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Oil Production

A.P. Moeller Hopes To Maintain 2001 Oil Production

Oil and shipping group A.P. Moeller said it hoped to maintain its record North Sea oil production in 2001 at 300,000 barrels per day (bpd). Danish Underground Consortium (DUC), in which A.P. Moeller holds a 39 percent stake, produced 1.275 million tons of oil in 2000, 10.1 percent above 1999 level, while gas production was down 3.5 percent at 6.401 billion cu. m. "Oil production in 2000 was in line with expectations. We hope to maintain the current production of 300,000 bpd, but it's an ambitious target," Maersk Oil & Gas deputy director Bo Wildfang told Reuters. A.P. Moller had expected its oil and gas production in 2000 to end "a little higher" than in 1999. "A 10 percent rise in 2000 oil production is somewhat higher than my estimate and compensates for a lower-than-expected gas sale," analyst at Carnegie Dan Togo Jensen said. "Oil production is about to flatten out and at the same time costs will rise, leading to lower earnings per barrel," Togo Jensen said. A.P. Moeller's oil production in 2000 was boosted by the group's recent find, the Halfdan Field, which seems to contain more oil than originally expected and produced 35,900 bpd in December. "We might go higher than 40,000 bpd," Bo Wildfang said. A spokesman at the Danish Energy Agency said the agency expected DUC to produce approximately the same level of oil in 2001 as last year. "Halfdan's contribution is rising and compensates for lower production from older fields."


GOM Offshore Ops Returning to Normal

Oil and natural gas production levels and the number of workers on offshore rigs and production facilities were close to or at normal levels today as offshore operations resumed after the threat of Tropical Depression No. 10 passed late last week. Workers remained evacuated from three production platforms, or 0.4 percent of the 834 manned platforms in the U.S. Gulf. All personnel evacuated from rigs have been redeployed to the 89 rigs operating in the Gulf. Approximately 19.3 percent of U.S


Tankers Pressured By Low Rates, High Costs

Oil tankers are reportedly being squeezed by low freight rates and high fuel costs, and some older ships may be heading for the scrapyard. An OPEC cut in oil production combined with reduced demand and high bunker fuel prices makes it difficult for even older tankers with little financial commitment to break-even, according to a report by shipbrokers Simpson, Spence and Young.


BP Chief: Bush Plan Will Not Spur More E&P

BP Plc Chief Executive Sir John Browne described President George W. Bush's energy plan as "comprehensive" but said it would not make crude oil any cheaper and would not spur BP to step up its U.S. oil and gas exploration efforts which are already running at full steam. "Domestic measures make very little difference to the price of oil ... the price of crude oil really is set by the supply managers of the world, and that presently is OPEC," Browne said.


Tropical Storm Keith Forces Key Oil Ports To Close

Two of Mexico's key oil export ports were shut down on Wednesday as tropical depression Keith whipped up winds and waves in the Gulf of Mexico, though the effects on oil production were not immediately known, authorities said. The port of Dos Bocas in southeastern Tabasco state was closed as winds blew from 21 and 27 miles per hour and seas swelled at between eight and 10 ft., said the transport ministry in a statement.


Offshore Energy Industry Evacuates Before Ike

Photo credit:  NOAA

The offshore energy industry continues to evacuate workers from the in advance of Hurricane Ike. According to the Minerals Management Service, 78 percent of oil production was shut in because of the approaching storm. Some 23 percent of the platforms in the Gulf and 36 percent of the rigs in the Gulf have been evacuated. Platforms are the offshore structures from which oil and natural gas are produced. Source:  The Times-Picayune


Keppel On Track for First Delivery of 2007

Keppel Offshore & Marine Limited (Keppel O&M) maintains its track record of on time, on budget deliveries with its first completion in 2007. Through its wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), the Floating Production Storage and Offloading facility (FPSO) Polvo is on course to be delivered to valued customer, Prosafe Production (Prosafe) in February. FPSO Polvo was named by Lady Sponsor, Mrs CJ Hadden at a ceremony held earlier today


DOE, EPA, DOI to Partner on Oil & Gas Research

Obama Administration Announces New Partnership on Unconventional Natural Gas and Oil Research.   Today, three federal agencies announced a formal partnership to coordinate and align all research associated with development of our nation’s abundant unconventional natural gas and oil resources. The partnership exemplifies the cross-government coordination required under President Obama’s executive order released earlier today


Obama Stalls Drilling On Federal Lands: Kemp

President  Barack Obama

  The White House likes to claim a share of the credit for the drilling revolution that has transformed North America's energy production and security. Except the revolution has largely taken place on private rather than public land, and energy producers feel frustrated about the numerous obstacles and long delays in obtaining permission to drill in areas directly controlled by the administration.


Shell & Hyundai Open S. Korea Base Oil Plant

S. Korea plant opening: Photo Shell Lubrication

A joint venture company formed by Shell and Hyundai Oilbank, has inaugurated a new base oil manufacturing plant in Daesan, South Korea. The plant has the capacity to produce approximately 13,000 barrels per day or 650 kilotonnes of API Group II base oils per year. (Base oils are the key component of finished lubricants, making up on average of 60-80% of the end product). Mark Gainsborough, Executive Vice President for Shell Lubricants


OTC’s Highest Award for Petrobras

Petrobras’ Exploration and Production Director, Solange Guedes

  Petrobras’ Exploration and Production Director, Solange Guedes, received the OTC Distinguished Achievement Award for Companies, Organizations and Institutions, the highest recognition that an oil company can be given as an offshore operator


Universal LNG, Sembcorp Marine Pact for West Africa LNG Development

Image: Offshore Engineering by Jurong Shipyard Pte Ltd

 Universal LNG Holdings has launched West Africa LNG Development, a ground-breaking solution partnership between Universal LNG Holdings and Sembcorp Marine Group Company.   With Sembcorp Marine's wholly owned subsidiary Jurong Shipyard participation


How Do You Lose 100 Million Barrels of Oil?

Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices.   Some blame the barrel counters who compile official statistics on supply, demand and stocks


Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion in an electrical panel started a fire and injured two workers, union officials said.  


USA Urged Not to Delay Arctic Drilling

Arctic drilling: Pic by Greenpeace

 The U.S. should immediately begin a push to exploit its enormous trove of oil in the Arctic waters off of Alaska, or risk a renewed reliance on imported oil in the future, reports AP.   The US Arctic potentially contains enough oil and gas to allow it to be a significant contributor


Amid Yemen Chaos, China Lifts More Oil

China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country after the launch of Saudi-led air strikes last week. The 2 million barrel Very Large Crude Carrier (VLCC), Tai Hung San


Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE, April 1 (Reuters) - A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face


Obama asks Congress to Widen Arctic Refuge Protections

Courtesy National Wildlife Refuge  Alaska

  The Obama administration on Friday finalized its recommendation to expand protected areas of Alaska's Arctic National Wildlife Refuge, calling on Congress to block about 12 million acres (5 million hectares) from oil and gas drilling.


US Could Eliminate Energy Imports -EIA

Figure 1 (Source: EIA)

EIA's AEO2015 projects that U.S. energy imports and exports come into balance, a first since the 1950s, because of continued oil and natural gas production growth and slow growth in energy demand   The Annual Energy Outlook 2015 (AEO2015) released today by the U.S


Kongsberg Simulators to Enhance GoM Offshore Training

Photo courtesy of Kongsberg

‘Fideicomiso de Formación y Capacitación para el Personal de la Marina Mercante Nacional’ (FIDENA), on behalf of Mexico’s Secretariat of Communications and Transportation (SCT) has selected Kongsberg Maritime offshore simulators for the Marine Education Center in


Cheaper Fuel to Boost Container Shipping

Photo: Tanner Matheny

Lower oil prices are sharply reducing the cost of shipping merchandise from Asia to the United States and Europe as the cost of bunker fuel tumbles. Container shipping companies deal with the volatility in fuel prices by adding a separate bunker adjustment factor or fuel surcharge to their


Abu Dhabi to Invest $25 Billion Offshore to 2020

Image: Aeron AS

 Abu Dhabi National Oil Company (ADNOC) plans to invest around US$25bn over the next five years in a bid to boost oil production from offshore fields.   The investment is part of the UAE's strategy to increase its crude oil output potential from its current production of 2


Goliat FPSO in Norway

Dockwise Vanguard arrives in Hammerfest with Goliat FPSO on board (Eni Norge)

 The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest, Norway last week, after a 63-day journey from South Korea covering 15,608 nautical miles


US Weekly Oil Rig Count Decline Slows

The fall in the U.S. oil rig count slowed this week, data showed on Friday, suggesting the collapse in drilling may be coming to an end as prices recover after falling 60 percent from June to March.   The oil rig count fell by 24 this week to 679 active rigs


ExxonMobil Begins Production at Kizomba

FPSO Mondo Courtesy ExxonMobil

  Exxon Mobil Corporation announced today that its subsidiary, Esso Exploration Angola (Block 15) Limited (Esso Angola), has started oil production ahead of schedule at the Kizomba Satellites Phase 2 project offshore Angola. Kizomba Satellites Phase 2 is a Block 15 subsea infrastructure






 
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