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Oil Companies

DnB NOR Global E&P Spending Report: Growth Continues

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%.


U.S. Delays Decision On Oil Drilling In California Waters

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's Profits Drop; ARCO's Surge

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 Appoints CFO

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.


U.S. Backs $1B Loan to Mexico for Oil Drilling

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.


MESAB to Retrofit Tankers with BWT Systems

MESAB Module

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


Oil Giants Rally To Landmark Brazil Auction

International oil companies reportedly rallied to Brazil's first-ever oil exploration auction, putting up a surprisingly high $93 million for the right to explore in just four areas on the first morning of a two-day bidding round.


Offshore E&P Spending To Rise 15% in N. America

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


Washington State to Establish Advisory Council

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)


Oil at Libyan Ports May Run Low Due to Political Upheaval

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.   


Libya Reaches Deal to Reopen Brega Oil Port

Libya state oil company National Oil Corp (NOC) has reached a deal with security guards to end a protest at eastern Brega oil port, which is expected to allow the terminal to reopen on Tuesday, a company spokesman said. Reopening Brega would allow the state-run Sirte Oil Company to start


Exxon Oil Rig Enters Uncharted Waters of Russian Political Storm

An ordinary, long-scheduled journey of an oil drilling rig into Arctic waters is turning into a major political exercise, attracting international scrutiny and creating a dilemma for Exxon Mobil Corp. Exxon, the top U.S. oil major and the world's most valued oil company, is bringing the rig


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


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


Maersk Taking $1.7b Charge on Brazil Assets

Full-year underlying profit guidance unchanged; writedown raises questions over company's oil strategy. Danish oil and shipping group A.P. Moller-Maersk moved to shrink its Brazilian petroleum operations on Tuesday, selling its stake in its only producing Brazilian oilfield and saying it will


Chile to Import US Shale Gas

Ship enters Methane Jane Elizabeth Quintero Bay with the first shipment of LNG in July 2009 (Photo courtesy of ENAP Chile)

Chile's state oil company ENAP has signed long-term deal with British Gas to import shale gas from the United States at the end of next year, local media reported. Shipments will leave from a U.S. port, Chilean Energy Minister Maximo Pacheco was quoted as saying on Monday in newspaper La


GAC to support Total E&P’s drilling project in S. Africa

  Leading gas & oil company, Total E&P, has appointed GAC South Africa to provide shipping and logistics support for its drilling project off the coast of South Africa, which started in June this year. Total E&P is one of the first companies to drill for oil & gas in the


OSX Brasil Suspends Creditor Payments

Photo courtesy of OSX

A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court. According to a securities filing on Thursday


Two More PSVs for Vroon

The PX121 design offers a competitive combination of fuel-efficiency and cargo capacities and deadweight.

  COSCO (Guang Dong) Shipyard Co. Ltd is going to build a further two platform supply vessels of the ULSTEIN PX121 design for Vroon Offshore Services, the Netherlands. Ulstein has entered into an agreement with COSCO on delivering ship design


High Shipping Costs Deter Buyers of W. Africa Crude

Nigerian crude oil differentials held at two-year lows on Monday as demand remained subdued, partly due to high shipping costs from West Africa to Europe. Nearly half of the loading program for August, which originally had 65 cargos, was unsold on Monday


Repsol Could Drill off Canary Islands in October

Spanish oil company Repsol could begin prospecting for its $7-billion oil exploration project off the Canary Islands in October, Industry Minister Jose Manuel Soria said on Tuesday. Spain's Supreme Court last month rejected environmental appeals against 2012 government permits granted for oil


Ship Reportedly Booked for First US Condensate Export

The first condensate cargo for export is due to load in Texas at the end of this week, headed via the Panama Canal to Asia, shipping sources said. Westport Petroleum Inc., the Franklin, Tennessee-based shipping arm of Japanese trader Mitsui & Co


Petronas pledges RM10m to MH17 fund

Logo

  PETRONAS today announced the setting up of a seed fund called ‘Care for MH17’. For a start, the national oil company will contribute RM10 million to the fund to assist the government in providing support to the families of the victims.


Tankship Market & Return of Contango: Analysis

Crude carrier: File picture CCL

This week, the Brent price curve moved into contango on what was reported to be short-term physical oversupply. In their latest 'Tanker Opinion', Poten & Partners consider whether this is likely to be a long-lasting change (“Contango” is a term used to refer to a commodity price


Exxon Rig Enters Uncharted Waters of Russian Political Storm

U.S. sanctions on Russia include Rosneft, Exxon's partner: Project may not break sanctions, but brings political risks. An ordinary, long-scheduled journey of an oil drilling rig into Arctic waters is turning into a major political exercise






 
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