Following a nearly complete shutdown of the oil and gas business in the Gulf of Mexico in the wake of Hurricane Katrina, signs indicate a comeback is starting, slow but steady. According to a Reuters report, oil and gas operations recovered slowly on Wednesday, with oil companies struggling to contact all of their workers and assess damage to rigs. Refinery progress was slow but steady. Three of eight refineries that Katrina completely shut have returned either full or partially, including Marathon Petroleum Co. LLC's large 245,000 barrels per day (bpd) plant in Garyville, Louisiana. Offshore, oil and gas production has also been on the rise after Katrina shut nearly all output. Government figures as of Tuesday showed 58 percent of the Gulf's crude production and 41 percent of its gas production remained shut down. The U.S. Coast Guard has said a total of 56 Gulf offshore platforms have been lost or damaged. Reuters reported that natural gas production this year will drop by about 1.5 percent, according to the U.S. Energy Information Administration.
Oil and natural gas production from the storm-battered Gulf of Mexico continues to recover, Reuters reports. Around 727,000 barrels per day, or 48.47 percent of the Gulf's 1.5 million bpd of crude production, remained shut, along with 3.742 billion cubic feet per day, or 37.42 percent of the region's natural gas output, the report said. The complete recovery of the region's energy operations will take until the middle of 2006, about three months longer than previously estimated
The Minerals Management Service (MMS) announced production of offshore oil and gas in the deepwater (greater than 1,000 ft deep) portion of the Gulf of Mexico (GOM) reached an all-time high in 1998 and continues to escalate rapidly. Production of oil from the deep water has risen 279 percent in the last five years, and deep water gas production rose 252 percent. According to MMS Director Walt Rosenbusch, "The 1998 increase is significant and of national importance
ODS-Petrodata, a provider of market intelligence for and about the offshore oil and gas industry, commercially launched FPSbase, a web-based tool providing data on the world's floating oil and gas production systems. FPSbase is designed to track all forms of floating production systems, including FPSOs, FSOs, TLPs, spar-shaped and semisubmersible units; and to deliver analysis of upcoming project tenders, available FPS supply, and current and future demand
Norsk Hydro ASA has reduced its oil and gas production target for 2007 by 3.3 percent, to 585,000 barrels of oil equivalents per day (boed) from 605,000 boed, due in large to revised production forecast for several non-Hydro-operated fields on the Norwegian Continental Shelf, including Kvitebjørn, Kristin and Volve.
According to Thomson Financial, the Indonesian government launched a tender for 26 oil-and-gas blocks to boost the country's oil and gas production. The oil and gas blocks that were offered today include the Bawean II, East Bawean I, Situbondo, and the North East Madura blocks onshore and offshore East Java province, as well as the South Barito (onshore and offshore) and Mahakam Hilir (onshore) blocks on Kalimantan island. [Source: Thomson Financial]
Louisiana’s governor warned that the state would not support future offshore lease sales in the Gulf of Mexico unless Louisiana gets a share of the federal royalties generated by oil production there. Under a federal law that governs offshore drilling, governors in adjacent states are required to agree that federal lease sales are consistent with their states' coastal management plans. Louisiana governors have traditionally signed off on such lease sales
Northern Offshore Ltd., a Bermuda holding company which operates offshore oil and gas production and drilling vessels, said that the company's drillship Energy Searcher has resumed operations in under its drilling contract with Vietgazprom, according to a report on Trading Markets.com This follows repair work on the drillship, carried out in at an estimated cost of some $4.6m. (Source: Trading Markets.com)
Keppel Offshore & Marine Limited (Keppel O&M), through its wholly-owned subsidiary KS Investments Pte Ltd (KSI), has acquired a 27.77% stake (250,000,000 shares) in topside module fabricator Dyna-Mac Holdings Ltd (Dyna-Mac) via an equity placement. This follows Dyna-Mac's successful listing on the main board of Singapore Exchange Securities Trading Limited (SGX) today. KSI's total investment is S$87.5 million based on the invitation price of 35 cents per share.
Announcing its “All-of-the-Above” energy strategy today, the Obama Administration rightfully celebrates the United States’ new position as the largest global producer of energy but fails to acknowledge Federal actions that could bring even more resources to market., National Ocean Industries Association (NOIA) said today in a press announcement. “NOIA shares the President’s conviction that domestic energy production, whether from wind, oil or natural gas
The U.S. government should ensure that international trade of U.S. natural gas, and potentially crude oil, will offer opportunities for the domestic shipping industry, maritime groups said on Wednesday. Booming shale gas production has put the United States on track to become a major exporter
Statoil’s fast-track development projects are increasing the company’s and partners’ oil and gas production through a combination of standardised subsea development solutions and utilisation of infrastructure in a manner which helps extend the lifetime of existing fields
The contamination of water supplies near U.S. shale gas fields appears to be the result of leaky cement wells and casings and not the controversial production technique of hydraulic fracturing, according to a study released on Monday. So-called "fracking" is a way of extracting
Maurel & Prom announced that, along with Mnazi Bay license partners Wentworth and Tanzania Petroleum Development Corporation (TPDC), it has signed a gas sales and purchase agreement with TPDC for the long-term sale of natural gas from the Mnazi Bay and Msimbati fields in southern
In recent years, oil & gas production in Iran has been largely defined by the impact of international sanctions. Here the prospects for the country with a large share of the world's oil reserves are reviewed by Douglas-Westwood in their 'DW Monday' focus.
Norway's Statoil shut oil and gas production at its Troll C platform in the North Sea after inspections found corrosion damage on a pipeline, the company said in a statement on its website on Wednesday. The platform was shut on Sunday and the repair is expected to take seven days, Statoil said
RWE Dea achieved first production from the Central Treatment Plant (CTP) of the Disouq Development Project in Egypt. Production commenced at an initial rate of 45 million standard cubic feet gas per day. Total production of 150 million standard cubic feet gas per day from the Disouq
Lloyd's Register report looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased U.S. gas production - and the technology required for large ethane carriers U.S
Bureau of Land Management (BLM) Director Neil Kornze today testified before the Senate Energy and Natural Resources Committee on a bill that would increase the efficiency of oil and gas permitting on public lands and coordination among agencies by continuing the BLM’s Oil and Gas Pilot
Statoil has entered into an agreement with DNV GL to establish an industrial cooperation to introduce an international industry standard for subsea process technology. DNV GL will lead a joint industry project (JIP) with important subsea operators to find industrial standards which will make it
Provider of floating production services to the oil and gas industry, BW Offshore, says it has signed a 5-year, $12 million contract with Orange Business Services for an end-to-end satellite communication solution for its fleet of oil and gas production vessels.
Yakutsk hosted today celebrations dedicated to welding the first joint of the Power of Siberia gas transmission system (GTS) meant to be a crucial element of the gas supply system being built in eastern Russia. The GTS will convey gas from the Yakutia and Irkutsk gas production
Statoil will shut gas production at its Huldra platform in the North Sea permanently, the Norwegian energy firm said on Wednesday. Statoil put the platform for sale in 2011 and said it was still actively seeking "a solution of reuse".
What’s New in August 2014 There are 320 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 64% of the existing systems, 79% of systems on order. Production semis, barges, spars and TLPs comprise the balance
Speaking at this year’s Offshore Northern Seas (ONS) Conference and Exhibition, Khalid A. Al-Falih, Saudi Aramco president and CEO, addressed the challenges facing the industry and gave insights into Saudi Aramco’s strategy for turning these into opportunities