Transpetro, a unit of Brazil's state-run oil firm Petroleo Brasileiro SA, signed contracts worth $866m for the construction of nine new oil tankers. The Rio Naval consortium will build five Aframax tankers for $517m, and four Panamax oil tankers for $349 million , Petrobras said. The vessels are to join Transpetro's fleet between 2009 and 2011, and are part of a $2.48b program to buy 26 new oil vessels in an initial phase. The first phase will create 11,000 direct jobs in Rio de Janeiro state alone, Petrobras said. The shipbuilding program is financed by Brazil's National Development Bank and aims to bring down Petrobras' costs for chartering ships and to revitalize Brazil's once-flourishing shipbuilding industry. Petrobras said it plans later to raise the number of new oil vessels to 42. Source: AP
M.Sc. (Econ.) Petri Pentti has been appointed CFO of Fortum's Oil Sector and of the new oil company to be listed on the Helsinki Exchanges. He assumes his new position in August 2004 and will be responsible for the whole economic function, including treasury and investor relations. He will report to Mr Risto Rinne, President of the Oil Sector. Petri Pentti is currently Senior Vice President and CFO of Finnair Oyj.
According to a June 1 report from the Los Angeles Times, the State Lands Commission lashed out at Gov. Arnold Schwarzenegger's attempt to reverse its rejection of the first new oil drilling in California waters since 1969. At a contentious hearing in Santa Monica, the commission passed a resolution urging legislators not to go along with Schwarzenegger's plan, which would revive a drilling project off the Santa Barbara County coast that the commission killed in January.
Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation. The estimated volume of the discovery is in the range of 30-80 million barrels of recoverable oil. "We are pleased with having proved new oil resources in the Grane area," said May-Liss Hauknes
A chronic shortage of rigs and workers has doubled the cost of producing oil and gas in the North Sea, threatening to make the UK’s domestic oil industry uncompetitive, warned UKOOA, the association of North Sea offshore operators, according to Times Online. Signs that costs are crimping investment emerge in the association’s survey of North Sea activity. Further evidence of the dramatic worldwide oil industry cost escalation emerged in a new index showing a 53 per cent increase in
Libya Wednesday took delivery of three new oil tankers at its port hosting the Refining Company in Zaouia, as part of ceremonies marking the 37th anniversary of the country`s September 1969 Revolution. Baghdadi Mahmoudi, Secretary of the Libyan People`s General Committee took delivery of the three tankers - Ibn Batouta, Gardhabia and Intissar - new additions to the Libyan Maritime Transport Company`s fleet. The tankers built in South Korea by Samaho Hundai
China National Offshore Oil Corp. will set up a joint venture to make pipelines along with a local private company. The move represents CNOOC Ltd.'s first foray into the petroleum pipeline manufacturing business. It is expected to help meet its rising demand for pipelines following acquisitions of overseas oil and gas assets. The joint venture will have a pipeline output capacity of 300,000 tons a year. CNOOC has started operations at a new oil field in Bohai Bay off the coast of
Kvichak Marine Industries recently delivered two all-aluminum 32 ft. oil service vessels to Foss Environmental Vessel Services, of Seattle. With one boat stationed in Seattle and one in San Diego, the Foss vessels are available for hire to perform environmentally safe vessel-to-vessel lube and cleaning, directly at the moorage site of the customer. The main customer focus is privately owned yachts and light commercial vessels
According to reports, the Coast Guard has issued new rules governing the transportation of oil through Buzzards Bay that require single-hulled tankers and oil barges to be escorted by a second tugboat. The rules are designed to reduce the likelihood of a spill and apply to vessels carrying 5,000 or more barrels of oil. They also require the primary tugboat to have a federally licensed pilot on board, independent of the master and crew.
The U.S. Coast Guard issued a notice announcing that recent legislation has increased the limits on liability for discharges and substantial threats of discharge of oil from vessels into waters of the United States. The existing Coast Guard regulations relating to the certificate of financial responsibility (COFR) will remain in effect until amended through rulemaking. Note: Ship owners and operators should be aware that, until the planned changes to the COFR regulations come into effect
Russia's Energy Minister Alexander Novak will intervene with Gazprom to raise reduced gas shipments to Slovakia to contracted levels, Slovakia's economy ministry said on Wednesday after bilateral talks in Moscow. Slovakia says natural gas flows to its national importer SPP have been reduced by
Uganda will auction new oil exploration acreage by December and compensate land owners at the site of a planned crude oil refinery, a government official said on Friday. Investor interest in Uganda's hydrocarbons potential has been growing since the east African country discovered
ExxonMobil is still drilling in the Russian Arctic, a Russian minister said on Friday, in move that if confirmed will anger Washington after the U.S. administration slapped sanctions on Moscow to suspend such operations by Western oil majors.
Gazprom Neft provided a summer shipment of oil from Novoportovskoe deposit – for the first time, the raw material was taken by sea and sent to European consumers, according to Russian official news agency Arctic-Info. The new oil called Novy Port is the light and low sulfur content (about
Apache Corporation today announced an oil discovery at the Phoenix South-1 well - the company's first discovery in Australia's offshore Canning Basin. Wireline and formation pressure tools have confirmed at least four discrete oil columns ranging in thickness between 85 and 151
Drillsearch Energy Limited announced that a new oil discovery at the Balgowan-1 exploration well in PEL 91 on the Western Flank Oil Fairway of the Cooper Basin. Wireline logs carried out at Balgowan-1 have confirmed a 9-metre gross oil column in the McKinlay-Namur and as a result
By John Kemp. The opinions expressed here are those of the author, a columnist for Reuters. Britain's North Sea exploration and production business is set to be transformed, with cooperation replacing competition and proactive, intrusive regulation replacing a light touch.
VIKING Life-Saving Equipment A/S announced its 2013 financial results, reporting growth in both turnover and profits for 10 straight years. The Danish-based company with a worldwide presence said it has “once more beaten the odds in an industry plagued by reductions in passenger and cargo
The United States has replaced OPEC as the marginal petroleum supplier to the world thanks to the shale revolution and improvements in automotive fuel efficiency. Net U.S. imports of crude and products have halved over the last five years
Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972. The rise in output has confounded the famous forecast made by Shell geologist M King Hubbert who predicted that U.S
The government of Niger, the world's fourth largest uranium producer, is on the verge of renewing an agreement with French state-controlled nuclear group Areva, the West African nation's mines minister said on Sunday. Niger, one of the world's poorest nations
Aker Solutions release Q1 2014 financial results and separately inform they will split into two companies to speed up a streamlining process that will reduce costs and better position all parts of the group to meet the needs of customers in an increasingly competitive global energy industry.
Move likely to infuriate Iraqi government in Baghdad; first 1 million barrel cargo being loaded at Ceyhan, Turkey. Tanker scheduled to sail later on Thursday, buyer not identified. Iraqi Kurdistan started loading oil from its new pipeline for shipment from a Turkish port on Thursday
Rosneft subsidiary Yuganskneftegaz officially opened two new oil and gas production units at the Priobskoye field, oil and gas production unit–22 and oil and gas production unit–23. The creation of new production units in Yuganskneftegaz is caused by intensive commissioning of
The board of Brazil's state-run oil company, Petrobras, approved the exploration of new oil and gas fields in February, Planning Minister Miriam Belchior said on Friday, countering criticism by some board members that they were not previously informed of a 15 billion reais ($6