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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.


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


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


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


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


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


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.


Pick Me Up

“One of our key strategic initiatives has been increasing our  rental and rigging business, and to go deeper into the offshore oil and gas drilling and production markets.”  Mitch Hausman

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


Maersk Seeks to Shut Janice in UK North Sea

Janice (Photo: Maersk Oil)

Maersk Oil said on Wednesday it would seek regulatory permission to shut its Janice installation, which produces around 7,000 barrels per day (bpd) from three UK North Sea oilfields, as the Danish firm reviews its operations due to falling oil prices.  


The FPSO Cost Discussion

Packed with “optimized technology”: The ENI FPSO at tow-out from its Korean yard.  Credit: Courtesy Eni Norge

At first, the oil-price and project-cancellation forecasts had hushed the audience at FPSO Europe Congress 2015. Speaker No. 1 had delegates looking at each other for signs of fear. Then, rival contractors — veterans of many a bitter tender — piled on the logic of their own methods for


Shipyards Rising Competitive Stirrings

Shanghai:  Plans for a new “Shanghai Maritime City” might need more ship orders

A mini order boom fueled by gas, “green-tech”, tankers and new rules is underway in shipbuilding. It won’t fill all yards, but changes like the July 2015 cap on sulfur emissions garner retrofit and rush orders. Even China’s Directive 55 obliges its mixed bag of yards to


Man Earns Jail Time for Hoax Coast Guard Calls

A man found guilty of making numerous hoax calls to the U.K. Coastguard has been jailed for four months, the U.K. Maritime and Coastguard Agency (MCA) reported.   Alasdair Munro, 55, from Kyleakin, Skye, denied all charges before Sheriff Scott at Portree Sheriff Court on August 27, 2015


First Offshore Reference for ACO's New Clarimar MF

Clarimar MF (Photo: ACO Marine)

ACO Marine announced it has signed a contract to supply a bespoke version of its new Clarimar MF wastewater treatment plant to the CFT 623 wellhead platform under construction for Dubai’s Dragon Oil.   The specially adapted Clarimar MF-2 has capacity to treat 3


Alberta Panel to Review Climate-change Policy

Environment Minister Shannon Phillips

  The Canadian province of Alberta, the biggest source of U.S. oil imports, announced the members of its climate change policy review panel on Friday, part of its pledge to implement new rules on greenhouse gas reductions. Environment Minister Shannon Phillips said the panel would offer


Boat Migrant Found Dead in Mediterranean, 354 Rescued

Rescuers found one migrant dead and saved 354 on a fishing boat in rough seas near the southwestern shore of Italy, the coast guard said on Monday.   The body was found on Sunday night, adding to the weekend's Mediterranean death toll after 49 people were found dead


Urals Weakens in Med, Baltic as Sept Cargoes Emerge

Russian Urals crude weakened further on Monday in the Mediterranean and the Baltic under pressure from abundant supplies and as oil firms began to tender fresh September supplies.   In the Platts window, Tenergy sold a cross-month Urals cargo in the Mediterranean to Eni at dated Brent minus


Routine Turbine Handling in Offshore Conditions

Photo: JD Neuhaus

The Gerritsen On- & Offshore Services BV company have handled a routine turbine maintenance procedure being undertaken on an offshore location in the Southern North Sea. This involved four of their personnel, utilizing an air operated hoist unit manufactured by the J D Neuhaus company for


Treasure Hunters Find $4.5 mln in Rare Spanish Coins

Photo: 1715 Fleet - Queens Jewels, LLC

Florida treasure hunters found a trove of $4.5 million worth of Spanish gold coins 300 years to the day after a fleet of ships sunk in a hurricane while en route from Havana to Spain, the salvage owner said Wednesday.   The 350 coins found on July 30 include nine rare pieces


Oil Below $40/bbl After Rise in US Oil Rigs

U.S. crude oil prices on Friday dove below $40 a barrel for the first time since the 2009 financial crisis, notching their longest weekly losing streak in 29 years after a further rise in U.S. drilling and a drop in Chinese manufacturing.  


Walk-through Lockages at Iroquois Lock - Montreal / Lake Ontario

locks on the St. Lawrence

  Mariners are reminded that during a walk-through lockage at Iroquois Lock: • The vessel must maintain contact with the lock on marine VHF channel 17 during the entire lockage. The vessel may leave channel 17 only after having left the lock.


Radio Holland, Thome Ship Management Sign MSA

Photo: Radio Holland

Radio Holland in Singapore has signed a Managed Service Agreement (MSA) with Thome Ship Management that will cover nine vessels for four years. Thome Ship Management, headquartered in Singapore, has worked for many years with Radio Holland, which is part of Imtech Marine


Radio Holland, Thome Ship Management Ink MSA Deal

Champion Ebony Photo Radio Holland

  Radio Holland in Singapore has signed a Managed Service Agreement (MSA) with Thome Ship Management that will cover nine vessels for four years. Thome Ship Management, headquartered in Singapore, has worked for many years with Radio Holland, which is part of Imtech Marine


Some 50 Migrants Found Dead in Boat off Libya

Some 50 migrants were found dead in the hold of a boat off the coast of Libya on Wednesday during a rescue operation which saved 430 other people, the Italian coast guard said. A spokeswoman for the Italian coast guard said the Swedish ship Poseidon






 
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