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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


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.


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.


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


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


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.


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


Shell Eyes Arctic Drilling this Summer

(Photo: Shell)

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high. Remote and costly to develop, the Arctic is estimated to contain 20 percent of the world's undiscovered


The Deepwater Sector's Perfect Storm

Photo: Petrobras

Impact of $50 oil and Petrobras implosion on contracting in the floating production sector     The drop in oil/gas prices and ongoing implosion in Petrobras have combined to create a perfect storm in the deepwater sector. More than 170 projects involving oil production floaters and 35


SeaRiver Names New US-flag Tanker

Eagle Bay, the second of two new U.S.-flag crude oil tankers for Exxon Mobil Corporation’s marine affiliate SeaRiver Maritime, Inc., was named at a ceremony at Aker Philadelphia Shipyard.   The first-in-class vessel constructed at the shipyard incorporates the latest safety


Floating Production: What’s New in January?

Photo: Petrobras

  2014 Floater Orders – We thought it would be useful to provide a summary of floater orders placed last year. As listed below, 25 units were ordered during the year - 10 FPSOs, one Barge, four FLNGs, seven FSRUs and three FSOs.    FPSOs (10) • Kaombo CLM


Libya Containing Port Fire, Export Resumption in Question

Libya has made progress containing a fire at its largest oil port that has destroyed four days of the country's oil production but the damage to storage tanks will hamper efforts to resume exports, officials and industry insiders said.  


Rebalancing Trade Flows

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 McQuilling Services Industry Note on 'Rebalancing Trade Flows: The New World Order' : Many types of crude oil are produced around the world. Depending on the requirements of a particular refinery, a blend of heavy and light crudes is processed to manufacture a variety of petroleum products


Libyan Oil Output Shrinks as Oil Tanks Blaze

Libya's oil output has shrunk back further after blazing oil tanks at a major terminal helped world oil prices higher and burnt a bigger hole in its dollar currency reserves.   It is surviving on a mere 128,000 barrels per day from fields connected to the eastern port of Hariga


Pemex Output Steady in November, Exports Up

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  Mexico's state-run oil company Pemex said on Friday its crude oil production held steady in November from the previous month at 2.363 million barrels per day (bpd), the lowest monthly figure on record. Crude export volumes in November were up 8.1 percent from October at 1


Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana will acquire Petronas’ interests of 50% of Block 0197 & 0297 (Cuu Long Basin), 40% of Block 10&11.1 (Nam Con Son Basin) and 36.85% of Block 46-Cai Nuoc (Malay-Tho Chu Basin

  SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore south Vietnam (Blocks 01/97 & 02/97, Blocks 10&11.1, Block 46-CN) for a total purchase price of US$400 million


Russian Liftings for Western Options at 12-Year Low

By Gleb Gorodyankin MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year low as traders withhold cargoes to wait for lower duties from Jan. 1, a preliminary export programme showed on Tuesday.


Oil Continues Downward Spiral

The latest report from the U.S. Energy Information Administration presents several key findings, including: •    North Sea Brent crude oil spot prices fell by more than 15% in November, declining from $85/barrel (bbl) on November 3 to $72/bbl on November 28


RWE Dea to Expand in Egypt

RWE Dea doubled its oil and gas production in Egypt

  RWE Dea doubled its oil and gas production in Egypt and drawn up expansion plans. North Africa is a strategic core region for Dea. The company is one of the leading foreign investors in Egypt and produces oil and gas in the country for 30 years by now


Petrobras P-66 hull Ready For Integration

P-66 First of eight cloned FPSO hull gets out of dry dock

  On Monday, December 8, Petrobras began transporting the hull of P-66, the first platform in a series of eight “replicant” FPSOs (floating production, storage and offloading units) being constructed to meet oil production demands in Brazil


50 Millionth Ton of Oil from RN-Uvatneftegaz

RN-Uvatneftegaz is a subsidiary of Rosneft. The Uvat project is a cluster of 17 licensed blocks with about 338 million tons recoverable reserves of oil and condensate.

  RN-Uvatneftegaz, a subsidiary of Rosneft, produced 50 millionth ton of oil since the start of Uvat project implementation in 2004. In 10 years of enterprise performance the annual oil output increased almost by 10 times – from 1


Zargon Cash Dividend for December 2014

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  Zargon Oil & Gas Ltd. confirms that the monthly cash dividend for the month of December in the amount of Cdn. $0.06 per common share will be paid on January 15, 2015 to shareholders of record on December 31, 2014. Unless otherwise indicated






 
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