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
China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that China has become the world's largest importer of oil, and energy more generally
Baker Hughes Incorporated announced that the Company's Chairman and Chief Executive Officer, Martin Craighead, will be making a presentation at the Barclays CEO Energy-Power Conference on Wednesday, September 3, 2014, at 9:45 a.m. Eastern time.
Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed. Most buyers have baulked at the initial offers of Angolan crude
A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against Argentine import licensing rules used to restrict imports. The three trade powers argued that Argentina did not grant licenses to
The International Maritime Bureau (IMB) is calling for vigilance in the maritime sector as it emerges that shipping and the supply chain is the ‘next playground for hackers’. IMB said, “Recent events have shown that systems managing the movement of goods need to be
More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG), with the first exports due to start in 2018, the national oil company said.
Norwegian firm DNO expects its first shipment of oil from Kurdistan to be sold on the international market by the end of the year and said it was committed to its operations in the region despite the recent flare-up in violence. The firm could until recently only sell oil on the local Iraqi
Drum Cussac said it is helping Tanzania's budding entrepreneurs cater to the requirements of the international oil and gas companies operating in the country, as part of its own Corporate Social Responsibility (CSR) initiative and a Tanzanian government vocational scheme.
A tanker carrying crude oil from Iraqi Kurdistan reappeared unladen on Aug. 19 about 30 kilometres off the coast of Israel, ship tracking data on Reuters showed. This is the second time the Kamari has appeared in the area in the last two weeks carrying Kurdish oil.
Norway's Statoil shut oil and gas production at its Troll C platform in the North Sea after inspections found corrosion damage on a pipeline, the company said in a statement on its website on Wednesday. The platform was shut on Sunday and the repair is expected to take seven days, Statoil said
The Port of Long Beach announced Tuesday that it is expanding its partnership with International Bird Rescue, a global expert in oiled wildlife emergencies and aquatic bird care, a partnership that was unofficially established during an animal cruelty case that made Southern California
The Mærsk Deliverer rig team has initiated seven local acceleration programmes in Angola. The goal is to train and develop local talent to take on increasingly challenging positions on-board the rig. To do so, experienced employees play a key role.
On August, 13th the delivery and naming ceremony of our last construction, the ERRV C722- Ocean Marlin - for Atlantic Offshore was performed. The event was held in the Norwegian town of Stavanger, where Mrs. Apeland H. Anni acted as godmother
A man was arrested in Northern Ireland on Tuesday on suspicion of murder after the death of an Afghan Sikh who was among 35 suspected stowaways found in a shipping container at a dock in England three days ago, police said. Police said the 34-year-old man was arrested just after midday on a
The possible introduction of the NORSOK R-002 standards means there’s a big job to be done upgrading the lifeboats and rescue boats onboard the rigs already operating in the Norwegian sector. In order to meet the growing demand, SH Group and its subsidiaries Xervo and Sepro Technology are