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Gas Production

GOM Oil Industry Starts Comeback

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.


U.S. Oil and Gas Production Still Recovering

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 Launches FPSbase

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


Indonesia Offers 26 Oil-and-gas Blocks

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]


Hydro Reduces 2007 O&G Targets

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.


Gulf of Mexico Deepwater Oil and Gas Production Rises Dramatically

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


Obama’s Energy Strategy Doesn’t Go Far Enough

Randall Luthi

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


Energy Searcher Drillship Resumes Ops

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)  


Gov: No Offshore Signoffs Without Royalty Share

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


Keppel Acquires Stake in Dyna-Mac, Topside Module Fabricator

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.  


Pipeline Corrosion Shutters Statoil's Troll C Platform

Statoils TRoll C Platform in the north Sea (photo courtesy Statoil)

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


Iran's Persian Promise Noted on DW Monday

Energy refinery: File photo

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.


Kvaerner & KBR Ally on Offshore Rig Topside Bids

Rig topsides: Photo Kvaerner

Kvaerner ASA says it is to establish a joint venture with KBR Inc. to bid competitively on offshore platform topsides contracts for the Johan Sverdrup field development offshore Norway. The alliance combines Kvaerner's expertise and resources as a turn-key contractor for offshore


Navigator Enters Long Term Ethane Transport Charter

Photo: S. Nizhebetskyy

Navigator Holdings Ltd. announced today that it has signed a long term shipping agreement for one of its 35,000 cubic meter ethylene/ethane capable semi-refrigerated liquefied gas carriers, currently being built at Jiangnan Shipyard, China.


Serica Completes Farm Out to Centrica of East Irish Blocks

Serica Energy plc is pleased to confirm it has now completed the farm out of UK East Irish Sea Blocks 113/26b and 113/27c (Licence P.1482) with Centrica through its subsidiary Hydrocarbon Resources Limited. Under the agreement, HRL has acquired an operated 45% interest in the licence


SINOPACIFIC’s Design SPP17A Secures First Order from Mexico

SINOPACIFIC’s In-house Design SPP17A Secures First Order from Mexico

  Sinopacific Shipbuilding Group (SINOPACIFIC), has recently signed a contract with a Mexican shipping company, Naviera Petrolera Integral S.A. de C.V. for the construction of 3 (three) SPP17A vessels. All vessels will be built in SINOPACIFIC’s Zhejiang Shipyard and are expected to be


Petrobras Likely to Miss 2014 Output Goal

Photo: Petrobras

Brazil's state-run Petrobras will probably not meet its oil and gas production target for 2014 because of continued delays in the startup of new offshore oil platforms, a government source with direct knowledge of the situation told Reuters on Monday.


FERC Approves Freeport LNG Export Project

file photo: LNG carrier

U.S. federal regulators on Wednesday approved construction of Freeport LNG Development LP's liquefied natural gas export project in Texas. Freeport is the third U.S. LNG export project to get the green light to begin construction from the Federal Energy Regulatory Commission


BP Reports Better Second Quarter 2014 Results

BP

  BP today announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% higher than the $2.7 billion reported for the same period in 2013 and 13% higher than the $3


Floating Production: $1.2b Speculative FLNG Ordered

IMA1 web.jpg

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.2 billion contract – as well as several regasification vessel contracts


Europe Sleep Walking into an Energy Crisis: Analyst

Energy pipelines: File photo

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers whether such sanctions could have sufficient teeth. Russia is the world’s largest exporter of natural gas and second


Statoil's 2Q 2014 Results

President and CEO Helge Lund

  Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter


Gas Prices Help Offset Statoil's Output Drop

Valemon sail away (Photo: Ben Weller AP/Statoil)

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter


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


Mexico's Senate OKs Bills Expanding Power of Energy Regulators

Mexico's Senate gave general approval on Monday to legislation laying out expanded powers for energy regulators, part of the fine print needed to implement a constitutional reform that overhauls the oil, gas and electricity sectors. Senators must still debate reservations to the regulatory






 
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