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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.

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

Rosneft Inks Supply Pact with PDVSA

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 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)

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

According to a September 11 report from, 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.

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.   

Venezuela detains three vessels for suspected fuel smuggling - navy

Venezuelan President Nicolas Maduro Photo Wikipedia

  Three vessels suspected of smuggling subsidized fuel from Venezuela's refinery-rich Paraguana peninsula were detained this week by the country's navy, a local commander said on Saturday. Sources told Reuters on Monday that seven people had been arrested for allegedly attempting to

Nigeria's Oil Exports Under Threat

Nigeria's latest effort to combat theft could imperil its oil income lifeline, compounding the damage the crude price fall has done to its finances, access to dollars and imports. Oil traders and shipping brokers said a newly implemented "letter of comfort" requirement under which

Completed GMS Scirocco Gets first Contract

GMS Scirocco

  Gulf Marine Services the provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, informed that the newly-built GMS Scirocco has been completed ahead of schedule and under budget and has been awarded its first

Brazil Court Allows Lula Questioning in Petrobras Corruption Case

Luiz Inácio Lula da Silva (Photo courtesy FP Services)

  Brazil's Supreme Court authorized the questioning by Federal Police of ex-President Luiz Inácio Lula da Silva as a witness in a broadening corruption case focused on state-run oil company Petrobras , a spokesperson for the court said on Friday.

EMGS Reports $1.6m Multi-client Sales

Electromagnetic Geoservices (EMGS) reported multi-client sales from Barents Sea and Norwegian Sea   Marine controlled-source electromagnetic (CSEM) data provider EMGS informs it has entered into two new data licensing agreements with two oil companies for the provision of 3D EM data from

Sonangol to Buy Cobalt's Stake in 2 Offshore Blocks

Photo: Cobalt International Energy

Angolan state oil company Sonangol said it would buy oil and gas producer Cobalt International Energy Inc's 40 percent stake in two oil blocks offshore Angola for $1.75 billion.   Cobalt operates three blocks covering 3.4 million acres off the Angolan coast.    

NNPC Ends Offshore Processing Agreements

Nigeria's state oil company has cancelled its contract for the delivery of crude to the country's refineries in Warri, Port Harcourt and Kaduna, it said on Wednesday.   Oil sales account for about 70 percent of government revenue in Nigeria, Africa's top crude producer

MN 100: Baker Marine Solutions, LLC

Baker 1.jpg

The Company: Baker Marine Solutions (BMS) is an industry leader providing marine assurance and consulting services, performing DP assurance, OCIMF- OVID inspections, IMCA CMID inspections, and marine warranty surveys as well as on board marine representation

The FPSO Cost Discussion

Packed with “optimized technology”: The ENI FPSO at tow-out from its Korean yard.  Credit: Courtesy Eni Norge

At first, the oil-price and project-cancellation forecasts had hushed the audience at FPSO Europe Congress 2015. Speaker No. 1 had delegates looking at each other for signs of fear. Then, rival contractors — veterans of many a bitter tender — piled on the logic of their own methods for

Eni Finds Giant Egyptian Offshore Gas Field

Claudio Descalzi, Chief Executive Officer. Photo by Eni SpA

 The Italian energy major Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.   The Zohr gas field covers any area of 100 square kilometers and Eni said that "it could

Traders Scramble for Caribbean Crude Storage

Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash in six years by holding onto more barrels or making blends that can be sold for premiums.

TEN Charters Tanker at 20% Premium

Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price levels positive for tanker markets   Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation Limited

Nigeria Ramps up Push to Eradicate Oil Theft

Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities, the state oil company chief said on Tuesday.   The Niger delta has been plagued by oil theft for years that has

India's Oil Exploration near South China Sea Irks China

Photo by ONGC Videsh

 The state-run China Daily says that India's plans to conduct oil exploration off Vietnam coast in the South China Sea is "illegal and is an "unwise move" that may "sabotage" positive momentum in ties.   "India's intention to once again explore for oil in

BP Wins One US Court Ruling, Loses Another Over 2010 Gulf Spill

U.S. Coast Guard photo

A U.S. appeals court said BP Plc, which in July reached a $18.7 billion settlement of federal, state and local claims over the 2010 Gulf of Mexico oil spill, must face one of two proposed class-action lawsuits claiming that the oil company defrauded shareholders over the disaster.  

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