil

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil, is pleased to announce that the Company has reached agreement to farm out 35% of Panoro’s 50% interest in its three shallow water exploration...

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Tankers booked to store distillates in Europe

At least 240,000 tonnes of clean fuel products were booked for storage in Europe beginning in late January, likely distillates, traders and shipbrokers said yesterday. Geneva-based Taurus Petroleum fixed two 80,000 tonne clean tankers for storage between 30 and 60 days, traders said. Morgan Stanley...

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Statoil gets go-ahead to drill Norwegian North Sea wildcat well

The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for well 30/11-8 S with the Ocean Vanguard semisub on production license 035 in the Norwegian North Sea.  Well 30/11-8 S is located about 20 kilometers southwest of the...

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Dry bulk market takes yet another nosedive, Capesizes look rather unattractive at the moment

The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had passed. As it turned out yesterday, it hadn’t. The industry’s benchmark, the Baltic Dry Index lost another 3.94% to reach 1,292 points, with the Capesize segment...

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Russia OKs pro-shipbuilding bill

The bill intended for support of Russian shipping and shipbuilding industry was approved by the Government Committee for legislative activities, Victor Olersky, Deputy Minister of Transport said in St. Petersburg, PortNews reports. [Read More] Source: Asiasi...

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Maersk ULCSs may trigger capacity race

Maersk’s rumoured order for 18,000 TEU containerships could change the competitive landscape for the container carriers, with the new designs expected to breach existing vessel dimensions in a significant way. [Read More] Source: Motorship ...

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Total makes two more discoveries, supporting another development hub at Moho-Bilondo offshore Congo

French major Total has made two hydrocarbon discoveries at its Moho-Bilondo license offshore the Republic of Congo.  Located in waters measuring about 800 meters deep, exploration well Bilondo Marine 2 (BILDM-2) transected 77 meters of gross reservoir pay,...

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LUNDIN PETROLEUM: LUNDIN PETROLEUM CAPITAL EXPENDITURE BUDGET OF USD 540 MILLION IN 2011.

Lundin Petroleum AB  announces the details of its USD 540 million development and exploration budget for 2011. The budget represents a 38 percent increase on the forecast 2010 capital expenditure. The development budget for 2011 is USD 240 million with a...

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Van der Velden Marine Systems Delivers Largest Ever BARKE Rudders

The Oceangoing vessels division of Van der Velden Marine Systems has delivered the largest in-house designed BARKE® rudders in its history. The two flap-type rudders have been installed onboard the 30,000 m³ trailing suction hopper dredger Congo River. Built for the DEME Group, the impressive trailing...

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COSCO gets newbuild semisub heavy-lift vessel

COSCO Shipping Co. by has received the newbuild semisubmersible Xiang Yun Kou heavy-lift vessel built by Guangzhou Shipyard International. The vessel has twin propellers and diesel-electric propulsion, and a deadweight of 48,231 metric tons (53,165 tons). [Read...

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Helix Announces Departure of COO

Helix Energy Solutions Group, Inc.  announced today that Bart Heijermans has resigned as Executive Vice President and Chief Operating Officer effective January 21, 2011. Mr. Heijermans’ duties will be assumed by Owen Kratz and other members of senior management. Owen Kratz, Helix’s President and...

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Drilling ship for Norway's Goliat delayed-Saipem

Italy's oilfield services group Saipem said on Tuesday a delivery of its Scarabeo 8 drilling vessel, to be used in development of Norway's Goliat oilfield, will be delayed by about six months. The delivery is now expected in the fourth quarter 2011 because some...

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France, Russia Sign Landmark Mistral Contract

Deputy Prime Minister Igor Sechin and France's Defense Minister Alain Juppe signed a landmark arms deal Tuesday that commits France to deliver two Mistral-class helicopter carriers to the Russian navy. [Read More] Source: The Moscow Time...

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Brazil: Three Companies Bid for New Port of Manaus Development

Lira group, APM Terminals and an Italian company have all bid to develop the New Port of Manaus in Brazil. The port will occupy a site formerly used by the Amazonas Steel Company (Siderama). [Read More] Source: Dredging To...

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Hyperdynamics Announces Termination Of Letter Of Intent And Updates Plans

Hyperdynamics Corporation today announced that the non-binding Letter of Intent it signed with a large independent oil and gas company has been terminated.  The announcement of the Letter of Intent was made by Hyperdynamics on December 16, 2010.  "We...

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Korea Line seeks receivership as freight rates tumble

South Korea's Korea Line Corp (005880.KS: Quote) said on Tuesday it had filed for receivership, squeezed by a sharp drop in dry-bulk rates and growing global vessel deliveries ordered before the economic turmoil of 2008. [Read More] Source: Reut...

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Hyundai Heavy's Steel-Plate Use to Rise 14% on Surge in Ship Production

Hyundai Heavy Industries Co., the world’s biggest buyer of steel plate, plans to increase use of the material 14 percent this year to the most since 2008 as it boosts production of container vessels and oil tankers. [Read More] Source: Bloomb...

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Fairmount tugs commence tow of ultra large FPSO Pazflor

Three tugs of FAIRMOUNT MARINE have recently  started the tow of floating production storage and offloading unit Pazflor from Korea to Angola. Under command of lead tow master captain Wim van der Kort the tugs FAIRMOUNT EXPEDITION, FAIRMOUNT GLACIER and FAIRMOUNT...

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Maersk Oil Acquires Zero Emission Technology Rights

Maersk Oil, a fully owned subsidiary of A.P. Møller - Mærsk A/S, has acquired licences to Clean Energy System's Oxy-Fuel technology that allows zero-emission power generation in combination with oil and gas projects. The Oxy-Fuel technology uses pure oxygen to...

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DOF Subsea UK Secures Contract with Saipem

DOF Subsea AS's subsidiary, the Aberdeen-based specialist subsea service company DOF Subsea UK has been awarded multiple contracts with Saipem. The first award is for the design and provision of 35 Subsea Transponder Frames for installation in the Kizomba Field,...

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Songa Offshore SE announces increase of ownership in Deepwater Driller Ltd.

Reference is made to the press release sent out by Songa Offshore SE (the "Company") on 24 March 2010 regarding the investment of 31,25% of the shares in Deepwater Driller Ltd ("Deepwater Driller").  Deepwater Driller owns the "Songa Eclipse", a 6th generation...

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