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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.


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


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


Blaze hits Mexico Oil Platform, 300 Workers Evacuated

Mexican state-run oil company Pemex said on Wednesday that it was fighting a fire on oil platform in Campeche Bay on the Gulf of Mexico, home to the country's biggest oil field, and that some 300 workers have been evacuated. Pemex said on Twitter that a fire had broken out on the Abkatun


Libya's Hariga Oil Port Shut Due to Strike

Libyas port (Image: Temehu)

 Libya's eastern oil export port Hariga shut down because of a strike over unpaid salaries of  security guards, closing the country's last functioning export port apart from two offshore fields.  The closure will lower oil output to less than 300,000 barrels a day


Port Battle Underscores Possible Libya Break-Up

Graphic: Reuters

Armed factions deploying heavy weapons. Peace talks making little progress. Hidden behind a pile of sand, a tank points its gun towards Libya's biggest oil port on the other side of an invisible frontier that now divides the north African nation.


New Fighting for Libyan Oil Ports

New clashes erupted on Tuesday between rival factions fighting for control of Libya's biggest oil ports Es Sider and Ras Lanuf, killing at least 10 people, the two sides said.   The fighting came a day after the United Nations said it was seeking a ceasefire to pave the way for a new round


Oil Majors to Preserve Dividends Despite Oil Collapse

Oil well

  Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares.


Chemical Tanker Turned OSV

In its former life, Uksnoy Shipping’s seismic support vessel Rig Adromeda was a Turkish-built chemical tanker,  converted to an Offshore Service Vessel with a twist: an innovative permanent-magnet propulsion system from Inpower. (Photo courtesy Uksnoy Shipping)

With innovation in its Norwegian DNA, Uksnoy Shipping took a chemical tanker and made it into an Offshore Service Vessel with an innovative propulsion system. The conversion of a Turkish-made chemical tanker and its retrofitting with a promising new energy-saving propulsion system in 2013


U.S. Oil Traders Storing W.African Crude

Glencore, Suncor, ENI, Vitol all booking tankers; U.S. crude oil stocks at highest ever level for time of year. Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne


Traders to Store W.African Crude in US Until Prices Recover

Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude.  


Tankers to Store 25m Barrels of Oil At Sea

Image:Trafigura

Oil traders have booked at least 12 tankers to store 25 million barrels of crude at sea in a further sign of a build-up in global stocks, reports Reuters.   To take advantage of the crash in crude prices and make a profit down the line


Traders Book Oil Tankers to Store 25m Barrels at Sea

Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. Floating storage levels are expected to increase further in coming weeks as


Air Strikes on Port of Misrata

Position of Port of Misrata

  Forces loyal to Libya's internationally recognised government on Saturday staged air strikes on the commercial port of Misrata, a western city allied to a group that holds the capital Tripoli, both sides said. Fighting was also reported near the country's biggest oil export port located


Libya Containing Port Fire, Export Resumption in Question

Libya has made progress containing a fire at its largest oil port that has destroyed four days of the country's oil production but the damage to storage tanks will hamper efforts to resume exports, officials and industry insiders said.  


Oil Tanks Destroyed at Libya Port, Others Still Ablaze

Two oil storage tanks remain on fire at Libya's Es Sider oil port while two others have collapsed almost a week after clashes there sparked the blaze, a spokesman for state National Oil Corp (NOC) said on Tuesday.   Fires at two other storage tanks at Libya's biggest oil port had been


Italy's Help Sought to Extinguish Fire at Oil Port

Smoke rises from an oil tank fire in Es Sider port. A fire at an oil storage tank at Libyas Es Sider port has spread to two more tanks after a rocket hit the countrys biggest terminal during clashes between forces allied to competing governments.

  Libya has called on Italy to send firefighters to prevent a fire spreading out of control at Es Sider, the country's biggest oil port, officials said on Saturday. A rocket hit an oil storage tank last week at the port in the east of the country during clashes between forces allied to


Oil Declines Amid Stronger Dollar, Crude Oversupply in U.S.

Image

  Oil prices fell Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the United States, trumped worries about falling production from Libya. The market had come under pressure from Wednesday's Energy Department report, which showed a 7






 
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