Due to declining domestic crude oil production and rising oil demand, crude imports will continue to increase over the next two decades accounting for 64 percent of U.S. oil supplies by 2020, the U.S. Energy Information Administration (EIA) said in its annual long-term energy outlook. Currently, the U.S. imports 52 percent, or 8.6 million bpd of its oil and domestic oil output at 6 million bpd is at its lowest level since the early 1950s. U.S. petroleum consumption is projected to rise an average 1.3 percent annually over the next two decades, growing from the current 19.4 million bpd to 25.1 million bpd by 2020, EIA said. Although world crude oil prices have more than doubled since the beginning of 1999, price increase are expected to moderate in the longer-term, reaching $22.04 (in 1998 dollars) in 2020, compared with the current $23 a barrel. Technology improvements, particularly in offshore oil production, will lead to increased non-OPEC oil output and therefore will keep energy prices in check, the agency said.
Venezuela has reportedly revised its 10-year oil production capacity target downward by more than a million bpd between 4.8 million and 5.2 million bpd.
Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT
Protesters demanding jobs closed off the eastern Libyan port of Zueitina for a sixth day, extending a halt in oil exports, according to a senior oil industry source and to one of the demonstrators, as cited by Reuters. Roughly a dozen men last Tuesday evening forced their way into the port, just hours after Zueitina Oil Company workers had temporarily suspended a strike and resumed production at oilfields that pump to the terminal.
Kazakhstan wants to forge ahead with developing new oil and gas fields in its sector of the Caspian Sea and hopes to wrap up a string of deals with foreign partners next year, a senior official said on Wednesday. The deals, primarily based on PSAs, mark a second stage of offshore development to follow major initial projects such as the giant Kashagan field, being developed by Italy's ENI-led consortium. The new projects should help boost Kazakhstan's offshore oil output to 89
Tanker stocks have taken a severe beating this month on declining oil output and global economic jitters, but several analysts are predicting a steady recovery and consider the slump a good buying opportunity. "Charter hire rates are expected to rebound steadily through 2001 as Iraq and OPEC increase oil production," investment bank Lehman Brothers said in a report on Wednesday. "Recent weakness in the oil tanker sector provides an extremely attractive entry point for investors
Norway, keeping in step with OPEC, will extend a 200,000 barrels per day (bpd) curb to oil output to the end of the first quarter of next year. Norway's Oil and Energy Ministry said it was extending the cuts beyond December 31 even though oil prices have more than doubled since late 1998. "Norway's oil production will be reduced by 200,000 barrels per day in the first quarter 2000," it said in a statement. Norway produces about 3
Tanker Rates React To OPEC Decision Tanker rates to the West firmed as charterers and operators took on board the implications of OPEC's decision to raise oil output, brokers reported. Rates of W68.5 ($11.50 per ton) for 280,000 tons to Europe and 255,000 tons to the U.S. Gulf ($11.75) were a Worldscale point or so above last done, brokers said. But the market appeared to be acting in a schizophrenic manner to the Far East where rates at best held for South Korea at W77.5 (about $7
The European Union may allow insurance against risks, such as collisions and spills, for tankers carrying Iranian oil, a proposal which would ease curbs on Iran’s crude exports. The EU would prohibit the insurance and re-insurance of Iranian oil “except for third-party liability insurance and environmental liability insurance,” according to a draft document obtained by Bloomberg News. The bloc aims to complete the regulation, which is being considered by national governments
The U.S. Energy Information Administration expects OPEC countries to continue producing above their quotas, pushing the cartel's average output 770,000 barrels per day (bpd) above official levels for the quarter. OPEC's actual production would also be just 619,000 bpd lower during the first quarter from output levels at the end of last year, the agency said in its monthly OPEC update. That would be much less than the 1
Roll-Royce has gained two marine contracts: The first, worth US$138-million is for energy services support to Petrobas, and the second worth £20-million, is to provide ship equipment for 10 AHTS vessels under construction by Malaysia shipbuilder Nam Cheong, Details as follows:
E2S has introduced a new option for its market-leading BEx range of explosion proof horns. A new design of output horn turns the sound 90 degrees into a radial, omni-directional pattern without reducing the unit’s sound output levels. Suited to combine horn/strobe units that are ordinarily
Dana Gas, one of Middle East’s largest regional private sector natural gas company, announces its financial results for the third quarter and nine month ended September 30, 2013 with a net profit of $28 million and $121 million (USD) respectively.
Oil output (oil plus natural gas liquids - NGL) from all of Petrobras' fields in Brazil averaged 1.979 million barrels per day (bpd) in September, which is 3.7% higher than the average output of the previous month (1.908 million bpd). Petrobas explain that this positive result was due to the
E2S has introduced a new option for its BEx range of explosion proof horns. A new design of output horn turns the sound 90 degrees into a radial, omni-directional pattern without reducing the unit’s sound output levels. This is especially suited to combined horn/strobe units that are
U.S. is the world's largest producer of oil in 2013, according to data presented at PIRA Energy Group's recent Retainer Client Seminar held in New York City recently. The U.S. has surged to be the world's lead oil supplier because of growth in shale oil. Shale crude and condensate production at 2
Scania’s 13-liter EPA Tier 3 engine, intended for propulsion and auxiliary use, along with the powerful 16-liter EPA Tier 3 engine, will be showcased at The International Workboat Show in New Orleans, Louisiana. Scania engines are all based on Scania's new modular engine platform
Scania’s 16-liter V8 EPA Tier 3 engine, intended for propulsion and auxiliary use, will be one of two engines showcased at The International Workboat Show in New Orleans, Louisiana. Scania engines are all based on Scania's new modular engine platform, which is used for marine, industrial
Eni announces that first oil from the giant Kashagan oil field has been produced. The oilfield is located in the North Caspian Sea, approximately 80 kilometers southeast of Atyrau, in Kazakhstan. Eni holds a 16.81% stake in the consortium for the development of Kashagan and through Agip KCO is
Lumitec, a designer and manufacturer of marine LED lighting solutions, is set to premier three new products at IBEX September 17-19 at booth 2155. Lumitec will also reveal technology updates for some of their most popular lights. Leading the launch is Lumitec’s new Cayman line of
Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 56,000 dwt type bulk carrier M.V.Ocean Bright (MES Hull No. 1848) at its Tamano Works on August 7, 2013 to Mingtai Navigation Co., Ltd., Taiwan. This vessel is a handy-max type bulk carrier of 56
Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 56,000 dwt type bulk carrier MV Sun VILⅡ (MES Hull No. 1851) at its Chiba Works on August 6, 2013 to Sun VIL Shipping SA, Marshall Islands. This vessel is a handy-max type bulk carrier of 56
In June 2013, Petrobras’ total output (oil and natural gas) in Brazil averaged 2,378 thousand barrels of oil equivalent per day (boed), 4.8% higher than May. Including the share operated by Petrobras for partner companies, total production in June was 2,489 thousand boed, 5
First introduced in the 1990s, MAN Diesel describes its Turbo’s 16/24 GenSet as a proven workhorse that has been employed by a broad range of applications and whose continuous redesigns have kept it competitive. Mikael C. Jensen, Vice President and Head of Engineering for the Low-Speed
Anadarko Petroleum Corp (APC.N) reports a quarterly profit compared with a year-earlier loss, as the U.S. oil and gas company's results were helped by higher natural gas prices, according to Reuters. Anadarko has big offshore oil and gas prospects