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World's Biggest Oil Platform May Sink

The world's biggest oil platform, owned by Brazil's state oil giant Petrobras, may sink, sending the death toll to 10 after two powerful explosions rocked the rig earlier Thursday, Petrobras president said. Petrobras President Henri Philippe Reichstul also said the nine workers missing since the blasts have little chance of survival, which would bring the death toll to 10. "The platform is listing 30 degrees and could sink," Reichstul told a press conference in Macae, Rio de Janeiro in a statement reported by Petrobras press department. Early Thursday morning, two powerful blasts rocked the rig, which stood 40 storeys high some 78 miles (125 km) off the coast of Rio de Janeiro state in the Roncador oil field in the Campos Basin, which produces most of Brazil's oil. The platform has capacity to produce 180,000 barrels of crude per day, though it was so far only pumping out about 80,000 barrels per day, or 5 percent of Brazil's total. - (Reuters)


ONGC to Finalize Shipbuilding Contract

According to a June 25 report on livemint.com, India’s biggest oil exploration company, the state-owned Oil and Natural Gas Corp. Ltd (ONGC), is expected to name within a week the winner of a tender to build 12 ships that will support its oil drilling operations. It was reported that Pipavav Shipyard Ltd, India’s newest private sector shipbuilder, has submitted the lowest bid. However, the winner will not be named ahead of a formal announcement by ONGC.


A.P. Moeller Profits Fly Orange

A.P. Moeller, operator of the world's leading container line and a big oil producer, posted sharply higher first-half profits on Thursday and said full year profits would improve considerably on 1999. Consolidated operating profit before depreciation rose 54 percent to $910 million and net profit surged 92 percent to 2.63 billion crowns. The results were slightly below forecasts in a Reuters poll of analysts. Moeller's shares -- up some 28 percent in the past four weeks for a 2001 earnings


Single-Hull Tanker Traffic to Saudi Ports Dwindles

A Dec. 25, 2009 report from Gulf News, said the number of single-hull supertankers bound for Saudi Arabia, the world's biggest oil-producer, fell 50 percent over the past month, according to ship-tracking data compiled by Bloomberg. Trading of single-hull tankers will become more restricted next year under International Maritime Organization regulations. The vessels will require inspections to prove their seaworthiness. (Source: www.gulfnews.com)


Petrobras Sends 20 Ships To Monitor Oil Spill

Petrobras moved about 200 men and 20 ships to monitor oil spilled offshore after the world's biggest rig was rocked by blasts and sank earlier this month. On March 15, three blasts ripped through Petrobras' 40-storey platform, the world's biggest oil rig, killing 11 and spilling about 11,000 gallons of diesel oil. Petrobras has mobilized 11,000 m of retaining barriers, 21 oil collecting units, 18 suction pumps and 40


Royal Dutch/Shell Workers Held Hostage In Nigeria

It was reported that militant youths in Nigeria's Niger Delta are holding 12 Royal Dutch/Shell workers hostage, to press for compensation for an oil spill in their area. Shell officials in Lagos said they were not aware of the kidnapping, which the youths said was to forced the oil company pay $1.5 million compensation for a 1989 oil spillage. Sources said the oil workers, mainly Nigerians, were seized by youths from Arhavwarien community in Ugheli South Local Council in southern Delta


MISC Proposes $973m Deal for Ramunia

MISChas proposed a $973m deal to merge its shipbuilding business with Ramunia Holdings, an oil services company. The merger would expand MISC’s plans to create a regional business building oil rigs to compete against neighbouring Singapore, which is the world’s largest producer of offshore energy platforms. The deal would be a reverse takeover that could allow MISC to list its Malaysia Marine and Heavy Engineering unit under the Ramunia name in hopes of copying the success of Keppel Corp


Exxon Mobil Plans to Drill Wells in Indonesia

Exxon Mobil plans to drill three exploratory wells in an Indonesian offshore oil block over the next three years, a company official said on Wednesday. Exxon Mobil signed an oil contract with the Indonesian government last month 2,062 sq mile of the offshore Surumana block in the Makassar Straits. The government had said that in the case of Surumana, any oil find would be split 65:35 percent between government and contractor. Meanwhile, any gas find would be split 60:40 percent.


Shell Aims to Develop Arctic Oil Field

One of the world's biggest oil companies believes Arctic waters, including those north of Alaska, hold huge promise as an oil and gas frontier, according to a Petroleum News report. Facing depletion of its regular oil sources, Shell views the Arctic as a very tantalizing opportunity to develop new oil and gas resources. The company's views tend to support studies by academics and agencies that Arctic basins contain about 25 percent of the world's remaining undiscovered resources


Saudi Aramco To Turn Back Some Tankers

Saudi Arabia's state oil company has informed shipping agents at the Gulf state's ports that it will turn back tankers that are not prepared for the Y2K potential computer glitch, an industry source said. Experts on Gulf oil industries say Saudi Arabia -- the world's biggest oil producer -- is the best prepared in the Gulf for Y2K. Saudi Aramco is requiring ship captains to fill out questionnaires to determine if their vessel is Y2K compliant, the industry source said


Oil Companies Bidding for Blocks in Colombia

Oil companies were bidding on Wednesday for 95 oil areas Colombia is offering for exploration and production in an effort to raise output from around 1 million barrels per day and increase stagnant reserves. Rights for the onshore, offshore and nonconventional or shale oil areas will be awarded


Flirting with Default, Argentina Enjoys Oil Drilling Boom

  Holders of Argentina's  defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds a way to solve its legal problems by the July 30 deadline. But away from the bad-tempered litigation in U.S


Total Has Moved Tripoli Expatriates out of Libya

French oil major Total has moved all expatriate staff based in Tripoli out of Libya following heavy fighting at the North African country's biggest airport in recent days, a spokeswoman said on Friday. "Following what happened at the airport


Oil Falls Towards $111 on Libya Ports Deal

Oil fell towards $111 a barrel on Wednesday, its lowest in almost three weeks, on a possible substantial recovery in Libyan exports after rebels said they would reopen two oil terminals. Libyan rebels blockading eastern oil ports have agreed to reopen the remaining two terminals at Es Sider and


Greece Promises Tax Cut to Attract O&G Majors

Ionnis Maniatis

Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday. Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently


House GOP Spearheads Bill to Expand Domestic Drilling

Today, the House passed H.R. 4899, The Lowering Gasoline Prices to Fuel an America that Works Act by a vote of 229-185. If enacted the bill would expedite oil and gas leasing on federal lands, open new offshore drilling areas and expand drilling in Alaska’s National Petroleum Reserve.


Greece to Launch Major Oil Quest in July

Greece will invite major oil companies next month to conduct offshore test drillings, the government said on Wednesday, launching the debt-laden country's most ambitious attempt so far to develop its untapped hydrocarbon potential. Athens has made several fruitless attempts over the past


Angola: Tender for 12 Offshore Oil Blocks

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


Norway to Retain Statoil Stake

Prime Minister Erna Solberg (Photo: http://www.regjeringen.no)

Norway's right wing government will retain its current holding in oil and gas firm Statoil , backing off a pre-election proposal to cut the stake to about 50 percent from the current two thirds of the shares.   The government led by the Conservative Prime Minister Erna Solberg has pledged


Head Of U.S. State Department's Energy Office To Step Down

Carlos Pascual is the State Department’s Special Envoy and Coordinator for International Energy Affairs

  The head of the State Department's office in charge of energy diplomacy will step down in August after playing a key role in getting countries such as China, India and Japan to cooperate with Western sanctions on Iran, officials said on Friday.


Helicopter Operators Set for Take-off as Oil Drilling Picks Up

A pickup in offshore drilling is swelling the orderbooks of the handful of helicopter operators that shuttle oil workers to and from remote rigs. Their stock prices, depressed after Big Oil's recent spending cuts, could also be readying for take-off.


Oil Producers Hope DC Talks Ease Export Ban

Recent meetings between U.S. oil producers and Commerce Department officials have fueled industry hopes that the Obama administration may soon begin to ease a longstanding ban on oil exports. Although it would require an act of Congress to end the four-decade export ban


"Soil Shift" Shuts Down Statoil Snorre B Platform

Snorre B - Photo Harald Pettersen - Statoil.jpg

Statoil shut oil production at its Snorre B platform in the North Sea and evacuated a quarter of the personnel there after detecting a soil shift under a drilling template and then oil leak, the company said on Monday. The Snorre field in the northern part of the North Sea is Norway's


Argentine Province Expects Big Oil To Bid In Shale Block Auction

Neuquen province

  Argentina's Neuquen province expects major global energy companies, including Royal Dutch Shell, Chevron Corp and Exxon Mobil Corp , to bid in a May auction of 11 oil blocks, its energy minister said on Wednesday.


Kashagan Output May Not Start Till 2016

Kashagan Oilfield

  Output at Kazakhstan's huge Kashagan oilfield may not start until 2016, the Financial Times said on Sunday, citing Kazakhstan's minister for economy and budget planning. Erbolat Dossayev told the FT he hoped production could be restarted late next year






 
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