Oil and shipping group A.P. Moeller said it hoped to maintain its record North Sea oil production in 2001 at 300,000 barrels per day (bpd). Danish Underground Consortium (DUC), in which A.P. Moeller holds a 39 percent stake, produced 1.275 million tons of oil in 2000, 10.1 percent above 1999 level, while gas production was down 3.5 percent at 6.401 billion cu. m. "Oil production in 2000 was in line with expectations. We hope to maintain the current production of 300,000 bpd, but it's an ambitious target," Maersk Oil & Gas deputy director Bo Wildfang told Reuters. A.P. Moller had expected its oil and gas production in 2000 to end "a little higher" than in 1999. "A 10 percent rise in 2000 oil production is somewhat higher than my estimate and compensates for a lower-than-expected gas sale," analyst at Carnegie Dan Togo Jensen said. "Oil production is about to flatten out and at the same time costs will rise, leading to lower earnings per barrel," Togo Jensen said. A.P. Moeller's oil production in 2000 was boosted by the group's recent find, the Halfdan Field, which seems to contain more oil than originally expected and produced 35,900 bpd in December. "We might go higher than 40,000 bpd," Bo Wildfang said. A spokesman at the Danish Energy Agency said the agency expected DUC to produce approximately the same level of oil in 2001 as last year. "Halfdan's contribution is rising and compensates for lower production from older fields."
Oil and natural gas production levels and the number of workers on offshore rigs and production facilities were close to or at normal levels today as offshore operations resumed after the threat of Tropical Depression No. 10 passed late last week. Workers remained evacuated from three production platforms, or 0.4 percent of the 834 manned platforms in the U.S. Gulf. All personnel evacuated from rigs have been redeployed to the 89 rigs operating in the Gulf. Approximately 19.3 percent of U.S
Oil tankers are reportedly being squeezed by low freight rates and high fuel costs, and some older ships may be heading for the scrapyard. An OPEC cut in oil production combined with reduced demand and high bunker fuel prices makes it difficult for even older tankers with little financial commitment to break-even, according to a report by shipbrokers Simpson, Spence and Young.
BP Plc Chief Executive Sir John Browne described President George W. Bush's energy plan as "comprehensive" but said it would not make crude oil any cheaper and would not spur BP to step up its U.S. oil and gas exploration efforts which are already running at full steam. "Domestic measures make very little difference to the price of oil ... the price of crude oil really is set by the supply managers of the world, and that presently is OPEC," Browne said.
Two of Mexico's key oil export ports were shut down on Wednesday as tropical depression Keith whipped up winds and waves in the Gulf of Mexico, though the effects on oil production were not immediately known, authorities said. The port of Dos Bocas in southeastern Tabasco state was closed as winds blew from 21 and 27 miles per hour and seas swelled at between eight and 10 ft., said the transport ministry in a statement.
The offshore energy industry continues to evacuate workers from the in advance of Hurricane Ike. According to the Minerals Management Service, 78 percent of oil production was shut in because of the approaching storm. Some 23 percent of the platforms in the Gulf and 36 percent of the rigs in the Gulf have been evacuated. Platforms are the offshore structures from which oil and natural gas are produced. Source: The Times-Picayune
Keppel Offshore & Marine Limited (Keppel O&M) maintains its track record of on time, on budget deliveries with its first completion in 2007. Through its wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), the Floating Production Storage and Offloading facility (FPSO) Polvo is on course to be delivered to valued customer, Prosafe Production (Prosafe) in February. FPSO Polvo was named by Lady Sponsor, Mrs CJ Hadden at a ceremony held earlier today
OSX 2 Leasing B.V., a subsidiary of the OSX Brasil S.A., entered into a facility agreement with a syndicate of international banks lead by ING, Itaú-BBA and Santander, related to the granting of a loan in the amount of US$ 850 million, pursuant to the contractual terms, for investment in the construction and installation of the FPSO OSX-2. The facility was initially underwritten by the three lead banks and thereafter syndicated globally
Obama Administration Announces New Partnership on Unconventional Natural Gas and Oil Research. Today, three federal agencies announced a formal partnership to coordinate and align all research associated with development of our nation’s abundant unconventional natural gas and oil resources. The partnership exemplifies the cross-government coordination required under President Obama’s executive order released earlier today
The White House likes to claim a share of the credit for the drilling revolution that has transformed North America's energy production and security. Except the revolution has largely taken place on private rather than public land, and energy producers feel frustrated about the numerous obstacles and long delays in obtaining permission to drill in areas directly controlled by the administration.
Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group, in joint venture with Taknia Libya Engineering Company (Taknia), has been awarded a front-end engineering design (FEED) contract by Nafusah Oil Operations B.V
The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.3bn of trade with the region is put at risk by being moved through the high maritime crime
Crowley Maritime Corp. said that the third of four tugboats in the Ocean-class series, Ocean Sky, has been christened in Houston. The ceremony served to formally welcome the third dynamic positioning (DP) tugboat to the company’s expanded ocean towing fleet
Exxon Mobil Corp is considering a multi-billion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.S. shale oil boom, people with knowledge of the deliberations said.
Angolan state oil company Sonangol plans to launch a tender for licences to explore 12 new offshore oil blocks in 2015, state news agency Angop cited Oil Minister Jose Botelho de Vasconcelos as saying on Friday. Seven of the new blocks will be located in the Namibe Basin and the remaining five
KNOT Offshore Partners says it has entered into agreements to acquire from Knutsen NYK Offshore Tankers AS all of the ownership interests in the companies that own and operate the shuttle tankers 'Hilda Knutsen' and 'Torill Knutsen'. At the same time KNOT announce the public offering of 4,600
Brazil's Petrobras estimates it will save costs for 18,000 million dollars between 2015 and 2021 findings with direct contracting to explore four oil surplus subsalt areas of the country, the company said Friday . The company expects investment required would be for about 26
A recent WSJ article and BIS permits raise questions and highlight the debate as to what constitutes processing, or refining, or manufacturing, which would make certain hydrocarbon streams to be eligible for export. Poten & Partners explore further in their latest 'Poten Tanker Opinion' as
U.S. shipbuilders are making a $500 million bet on robust domestic demand for crude oil from newly-tapped shale fields by building new tankers without having lined up customers to lease them. Philly Tankers AS, majority-owned by Aker Philadelphia Shipyard is building four ships on spec
Russian President Vladimir Putin has signed off a new law on mineral extraction tax incentives for hydrocarbons produced in Yamal and the Nenets Autonomous District, reports official news agency Arctic-info. The document [signed] also refers to the resources that are extracted in Eastern Siberia
Profit at Petrobras, Brazil's state-led oil company, could be reduced by $15 billion between 2014 and 2018 if it had to suspend oil platform contracts with Holland's SBM Offshore NV, the company said in a securities filing. The potential reduction in profit is based on an estimate of the amount
Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will
A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court. According to a securities filing on Thursday
Hyundai Heavy Industries Co., Ltd. (HHI), the world’s biggest shipbuilder and a leading offshore facilities contractor, announced today that it received a Letter of Award (LOA) for a USD 1.94 billion order for the second package of the Nasr Full Field Development Project to build the
On July 11, Head of Rosneft Igor Sechin and General Director of Union CubaPetroleo (CUPET) Juan Torres Naranjo signed in Havana the Agreement on Cooperation in the Area of Enhanced Oil Recovery at Brownfields. The Agreement was signed in the presence of the Russian President Vladimir Putin and the