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Feature: Offshore Drilling: 5-Year Projection is $189B

"Over the next five years it is expected that 15,000 offshore wells will be drilled worldwide, at a total cost of some $189 billion. Of these wells nearly 4,500 will be exploratory costing $75 billion, and around 10,500 will be development, costing $114bn. It is estimated that drilling and completion expenditure in 2003 was $36 billion. Spending levels are expected to grow somewhat over the next two years and then decline slightly, stabilising at about $37 billion per year." These are among the findings of the second edition of The World Offshore Drilling Report, published by Douglas-Westwood. Going Deeper The largest change that is forecast by the energy analysts is continuing growth in deepwater drilling (over 500 m water depth) which contrasts with a long-term decline in shallow water activity. "In the last decade reductions in available shallow water drilling opportunities have been counter-balanced by increasing deepwater activity. On average around 3,000 to 3,200 offshore wells are drilled each year of which 12 percent are now in deepwaters. These are expected to increase to around 17 percent of all wells drilled in 2008, with $56bn (30 percent of the total) forecast to be spent globally on drilling and completing deepwater wells over the next five years. This is an increase from $37bn (22 percent of the total) in the previous 5-year period," said study author, Dr. Michael R. Smith of EnergyFiles Ltd.


Can O&G Drilling Methods Help Mars Exploration?

Alfred William Eustes III

As the search for oil and gas reserves continues, exploration and production activities are occurring in increasingly harsh environments and drilling is going deeper than ever before. An experienced petroleum engineer is set to explain exactly how far this could extend – namely to Mars - at a Society of Petroleum Engineers (SPE) Aberdeen presentation and dinner meeting this month. Professor Alfred William Eustes III, a petroleum engineering and drilling specialist


Port Security Takes Center Stage

The entire United States (and anyone else in the world with access to cable or for that matter any TV) has become intimately involved in what is sure to become the seminal event of our time. The World Trade Center terrorism will change all of our lives in some respect from the day of the event onward. The only question is how much our lives will be changed. Even after the current threats pass our lives will ever be altered


Total Goes Deep Off Nigeria

Total reportedly launched its second Nigerian deep water drilling project, scheduled to come on stream in 2012 and expected eventually to yield 180,000 barrels a day, according to an AFP report. The new Usan project follows Total's first Nigerian deep water investment, the Akpo field. Deep water fields are further out to sea than offshore fields in shallower waters nearer the coastline. The new field will be operated by Elf Petroleum Nigeria Limited, a Total subsidiary


Marport Opens New Office in Ottawa Area

Ottawa, Ontario – May 2, 2011 – Marport Deep Sea Technologies Inc., a leading developer of advanced sonar technology for commercial and military applications, is pleased to announce the opening of a new office in Kanata, Ontario. Known as "Silicon Valley North", Kanata boasts a strong and vibrant high tech community and is within a 20 minute drive of downtown Ottawa. The new office will provide engineering and sales support to Marport’s commercial, government


Otto Marine Clinches Australia AHTS Contracts

AHTS Go Spica: Photo Otto Marine

Otto Marine says it has clinched AUD57-million worth of charter contracts in Australia for two of its large deep water AHTS vessels. Otto Marine Limited, which owns and operates a large fleet of offshore support vessels, with shipyard and other specialized offshore services, says that it has secured time charter contracts with two oil majors for its deep water anchor handlers, GO Sirius and GO Spica. Employed in drilling and pre-lay support, the 16


Bender Delivers Vessel to Otto Candies

M/V Juanita Candies was successfully delivered to Otto Candies, Inc. The vessel immediately departed Mobile en route to Fouchon, La. to go on long-term charter to Conoco in support of their deepwater drilling program. Both Agnes Candies and Juanita Candies have gone to work on high profile, deep water drilling projects, which is exactly the kind of work they were designed to perform. Feedback from the Candies operations people confirm the vessels are performing their mission well


Nera Introduces the Nera F33

Norwegian satellite equipment provider Nera SatCom AS, together with Inmarsat, introduced the new Nera F33 product concept to the maritime market. The Nera F33 will fill the gap between the existing Inmarsat Mini-M service /Nera WorldPhone and the global Inmarsat Fleet 77 service / Nera F77. The new Nera F33 is based on the Inmarsat Fleet F33 service concept, providing the light marine market with improved data communications from equipment suitable for the demands of today’s commercial


Oil, Gas Industry Push Deeper

The oil and gas expanded the offshore drilling frontier in the Gulf of Mexico. Already one of the most explored basins in the world, the Gulf of Mexico’s deepest hydrocarbon deposits will be auctioned off later this year, the result of political maneuvering in the waning moments of the last Congress. This new area will attract interest from companies with deep pockets and lots of patience, according to industry experts.


Bureau Veritas Extends Class to Offshore Drilling Safety

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International classification society Bureau Veritas has extended its classification rules to include the items of drilling equipment which are essential for the safety of offshore drilling operations.   These rules cover well control equipment including Blow-Out Preventers, marine risers, tensioning systems, heave-compensation systems, drawworks, mud circulating systems, cementing equipment, drilling derrick and supporting structures


Puerto Rico Announces Plan for Port of the Americas

Port of Ponce Authority actively seeking international port operator Puerto Rico announced today that it is looking for a major international port operator to partner with on the development of the Port of the Americas, located in Ponce, on the southern coast of the island


SC Ports Authority Container Volume Up 13%

Photo: SC Ports Authority

Today SC Ports Authority announced 13 percent year-over-year increases in container volume through the first quarter of the 2015 fiscal year. SCPA handled 150,790 twenty-foot equivalent units (TEUs) in September, up 13.4 percent over the same month in 2013. Container volumes are 10


Maersk Supply Service Orders Six Offshore Vessels

Maersk Supply Service, a unit in Danish conglomerate A.P. Moller-Maersk, said on Thursday it has placed an order for six new large anchor-handling tug supply vessels from Kleven Maritime in Norway. "The vessels are built for deep water operations and potential customers are international


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships


EMAS Offshore Launches Singapore Listing

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EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth;  Singapore public offer opens at 6.00 p.m. today and closes at 12.00  noon on 2 Oct 2014.   EMAS Offshore Limited (“EMAS Offshore”


Norvestor to Become PG’s Largest Shareholder

Per-Ola Baalerud, Partner in Norvestor Equity and chairman designate in PG (Photo courtesy of Norvestor)

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS. The transaction is expected to close end of October 2014


Odyssey Marine Implements Management Changes

Mark D. Gordon

President Mark D. Gordon appointed CEO, Greg Stemm becomes chairman as the company prepares for several monetization events and shipwreck projects Odyssey Marine Exploration, Inc., an in the field of deep-ocean exploration, has implemented its planned management transitions that were announced


ExxonMobil Donates $18 mi to Houston Health Institutions

Rex W. Tillerson, Age 62, Chairman and CEO since 2006; Director since 2004

  ExxonMobil today announced $18 million in grants to Houston health care facilities to support cancer prevention and cardiovascular research, expand pediatric care for children with autism and enhance pediatric liver disease research and clinical services.


Saipem Bags $750m E&C Contracts in Gulf of Mexico

Umberto Vergine, Saipem CEO,

  Saipem has been awarded new offshore Engineering & Construction contracts in the Gulf of Mexico, for a total amount of approximately $750 million. Pemex has awarded Saipem an EPCI contract for the development of the Lakach field


Seaspan Shipyards Completes Repair Work on Historic Tug

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Seaspan’s Vancouver Shipyards announced today it has completed volunteer repair work on the Steam Tow Boat Master (SS Master) as part of its $50,000 donation to the SS Master Society.                             


Cairn's JV Discovers Oil Offshore Senegal

Oil discovered offshore Senegal

Cairn together with its joint venture partners have announced that the FAN-1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 metres (m) water depth and approximately 100 kilometres offshore in the Sangomar Deep block, has reached a Target Depth (TD) of 4


Kvidal Named Yara Int'l Acting CEO

Torgeir Kvidal is appointed Acting CEO of Yara International

Torgeir Kvidal is appointed Acting CEO effective 7 October 2014, and Jørgen Ole Haslestad has resigned as Yara CEO. "Yara's Board have concluded that Haslestad is not the right person to lead the company going forward, also in light of the on-going talks with CF Industries


Ivory Coast Seeks Deepwater Oil Investors

(Source: Google Maps)

Ivory Coast will seek investors in its available offshore oil acreage, including seven new ultra-deep water blocks in the Gulf of Guinea, at a promotional event in Texas next week, a senior oil ministry official said on Tuesday. The West African nation will target companies including Exxon Mobil


GPA Marks 13 Percent 1Q Growth

Harbor deepening moves into construction phase.   On the heels of a state-federal agreement allowing the Savannah Harbor deepening to begin, the GPA has posted nearly 13 percent growth in container traffic for the first quarter of the fiscal year.  


UK Aircraft Carrier’s Center Blocks Completed

Photo: Cammell Laird

Cammell Laird has completed its first center blocks for a second aircraft carrier set to become the centerpiece of Britain’s military capability. The Birkenhead marine and engineering services company has fabricated and outfitted two blocks for the new Prince of Wales aircraft carrier






 
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