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Oil Production

A.P. Moeller Hopes To Maintain 2001 Oil Production

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."


GOM Offshore Ops Returning to Normal

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


Tankers Pressured By Low Rates, High Costs

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 Chief: Bush Plan Will Not Spur More E&P

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.


Tropical Storm Keith Forces Key Oil Ports To Close

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.


Offshore Energy Industry Evacuates Before Ike

Photo credit:  NOAA

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


GOM Production to Resume Soon

While U.S. officials expect 90 percent of the Gulf oil and gas production facilities damaged by Hurricane Katrina to be back on line in less than a month, gas prices will most likely remain elevated for some time as the supply rebuilds, according to a UPI report. The story quotes Assistant Secretary for Land and Minerals Management Rebecca Watson as saying 'Although Hurricane Katrina moved through a core area of offshore operations and damaged many production and exploration facilities


Keppel On Track for First Delivery of 2007

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 Obtains US$ 850 Million for FPSO OSX-2

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


DOE, EPA, DOI to Partner on Oil & Gas Research

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


Crashes in Crucial US Crude Waterway Hit 10-year Low

USCG photo

Serious crashes in the bustling Bay of Galveston have fallen to the lowest level in a decade even as more oil moves on U.S. waterways, official data show, suggesting that better training and equipment are helping avert spills like one in March.


US 2014 Petroleum Production: Why Hubbert was Wrong

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


Russia Ships First Oil From Offshore Arctic Platform

(Image: http://media.gazprom-neft.com)

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.   Gazprom Neft, the oil arm of Russia's top gas producer Gazprom, shipped the first 70


Libya's Zueitina Oil Port Reopening Delayed

Liibyas Oil Export Terminal

  Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday. Two weeks ago, the Tripoli government reached an agreement


N.Sea Oilfield Plans 25 Days Maintenance

Reuters - Britain's biggest oilfield Buzzard will undergo 25 days of planned maintenance starting in late July, its operator Nexen confirmed on Friday. During this period production will be offline but the outage coincides with the planned 14-day shutdown of the Forties Pipeline System (FPS)


U.S. refiners oppose easing crude export limits

Four U.S. oil refiners, trying to counter growing calls to lift the nation's ban on most crude oil exports, have launched the first major lobbying effort to keep abundant U.S. oil supplies from being sold overseas. Rising U.S. shale oil production has opened the door to a possible revision of


Bill Aims to Lift Ban on Texas Energy Exports

Congressman Michael McCaul introduced H.R. 4349, the Crude Oil Export Act, which lifts the 1970s era prohibition on the export of American crude oil and would remove the major remaining barrier that keeps the U.S. from being competitive with other oil exporting nations.


Kuwait's oil output capacity rises to 3.3 mln bpd - KPC

Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3


Petrobras Shelves Debt Sales in Wake of Scandals

FPSO Cidade de Paraty (Photo: SBM Offshore)

Brazilian state-controlled oil company Petroleo Brasileiro SA, which has been hit by a series of scandals, shelved plans to sell debt in local and international debt markets later this year, a source with direct knowledge of the situation said on Monday.


Update: Petrobras Denies Shelving Debt Sales

Petroleo Brasileiro SA on Monday denied shelving plans to sell debt in local and international markets later this year because of a series of scandals regarding the Brazilian state-controlled oil producer. A source with direct knowledge of the plans told Reuters on Monday that the company was


ANS oil production to fall 1.8 pct for fiscal year

Alaska's North Slope oil production is forecast to decline 1.8 percent for the fiscal year ending June 30 instead of falling 3 percent as predicted in December, according to a report released this week. The Alaska Department of Revenue predicts production of 521


Keppel Extends Strategy into China

Company signs agreement to manage a shipyard in Quanzhou, China.   Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly owned subsidiary, FELS Offshore Pte Ltd, has signed a management services agreement with Titan Petrochemicals Group Limited (Titan) - a company in which


U.S. oil reserves highest since 1970s

Source: U.S. Energy Information Administration

U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013.


Oil Marketer Says Africa Needs to Refine its Oil

Ethiopia's leading private oil marketer plans to expand into neighboring east African economies and is interested in part financing a refinery after commercial discoveries in the region.   Tadesse Tilahun, CEO of National Oil Ethiopia


Brazil's Rousseff Says Petrobras Critics Distorting Facts

Dilma Rousseff official portrait web

Brazilian President Dilma Rousseff on Monday lashed out at critics of Petroleo Brasileiro SA, saying accusations of corruption, cost-overruns and stagnation at the state-run oil company were politically-motivated. "I won't tolerate any type of wrongdoing, criminal action


 
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