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
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
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
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
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.
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
The hijacked Indonesian cargo ship Rehoboth has been found abandoned in waters off Mati town in Davao Oriental province off the southern Philippines coast, says the the Philippine Coast Guard (PCG). PCG spokesperson Armand Balilo said the PCG- Southeastern Mindanao district
Small and mid-sized independent oil producers in the British North Sea could face a financing squeeze this year as banks cut lending linked to the value of oil reserves, following last year's oil price sell off. Unlike the oil majors, which can slash headcount and delay projects
Colombian authorities detained a China-flagged ship traveling to Cuba for illegally transporting around 100 tons of gunpowder and other materials used to make explosives and arrested the captain, the attorney general's office said.
Colombian authorities detained a vessel operated by China's largest shipping group for illegally transporting thousands of cannon shells, about 100 tonnes of gunpowder and other materials used to make explosives, the attorney general's office said.
Bibby Ship Management is seeing a near 20% increase in inquiries for its services from the offshore sector as ship owners and support vessel operators look to reduce costs and recruit the best crews for their vessels. This development is fuelled in part by a move by the oil majors to reduce
At the risk of dredging up (bad) memories, I find myself harkening back to 1985 when, as a young mariner, I lived in Houston, Texas. As the situation in the oil patch worsened, neighborhoods in and around the Bayou City emptied out as oil workers looked for other things to do
Integrated energy company Centrica Energy and Bibby Offshore, an oil and gas industry subsea services provider, today hosted Tom Greatrex MP, the UK's Shadow Energy Minister, as part of an oil and gas industry fact-finding initiative. Greatrex, the MP for Rutherglen and Hamilton West
Rolls-Royce has signed a collaboration agreement with Spanish energy company Gas Natural Fenosa to develop and install a pure-gas Bergen engine aboard the Baleària-operated ferry Abel Matutes. According to Rolls-Royce , the contract gives the company its first reference for a
Maritime New Zealand (MNZ) said it was monitoring the situation of a small oil spill at the Raroa platform, about 70 kilometres off the Taranaki coastline. The operator, the New Zealand branch of international oil company OMV, says about 250 litres of oil was spilt on Friday when a
Khamis Juma Buamim, Chairman of Drydocks World Group and Maritime World participated in the "Annual Offshore Support Journal Conference" held from February 17th to 19th 2015, in London. The conference saw good participation from key global and regional speakers in the marine
Experts from all Sulphur Emission Control Area (SECA) countries will meet in Denmark on February 25 and 26 to find solutions to the legal and technical challenges presented by the stricter sulphur regulations, the Danish Maritime Authority (DMA) informed.
Kenya will start construction work next month on a long-delayed new port to be built on its northern coast, next to the historic trading town of Lamu, the presidency announced on Monday. The Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) project is intended to include a port, new roads
Reducing costs and improving performance Real-time reporting and data analysis are key tools to understanding and improving complex operating environments of today’s companies where the overall effects of any individual action can be very difficult to identify without a proper tool
Global technology engineering group Sandvik will present corrosion resistant alloys, including its new Sandvik SAF 3207 (UNS S33207) hyper-duplex stainless steel at NACE CORROSION 2015, the company announced today. NACE CORROSION 2015
Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0. State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on