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Transpetro Inks Orders Tankers

Transpetro, a unit of Brazil's state-run oil firm Petroleo Brasileiro SA, signed contracts worth $866m for the construction of nine new oil tankers. The Rio Naval consortium will build five Aframax tankers for $517m, and four Panamax oil tankers for $349 million , Petrobras said. The vessels are to join Transpetro's fleet between 2009 and 2011, and are part of a $2.48b program to buy 26 new oil vessels in an initial phase. The first phase will create 11,000 direct jobs in Rio de Janeiro state alone, Petrobras said. The shipbuilding program is financed by Brazil's National Development Bank and aims to bring down Petrobras' costs for chartering ships and to revitalize Brazil's once-flourishing shipbuilding industry. Petrobras said it plans later to raise the number of new oil vessels to 42. Source: AP

Gazprom, PetroVietnam Ink Multiple Deals

Nguyen Quoc Khanh and Alexey Miller Photo Gazprom

Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), signed today in Moscow a number of documents to strengthen cooperation between the companies. The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam (SRV). The following documents were signed:

Production Cost of North Sea Oil and Gas Doubles

A chronic shortage of rigs and workers has doubled the cost of producing oil and gas in the North Sea, threatening to make the UK’s domestic oil industry uncompetitive, warned UKOOA, the association of North Sea offshore operators, according to Times Online. Signs that costs are crimping investment emerge in the association’s survey of North Sea activity. Further evidence of the dramatic worldwide oil industry cost escalation emerged in a new index showing a 53 per cent increase in

Petripentti New Fortum Oil CFO

M.Sc. (Econ.) Petri Pentti has been appointed CFO of Fortum's Oil Sector and of the new oil company to be listed on the Helsinki Exchanges. He assumes his new position in August 2004 and will be responsible for the whole economic function, including treasury and investor relations. He will report to Mr Risto Rinne, President of the Oil Sector. Petri Pentti is currently Senior Vice President and CFO of Finnair Oyj.

Schwarzenegger, Offshore Oil Drilling

According to a June 1 report from the Los Angeles Times, the State Lands Commission lashed out at Gov. Arnold Schwarzenegger's attempt to reverse its rejection of the first new oil drilling in California waters since 1969. At a contentious hearing in Santa Monica, the commission passed a resolution urging legislators not to go along with Schwarzenegger's plan, which would revive a drilling project off the Santa Barbara County coast that the commission killed in January.

Statoil: New Oil in the Grane Area

(Image: Statoil)

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation. The estimated volume of the discovery is in the range of 30-80 million barrels of recoverable oil.   "We are pleased with having proved new oil resources in the Grane area," said May-Liss Hauknes

Aluminum Oil Service Vessels Delivered

Kvichak Marine Industries recently delivered two all-aluminum 32 ft. oil service vessels to Foss Environmental Vessel Services, of Seattle. With one boat stationed in Seattle and one in San Diego, the Foss vessels are available for hire to perform environmentally safe vessel-to-vessel lube and cleaning, directly at the moorage site of the customer. The main customer focus is privately owned yachts and light commercial vessels

CNOOC to Form Pipeline Unit

China National Offshore Oil Corp. will set up a joint venture to make pipelines along with a local private company. The move represents CNOOC Ltd.'s first foray into the petroleum pipeline manufacturing business. It is expected to help meet its rising demand for pipelines following acquisitions of overseas oil and gas assets. The joint venture will have a pipeline output capacity of 300,000 tons a year. CNOOC has started operations at a new oil field in Bohai Bay off the coast of

Libya Acquires New Tankers

Libya Wednesday took delivery of three new oil tankers at its port hosting the Refining Company in Zaouia, as part of ceremonies marking the 37th anniversary of the country`s September 1969 Revolution. Baghdadi Mahmoudi, Secretary of the Libyan People`s General Committee took delivery of the three tankers - Ibn Batouta, Gardhabia and Intissar - new additions to the Libyan Maritime Transport Company`s fleet. The tankers built in South Korea by Samaho Hundai

Coast Guard Issues New Oil Barge Regulations

According to reports, the Coast Guard has issued new rules governing the transportation of oil through Buzzards Bay that require single-hulled tankers and oil barges to be escorted by a second tugboat. The rules are designed to reduce the likelihood of a spill and apply to vessels carrying 5,000 or more barrels of oil. They also require the primary tugboat to have a federally licensed pilot on board, independent of the master and crew.

Hundreds of Scientists Urge Obama to Halt Arctic Oil Drilling

Photo Credit: NASA Goddard Space Flight Center

 Nearly 400 scientists from more than a dozen countries signed a letter urging U.S. President Barack Obama to take the Arctic Ocean out of the next federal offshore lease sale plan, thus ruling out the possibility of offshore drilling in the Arctic in the near future.  

Challenges in Brazil Could Benefit Tanker Markets

Graph:  Poten & Partners

 Brazil stays in the spotlight - Tanker Research & Consulting department at Poten & Partners takes a look at the tanker market in the country.   The Rio Olympics were successfully concluded on August 21. Ten days later, on Wednesday, August 31

Kipevu Oil Terminal to Be Relocated

The Kipevu Oil Terminal at Mombasa Port will be relocated early next year, to Dongo Kundu area, as a result of the ongoing capacity expansion program, the Kenya Ports Authority announced.   The new oil terminal is expected to have a capacity to accommodate four vessels of up to 200,000 DWT

Changing Spill Risk in a Changing Arctic Landscape

Dagmar Schmidt Etkin

Industry analyst and environmental consultant Dagmar Schmidt Etkin, PhD, takes a hard look at a rapidly shifting operational landscape in the Arctic. Always an honest broker of information, Etkin tells it like it is.    Oil spill risk is present anywhere that oil is present in

Deepwater Downturn: Bump in the Road or Long-term Slowdown?

(Image: iStock)

IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016

Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?

FPSO per iStock WEB.jpg

IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector.  The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016

Norway's Offshore Shipping Sector Faces Bleak Year

Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options dwindle in the face of weak global crude prices.   They could increasingly be forced to sell or write down the value of assets

ISS, CGG Ink Brazil Agency Deal

The Oceanic Vega - courtesy of CGG

  Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, has signed a contract with CGG to provide offshore agency support services for a new oil and gas exploration project in the Barreirinhas Basin in the equatorial margin of northern Brazil.

IMO Amendments Coming into Force on 1 January

-Mandatory audits and other treaty amendments enter into force on 1 January 2016. The updated International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code)  Photo IMO

  A number of important amendments to IMO treaties enter into force on 1 January 2016, including new requirements for verification of compliance, making audits mandatory under the IMO Member State Audit Scheme.   Other amendments entering into force include SOLAS amendments to require

Maersk Drilling Posts Record Profit

Courtesy Maersk Drilling

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted by continued strong operational performance, fleet growth and general cost savings

New Oil Debris Sensor Launched

Image: Gill Sensors & Controls Limited

New oil debris sensor helps prevent unscheduled downtime by detecting particle buildup    Gill Sensors & Controls Limited announced immediate availability of its new Oil Debris Sensor that provides continuous real-time monitoring of particle contamination in hydraulic and engine

China Shipping Development Company Proft Surges

Photo: China Shipping Development Company Limited

 China Shipping Development Company Limited (CSDC) achieved 34.95% higher profit for 2015 totaling in RMB417 million ($64.3 million) when compared to figures from 2014, mostly due to a very strong tanker market.   The revenue was stable at RMB12.21bn in 2015 compared to RMB12

Some 18-20 Oil, Gas Fields off Norway in Danger of Shutting Output Early

Some 18-20 oil and gas fields off Norway are in danger of shutting output earlier than planned due to low oil prices, but the impact on the overall output outlook would be limited, the head of the Norwegian oil directorate told Reuters on Tuesday.  

Six Years after BP Spill, US Sets New Offshore Oil Safety Rules

Gas from the damaged Deepwater Horizon wellhead is burned by the drillship Discoverer Enterprise in May 2010, in a process known as flaring. (U.S. Coast Guard photo by Patrick Kelley)

The Obama administration on Thursday unveiled new oil well control rules to prevent the kind of blowout that happened six years ago on a BP Plc rig in the Gulf of Mexico.   The Interior Department's Bureau of Safety and Environmental Enforcement announced the finalized regulations

IMO Ushers New Era for Shipbuilding Rules

The MSC reviewed goal-based standards verification audit reports on 12 Recognized Organizations which are members of the International Association of Classification Societies (IACS) and confirmed that the 12 ROs’ ship construction rules were in conformity with the goals and functional requirements set out in the international goal-based ship construction standards for bulk carriers and oil tankers. (Photo: DNV GL)

Ship construction rules for oil tankers and bulk carriers submitted by 12 classification societies conform to the goals and functional requirements set by the International Maritime Organization (IMO), marking a new development in how international standards for ship construction are determined

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