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Western GOM Lease Sale Attracts Bids of $337 Million

The Department of the Interior’s Bureau of Ocean Energy Management announced that its Western Gulf of Mexico Oil and Gas Lease Sale 218, held today in New Orleans, attracted $337,688,341 in high bids and included 20 companies submitting 241 bids on 191 tracts comprising over a million acres offshore Texas.   The sum of all bids received totaled $712,725,998. This announcement is consistent with steps President Obama announced in May 2011 to expand domestic oil and gas production safely and responsibly. “Today’s lease sale, the first since the tragic events of Deepwater Horizon, continues the Obama administration’s commitment to a balanced and comprehensive energy plan,” said Secretary of the Interior Ken Salazar, who attended the sale and provided opening remarks. “Offshore drilling will never be risk free, but over the last 19 months we have moved quickly and aggressively with the most significant oil and gas reforms in U.S. history to make it safer and more environmentally responsible. Today’s sale is another step in ensuring the safe and responsible development of the nation’s offshore energy resources.” Sale 218, the last remaining Western Gulf Planning Area sale scheduled in the 2007-2012 Outer Continental Shelf (OCS) Oil and Natural Gas Leasing Program, made available 3,913 unleased blocks covering more than 21 million acres – equal to an area the size of South Carolina

Moore Stephens Recommends Exploring Leasing Solutions

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International accountant and shipping adviser Moore Stephens said shipping companies should explore leasing opportunities as a way of adjusting their self-owned and chartered-in tonnage balance in response to the radical changes that have taken place in ship financing in recent years. Phil Cowan, the firm’s Head of Corporate Finance, said, “The traditional thinking of a company needing to own all the resources it uses to operate has been successfully challenged for many years

Get Ready for Changes in Lease Reporting


By Richard Paine, Sr., from the December 2010 edition of MarineNews Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB

NOIA Supports DOI’s Mid- and South Atlantic G&G Impact Statement

Washington, D.C.– The National Ocean Industries Association (NOIA) appreciates that the Draft Programmatic Environmental Impact Statement (DPEIS) for the Mid- and South Atlantic G&G Activities announced by the Department of the Interior is an important first step toward potential energy exploration and development in the Atlantic Outer Continental Shelf (OCS).  “Since the areas have been largely unexplored for over two decades, due to executive and Congressional bans

Continued Growth for Container Leasing Sector

Photo: Drewry

The container leasing sector experienced another year of stellar growth in 2013 thanks to the continuing weakness of carrier financials, according to Drewry’s recently published Container Leasing report. And Drewry forecasts that this trend will continue. The leased container fleet (teu) expanded 7.3% in 2013, fast outpacing the 2% growth recorded by the fleet owned by transport operators, most of whom are shipping lines

DOI Issues FSEIS for Chukchi Sea Lease Sale

The U.S. Department of the Interior (DOI) released a Final Supplemental Environmental Impact Statement (FSEIS) for Chukchi Sea Lease Sale 193, moving the DOI a step closer to resolving federal court concerns regarding the 2008 oil and gas leases offshore Alaska. The FSEIS updates the Bureau of Ocean Energy Management’s (BOEM) estimates of the full range of production levels from offshore oil fields that might be developed in the Chukchi Sea as well as the related potential environmental

Salazar Statement on Leasing Court Ruling

U.S. Department of the Interior Secretary Ken Salazar issued the following statement regarding the U.S. Court of Appeals for the District of Columbia Circuit ruling on DOI’s request for clarification of the Court’s earlier decision to vacate the 2007-2012 Outer Continental Shelf oil and natural gas leasing program:  “I am pleased with the Court’s decision.  Consistent with the Department’s request

BOEM to Hold Public Meeting in New Orleans

BOEM Will Hold Public Hearing on December 8th in New Orleans on Proposed Oil and Gas Leasing Program.   The Bureau of Ocean Energy Management (BOEM) will hold a public hearing in New Orleans on Dec. 8, 2011, to provide an opportunity to comment on the Draft Programmatic Environmental Impact Statement for the Proposed Outer Continental Shelf Oil and Gas Leasing Program for 2012 – 2017. This is one in a series of 13 public hearings.

NOIA Optimism on Gulf of Mexico Oilfield Sales

Trade Association NOIA, representing America's Offshore Energy Industry, sees a postive trend in the Gulf of Mexico offshore industry NOIA President Randall Luthi issued the following statement in advance of the forthcoming Central Gulf of Mexico Consolidated Lease Sale 216-222: Overall, compared to the last two years, we are seeing a positive trend for the offshore industry in the Gulf of Mexico, and we are looking forward to Wednesday’s lease sale with cautious optimism.

US Intermodal Container Leasing Market Report

'Intermodal Container Leasing in the US Industry' market research report published by IBISWorld Excerpts from the report are as follows: The Intermodal Container Leasing industry is heavily dependent on large-scale domestic and international trade levels. Thus, as consumer spending fell during the recession and demand for goods across the economy dipped, fewer containers were needed for the transport of products. However, China's resilience and strong growth throughout the past five years

Norway's Statoil to Exit Alaska

Photo: Statoil

Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive.   "Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out

Statoil’s Exit from Alaska ‘Disappointing’ -NOIA

Randall Luthi (Photo: NOIA)

NOIA President Randall Luthi, issued a statement on Statoil’s decision to exit the Alaskan Arctic, calling the departure “disappointing” yet “understandable” due to a tough economic and regulatory climate.  

Update: Statoil Follows Shell out of Alaska

Norwegian oil major Statoil said on Tuesday it will pull out of Alaska's Chukchi Sea, just weeks after Royal Dutch Shell abandoned the treacherous waters there after spending billions on oil exploration work.   The latest pullback comes as oil companies slash spending on expensive offshore

Frontline Reports Strongest 3Q

Frontline has one of the worlds largest fleets of VLCC and Suezmax tankers Credit Frontline

  * Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.

Shell Starts Bonga Phase 3 in Nigeria

Photo: Shell

Shell Nigeria Exploration and Production Company Ltd (SNEPCo) announced the start-up of production from the Bonga Phase 3 project.   Bonga Phase 3 is an expansion of the Bonga Main development, with peak production expected to be some 50,000 barrels of oil equivalent, Shell said

US Senators Introduce Bill to Limit Offshore Drilling

A group of U.S. Senators on the West Coast have introduced a bill Wednesday aiming to prohibit offshore drilling on the outer continental shelf of California, Oregon and Washington.   First introduced in 2010, the West Coast Ocean Protection Act

U.S. Cancels Arctic Offshore lease Sale

Secretary Sally Jewell Photo Tami Heilemann Courtesy US Dept of the Interior

  The U.S. Interior Department on Friday said it would cancel two potential Arctic offshore lease sales after Royal Dutch Shell PLC said that it was not interested in those leases. "In light of Shell's announcement, the amount of acreage already under lease and current market

NOIA Response : Cancellation of Alaska OCS Lease Sales

Outer Continental Shelf Image courtesy NOIA

  National Ocean Industries Association (NOIA) President Randall Luthi today issued the following statement regarding the Interior Department’s decision to cancel two offshore Alaska lease sales and deny requests to extend current Alaska offshore leases:

Arctic Oil Drilling: Why Does U.S. End It?

Image: An oil drilling rig operated by Royal Dutch Shell ran aground on a pristine wildlife-rich island in Alaska in 2013. Credit: Panda.Org

The Obama administration has taken steps to keep drill rigs out of Alaska's northern ocean for a decade or more. The sudden of turnabouts is attributed to slowing down of economy. The U.S. Department of Interior announced that it is canceling two lease sales and will not extend current leases for

China Gets Port of Darwin

Photo: Northern Territory Government

 The Northern Territory (NT) Government in Australia announced the successful bidder for the Port of Darwin – Landbridge Group, based in the People’s Republic of China.    Chinese privately owned energy and infrastructure conglomerate Landbridge Group has won a $A506

Golar Secures FSRU Golar Tundra Financing


  Golar LNG Limited announced today that it has received an underwritten financing commitment for the December 2015 delivering newbuild FSRU Golar Tundra. Based on the current cost of the Tundra, the facility of up to $216 million, to be provided by China Merchants Bank Leasing

Is Oil Industry Backing Away From Offshore Arctic Drilling ?

Prirazlomnaya platform. Photo: Information Directorate, Gazprom

 The principal difficulty for Arctic offshore drilling right now, according to oil industry think tank, is economic.  The companies may be back for another try at Arctic offshore drilling, in U.S. waters or elsewhere, if economic conditions change, reports AP.  

West Calcasieu Port Adds 11.5 Acres

West Calcasieu Port officials announced today that the port has completed the $1.5 million purchase of 11.5 acres of adjacent property to the facility on the Gulf Intracoastal Waterway.    “The additional property will increase port acreage to more than 200 acres

GSL in the Red

Image: Global Ship Lease

Global Ship Lease (GSL) has reported negative result for the third quarter of the year mainly due to impairment charges related to two vessels.   Company reported revenue of $42.18 million. The estimated revenue was of $39.92 million. Earnings per share were $0.08

NJ Offshore Wind Lease Sale Moves Ahead

Offshore Wind Photo TKPL

  As part of President Obama’s comprehensive Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, the Interior Department’s Bureau of Ocean Energy Management (BOEM) yesterday held the nation’s fifth competitive lease

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