According to a report from Reuters, state-run Bangladesh Oil, Gas and Mineral Corporation clinched a preliminary deal with U.S. firm ConocoPhillips on Oct. 10 for oil and gas exploration in the Bay of Bengal, subject to signature of a production sharing agreement. ConocoPhillips will start seismic surveys and exploration around two deepwater gas blocks after signing the PSC. The deal, concluded after two years of talks, is intended to address acute gas shortages, with production hovering at around 2,000 million cubic feet per day against demand of about 2,500. (Source: Reuters)
Devon Energy Corporation, a U.S.-based oil and gas exploration, development and production company, sold its producing Panyu field located offshore China to China National Offshore Oil Corporation. China National Offshore is a state-owned oil and gas producer in China. In April, Devon Energy said it had agreed to sell its producing Panyu field located offshore China to China National Offshore for $515m. During 2009, Devon's production from the Panyu field was approximately 12 thousand barrels
Oil and Gas Exploration industry alert provided by U.S. Equity News. ENSCO International Incorporated announced recently that its Contract Status of Offshore Rig Fleet Report has been updated as of Monday December 17, 2007. The Report is available on the Company's website at http://www.enscous.com and can be accessed from the home page by clicking on "Rig Contract Status." The Report also can be accessed through the SEC EDGAR System
Polar Petroleum Corp. appointed Mr. Donald W. Brizzolara to the Company's Advisory Board as Chief Geological Advisor. Mr. Brizzolara represents 25 years of experience in oil and gas exploration and development, geology and consulting experience for firms such as ConocoPhillips and Shell. Of particular importance to the Company, Mr. Brizzolara's background includes work on the Prudhoe and Kuparuk fields, which, together constitute the majority of the oil production on the North Slope (51%
A new research report from Transport Intelligence (Ti) has suggested that due to a wave of new investment, the scope and structure of oil and gas exploration and production (E&P) has broadened extensively over the past decade, creating an array of opportunities for logistics service providers. This is, in part, due to the emergence of substantial E&P activity in new locations which acts to drive up logistics spend
Greenpeace won its bid to delay oil exploration in the north Atlantic when a judge ruled the British government was failing to apply a European Commission environmental directive in allocating licenses. The government is considering an appeal against the judgment on the basis that it is not taking into account the Commission's Habitats Directive in issuing exploration licenses. A spokesman said the government had been planning to issue new licenses in its 19th round early in 2000
About 80 percent of India's sedimentary basins with potential for oil and natural gas reserves remain unexplored, energy experts have said at the Oceantex Offshore Conference and Technology Exposition. According to conference speakers, India's demand for hydrocarbons was steadily increasing, putting additional pressure on oil companies and the government. The demand for crude oil was set to reach 170 million metric tons of oil equivalent (MMTOE) while production will reach only 58 MMTOE by
China's seas will contribute $433b or more than five percent of the country's gross domestic product (GDP), in 2010, according to a report on China's marine development. The report, issued on Friday by the State Oceanic Administration (SOA), also predicted the country's offshore crude oil output would exceed 50 million tons. It said China's current offshore oil and gas exploration was "still in an infant stage", with 80 percent of oil and gas resources yet to be tapped.
The Minerals Management Service will offer oil and gas exploration rights next month to 29.7 million acres in the remote Chukchi Sea off northwestern Alaska, according to a Reuters report. The decision to hold the February 6 lease sale, the first in the Chukchi since 1991, comes days before the Fish and Wildlife Service will decide whether to list the polar bear as threatened and has drawn fire from environmentalists seeking to limit oil development in the area
Newfoundland, Canada's second largest oil- producing province, plans the third-largest auction of offshore drilling rights in its history after ending a territorial dispute with neighboring Nova Scotia. The province plans to sell rights to more than 4.23 million acres of oil and natural-gas exploration properties, including three parcels in the formerly disputed Sydney Basin, Bloomberg reported. Bids are due in November
Kongsberg Maritime has delivered its 50th HAIN (Hydro Acoustic aided Inertial Navigation) Reference System, to long-time HAIN user, Ocean Rig. HAIN significantly improves reference data accuracy and update rate sent to Dynamic Positioning (DP) systems to support safer
By Karolin Schaps, Reuters Britain urgently needs its oil and gas companies to pay for a new regulatory body to encourage industry collaboration and counter plunging North Sea production rates, a government review, the first since the mid-1990s, said on Monday.
Statoil's fourth quarter 2013 net operating income was NOK 43.9 billion. In 2013, net operating income was NOK 155.5 billion. At today's Capital Markets Update, Statoil presents its plan for reduced capital expenditure by more than $5 billion (USD) from 2014-16 compared to previous plans
Rolls-Royce has won an order to provide integrated design and ship equipment for a highly innovative offshore vessel for Norwegian ship owner Island Offshore. The new striking UT 777 design has been developed in close cooperation with Island Offshore
Vard Holdings says it has secured a contract with a new customer, Harkand Group (Harkand), for the design and construction of a Diving Support and Construction (DSC) Vessel. The value of the contract exceeds NOK 1 billion. The vessel is scheduled for delivery from Vard Søviknes in Norway
Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno cited 12 offshore operators for their failure to demonstrate compliance with the Safety and Environmental Management Systems (SEMS) requirements of the Workplace Safety Rule, 30 CFR Subpart S
Ferus Natural Gas Fuels and ENN Canada Corporation announced a Joint Venture to construct, own and operate two LNG liquefaction plants in Canada. The plants will be strategically located in Vancouver, British Columbia and Edmonton, Alberta to service the on-road trucking market as well as other
Following the recent acquisition of VDOS, a worldwide company in airborne remote sensing operations, Fairweather, LLC has announced the formation of subsidiary Tulugaq, LLC -- the result of a partnership between Fairweather, LLC, Olgoonik Corporation and Kaktovik Iñupiat Corporation
University at Buffalo (UB) researchers are developing a deep-sea Internet: they consider that the technological breakthrough could lead to improvements in tsunami detection, offshore oil and natural gas exploration, surveillance, pollution monitoring and other activities.
In support of energy infrastructure in Latin America, Milbank, Tweed, Hadley & McCloy LLP represented Itaú BBA S.A. in providing a $370 million loan for construction of a new multipurpose port facility and terminal in Cartagena Bay, Colombia.
A new PEW Charitable Trust report entitled: 'Arctic Standards: Recommendations on Oil Spill Prevention, Response, and Safety, has just been released. A brief explanation follows: What Are Arctic Standards Arctic OCS standards would provide consistent requirements on how to design, build, install
JMS Naval Architects of Mystic, Ct. was competitively awarded a contract from the Virginia Institute of Marine Science to provide concept through contract-level design, shipyard bid support, and owner’s rep services for VIMS’ next research vessel.
Company plans to supply LNG to the northeastern U.S. via its advance LNG Project GDF SUEZ Gas NA has announced the advanceLNG Project, an initiative to provide attractively priced LNG to a wide array of customers in the U.S. Northeast
Harvey Gulf International Marine, LLC and Abdon Callais Offshore, LLC (ACO) have executed a definitive agreement whereby Harvey Gulf is to purchase substantially all of ACO’s assets and business. Purchase includes 48 offshore supply vessels (OSVs)
The U.S. Environmental Protection Agency announced settlements with Shell Gulf of Mexico, Inc. and Shell Offshore, Inc. for violations of their Clean Air Act permits for arctic oil and gas exploration drilling in the Chukchi and Beaufort Seas, off the North Slope of Alaska.