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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.


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


Union Rejects Oil Refinery Contract Offer

Union negotiators on Thursday rejected the latest contract offer from oil companies and said the largest U.S. refinery strike since 1980 may spread to more plants beyond the 11 where walkouts are underway. The United Steelworkers union (USW) said in a message to members and news media that the latest proposal from lead oil company negotiator Royal Dutch Shell Plc failed to improve safety at refineries and chemical plants in an "enforceable way."


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


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.


BHP Billiton Okay $2.2 bln Investments in Gulf of Mexico

Mad Dog Phase 2 Photo: BHP Billiton

 BHP Billiton has announced that the Board has approved expenditure of US$2.2 billion for its share of the development of the Mad Dog Phase 2 project in the Gulf of Mexico.   BHP Billiton holds a 23.9 per cent participating interest in the Mad Dog field.   


Wärtsilä, PGS ink Service Deal

Ramform Titan is one of the 8 seismic vessels under the service agreement between Wärtsilä and PGS. Photo Wartsila

Wärtsilä and PGS Geophysical AS have signed a service agreement that makes Wärtsilä the preferred service supplier for engines and other Wärtsilä equipment.   According to the agreement, Wärtsilä will take care of the maintenance of engines and


The Offshore Markets: 2016 In Review

Expectations at the start of the year that 2016 would be a tough one for the oil industry, and in particular for offshore, were on the whole fulfilled, says Clarksons Research report.   Overall upstream E&P spending globally fell for the second successive year


Keel Laid for Teekay’s First New Canada Tanker

Photo: Teekay Corporation

 Teekay Offshore will be the sole supplier and operator of shuttle tankers sfor East Coast Canada(ECC), says Teekay Corporation.   On February 15, the keel laying ceremony for Teekay’s first shuttle tanker newbuilding for ECC took place at the Samsung Heavy Industries shipyard in


Dryships to Expand into VLGC sector

The Table

DryShips Inc. announced today that, it has agreed to enter into a “zero cost” Option Agreement (“LPG Option Agreement”) with companies controlled by its Chairman and Chief Executive Officer, Mr. George Economou, to purchase up to four high specifications Very Large Gas


PDVSA Operations Impacted by Crude Spill

Shipping operations at one of three docks of Venezuela's main crude exporting port were halted after an oil spill occurred while loading a vessel bound for India, union and marine sources told Reuters on Tuesday.   The spill, which happened over the weekend and whose size has not yet been


PDVSA Terminal 'recovering' after Oil Spill

Shipping operations at one of three docks of Venezuela's main crude exporting port have "recovered" after a "minor" oil spill occurred over the weekend, state oil company PDVSA said on Wednesday, without saying how big the spill was.  


SBM Offshore Shares Gain on Hopes of Brazilian Settlement

Shares in Dutch offshore oil industry services company SBM Offshore rose on Friday on a media report the company was close to settling a corruption probe with Brazilian authorities that has prevented it from bidding for work in a major market.


Iran VLCCs in Europe on First Post-Sanctions Trip

Photo:  Islamic Republic of Iran Shipping Lines

 An Iranian oil tanker has called at a European port for the first time since the lifting of sanctions last January, IRNA news agency reported quoting Sirous Kianersi,  managing director of the National Iranian Tankers Company (NITC).  


Shell, Phillips 66 to Lift SPR bbls

File Image: A VLCC underway (CREDIT: AdobeStock)

Oil companies Shell and Phillips 66 together bought 6.4 million barrels of oil last week from the Strategic Petroleum Reserve (SPR), according to a Department of Energy document released on Tuesday.   Shell bought 6.2 million barrels of oil and Phillips 66 bought 200,000 barrels on Jan


Global Oil Demand to Grow into 2040s

 Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods even as the electric vehicle fleet expands rapidly and technology revolutionises transport, BP said in its annual Energy Outlook on Wednesday.


Shell to sell $3B in North Sea Assets

Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor


SBM Offshore Raises Dividend

Photo: SBM Offshore

Dutch oil-ship lessor SBM Offshore's full-year core profit (EBITDA) jumped 67 percent, driven by growth in its Lease and Operate business, the company said on Wednesday.   SBM, which has been seeking a settlement after being accused of paying bribes to executives of state-controlled oil


Venezuela Delays Crude Shipments amid Operational Mishaps, Low Output

Venezuelan state oil company PDVSA has delayed and canceled crude deliveries to commercial partners in recent months, according to documents seen by Reuters, a further sign of the steady production decline of the country's top export.  


Marine Contracts Hits Low, Says Wartsila's CEO

Jaakko Eskola. Photo: Wärtsilä

 In the marine markets, contracting activity fell to an exceptionally low level, Jaakko Eskola, President & CEO, Wärtsilä said in the annual report 2016.   The majority of the volume decline was seen in the shipping industry






 
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