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Oil Find

Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals

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.


Ships Suspected in Estonian Oil Spill

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


Petrobras Announces Four Oil Field Finds

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.


Nigeria Sees Future In Deep Offshore Fields

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


Coast Guard, Dept. of Ecology to Conduct Investigation

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


Is Oil Industry Backing Away From Offshore Arctic Drilling ?

Prirazlomnaya platform. Photo: Information Directorate, Gazprom

 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


Maersk Launches Quest for Oil Computer Game

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.


BP Finds Major Gas Field

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


Arctic Route Helps Owners Slash Fuel Costs

“I think it important to remind everyone that the place is ice-covered – fully or partially – eight to 10 months out of the year through the century and beyond, Said Lawson W. Brigham, PhD, Distinguished Professor, Geography and Arctic Policy, University of Alaska – Fairbanks.

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


Petrobras: Deep Offshore Wells a New Frontier

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


Second Ship of Franklin Arctic Voyage Found, Canada Confirms

Canada confirmed on Monday it has found the wreck of HMS Terror, the second of two British ships lost in the disastrous Franklin Arctic voyage of 1845, and said the government will work closely with northern aboriginals on ownership of the artifacts.  


Maersk to Split Into Two Divisions

Photo: Maersk Line

 It's oficial now. Danish conglomerate A.P. Moeller-Maersk A/S said Thursday it is splitting into two separate units - transport and energy businesses.   Denmark’s biggest company moves ahead with an historic shake-up of the conglomerate to generate growth


Second Ship Found from Doomed 1800s Arctic Expedition

1836 watercolor painting by Admiral Sir George Back, then in command of the HMS Terror on a voyage to Hudson’s Bay, shows the ship and one of her boats beside an iceberg. (Courtesy: Canadian Museum of Civilization / Parks Canada)

Explorers have found the wreck of HMS Terror, the second of two British ships lost in the disastrous 1845 Franklin expedition to Canada's Arctic Northwest Passage, Britain's Guardian newspaper said on Monday.   The Arctic Research Foundation


Libya Resumes Oil Exports from Some Major Ports

Libya is resuming oil exports from some of its main ports which forces loyal to eastern commander Khalifa Haftar seized in recent days and has lifted related "force majeuere" contractual clauses, the National Oil Corporation said on Thursday.  


North Sea Decommissioning Forecast to Blossom After Yme Removal

Graph Source: Douglas-Westwood’s North Sea Decommissioning Market Forecast 2016-2040

 AllSeas recent successful removal of the Yme platform was the first job completed by the Pioneering Spirit – demonstrating that the world’s first single lift vessel (SLV) was back on track after a spate of recent delays.   


GAC, Forth Join Forces to offer Mooring, Terminal Solutions

GAC Herman Jorgensen and FLMS sign the deal

GAC UK and Forth Logistics Marine Services (FLMS) have formed a partnership to provide mooring and related terminal services around the UK. Formed on the back of a long term contract in the River Forth with an oil major to be announced later in the year


Total Lubmarine Launches Talusia Optima

 Lubricants supplier Total Lubmarine has launched Talusia Optima, a new cylinder lube oil compatible with high sulphur heavy fuel oils and ultra-low sulphur distillate fuels.   According to the manufacturer, the new lube has been developed to simplify the management of vessels trading


Its Time to Act for Minimising Cost: EU F-Gas Regulations on Refrigerants

Courtesy Oceanic Technical Solutions

The cost of refrigerant and regulatory compliance in the next five years will become as commercially important to vessel operations as regulations governing sulphur emissions are today, warns Robert Chesters, Managing Director Oceanic Technical Solutions.


C-Job Designs Flettner Freighter for Switijnk

Taking the project name of FF8000, the design will be for a dry cargo ship with 8,000 ton deadweight. Although based on the existing FF4500 design, the new design will include numerous modifications.

Revolutionary Wind Assisted Propulsion design will be applied to 8,000 DWT General Cargo vessel. The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile


Russia, Japan Discuss Islands Dispute 'In-depth'

Russia's President Vladimir Putin and Japan's Prime Minister Shinzo Abe agreed on Friday to draw up proposals this year to end a row over a group of disputed islands that has bedevilled relations between their countries for over 70 years.  


Semco Maritime, Langset to Develop Hanøytangen Yard

Photo courtesy Semco Maritime

The two Norwegian companies enter into the agreement to cover development of the Hanøytangen yard as well as pursuing business opportunities in the oil and gas/maritime industry, primarily targeted at the North Sea and international markets


Retailers Working to Minimize Disruption from Hanjin Bankruptcy

Photo: Hanjin Shipping

The National Retail Federation (NRF) Vice President for Supply Chain and Customs Policy Jonathan Gold weighs in on this week’s bankruptcy filing by Hanjin Shipping.   “Retailers’ main concern is that there is millions of dollars worth of merchandise that needs to be on


Brazil May Open Petrobras Subsalt Area to Other Companies

Brazil may allow companies besides Petrobras to bid for the right to produce extra oil from areas it sold to the state-led oil company in 2010, the head of the exploration and production policy at the energy ministry, Jose Botelho, said on Wednesday.  


OSV firm Farstad Continues Restructuring Talks

file Image (Credit: Farstad)

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking to both industrial and financial investors on how to refinance 11.6 billion Norwegian crowns in net interest bearing debt ($1


USS Freedom Suffers Casualty

USS Freedom (LCS 1) (Photo: U.S. Navy)

The U.S. Navy's first littoral combat ship USS Freedom (LCS 1) experienced a casualty to one of its main propulsion diesel engines (MPDE) on July 11 reportedly caused by a leak from the attached seawater pump mechanical seal that resulted in seawater entering the engine lube oil system






 
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