The 65 oil companies covered in DnB NO’s fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 we expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. We believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas, will lend good support to earnings for the oil services industry in the years to come. The fifth annual E&P spending report covers oil and gas companies’ spending on exploration and production (E&P) based on our survey of 65 oil and gas companies worldwide, ranging from oil majors to small-cap independents, providing insight from all the purchasers of oil services into current expectations and how they have changed YOY. The focus is on oil companies exposed to the offshore side of E&P. Our key conclusions are: Based on the companies covered in our report, DnB NOR expects E&P spending to rise by 14% in 2011. All segments are expected to increase their spending. The majors indicate that their spending is expected to increase by 11%, 9%-points higher than in 2010. The small- and large-cap independents expect to raise their spending by 22% and 21%, respectively. The NOCs suggest an increase of 13%.
The U.S. Interior Department's Minerals Management Service (MMS) announced it will delay its decision on whether oil companies can drill for oil and natural gas off California's coast, until August 16, 1999. The MMS was scheduled to decide by June 30 if drilling would be allowed on 40 undeveloped leases off the central coast of California, but said it needs more time to review the oil company requests. The plans to drilling offshore California are receiving opposition from California Gov
Texaco Inc., the nation's fourth largest oil company, reported that second quarter income dropped 13 percent as low refinery profits abroad were only partially offset by stronger crude oil prices. Texaco, which broke off merger discussions with Chevron Corp., slipped past analysts' expectations with second quarter income of $286 million before special items. In the same period last year, Texaco reported income before special items of $335 million.
Gulf Navigation Holding PJSC (DFM: GULFNAV) has announced the appointment of Khalid Karim to the position of Chief Financial Officer Khalid brings to Gulf Navigation over 30 years of experience in major oil & gas and shipping companies in senior finance roles. He joins the company as it enters a new phase in its substantial expansionary plan where he will assist the company in its continuing growth strategy.
ME Solutions of Tumba Sweden (MESAB) has received an order from Alfa Laval Nordic AS regarding retrofitting two ships with the Pureballast PB500 2.0 system. The ships are owned by Frederiet AB in Sweden and chartered by the oil company Nynäs AB, which is a subsidiary of the Finnish oil company Neste Oil. The system will be installed in the pump rooms of the ships. All piping will be made of GRE type pipes. Installation is estimated to be completed January 2012
Russian top crude producer Rosneft and Venezuelan state oil company PDVSA have signed a new contract for supplies of oil and oil products of Venezuelan production, the Russian company said on Monday. The document envisages the supplies of over 1.6 million tonnes of oil and 9 million tonnes of oil products to Rosneft within five years, it added in a statement. Under their first long-term contract, signed in May, the Venezuelan party has already supplied 375,000 tonnes of oil products
According to a September 11 report from FoxNews.com, despite President Obama's moratorium on U.S. deepwater drilling in the Gulf of Mexico, the U.S. Export-Import Bank intends to guarantee $1b in loans to PEMEX, the Mexican state oil company, to bolster the company's oil drilling in the region. The bank, which is the official American export credit agency, loaned more than $1b to PEMEX in 2009 -- when the company was the bank's largest borrower -- in support of its drilling activities.
Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks
According to a March 1 report from Bloomberg, crude supplies for loading at Libyan ports may start to run low because of disrupted production at oil fields caused by an uprising against leader Muammar Qaddafi, two ship owners said. While six owners of tankers carrying crude, refined oil products and liquefied natural gas reported successful loadings during the past week, at least seven oil companies’ production was disrupted.
The Washington Legislature adopted Senate Bill 5432 to establish an independent oil spill advisory council, reporting directly to the Governor. The council, consisting of members of environmental organizations, fishing interests, the marine trades, marine labor, and oil companies, among others, will advise the Governor on matters relating to oil spill prevention, preparedness, and response. The legislation now goes to the Governor for signature. (HK Law)
ABIS Projects has won a clutch of contracts worth around £1million over the next 15 months. The oil and gas project services consultancy has secured frame agreements and call-off contracts with ADTI, Hunting, Talisman Sinopec and North Sea newcomer, MOL.
Nordic Maritime’s MKIII subsea service vessel, Mokul Nordic, has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel. Nordic Maritime was awarded a five-year charter for the DP2 IMR Subsea vessel from Noble Energy in October
Nordic Maritime, a leading offshore service operator, today announced its MKIII subsea service vessel Mokul Nordic has been renamed Nordic Prince and has started a long term charter for Noble Energy after arriving in Haifa, Israel.
On 30 October Kuwait Oil Company (KOC) CEO Mr Hashem Sayed Hashem attended the naming ceremony of the ASD 3212 tug vessel KOC Shahem at Damen Shipyards Galati. The KOC Shahem is the second in a series of 14 tugs that Damen is building for KOC
Brazil's state-run oil company Petroleo Brasileiro SA said it delayed the release of its third-quarter financial results for a second time on Friday as a result of new developments in a widening corruption probe. Prosecutors on Thursday indicted executives of some of the country's
Second of 14 tugs on order for the Kuwait Oil Company at Damen Shipyards Galaţi A naming ceremony for the Kuwait Oil Company’s (KOC) new ASD 3212 tug vessel, KOC Shahem, was held October 30 at Damen Shipyards Galaţi. The KOC Shahem is the second in a series of 14 tugs that Damen is
A fully updated edition of the definitive industry guidance on the safe operation of chemical tankers has just been published by the shipping industry’s global trade association, the International Chamber of Shipping (ICS). The new edition of the ICS Tanker Safety Guide (Chemicals)
U.S. crude oil closed at its lowest since July 2009 on Friday as Brent averaged below $70 a barrel in the week for the first time since 2010, as strong U.S. employment data did little to lift the oil market's bearish mood. Both contracts continued to slide as the market grappled with
Brazil's state-run oil company Petroleo Brasileiro SA extended a leave of absence for the head of its tanker and pipeline unit, Transpetro, for 30 more days according to a filing on Friday. Transpetro President Sergio Machado stepped down temporarily on November 3 as police investigated a
Petroleo Brasileiro SA began operating the furnaces in the atmospheric distillation unit at its Abreu e Lima or "RNEST" refinery near Recife, said the state-run oil company in a statement on Thursday. The furnaces began operation Wednesday, the same day Brazil's oil regulator, the ANP
Chevron Corporation (NYSE: CVX) announced that crude oil and natural gas production has begun at the Jack/St. Malo project in the Lower Tertiary trend, deepwater U.S. Gulf of Mexico. Jack/St. Malo is a key part of Chevron's strong queue of upstream projects and was delivered on time and on budget
Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an international oil company worth USD 8 million for the provision of 3D EM data from EMGS's multi-client data library in the Barents Sea. "This sale confirms the increased recognition of the
As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of three vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017
Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.A. De C.V., a subsidiary of Mexico's Perforadora Central S.V. De C.V
Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the National Oil Company of the Kingdom of Morocco, to explore a block offshore Morocco.