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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)


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


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


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


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


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


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.


Seadrill Sees Bigger Drilling Market Slowdown

Reuters - The global oil drilling market will slow by more than expected over the next two years as energy firms save cash for dividends and delay exploration, Seadrill , the world's biggest offshore driller by market capitalisation, said. Oil companies are struggling with cash outflows, while they also need to spend more just to maintain production levels at their existing assets, where depletion rates are high, Seadrill said on Tuesday.


Statoil Invests $1.5b in US Offshore Project

U.S. Gulf of Mexico

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.5 billion in the Stampede development, which is expected to begin production in 2018


Maersk Interceptor Named in Norway

Maersk Interceptor

  In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had the honour of naming the ultra harsh environment jack-up rig Maersk Interceptor.


Chevron Sanctions Stampede Project

Project map

  Chevron Corporation announced today that its subsidiary, Union Oil Company of California (Union), has reached a final investment decision to proceed with the development of the Hess Corporation-operated Stampede project in the deepwater U.S. Gulf of Mexico


Pirates Launch Renewed Attacks in Nigeria's Oil Delta

Pirates have launched a spate of attacks in the creeks of Nigeria's oil-producing Niger Delta region since last Thursday, killing three policemen and abducting at least nine people, security officials said. Most of those kidnapped were local workers in Africa's biggest oil industry


Brazil's Petrobras Finds Oil in Libra Prospect

Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it found "good quality" oil in an exploration well in the giant Libra prospect, off the coast of Rio de Janeiro state. The well is the first drilled by the Petrobras-led consortium which won the right to explore and


Multiple Pirate Attacks in Nigeria's Oil Delta

Pirates have launched a spate of attacks in the creeks of Nigeria's oil-producing Niger Delta region since last Thursday, killing three policemen and abducting at least nine people, security officials said. Most of those kidnapped were local workers in Africa's biggest oil industry


Total CEO Plane Crash: Russian Prosecutors Detain More Suspects

Russian prosecutors detained four Moscow airport workers and denied bail to the driver of a snow plough which hit a private jet killing the CEO of French oil company Total earlier this week, officials said on Thursday.   Russia's investigative committee has moved quickly to detain those it


Nordic Wins with Noble

DP2 IMR Subsea vessel - Mokul Nordic

  Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy, the international energy provider. “At Nordic Maritime


PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data. Venezuela will start importing light crude this month with a shipment of Algerian Saharan Blend scheduled to arrive at its


Total Names Refining Boss to Replace de Margerie

Patrick Pouyanne (Photo: Total)

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week. Pouyanne, 51, head of refining, had been considered as possible candidate to succeed de Margerie in the past and has a


Total CEO Killed in Moscow Runway Accident

Christophe de Margerie

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors. The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships


Venezuela's PDVSA Puts Six Tankers Up for Sale

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


Mærsk Deliverer's Contract extended

Maersk Deliverer

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


Maersk Supply Service Orders Six Offshore Vessels

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






 
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