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Oil Company

Investors Ask Oil Companies for Risk Reduction Strategies

According to an August 6 report from Environment News Service, suffering deep financial losses from the Deepwater Horizon oil spill in the Gulf of Mexico, and in response to a proliferation of deepwater offshore drilling for oil worldwide, investors have sent a joint letter to 27 major oil companies seeking transparency on risk reduction strategies for their offshore oil operations. Fifty-eight investors in the United States and Europe, representing trillions of dollars in assets, sent the request for more information to chief executive officers at the oil companies, including the world's three largest deepwater oil producers - ExxonMobil, Royal Dutch Shell and Brazil's state-owned oil company Petrobras. (Source: Environment News Service)


Norway To Simplify Licensing Rules

Norway's government wants to let firms other than pure oil companies apply for stakes in offshore oil and gas licenses as part of a drive to simplify the sector and attract investments. Government officials said smaller oil companies, downstream companies and the supply industry could take stakes in licenses on the shelf if the regulations are changed. Currently only pure oil and gas firms are allowed to apply. Analysts say that companies like offshore supply group Aker Maritime are


MMS 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.


Concordia Maritime Signs Contracts with Lukoil

Concordia Maritime has signed two-year timecharter contracts for the V-MAX vessels Stena Vision and Stena Victory with Litasco, a subsidiary of the Russian oil company Lukoil. The new time charters will begin immediately upon expiration of the current charter contracts with the American oil company Sunoco at the end of 2007. The vessels are chartered in from Arlington Tankers Ltd until the end of 2009. With the new time charter contracts Concordia Maritime has secured employment


Oil Spill Contained in Davao

Elements of the Philippine Coast Guard Station (CGS) Sasa contained the spread of oil spill reported at the Legaspi Oil Company Incorporated at KM 09, Sasa, Davao City last Friday, January 17. According to report, the incident resulted when the coco fatty oil, a by-product of coconut oil, overflowed from the final catch basin at the refinery department of the said oil company. Approximately 500 liters of oil spilled affecting the seawall and foundation post of Legaspi Oil Company


Union Rejects Oil Refinery Contract Offer

Union negotiators on Thursday rejected the latest contract offer from oil companies and said the largest U.S. refinery strike since 1980 may spread to more plants beyond the 11 where walkouts are underway. The United Steelworkers union (USW) said in a message to members and news media that the latest proposal from lead oil company negotiator Royal Dutch Shell Plc failed to improve safety at refineries and chemical plants in an "enforceable way."


Exxon Mobil 1Q Income Soars To $5 Billion

Exxon Mobil Corp., the No. 1 oil company, said first-quarter earnings rose 51 percent, as it cashed in on strong crude oil and natural gas prices as well as better profits from refined fuels such as gasoline. Exxon Mobil posted record first-quarter income, excluding merger effects, of $5.05 billion, up from $3.35 billion in the year-earlier period. First-quarter revenues rose to $57.28 billion from $54.1 billion a year before


CNOOC to Bid on Nation Energy

CNOOC is likely to bid for a Kazakhstan oil company just days after it unveiled plans to spend $2.3 billion on offshore oil and gas assets in Nigeria, www.TheStandard.com reported. CNOOC is eyeing an offer for Nations Energy, an independent oil producer based in Canada. The move by CNOOC comes after the company announced the acquisition of a 45 percent stake in oil and gas fields owned by Nigerian oil company South Atlantic Petroleum earlier this week


Colombia Grants E&P Rights To 5 Oil Companies

The Colombian government Tuesday granted exploration and production rights on nine offshore areas on the Caribbean coast to five different companies in an effort to boost the country's oil reserves. In Tuesday's auction, Colombian state-owned oil company Ecopetrol SA, India's state-run oil company Oil and Natural Gas Corp. (500312.BY), Brazil's Petroleo Brasileiro SA (PBR), U.K.-based BP PlC (BP) and Hess Corp. (HES) won the rights separately or in partnership to explore the nine blocks


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.


Blacklisted Tanker Returns to Libya's Zawiya Port

Distya Ameya tanker Photo National Oil Corporation

A tanker that Libya's rival eastern government had been using to try to export oil in defiance of the Western-backed administration in Tripoli returned to the country on Saturday, after it was blacklisted by the United Nations, the state oil company said.


Libya Eastern Oil Company Blocks Tanker Loading Crude for Tripoli Rival

An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday.   The eastern company, also calling itself the National Oil Corporation (NOC)


Tanker Departs Libya Empty amid Political Crisis

A tanker that an oil company set up by Libya's eastern government prevented from loading has left the eastern port of Marsa el-Hariga, a port official said on Wednesday. The Seachance, which had been due to load 600,000 barrels of oil for the National Oil Corporation (NOC) in Tripoli


Abu Dhabi Puts Fujairah LNG Terminal On Hold

Pic: Fujairah LNG Terminal

 Citing sources familiar with the matter, Bloomberg reports that Abu Dhabi is delaying the construction of the UAE’s first land-based LNG import terminal after contracting a floating liquefied natural gas unit.    The Abu Dhabi National Oil Company has secured the services


FinMin Says to Stick to Oil Duty Cuts Plans in 2017

Russia's Finance Ministry will go ahead with plans to lower oil export duties next year if prices do not increase significantly, Deputy Finance Minister Ilya Trunin told reporters on Monday.   Russia had scrapped plans to cut the duty for this year due to lower prices of oil


Some 18-20 Oil, Gas Fields off Norway in Danger of Shutting Output Early

Some 18-20 oil and gas fields off Norway are in danger of shutting output earlier than planned due to low oil prices, but the impact on the overall output outlook would be limited, the head of the Norwegian oil directorate told Reuters on Tuesday.  


Keppel's Profit Nosedives

Photo: Keppel Corp

 Keppel Corp., the world’s largest builder of oil rigs, posted a 41 per cent fall in quarterly profit, its fourth straight decline, as offshore and marine segment revenue slumped because of the deferment of some projects and suspension of contracts related to Sete Brasil.  


Venezuelan's Late Shipping Containers bill at $1bln

Venezuelan state agencies have run up close to $1 billion in debts with shipping firms due to delays in returning containers, potentially boosting the cost of importing staple goods as the country struggles with product shortages and an economic crisis.


Aker Seeks More Investments - Roekke

Norwegian industrial holding company Aker expects to conduct more acquisitions and other transactions in coming years, the firm's top owner said on Friday. "At Aker, and companies owned by Aker, the transaction activity will probably increase," billionaire investor Kjell Inge Roekke


Eastern Libya Ships First Oil Cargo, Defying Tripoli

Indian-flagged tanker leaves port with 650,000 barrels. A government based in eastern Libya shipped its first cargo of crude on Monday in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi.


Libya Asks UN Council to Blacklist Ship Carrying Eastern Oil

Libya has asked the United Nations Security Council to blacklist an Indian-flagged ship that is on its way to Malta carrying crude oil shipped by the rival eastern Libya government, Libya's U.N. envoy said on Tuesday. Libyan Ambassador Ibrahim Dabbashi told Reuters he had written to the


Eastern Libya Ships First Oil Cargo in Defiance of Tripoli

A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi.   The Tripoli authorities asked the U.N


UN Blacklists India-flagged Ship Carrying Eastern Libya Oil

The United Nations Security Council Libya sanctions committee blacklisted on Wednesday an Indian-flagged tanker carrying crude oil shipped by the rival eastern Libya government, said diplomats, which would prevent it from entering any ports.  


Argentina Crude Exports Poised to Hit Record

Argentina's oil producers have shipped record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF to return to the export market for the first time in years.   The surge in shipments abroad comes just a month after Argentina's


Chevron Suffers Loss, Plans Job Cuts

Photo: Chevron Corp

 Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016, up from a previously stated goal.  






 
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