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
Masirah Oil Limited announced the testflow rates of the previously announced discovery at the second exploration well in Block 50 Oman, were very encouraging. The exploration well was drilled to its final depth into the Cambrian formation
Seafarers’ charity Apostleship of the Sea (AoS) is helping Ukrainian seafarers establish contact with their families back home following the crisis in Crimea. Some of the seafarers, who had been at sea for the past few weeks, only received news of the trouble when their ships came into
Reuters - Brazil's state-run oil company, Petroleo Brasileiro SA, said on Friday that it had discovered new, good-quality oil deposits in the so-called sub-salt region. Petrobras, said the discovery was made in the Florim and Iara fields in the offshore Santos basin
Ships from six navies, dozens of military aircraft, sweeps with radar technology that can spot a soccer ball from hundreds of feet in the air - all have failed to find a single confirmed trace of a Malaysia Airlines plane that vanished three days ago.
TQ Construction and Drilling Training Center Inaugurated in Dammam. Leading representatives from Saudi’s oil and gas sector gathered in Dammam on Thursday, February 27, to launch the newest Saudi Petroleum Services Polytechnic (SPSP), the Construction and Drilling Training Center
Reuters – Overcapacity threatens to derail a fragile recovery in the global shipping sector as ship owners and investors place orders for new vessels betting on better times, according to a recent survey. Ship owners ordered large numbers of vessels between 2007 and 2009
Supply rises by 170,000 bpd, led by Iraq, Angola. Saudi Arabia trims output, Libyan supply falls and OPEC output below 30 million bpd target for fifth month. OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola
Port Metro Vancouver is taking steps to ensure the safety of the port and port users, and the smooth movement of goods in the face of ongoing disruption to operations by members of the United Truckers Association. This group of truckers is protesting the wages paid by those who hire them
ITIC has warned that the so-called ‘hold harmless’ clauses in many of the contracts entered into by its members may contain pitfalls which could prejudice their rights. A mutual hold-harmless indemnity clause should provide that each party to the contract agrees to take
Norwegian oil explorer Det norske made a small oil discovery in the Arctic Barents Sea with a gross oil column of about 30 metres and much poorer reservoir quality than expected, the Norwegian Petroleum Directorate said on Monday. Det norske earlier said it found some oil in the prospect but
Cargo growth between Asia and the Middle East/Indian Subcontinent region was poor in 4Q 13, indicating that ocean carriers need to seek economies of scale and to look for more profitable ways of serving the trade lane, finds Drewry's latest Container Insight Weekly in a trade route analysis
By Claire Milhench, Reuters New fuel rules for ships entering low sulphur zones around northwest Europe and North America next year could trigger a price spike in European gasoil, whilst refiners will struggle to offload unwanted fuel oil.
By Jonathan Saul, Reuters Crude oil tanker earnings on the major Middle East route fell on Tuesday as a build up of vessels available for hire weighed on rate sentiment. Shipping markets continued to monitor developments in Ukraine after Russia sent military forces into the Crimea region of
Energy services firm Hunting posted pretax profit broadly flat on the previous year, but just short of analyst expectations, as a lack of drilling in the North Sea and Canada hit demand for equipment and services. The company, which provides equipment and services for drilling and completing
By Lin Noueihed, Reuters Egypt is enhancing exploration terms and striving to repay nearly $5 billion it owes to foreign oil and gas producers as it struggles to prevent them fleeing to more promising prospects elsewhere in Africa. Cairo needs them to expand exploration and bring new finds