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
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
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)
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.
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 China's four state-run shipping-related companies are reportedly in the initial phases of combining units in order to beef up the national shipbuilding industry, says local media. The chances of mergers between China Ocean Shipping, China Shipping Container Lines
Smart players leverage low debt, adjust work schedules, seek spot gigs and new markets 30%That’s the minimum level of capital expenditure cuts facing owners and operators of offshore rigs, vessels and various support services, as they scramble to keep equipment working and their heads
MISC Bhd is selling AET Tanker Holdings Sdn Bhd, which owns a fleet of 74 crude oil and product tankers, to US-listed Teekay Tankers Ltd, reports local media. AET is a wholly-owned subsidiary of Malaysia's MISC Bhd. and a major global shipowner and operator with a fleet of
Abu Dhabi National Oil Company (ADNOC) plans to invest around US$25bn over the next five years in a bid to boost oil production from offshore fields. The investment is part of the UAE's strategy to increase its crude oil output potential from its current production of 2
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust, has entered into a two-year time charter agreement with a prominent US domestic oil company for the FSL Hong Kong, a 115,000 dwt crude oil tanker built in 2007.
The Houston-based Rig player Northern Offshore has negotiated a nine month delay for the delivery of two high specification jack up rigs Energy Engager and Energy Encounter. It will push back the delivery of the Energy Engager and Energy Encounter from a shipyard in China
Qatargas sold its first cargo of liquefied natural gas (LNG) to Pakistan State Oil Company Limited (PSO). The LNG cargo was sold on a free-on-board basis and loaded at Ras Laffan Port on to the LNG vessel Excelerate Exquiste on 21 March 2015.
China and Vietnam have pledged to look for a peaceful resolution to their dispute in the South China Sea via talks, following a meeting between China's president and the head of Vietnam's Communist Party, state news agency Xinhua said on Wednesday.
Trucks will be able to access a blocked entrance at Santos, Brazil's largest port, at night while firefighters finish extinguishing a blaze at a nearby fuel-storage facility, city and port authorities said. The more flexible rules will provide some relief for grain exports that have
"Shell wants activists off its rig. We want Shell out of the Arctic," says Annie Leonard, Greenpeace USA’s Executive Director. Attorneys for Royal Dutch Shell PLC on Tuesday sued in federal court to remove six Greenpeace activists who boarded a vessel carrying an
The rapid growth of mega refineries is prompting a new class of oil products supertankers, mirroring an earlier revolution in crude oil shipping, as traders look for scale that was previously not economically viable. In the early 1970s, ships capable of carrying 2 million barrels of crude oil
Aden Refinery temporarily suspends tender process to import; Gasoil shipment headed for Yemen diverted towards Singapore. SINGAPORE, April 9 (Reuters) - At least four oil and natural gas tankers that were headed to Yemen have been diverted as chaos mounts in the country after the launch of
Shares in Brazil's Petrobras rose 6 percent on Monday after local media reported that the state-run oil company plans to sell a stake in petrochemicals firm Braskem SA for around 2.8 billion reais ($903 million). The report in Broadcast, the real-time news service of newspaper Estado de S
MODEC, Mitsui, MOL and Marubeni to Proceed with the Deepwater FPSO Charter Project for Tartaruga Verde & Tartaruga Mestiça Oil Fields Offshore Brazil MODEC, Inc., Mitsui & Co., Ltd. Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation have agreed that Mitsui
An explosion occurred on a tanker belonging to state-owned oil and gas company PT Pertamina on Monday evening while the ship was under repair at Belawan Port in North Sumatra, killing four workers. Three victims died on the spot