Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd. He said that development on the field, which is close to the Iraqi border, will start by the end of March 2001 and could earn revenues of some $100 billion given current estimates of recoverable reserves. The massive discovery by the National Iranian Oil Company comes under renewed Iranian efforts to rejuvenate exploration activities in a country with the world's second largest natural gas reserves and fifth biggest oil reserves. "Exploration had been neglected for 20 years. Recently there has been a great deal of exploration effort and this find shows that Iran is still under-explored," said Iranian oil expert Manouchehr Takin of London's Center for Global Energy Studies. "It underscores that Iran still has the potential for big discoveries." Oil Majors Vying For Iran Business That potential is one of the incentives now driving major Western oil firms to compete for big deals under Iran's biggest energy opening since the 1979 Islamic revolution.
An investigation committee headed by the Estonian Central Criminal Police now suspects 15 vessels of the oil spill off the Estonia coast that resulted in death of thousands and aquatic birds. The Liberian oil tanker Flawless, had notified authorities of problems already when approaching the Muuga seaport. The vessel had sustained a seven centimeters crack in its hull. The Estonian Maritime Administration inspected the ship after the announcement
Brazil's state oil giant Petrobras said on Thursday that it had made four "important" new oil finds that should boost its oil reserves by about 1.4 percent. Petrobras said the discoveries in Brazil's northeast region would eventually increase reserves by more than 130 million barrels, or 1.4 percent. Brazil's current reserves are 9.278 billion barrels. The finds were made in four mature fields where production was thought to be declining.
The Coast Guard, the Washington State Department of Ecology and the City of Seattle Public Utilities continue to investigate the cause of the patches of light oil sheen that covered parts of of Elliott Bay in Seattle Friday. Federal, State and City of Seattle pollution investigators continued their search throughout the weekend and today for the cause of the oil spill. On Friday oil containment booms and sorbent materials were placed at storm drain outfalls at SW Lander St
Nigeria's deep offshore fields showed more promise for oil finds than fields closer to shore, a senior Nigerian official said. Of the 18 wells drilled recently in Nigerian waters less than 1,000 m deep, 11 were dry. Of the 11 drilled in water over that depth, only two were dry, Funsho Kupolokun, special adviser on oil to Nigerian President Olusegun Obasanjo, said. Kupolokun said Nigeria expects to extract up to 850 trillion barrels from only four of its deep offshore fields
The principal difficulty for Arctic offshore drilling right now, according to oil industry think tank, is economic. The companies may be back for another try at Arctic offshore drilling, in U.S. waters or elsewhere, if economic conditions change, reports AP. Shell pulled out from drilling in the Arctic after completing just one unsuccessful exploration well. Then Obama administration cancels two scheduled Arctic Ocean lease sales for 2016 and 2017
Bloomberg reported that Petroleo Brasileiro SA, Brazil's state- controlled oil company, opened a new exploration frontier with the discovery of oil beneath more than two kilometers of ocean and two kilometers of rock a company official said. While Petrobras doesn't know the extent or size of the oil deposits found about 250 kilometers off the shore of Rio de Janeiro, it is the first time oil has been found under such conditions
According to a Bloomberg report, BP Plc discovered a gas deposit in the Caspian Sea that may double production from the largest natural gas development in Azerbaijan. BP shares rose 2.8 percent, the most in a month, in London trading after the company announcement. With the latest discovery, the field may be able to pump enough gas to supply Belgium and Luxembourg together. BP and partners including StatoilHydro ASA plan to spend $4
The debate regarding working in and around the Arctic is multi-tiered, with environmental, technical and emergency response heading the list. There is no debate regarding the fuel, money and emissions to be saved by shortening select global shipping routes. In a report from Bloomberg news posted June 13 on http://www.businessweek.com, it was said there will be a rise in dry bulk cargos hauled through Arctic waters this season
Maersk is launching a new computer game called Quest for Oil. Maersk is taking the lead in an innovative way by using a video game to open up the oil business to everyone. Quest for Oil is the first game of its kind and with the convergence of forces, innovation and technology Maersk gives the chance to experience the challenging world of being on a drilling rig with its 53,000 tons of steel rammed into the bottom of the ocean.
On 20 January 2016, Corima, part of the Italy-based Gesmar Group, held an official handover ceremony for a Damen ASD 2810 tug. The festivities were attended by invited guests that included representatives from Ancona’s port and city authorities.
FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect for a cash consideration of approximately $10,800,000. Ever Radiant and Ever Respect are Japanese-built, 4
Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected to remain as the market is yet to find a new equilibrium, according to market analyst and consultant Douglas-Westwood (DW).
The 685-foot Liberian-flagged containership Westwood Robson is being held in port after significant safety violations were discovered by Port State Control officers from U.S. Coast Guard Sector Puget Sound during an inspection at the Husky Terminal in the Port of Tacoma, Thursday.
An agreement to build oil tankers in Iran for Venezuela has been left in limbo years after it was announced as Western sanctions plus disagreements over payments and delivery terms took their toll, sources familiar with the matter say.
Norwegian oil major Statoil plans to develop its Arctic Johan Castberg oilfield after having cut costs by half, with a decision on investments in 2017, its chief executive said on Tuesday. Worried by high costs of operating in the remote Arctic Barents Sea
U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S
MSC Monica, Mediterranean Shipping Company container vessel, ran aground on the St. Lawrence River near Saint-Laurent, between Bécancour and Levis. The box ship left Montreal and headed down the river, but suffered steering gear failure
Aker Solutions has secured an order from Statoil to provide a concept study for a floating production, storage and offloading facility for the Johan Castberg oil field development in the Barents Sea. The order is a call-off by Statoil on an engineering contract for Johan Castberg won by Aker
Today Vladivostok-based Far Eastern Federal University (FENU) opened the International School of Ice Ice Mechanics to 30 students and young scientists from Russia, China, Korea, India, Indonesia and Norway. They will study the basics of field development of oil and gas in the Arctic ice of
Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing
The U.S. Senate on Wednesday began debate on the country's first major energy bill in over eight years, featuring measures aimed at protecting the electric power grid against cyber attacks and speeding the export of liquefied natural gas.
The Coast Guard is seeking the public's help identifying the owner of a 13-foot white sailing dinghy found near Kaneohe Bay, Wednesday. Anyone with information that may help identify the owner of the sailing dinghy is asked to contact the Coast Guard Sector Honolulu Command Center at
Norsafe has become the first lifeboat manufacturer to provide STCW and Norwegian Oil and Gas (NOROG) compliant training courses for seafarers. This means that the company is the only lifeboat manufacturer that offers production, servicing and certified training in the operation and maintenance
Aker Solutions won a framework agreement to provide engineering and construction services for several offshore oil and gas fields in the UK North Sea. The contract has a fixed period of five years as well as an option to be extended by five years