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Oil Company

Investors Ask Oil Companies for Risk Reduction Strategies

According to an August 6 report from Environment News Service, suffering deep financial losses from the Deepwater Horizon oil spill in the Gulf of Mexico, and in response to a proliferation of deepwater offshore drilling for oil worldwide, investors have sent a joint letter to 27 major oil companies seeking transparency on risk reduction strategies for their offshore oil operations. Fifty-eight investors in the United States and Europe, representing trillions of dollars in assets, sent the request for more information to chief executive officers at the oil companies, including the world's three largest deepwater oil producers - ExxonMobil, Royal Dutch Shell and Brazil's state-owned oil company Petrobras. (Source: Environment News Service)


Oil Spill Contained in Davao

Elements of the Philippine Coast Guard Station (CGS) Sasa contained the spread of oil spill reported at the Legaspi Oil Company Incorporated at KM 09, Sasa, Davao City last Friday, January 17. According to report, the incident resulted when the coco fatty oil, a by-product of coconut oil, overflowed from the final catch basin at the refinery department of the said oil company. Approximately 500 liters of oil spilled affecting the seawall and foundation post of Legaspi Oil Company


MMS Delays Decision On Oil Drilling In California Waters

The U.S. Interior Department's Minerals Management Service (MMS) announced it will delay its decision on whether oil companies can drill for oil and natural gas off California's coast, until August 16, 1999. The MMS was scheduled to decide by June 30 if drilling would be allowed on 40 undeveloped leases off the central coast of California, but said it needs more time to review the oil company requests.


Exxon Mobil 1Q Income Soars To $5 Billion

Exxon Mobil Corp., the No. 1 oil company, said first-quarter earnings rose 51 percent, as it cashed in on strong crude oil and natural gas prices as well as better profits from refined fuels such as gasoline. Exxon Mobil posted record first-quarter income, excluding merger effects, of $5.05 billion, up from $3.35 billion in the year-earlier period. First-quarter revenues rose to $57.28 billion from $54.1 billion a year before


Concordia Maritime Signs Contracts with Lukoil

Concordia Maritime has signed two-year timecharter contracts for the V-MAX vessels Stena Vision and Stena Victory with Litasco, a subsidiary of the Russian oil company Lukoil. The new time charters will begin immediately upon expiration of the current charter contracts with the American oil company Sunoco at the end of 2007. The vessels are chartered in from Arlington Tankers Ltd until the end of 2009. With the new time charter contracts Concordia Maritime has secured employment


Norway To Simplify Licensing Rules

Norway's government wants to let firms other than pure oil companies apply for stakes in offshore oil and gas licenses as part of a drive to simplify the sector and attract investments. Government officials said smaller oil companies, downstream companies and the supply industry could take stakes in licenses on the shelf if the regulations are changed. Currently only pure oil and gas firms are allowed to apply. Analysts say that companies like offshore supply group Aker Maritime are


CNOOC to Bid on Nation Energy

CNOOC is likely to bid for a Kazakhstan oil company just days after it unveiled plans to spend $2.3 billion on offshore oil and gas assets in Nigeria, www.TheStandard.com reported. CNOOC is eyeing an offer for Nations Energy, an independent oil producer based in Canada. The move by CNOOC comes after the company announced the acquisition of a 45 percent stake in oil and gas fields owned by Nigerian oil company South Atlantic Petroleum earlier this week


Colombia Grants E&P Rights To 5 Oil Companies

The Colombian government Tuesday granted exploration and production rights on nine offshore areas on the Caribbean coast to five different companies in an effort to boost the country's oil reserves. In Tuesday's auction, Colombian state-owned oil company Ecopetrol SA, India's state-run oil company Oil and Natural Gas Corp. (500312.BY), Brazil's Petroleo Brasileiro SA (PBR), U.K.-based BP PlC (BP) and Hess Corp. (HES) won the rights separately or in partnership to explore the nine blocks


Gulf Navigation Holding PJSC Appoints CFO

Gulf Navigation Holding PJSC (DFM: GULFNAV) has announced the appointment of Khalid Karim to the position of Chief Financial Officer  Khalid brings to Gulf Navigation over 30 years of experience in major oil & gas and shipping companies in senior finance roles. He joins the company as it enters a new phase in its substantial expansionary plan where he will assist the company in its continuing growth strategy.


PGS Moves Asia Pacific HQ to Malaysia

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  Petroleum Geo-Services ASA : Kuala Lumpur Becomes the New Asia Pacific Regional Headquarters As a part of the plan to restructure PGS business activities in Asia Pacific the Company has decided to relocate its regional headquarters from Singapore to Kuala Lumpur ("KL"). The move will result in consolidation and centralization of resources and lead to improved competitive advantage and reduced costs, all of which are important in the current challenging market.


BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year, oil majors have been selling assets to protect cash flows and shareholder dividends.  


Oil Tankers are Front Line of Libya's Struggles

Crew members killed in tanker attack this month; West fears worsening violence could lead to civil war. Oil shippers face higher costs and the possible loss of insurance cover on Libyan voyages, caught in a struggle between the rival governments there and threatened by air attacks.


NewLead Expands Fleet to 10 Vessels

NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its strategy to capitalize on opportunities that arise in the market.   NewLead completed the acquisition of three bitumen tankers


Tauber Oil Opens West Calcasieu Port Operations

Photo: West Calcasieu Port

Tauber Oil Company of Houston has become the West Calcasieu Port’s newest tenant.    “Tauber Oil is a service-oriented wholesale energy marketing company with a reputation for reliable performance and untarnished character,” said Lynn Hohensee, port director


Petrobras Expects 3Q Unaudited Results Jan 27

Brazil's Petroleo Brasileiro SA expects to release unaudited third-quarter financial results on Jan. 27 after a scheduled meeting of its board of directors, the state-run oil company said Wednesday in a statement.   Petrobras, as the company is known


Traders to Store W.African Crude in US Until Prices Recover

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude.  


Shell, GDF Take Stakes in Floating LNG Terminal

Image: APGDC

Europe's largest oil company Royal Dutch Shell and French firm GDF Suez are likely to take 26 percent stake each in GAIL India Ltd’s proposed ‘floating LNG import terminal’ at Kakinada in Andhra Pradesh.   Andhra Pradesh Gas Distribution Corp (APGDC) – a joint


U.S. Oil Traders Storing W.African Crude

Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne


India to Talk Sanctions, LNG Imports During Obama Visit

India will use an upcoming visit by Barack Obama to press the United States to remove Indian oil companies from a list naming firms doing business in Iran, and to seek priority access to U.S. LNG exports, sources in the Oil Ministry said.  


Greencarrier Freight Services Achieves ISO Standards

Georg Skivik Moltu (Photo courtesy: Greencarrier Freight Services)

Greencarrier Freight Services’ business has strengthened its position in the energy and project forwarding markets by achieving management (ISO 9001) and environmental (ISO 14001) certification for its Energy & Project Business Unit.


The Deepwater Sector's Perfect Storm

Photo: Petrobras

Impact of $50 oil and Petrobras implosion on contracting in the floating production sector     The drop in oil/gas prices and ongoing implosion in Petrobras have combined to create a perfect storm in the deepwater sector. More than 170 projects involving oil production floaters and 35


Oil Majors Seek to Claw Back Costs from Service Firms

Global oil majors say they are demanding cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years. Cost overruns and delays were the main reason why oil majors generated


Chemical Tanker Turned OSV

In its former life, Uksnoy Shipping’s seismic support vessel Rig Adromeda was a Turkish-built chemical tanker,  converted to an Offshore Service Vessel with a twist: an innovative permanent-magnet propulsion system from Inpower. (Photo courtesy Uksnoy Shipping)

With innovation in its Norwegian DNA, Uksnoy Shipping took a chemical tanker and made it into an Offshore Service Vessel with an innovative propulsion system. The conversion of a Turkish-made chemical tanker and its retrofitting with a promising new energy-saving propulsion system in 2013


Oil Majors to Preserve Dividends Despite Oil Collapse

Oil well

  Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares.


U.S. Refinery Workers' Contract Talks Moving Slowly

  With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union (USW) said talks with oil company representatives for a new pact were going slow, according to a Twitter message sent to members.






 
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