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Oil Field

SHI Secures Order For FPSO

SHI received an order for a floating production storage and offloading (FPSO) facility worth US$140 million from Husky Oil Operations Ltd. of Canada on the 31st. As a competitive solution for the development of offshore oil and gas resources capable of the production, storage and offloading of crude oil and gas, an FPSO is a special facility suitable for the development of a medium size deep-sea oil and gas field due to its mobility.The FPSO facility SHI received an order for from Husky Oil Operations Ltd. is of 133,000 tonsmeasuring 272m(L) x 46m(W) x 27m(D). Capable of storing 940,000 barrels, it will be producing maximum 120,000 barrels of crude oil per day from the end of 2004 at the Whit Rose oil field located approximately 350 kilometers off the east coast of Newfoundland, Canada. The oil field is estimated to have 250 million barrels of oil reservoir. In consideration of the harsh environment of this oil field where there are heavy waves anda lot of floating icebergs, the FPSO facility will be equipped with a leading edge control system that enables the evacuation to a safe place or change of direction by using its twin screw in caseit falls into a dangerous situation of colliding with floating icebergs. And the hull of the vessel is going to be specially designed strong enough to resist the heaviest waves of the last century and collision with an iceberg of 10,000 tons

Husky Energy Increases Production

Husky Energy Inc. reported net earnings of $126 million ($0.29 per share) in the first quarter of 2002, compared with $192 million ($0.42 per share) in the same quarter of 2001. Cash flow from operations in the same period was $373 million ($0.87 per share), down from $620 million ($1.46 per share) in the first quarter of 2001. Results for 2001 have been restated to reflect the adoption of the recommendations of the Canadian Institute of Chartered Accountants on foreign currency translation

Daewoo Shipbuilding Wins $1.27B Angola Order

Daewoo Shipbuilding & Marine Engineering Co.won an order worth $1.27b to build an oil drilling and production platform for an Angolan unit of energy giant Chevron Corp. The platform, to be built at Okpo Bay of Geoje Island, about 406 km south of Seoul, will be installed in the Tombua-Landana offshore oil field off the coast of Angola, southwestern Africa, Antara reported. (Source: Antara)

Bids Out for Marathon Oil Tanker Conversion

Tenders are currently being sought for the conversion of the Norwegian owned 2001-built, 91,676 dwt crude oil tanker Odin into an FPSO for operation in Marathon Oil’s Alvheim oil field development project in the North Sea. Marathon Oil expects to announce the shipyard that will convert the vessel in the early part of next year. Conversion of the Aframax tanker will result in an FPSO with an oil storage capacity of 560,000 barrels. The Alvheim field is expected to begin operations in 2007.

Navy Actions Disrupt Oil Field Access

StatoilHydro reportedly suspended helicopter flights to some of its main fields in the North Sea due to Russian Navy exercises in nearby international waters, Reuters reported. According to the reports, the disruptions will not affect production levels at the fields, which include the Troll field. According the report, a Russian aircraft carrier and two accompanying vessels were carrying out exercises near the heart of Norway's offshore oil and gas sector in the North Sea.

Four Companies Proceed with FPSO Chartering Project

MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. (MOL) and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production, storage and offloading system (FPSO) for use in the Carioca area of a pre-salt oil field off the coast of Brazil. The four companies have entered into definitive agreements today.

Conoco Talks On Azeri Field Expire Without Agreement

Conoco is reportedly was "considering all options" after failing to reach agreement in talks with Azerbaijan over a $1.2 billion deal to rehabilitate and develop a major oil field.

CNOOC Discovers New Oil and Gas field in Bohai Sea

China National Offshore Oil Corp. Ltd. (CNOOC), the country's largest offshore oil producer, announced that it discovered a new oil and gas field, dubbed Bozhong 28-2 East, in Bohai Sea. Bozhong 28-2 East is located between Bozhong 28-1 oil and gas field and Bozhong 28-2 South oil field near the Yellow River mouth. A 35-meter gas layer and a 35-meter oil layer have been discovered underneath the sea water measuring 20 meters in depth.

China to Review Offshore Risks in Wake of Spill

China's ocean administration reportedly want companies operating offshore wells to be more transparent after two oil leaks seeped into water off the country's eastern coast unbeknownst to many local fishermen and residents last month, according to an AP story. China's State Oceanic Administration reportedly issued a notice Friday asking offshore oil producers to investigate any risks, review their emergency planning and assess the environmental impact of their operations.

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields, the country's energy regulator said on Friday.   The whole of Round One covers areas including the Chicontepec basin and the Perdido area, as well as shallow and deep waters, and sees investment of up to $50.5 billion between 2015 and 2018, the energy regualtor said in November.    

Topaz Secures Tengiz Oilfield Contracts

Offshore support vessel company Topaz Energy and Marine has been appointed the technical managers of three vessels by a consortium comprising Blue Water Shipping A/S and Kazmortransflot (KMTF), in connection with the TCO developed Tengiz oil field in Kazakhstan.  

Foss Maritime: Hard at Work in the Arctic

Glacier Wind in Cook Inlet (Image courtesy of Foss Maritime)

As the oil industry awaits a much-needed rebound, Foss Maritime’s robust presence in the Arctic region underscores its commitment to the region, the environment, and a business plan that looks ahead to the next chapter.   Reports of the death of commercial Arctic activities have been

Kazakhstan's Kashagan Ships First Oil for Export

The first batches of oil from the giant Kashagan oil field in Kazakhstan were shipped for export on Friday via two pipelines, the Central Asian nation's Energy Ministry said.   Energy majors developing the field have shipped 7,700 tonnes of oil through the private CPC pipeline and 18

As Iran Oil Tenders Near, Investors Still in the Dark on Terms

Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni

Icebreaker Launched for Sovcomflot

On June 30, 2016 a new icebreaking supply vessel (IBSV) was launched for Sovcomflot as part of a long-term agreement with Sakhalin Energy.   Due to be delivered in the fourth quarter of 2016, this reinforced ice class vessel has deadweight of 3

Aibel Bags Greater Enfield Project Contract

Aibels offices in Singapore. Photo Aibel

Aibel Pte Ltd in Singapore has been awarded the E&P contract for modifications on Woodside Energy Ltd’s Nguijma-Yin floating production storage and offloading (FPSO) off Western Australia. The FPSO will undergo modifications to the topsides, hull and turret

Oil Prices Rally after Turkish Military Takes Over

Map courtesy W a s h i n g t o n In s t i t u t e f o r N e a r E a s t P o l i c y

Oil prices extended gains in post-settlement trading on Friday after Turkey's armed forces said they had taken power in the country to protect the democratic order and to maintain human rights. Supply outages across the world have led to crude prices rallying from 12-year lows touched earlier

Ghana cuts GDP Forecast

(Map courtesy Google Maps)

Ghana has cut its 2016 economic growth forecast sharply to 4.1 percent from 5.4 percent due to lower export prices and irregular oil production, Finance Minister Seth Terkper told Reuters on Monday.   Oil output was halted between March and May at the offshore Jubilee field due to a

Sarir Output Suspended due to Hariga Port Protest

A protest over wages that has shut the eastern Libyan oil terminal of Hariga has forced the operator of the Sarir oil field to suspend production of 100,000 barrels per day, an oil company spokesman said on Tuesday. Omran al-Zwai, spokesman for Libya's eastern state oil firm AGOCO

Ecuador Pays $112 mln Award to Chevron

Courtesy Chevron Corporation

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said. A Hague arbitration court awarded the U.S. company $96 million in 2011 in a dispute stemming from a 1973 deal that

Turkey’s Role for the Tanker Market

Map and Graph: Poten and Partners

 Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market.   Turkey is not a large oil or gas producer; according to JODI its crude oil

Libyan Deal to End Oil Ports Blockade Needs Signing

Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government still needs to sign an agreement for exports to resume.   The PFG has been demanding payment of workers' wages as part of any

Bourbon Feels the Pain of Low Oil

File photo: Bourbon

-- French OSV company stands strong until 1H 2016; reports 21 percent revenue decline -- 27 percent of fleet currently stacked   The impact of the oil market cycle reaching its bottom was felt in Bourbon in the first half of 2016, as the company announced first half 2016 adjusted revenues

Japanese Shippers Trim Fleets

Photo: NYK Lines

 The three big Japanese marine transport firms -  Nippon Yusen Kabushiki Kaisha (NYK Lines), Mitsui O.S.K. Lines and Kawasaki Kisen - are decreasing the number of containerships and bulk carriers in their fleets by 10%, reports Nikkei.  

Maersk May Face Crisis: Economist

Photo: Maersk Group

 Shipping industry faces worse storm than after financial crisis. The  industry has been squeezed on both the supply and demand sides: too many vessels have been built and not enough scrapped, while global trade has slowed down.  

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