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.
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.
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
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 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 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.
As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of four AHTS vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017
Maersk Supply Service, a unit in Danish conglomerate A.P. Moller-Maersk, said on Thursday it has placed an order for six new large anchor-handling tug supply vessels from Kleven Maritime in Norway. "The vessels are built for deep water operations and potential customers are international
Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the ultra deepwater semi-submersible Mærsk Deliverer expiring in June 2015 by two years. Mærsk Deliverer has since 2012 been working for Chevron and its partners on the Tombua
Venezuelan state oil company PDVSA said on Friday it is selling four crude tankers and two liquid petroleum gas (LPG) tankers that are currently inactive, amid a broader plan to modernize its fleet. "PDVSA is offering, on the terms of 'where they are and in their current condition
Statoil and its partners have completed their joint seismic acquisition project in the south-eastern Barents Sea. New forms of cooperation have ensured resource-efficient acquisition. “We are pleased to have found a form of cooperation that has ensured good quality data sets and
Transcendent Resources Limited (Fosun), a wholly-owned subsidiary of Fosun International Limited and Roc Oil Company Limited, are pleased to announce that Fosun has received acceptance instructions from Allan Gray Australia Pty Ltd (18.9%) in respect of the off-market takeover bid by Fosun to
Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR
U.S. options market bulls rushed to some of the biggest Brazilian companies on Monday, a day after pro-business Brazilian presidential candidate Aecio Neves' surprisingly strong showing in the first-round election vote. Brazilian financial markets rallied after the centrist senator's strong
Electromagnetic Geoservices ASA (EMGS) has received a letter of intent worth USD 6.8 million from an International Oil Company for 3D EM data acquisition in Malaysia. EMGS did not disclose the name of the contractor. "We are pleased to announce the first of several new
Cairn together with its joint venture partners have announced that the FAN-1 exploration well, offshore Senegal, has discovered oil. The well, located in 1,427 metres (m) water depth and approximately 100 kilometres offshore in the Sangomar Deep block, has reached a Target Depth (TD) of 4
South Korean shipbuilder Samsung Heavy Industries plans to build three Arctic tankers for Russian oil company Gazprom Neft, which has been targeted by Western sanctions, sources familiar with the deal said. The sanctions imposed on Moscow over its role in the crisis in Ukraine have complicated
Morgan Stanley said on Friday that there is "no assurance" a deal to sell its physical oil trading business to Russian oil company Rosneft will close. The Wall Street bank cited a contractual requirement to get regulatory approvals by year end
Oil company Exxon Mobil asked a U.S. District Court on Friday to recognize a World Bank arbitration ruling that Venezuela must pay $1.6 billion over a nationalization claim filed in 2007. "Awards issued pursuant to the ICSID Convention are subject to automatic recognition and
MacGregor has signed a new series of deck machinery orders for 12 vessels with the China-based Sinopacific Shipbuilding Group. This builds on a track-record of contracts that now stands at 150 shipsets of equipment successfully delivered and installed at Sinopacific yards
The price of gasoline on the international market has slipped below the domestic price of the fuel in Brazil for the first time in nearly four years, a situation that should ease losses on imports at the refining division of state-run oil company Petrobras, Credit Suisse said in a report.