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
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.
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
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.
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.
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 U.S. Minerals Management Service, which manages federal offshore leases, said a record number of drilling rig are working in ultra-deepwater in the Gulf of Mexico. Fifteen rigs are currently drilling for oil and natural gas in the ultra-deepwater of the Gulf at depths of 5,000 feet or greater. MMS officials say the record is the result of a decade-long trend of exploration companies looking to deeper regions of the Gulf.
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)
McDermott International, Inc. informs that one of its subsidiaries has been awarded a large engineering, procurement, construction and installation (“EPCI”) project by an operator in the Arabian Gulf. The award is included in McDermott’s fourth quarter 2013 backlog
By Manash Goswami, Reuters Brent crude futures slipped on Friday below $109 a barrel on expectations demand growth will slow as severe winter weather eases, with supply worries keeping the losses in check for now. A severe winter chill in the United States and Europe and supply disruption
Singapore's Swiber Holdings, a construction and support services provider to the offshore oil and gas industry, reported that it has achieved record revenue and net profit for the second consecutive year-running for the full year ended December 31, 2013.
By Ayesha Rascoe, Reuters The Obama administration on Thursday laid out a framework for assessing the amount of crude off the Atlantic coast, another step toward possibly allowing oil production in an area that has been out of reach for decades.
By Jacob Gronholt-Pedersen and Florence Tan, Reuters The Asia-Pacific crude market weakened on Monday with differentials for Russian Sokol depressed by slow demand during peak maintenance season, but a recovery in the naphtha market offset some of the losses.
By Shadi Bushra, Reuters Brent crude oil steadied around $110 a barrel on Monday, resisting sharp declines in some other risk assets on news of further supply losses in Africa and expectations of revived oil demand growth. Libyan oil output plunged further over the weekend
Teekay Offshore Partners say they have agreed to acquire ALP Maritime Services B.V. (ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Details as follows:
KNOT Offshore Partners reports net income of $7.9 million and operating income of $10.0 million for the fourth quarter of 2013, as compared to net income of $1.5 million and operating income of $5.7 million for the same period in the prior year
Significant Growth in FLNG Market as Export Projects Gain Traction; Natural Gas to Lead Energy Demand There are many different views on the future of energy supplies, but strong agreement in two areas; over the next 25 years or so population growth and GDP growth in the developing economies
A three-judge panel of the U.S. Ninth Circuit Court of Appeals has issued a ruling against the Department of Interior and oil companies including Shell in favor of environmental and Alaska Native groups and concluded the federal government failed to properly evaluate the scale of oil production
Reported spot market activity from the Arabian Gulf remains on an upward trend since 2010 in spite of rising US crude production, reports Poten & Partners’ in their latest ‘Tanker Opinions’. Over the past few years US domestic crude oil production has supplanted foreign
Prodigious US shale oil production is often treated as a threat to deepwater. Won’t all this oil swamp demand? Many investment banks and government agencies forecasting oil markets feel that it could. The evidence, however, suggests differently
Dana Gas received from the Egyptian Government authorities $53m from the current total outstanding receivables of $330m. Payment of $42 million has been received in US dollars and the balance in equivalent Egyptian pounds. Including this tranche, during 2013
Gazprom says it has started producing oil from the Prirazlomnoye field, which is the first Russian project for developing the Arctic shelf and the commencement, they say, of their large-scale activities aimed at creating a large hydrocarbon production center in the region.