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Oil Exploration

Mercator Lines to Explore Oil Offshore

Mercator Lines, is planning to expand its business portfolio by foraying into the offshore oil exploration sector. The company is looking for global partners to form a consortium to bid for Indian offshore blocks under the forthcoming round of NELP bids, apart from overseas blocks, including some of the South East Asian and Arabian Gulf blocks. It is in talks with a few European companies, sources said. Mercator Lines, which has forayed into offshore support services and is in the process of acquiring a $180m drilling rig, is aiming at forward integration by getting into the exploration business, which would also give it a captive market for its fleet of rigs and other offshore assets. The company's foray into the oil exploration segment will be spearheaded by its subsidiary, Mercator Oil and Gas Ltd (MOGL). The subsidiary had earlier initiated a foray into offshore segment by tying up with Gujarat State Petroleum Co, but the move did not result in anything concrete. Apart from offshore exploration, Mercator also has plans to get into offshore construction, including construction of platforms and pipelines, the sources said. Source: Moneycontrol.com


CNOOC to Invest $12B in Gas, Oil Exploration

The China National Offshore Oil Corporation (CNOOC) will invest $12.5b in gas and oil exploration in the next five years, CRI reported. By 2010, more than 50 new gas and oil fields of CNOOC Limited will be completed and put into production. The new fields, 24 of which are under construction and 13 under development assessment, are mainly located in East China's Bohai Sea, the Pearl River estuary and the Beibu Gulf in the South China Sea


Shell initiates Beaufort Sea Oil Exploration

Shell is planning to begin its Beaufort Sea oil exploration this summer, a state official said. The initial work will involve excavating "well cellars" from below the sea floor. The cellars, also known as glory holes, protect well equipment such as blowout preventers from ice scouring. Shell plans to start excavations in August and work only during open-water seasons -- before the ice comes in, he said. The company has acquired one drill rig, the Kullu


Interest in Offshore Exploration in Greenland Growing

Several of the world's largest oil companies hope to tap into possible offshore oil and gas reserves as Greenland opened a new round of concessions for exploration licenses in the fragile Arctic region. Eyes of an oil-thirsty world have turned to the shores of the semiautonomous Danish territory amid rising fuel prices, Mideast instability and concerns over future supplies. The Greenland government hopes to make big gains from any reserves found in its icy waters


ONGC to Finalize Shipbuilding Contract

According to a June 25 report on livemint.com, India’s biggest oil exploration company, the state-owned Oil and Natural Gas Corp. Ltd (ONGC), is expected to name within a week the winner of a tender to build 12 ships that will support its oil drilling operations. It was reported that Pipavav Shipyard Ltd, India’s newest private sector shipbuilder, has submitted the lowest bid. However, the winner will not be named ahead of a formal announcement by ONGC.


Greenpeace Wins Bid To Delay North Atlantic Exploration

Greenpeace won its bid to delay oil exploration in the north Atlantic when a judge ruled the British government was failing to apply a European Commission environmental directive in allocating licenses. The government is considering an appeal against the judgment on the basis that it is not taking into account the Commission's Habitats Directive in issuing exploration licenses. A spokesman said the government had been planning to issue new licenses in its 19th round early in 2000


Russia Shuts Greenpeace Out of Arctic Sea Route

Greenpeace icebreaker Arctic Sunrise (Photo: Greenpeace)

The Russian government has reportedly denied permission for the Greenpeace icebreaker Arctic Sunrise to enter the increasingly busy Northern Sea Route (NSR), despite the ship having fulfilled all the requirements for such an entry. Greenpeace International beleives the decision is an attempt to prevent it from exposing the activities of Russian state-owned oil company Rosneft. Multiple vessels contracted by Rosneft and U.S


Venezuelan Navy Compels Seismic Research Ship to Enter Port

The 285-ft U.S.-chartered oil exploration ship 'Teknik Perdana' seized by the Venezuelan navy in Caribbean waters disputed with neighbouring Guyana was escorted into port at Venezuela's Margarita Island on Sunday, reports AP. Quoting Venezuelan authorities, AP said the ship's 36 crew members, including five U.S. citizens and two Brazilians, would be held on board while an investigation continued. AP note that Adm. Angel Belisario Martinez told local station Union Radio that the research ship


Maersk's 3Q Profit Beats Street

Danish shipping and oil group A.P. Moller-Maersk's third-quarter net profit beat expectations, boosted by a strong performance at its container shipping business Maersk Line. Net profit rose 25 percent to $1.5 billion compared with the same period last year, Maersk said on Tuesday, beating an average forecast of $1.38 billion in a Reuters poll of analysts. It stuck to its forecast for an underlying profit for the full year of around $4


Oil Chiefs Justify Profits

According to a Financial Times report, top oil executives recently rejected allegations by some lawmakers that the oil industry was making record profits at the expense of US consumers, emphasizing the high level of investment the companies make to ensure supply and the limitations that have been set by Washington on oil exploration and development within the US. ExxonMobil executives met with lawmakers at a rare joint hearing of the energy and commerce committees


U.S. Senators Urge Obama to Block Arctic Oil Drilling

The Arctic is estimated to hold the worlds largest remaining untapped gas reserves  Photo WWF

  A group of 18 mostly Democratic U.S. senators on Friday urged the Obama administration to stop Royal Dutch Shell's preparations for oil exploration in the Arctic, saying the region has a severely limited capacity to respond to accidents.


Mobil Says Oil Discovery off Guyana is 'Significant'

Photo by ExxonMobil

 Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.     The discovery could put Guyana on oil and gas Map and the country could become a player


Seattle Flotilla Protests Shell's Arctic Drilling Plans

Environment Friendly Port of Seattle

  Hundreds of activists in kayaks and small boats fanned out on a Seattle bay on Saturday to protest plans by Royal Dutch Shell to resume oil exploration in the Arctic and keep two of its drilling rigs stored in the city's port. Environmental groups have vowed to disrupt the Anglo-Dutch


Transocean Swings to Loss on Falling Revenue

Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent out fewer of its rigs because of tumbling crude prices.   The net loss was $483 million, or $1


OTC’s Highest Award for Petrobras

Petrobras’ Exploration and Production Director, Solange Guedes

  Petrobras’ Exploration and Production Director, Solange Guedes, received the OTC Distinguished Achievement Award for Companies, Organizations and Institutions, the highest recognition that an oil company can be given as an offshore operator


Groups Seek US SEC Probe of Shell Arctic Drilling Risk Disclosures

An environmental group and a law clinic petitioned the U.S. Securities and Exchange Commission to investigate whether Royal Dutch Shell has adequately disclosed to investors the risks of oil exploration in the harsh Arctic waters, the groups said on Tuesday.  


Uruguay Eyes Extending Oil Exploration Contracts

Uruguay is considering extending the length of its oil exploration contracts with foreign companies drilling in its waters in order to shore up investment at a time of plunging crude prices, it said on Wednesday.   BP, BG Group, Total, a joint venture of Tullow Oil and Inpex


CSL to Supply 5 Ships to Shipping Corp, Signs Pact with IHC for Dredgers

Photo: Cochin Shipyard Ltd

 Shipping Corporation of India Ltd (SCI) will buy five vessels from Cochin Shipyard Ltd (CSL) and issue tenders for buying two used liquefied petroleum gas (LPG) carriers as it looks to re-start ship purchases that were frozen after poor financial performance


Ghana-Ivory Coast Maritime Dispute Mar Tullow

Image: Tullow Oil plc

 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


Zvezda Shipyard Comes Up Despite Western Sanctions

Zvezda Shipyard (Pics: Far Eastern Shipbuilding and Ship Repair Center)

 German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.   According to Director of the Far Eastern enterprise Yuri Filecroc


Petrobras Denies Hiring JPMorgan for License Sales

Petróleo Brasileiro SA denied on Friday that it has hired JPMorgan Chase & Co to handle the sale of oil exploration licenses in deep-sea areas off the coast this year. In a securities filing, the state-controlled oil producer known as Petrobras reiterated the need to reduce capital


Maersk Confirms $1.5bn for Ghana Port

The Port Of Tema (Pic by  Ghana Ports & Harbours Authority)

 The Maersk Group has reaffirmed its commitment to support the expansion of Ghana’s Port of Tema to the tune of US$1.5 billion.  The Group Chief Executive Officer of the multinational transport and energy giant Maersk Group, Nils Smedegaard Andersen


Maersk Mulls Port of Tema Expansion

Pic by Port of Tema

 Maersk Group is committed to support the expansion of the Port of Tema to the tune of US $1.5 billion, says Nils Smedegaard Andersen, Chief Executive Officer of Maersk Group.  Maersk will also contribute its quota in the US$6 billion oil exploration work to be undertaken by Italian


Rosneft Achieve Commercial Production in Irkutsk Region Blocks

Rosneft acquired commercial inflows of hydrocarbons on the licensed blocks of Irkutsk Region

  Commercial inflows of oil, gas and condensate have been acquired in four exploration wells on Rosneft’s licensed blocks, which were handed over to Verkhnechonskneftegaz for operational activities on geologic survey, exploration and production of hydrocarbon crude


Repairs Halt Total's S.African Ops; Resumption not Prior 2016

S.Africa wants 30 wells drilled in next 10 years; Total woes a setback to S.Africa exploration drive. French energy major Total has halted oil exploration off the southern coast of Africa due to mechanical problems with a rig, meaning it will not be able to resume searching in the area before






 
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