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
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]
Novak says Russian oil output to rise 0.6 pct in 2014; Natural gas production seen down 4 pct this year. Russia's oil exports are expected to fall by 4.3 percent this year, Energy Minister Alexander Novak said on Tuesday, citing preliminary data. He said oil exports will be 229 million tonnes (4.6 million barrels per day), while natural gas production will fall by 4 percent to 641 billion cubic metres (bcm) and exports by 6.7 percent to 183.3 bcm.
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
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)
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
Chevron Corporation today announced that its Bangladesh subsidiary has commenced natural gas production from the Bibiyana Expansion Project in the northeastern part of the country. The project included an expansion of the existing gas plant to process increased natural gas volumes from the Bibiyana Field, additional development wells and an enhanced gas liquids recovery unit. The project is expected to boost Chevron-operated natural gas production capacity in Bangladesh by more than
India's new LNG import terminals will face major challenges due to price sensitive demand, ICRA said in its latest update on gas utilities sector. "Crowding of regasification terminals could put pressure on utilization levels
Seabed Geosolutions will soon mobilise for the variation order that was signed today by Abu Dhabi National Oil Company (ADNOC) with CGG to conduct a shallow water seabed survey. The survey is over the Ghasha-Butini field, will take around 12 months and has a value of around USD 125
National Ocean Industries Association (NOIA) president Randall Luthi issued a statement congratulating “steel in the water” for Deep Water Wind’s Block Island Wind Farm, stating an all-of-the-above strategy combining offshore wind with offshore oil and gas off the U.S
NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new areas of the OCS to energy exploration and development, extend revenue sharing to participating coastal states
The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves to approve liquefied natural gas (LNG) exports, Rob Franklin, president of ExxonMobil Gas & Power Marketing Company, said today.
Egypt has issued a five-year tender to lease a second liquefied natural gas (LNG) import terminal, the head of the state gas board told Reuters on Monday, seeking to tackle an energy crisis. Egypt was once an energy exporter but declining oil and gas production and increasing consumption has
ExxonMobil Research Qatar (EMRQ) today announced that ExxonMobil has awarded a global commercial license for Immersive 3D Operator Training Simulator technology to co-developer EON Reality Inc. The innovative technology incorporates ultra-realistic
Despite industry gloom about the offshore market, orders for production floaters continue to flow. Over the past few weeks a speculatively-ordered FLNG found use off Africa, negotiations began to convert a third LNG carrier to an FLNG, an FSRU was ordered and a modified LNG tanker has been
For the US energy industry, 2014 will be remembered as the year when crude oil prices fell below 50$/bbl, resulting in significant realignments in the sector. Aside from the oil price collapse and the historic high of domestic natural gas production
Kongsberg Maritime has been awarded a call-off order for delivery of the Safety and Automation System (SAS), Life Cycle Simulator and SAS Information Management System for the four platforms on the Johan Sverdrup field centre. The order is based on the Project Specific Agreement for the Johan
Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG Keppel Shipyard in Singapore and Black & Veatch in the U.S. have awarded Kongsberg Maritime an order for the delivery of an electrical package and safety and automation
The maritime industry was front and center yesterday in Washington, D.C., as “getting more oil on the water” was touted as one piece of the puzzle in ensuring future U.S. energy security, said U.S. Secretary of Energy Ernest Moniz. Sec. Moniz spoke yesterday at the U.S
Asian liquefied natural gas (LNG) spot prices for August delivery were firm on Friday, underpinned by steady demand from the Middle East and the potential for stronger European demand after production cuts at the region's largest gas field.
Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production, signed a memorandum of understanding (MoU) on July 2nd in Vilnius
IRClass Academy of the Indian Register of Shipping (IRS) signed a Memorandum of Understanding last month with Lloyd’s Maritime Academy (LMA) and IBC Academy (IBCA) that are part of Informa PLC in the UK. The objective of this collaboration is to deliver customised training solutions