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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

SBM Offshore Hit By Slowing Industry Spending

File photo: SBM Offshore

SBM Offshore the world's top oil production ship leaser, said on Wednesday a fall in orders hit its third-quarter revenue as clients trimmed spending amid ongoing low oil prices.   The Amsterdam-based company, which generates roughly 60 percent of its business in Brazil

Another Hurdle for Iran Oil Tankers Comeback

Sourena is a FSU for Iranian crude export located in the Persian Gulf, south of Iran. Photo by National Iranian Oil Company

 Iran's oil tanker fleet is expected to face more hurdles before many of the vessels can start trading again due to insurance hiccups and tougher requirements over sea worthiness by potential foreign clients, despite easing of sanctions, reports Reuters.  

OPEC Sees Oil Supply Hole in 2016 as Low Prices Curb Rival Output

OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut.   In a monthly report, the Organization of the Petroleum Exporting Countries said it

New Charges in 2012 Fatal Platform Blast

West Delta 32 platform after the explosion (Photo: BSEE)

Black Elk Energy Offshore Operations LLC, Grand Isle Shipyards Inc., Wood Group PSN Inc., as well as Don Moss, 46, of Groves, Texas, Curtis Dantin, 50, of Cut-Off, La., and Christopher Srubar, 40, of Destrehan, La., have been charged with crimes for a November 2012 explosion on an oil production

US Oil Drillers Cut Rigs for Third Week on Weak Crude Prices

U.S. energy firms cut oil rigs for a third week in a row this week, data showed on Friday, a sign the latest crude price weakness was causing drillers to put on hold plans announced several months ago to return to the well pad.   Drillers removed 8 rigs in the week ended Sept

Italy's Eni Arrives Arctic as Shell Departs

Eni in the Arctic. Image credit: ENI

 As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the Guardian.   Eni has vowed to press ahead with oil production - a $5.5bn (£3.6bn) project - in the Norwegian Arctic

d'Amico Launches Two Tankers in Vietnam

Cielo di Ulsan, launched by DIS in Hyundai Vietnam Shipyard (PRNewsFoto/dAmico International)

d'Amico International Shipping S.A. has launched two eco-ships at the shipyards of Hyundai Vinashin Shipyard Co. Ltd – Vietnam, bringing the fleet to more than 50 units. The vessels Cielo di Ulsan, a handysize Ice Class of 39,000 tons and High Trader, a medium range 50

Eni Arctic Service Rig Extension Okayed

Italian oil company Eni has received permission from Norway's Petroleum Safety Authority to extend the use of a service rig on its troubled Arctic Goliat oil field offshore Norway until Nov. 30, the regulator said on Thursday. The Floatel Superior rig is used to house hundreds of crew members

Urals Weakens Further in Baltic

Russian Urals crude differentials continued to slide in the Baltic on Thursday amid a flurry of activity with softer refining margins, pushed down by higher oil prices, still keeping buyers at bay.   In the Platts window, Statoil bought a 100,000-tonne cargo from Glencore for loadings on Oct

US Oil Drillers Cut Rigs for 7th Week

U.S. energy firms cut oil rigs this week for a seventh week in a row, the longest streak of reductions since June, data showed on Friday, a sign low prices continued to keep drillers away from the well pad.   Drillers removed 10 oil rigs in the week ended Oct

Iran to Step up Production One Week post-Sanctions

Iran will boost its crude oil production within one week once international sanctions are lifted and is determined to regain its lost market share, senior Iranian oil officials reiterated on Monday. Iran will raise production by 500,000 barrels per day in the first week after sanctions are

Brazil Gives SBM Ultimatum in $250M Bribery Settlement

Brazil has told Dutch SBM Offshore NV, the world's top oil production ship leaser, to agree soon to a $250 million bribery settlement if it wants to regain its biggest client in the world's largest oilship market, a government source told Reuters.

Is Oil Industry Backing Away From Offshore Arctic Drilling ?

Prirazlomnaya platform. Photo: Information Directorate, Gazprom

 The principal difficulty for Arctic offshore drilling right now, according to oil industry think tank, is economic.  The companies may be back for another try at Arctic offshore drilling, in U.S. waters or elsewhere, if economic conditions change, reports AP.  

OPTION Attracts New Partner for Oil Recovery

This Project combines novel technologies and recent scientific discoveries with the ambition of creating a game changer in the oil field

  OPTION (Optimizing Oil Production by Novel Technology Integration) aims to significantly improve simulation tools for the prediction and control of the flow between the horizontal wells and the reservoir – with a focus on enhancing oil recovery.

Nils Andersen, CEO Maersk: “Global Growth Slowing Down”

Nils Smedegaard Andersen. Photo: The Maersk Group

 Nils Smedegaard Andersen, chief executive officer at A.P. Moeller-Maersk qoted by Bloomberg as saying: "We believe that global growth is slowing down. Trade is currently significantly weaker than it normally would be under the growth forecasts we see"  

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