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)
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
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 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
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
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 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 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
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 (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.
Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0. State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on
A dispute over maritime boundaries between Ghana and Ivory Coast is damaging Tullow Oil, which risks postponement of its TEN project in the waters off Ghana's coastline. The government of Côte d’Ivoire has applied for provisional measures
The platform supply vessel 'Blue Queen', an ULSTEIN PX121 design, was named at Ulstein Verft on Friday 27 February. The ship will be working in the spot market. On Monday, she started on her first assignment. “We are very satisfied that the 'Blue Queen'
The market for oil and gas drilling rigs continues to deteriorate as oil companies cut back on investments, Seadrill Chief Financial Officer Rune Magnus Lundetrae told an energy conference on Wednesday. "We have still not seen the bottom of the day rate fall," he said
Workers represented by the Building Trades Unions will return to Marathon Petroleum Corp's refinery in Catlettsburg, Kentucky on Monday, even as a strike by the United Steelworkers drags into a second week, documents obtained by Reuters show.
Polarcus Limited announced another disappointing quarter today, reporting $93.3 million in fourth quarter revenues, down 24% from the same quarter in 2013. Polarcus, the operator of a global fleet of seismic research vessels, released their fourth quarter and preliminary full year 2014 financial
Royal Dutch Shell Plc and the United Steelworkers union (USW) negotiated for hours on Tuesday over a new labor contract for U.S. refinery workers, the company said on day 10 of the biggest refinery walkout since 1980. They have been unable to agree since this year's talks started on Jan
Brazilian shipowner CBO has placed an order with ULSTEIN for a PX105 type platform supply vessel (PSV) design and equipment package. The deal encompasses design and an extended main equipment package, including the system solutions ULSTEIN IAS integrated automation system
China has to comply with any ruling on competing territorial claims with the Philippines in the South China Sea even if it will not take part in case before Hague court, opined Philippine judge, reports Bloomberg. Philippine Supreme Court Justice Antonio Carpio said that it
BW Offshore cut its dividend on Monday, blaming lower spending by customers due to a fall in crude prices as well as a deadly accident in Brazil last week. The company, which also met fourth-quarter earnings forecasts, said it planned a dividend of 2 U.S
The chairman of the U.S. Senate's Energy Committee and 20 colleagues on Wednesday urged the Commerce Department to allow crude oil exports to Mexico, saying it would benefit the economies of both countries. Republican Senator Lisa Murkowski, the committee's chairman, and Heidi Heitkamp
Maritime New Zealand (MNZ) said it was monitoring the situation of a small oil spill at the Raroa platform, about 70 kilometres off the Taranaki coastline. The operator, the New Zealand branch of international oil company OMV, says about 250 litres of oil was spilt on Friday when a
Investment in British North Sea projects is expected to fall below 8 billion pounds ($12.35 billion) in 2016 from 14.8 billion last year, and could shrink further due to a rise in costs and fall in prices, industry lobby group Oil & Gas UK said in an annual survey on Tuesday.
The melting Arctic presents a geopolitical challenge and it is the last bit of unclaimed land left on our quickly heating globe. A report in the Worldcrunch analyses why China is suddenly so interested in the Arctic. China is now becoming more involved primarily because of issues
Philly Tankers AS announced today that its wholly owned U.S. subsidiary, Philly Tankers LLC, has entered into binding long-term time charter contracts with a domestic end-user for the two 50,000 dwt product tankers it has on order with Aker Philadelphia Shipyard (AKPS)