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
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
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
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
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.
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
Mitch Hausman, President & CEO of Delta Rigging & Tools, Inc., discusses his company’s strategy to expand its core business through acquisition, including insights on its largest ever: the purchase this summer of Morgan City Rentals. Delta Rigging & Tools is a provider of a wide range of Industrial lifting, rigging and associated products, serving diverse markets from energy to transportation, maritime and offshore to name but a few
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
Spain launched an investigation on Thursday into the sinking of a Russian ship off the Canary Islands, as coastguards battled a six-km (3.7-mile) oil slick close to tourist beaches. Environmentalist group Greenpeace criticised authorities for towing the burning fishing vessel out to sea
Dennis de Bruin, Marine Director at BMT Surveys, describes what a surveyor can do to turn an apparent total loss of high quality fuel into the acceptance of a sound product. Shipping is a global business and the obstacles and challenges faced are often demanding
With the energy market swoon in full blossom, Maritime Reporter checked in with Mark Charman, chief executive of global recruiting leader Faststream, for his insights on the breadth and depth of the impact to the offshore employment market. Uncertainty.
Aden Refinery temporarily suspends tender process to import; Gasoil shipment headed for Yemen diverted towards Singapore. SINGAPORE, April 9 (Reuters) - At least four oil and natural gas tankers that were headed to Yemen have been diverted as chaos mounts in the country after the launch of
"Shell wants activists off its rig. We want Shell out of the Arctic," says Annie Leonard, Greenpeace USA’s Executive Director. Attorneys for Royal Dutch Shell PLC on Tuesday sued in federal court to remove six Greenpeace activists who boarded a vessel carrying an
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
The U.S. Army Engineer Research and Development Center’s Cold Regions Research and Engineering Lab How did an urgent requirement to build a road to Alaska end up helping to design submarines and to recover oil spills in the Arctic ice?
Mexican state oil giant Pemex expects to meet its 2015 output target of 646,000 barrels per day (bpd) for the oil-producing region where a platform exploded last week, killing four people and leaving three more missing, a top executive said on Sunday.
The Indonesian government has scrapped the long-awaited Cilamaya port project in Karawang district, West Java province, and is seeking a better location in Subang or Indramayu. The Vice President Jusuf Kalla, who visited Cilamaya with several ministers
Two passengers were found dead on a cruise ship docked in San Juan, Puerto Rico on Thursday morning in an apparent murder-suicide. The unidentified man and woman were in their 50s and from Cleveland, Ohio, AP reports quoting police Sgt. Ricardo Cruz
The maritime bureau of Fujian province confirmed that 13 people went missing after a cargo boat capsized off Taiwan. According to maritime officials, the cargo vessel "Zhen he 168" capsized off Taiwan's Xiquan Island
Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.
Dutch offshore contractor Heerema Offshore Services has signed a letter of intent (LOI) with Sembcorp Marine’s Jurong Shipyard in Singapore for the construction of the world’s largest semi-submersible crane vessel (NSCV).
A tool for removing oil in submerged vessels was developed in Norway by Miko Marine. Moskito is designed to address the pollution threat that exists with the large numbers of sunken ships around the world that still contain significant quantities of oil in their tanks as cargo or bunker
Rail transport activists, analysts and environmentalists get a real taste of what the waterfront has endured for decades. They’ll just have to get in line with the rest of us. This week finds the collective domestic oil industry wringing its hands about the latest in a series of