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New Oil

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

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.

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

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

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

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.

Konecranes Get Kvaerner Goliath Crane Order

Photo credit Konecranes

Konecranes contracted to supply a Goliath gantry crane to Kvaerner in Norway The Goliath gantry crane will be in operation at Kvaerner’s facilities at Stord on November 2013. The parties have agreed not to disclose the value of the order. The ordered Goliath gantry crane will more than double the lifting capacity, from 350 to 800 tons. The span will be 153 meters and the height 115 meters. With the new Goliath crane Kvaerner will be able to conduct two topside projects in parallel

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

Peru to Cut O&G Royalties to Counter Price Slump

Peru is reducing royalties on oil and gas production to about 5 percent on average from the current 20 percent in order to encourage exploration amid slumping prices, the government said Wednesday.   The smaller take should help Peru boost interest in new oil contracts that will come up for

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

Train Lobby Pushes to Weaken Safety Rule

Billionaire investor Warren Buffett is set to be a chief beneficiary of a bid by Senate Republicans to weaken new regulations to improve train safety in the $2.8 billion crude-by-rail industry, a key cog in the development of the vast North American shale oil fields.

'Kayaktivists' to Launch Blockade of Shell Icebreaker

Kayaktivists demonstrate in front of the Fennica in Portland Harbor (Photo courtesy Portland Ecofilm Festival)

 A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship, the MSV Fennica, to depart from Portland for the Arctic, reports Reuters.  

Harding to Supply Lifeboats for Johan Sverdrup

Photo courtesy of Harding

Statoil has awarded Harding a contract for delivery of the nine free-fall lifeboats needed for the first phase of the Johan Sverdrup North Sea development.      The contract comprises nine FF1200- lifeboats, with nine corresponding LA 1200 SU davits

Can't Touch This: The Climate Case Against Arctic Drilling

Photo: White House

 A new report released today by Oil Change International and Greenpeace USA details a clear case against drilling for oil in the Arctic ocean based on climate science imperatives.    The report, “Untouchable: The Climate Case Against Arctic Drilling,” shows U.S

Tianjin Resumes Commodity Port Ops

Oil, gas and iron ore imports resume after disruptions; Strategic oil reserves in the region not affected. Many operations have resumed at China's Tianjin port, trade sources said, after explosions last week that killed more than 100 people and disrupted business at what is an important oil

Brazil to Hold New Subsalt Oil Auction by 2017

The Brazilian government plans to hold a new oil bidding round for areas in the subsalt polygon by 2017, the secretary of oil and gas at the Mines and Energy Ministry, Marco Antonio Almeida, said on Monday.   Almeida denied during a presentation in Rio that the current corruption scandal

Miss Berdie Gets a Makeover

The new Miss Berdie maintains her graceful lines.

 When she came into the Fred Wahl shipyard in Reedsport, Oregon, the Miss Berdie was a fine looking boat with a bright red hull. When she left the yard this summer she was still a fine looking red vessel but bigger and better. After taking the 77 by 27.8 by 11

Rapid Oil Spill Response Vessel Launched

George Penman (Photo: WCMRC)

Western Canada Marine Response Corporation (WCMRC) launched their newest oil spill response vessel in Burrard Inlet. The boat, named after former employee George Penman, was christened at a private ceremony in Coal Harbour. The $4.5 million G.M

Saldanha Bay Could be S.Africa's First LNG Import Terminal

Gas seen as key to help resolve power crisis; gas could be sourced from Nigeria, Angola, Mozambique. South Africa could build its first 20 billion rand ($1.4 billion) liquefied natural gas (LNG) import facility at the west coast port of Saldanha Bay to feed gas-to-power projects aimed at easing

Tanzania Starts Work on $10 bln Port Project Backed by China and Oman

Tanzania started construction work on a $10 billion port and special economic zone on Friday, a project backed by China and Oman that aims to transform the East African country into a regional trade and transport hub.   The port, which will be Tanzania's biggest, is being built at Bagamoyo

Russian Icebreaker Construction Underway

The ceremonial launch of construction of the lead icebreaking support vessel for Gazprom Neft Novy Port was held today at Vyborg Shipyard, a corporate member of the United Shipbuilding Corporation.    Guests were greeted by Kirill Voroshilov

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