Russian President Vladimir Putin prioritized the construction of oil platforms and tankers in the shipbuilding sector. Projects are being implemented for the construction of platforms for the development of oil and gas fields on the continental shelf, and a definite class of tankers, Putin said, opening a meeting devoted to shipbuilding industry issues. Russia, which holds the world's largest natural gas reserves and is among the top 10 countries in terms of oil reserves, is implementing huge oil and gas field projects, particularly the Shtokman deposit off the Arctic shelf, and Sakhalin I and Sakhalin II off the Pacific shelf, that have been the focus of the world's leading investors. Last month, energy giant Gazprom announced it will develop the Shtokman deposit on its own, a move that stunned Norway's Statoil and Norsk Hydro, France's Total, and U.S. giants Chevron and ConocoPhillips, all companies previously on a shortlist of contenders for the project. Russia also seems eager to limit foreign participation in the development of the Russian energy sector and to revise production-sharing agreements. Devised in the 1990s, when oil prices were much lower, PSAs offered investors major tax benefits, which provided a kind of risk bonus for investing in Russia. Source: RIA Nivosti
Mexico plans to invest $470m in technological development to aid its oil and gas search over the next five years, state-owned energy company Pemex said recently according to a Reuters report. Pemex, which has proven oil reserves to last about nine years, will reportedly put up most of the money, along with funding from state universities and the country's Petroleum Institute. Much of Mexico's possible reserves that could yield decades more oil are deep beneath the Gulf of Mexico.
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
Petrobras said that it would contract to build 10 offshore oil production platforms in the coming eight years for a newly found pre-salt oil field. The 10 new units, to operate in ultra-deep waters, will tap the pre-salt oil reserves discovered recently off the country's southeastern coast. According to the company, the first two units will be chartered from third parties. Each will have a daily production capacity of 100,000 barrels of crude and 5 million cubic meters of natural gas.
A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said according to an AP report. The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable light crude, sending Petrobras shares soaring and prompting predictions that Brazil could join the world's "top 10" oil
Any oil company wishing to tap into the oil reserves off the coast of Barbados has to comply with some strict guidelines the Government is laying down. In introducing the draft National Energy Policy to the House of Assembly, Minister of Energy and the Environment, Elizabeth Thompson, stated that a number of oil companies, including the big multinationals, smaller operations and some newcomers, had expressed an interest in getting involved in Barbados' oil industry.
With Vast Natural Energy Resources Russia is an energy superpower and the country has vast and rich natural resources. Besides gas and coal reserves (some of the largest in the world), Russia today is ranked as the world’s biggest oil producing nation accounting for well over 12% of the global output. Moreover, the country exports more than 70% of its oil to the world markets. That said, Russia’s output of oil amounts to a third of what collectively the
Keppel Kazakhstan LLP (Keppel Kazakhstan) and its consortium partner Ersai Caspian Contractor LLC, Kazakhstan (Ersai Caspian Contractor), have secured a contract from Teniz Burgylau LLP (Teniz Burgylau), an indirect wholly-owned subsidiary of JSC NC "KazMunayGas" (KazMunayGas) of Kazakhstan, for a KFELS B Class jackup rig worth US$242 million. Scheduled for delivery in 1Q 2015, the jackup rig will be deployed in the Caspian Sea when completed
"Due to increasing demand and reducing reserves, oil prices currently at $40 are likely to soon enter a period of sustained rises resulting in a need to massively develop natural gas and renewable energy resources" according to John Westwood of energy analysts Douglas-Westwood. "Oil reserves are depleting and demand growing. Recent increases in oil demand from China, for example, are likely to accelerate. The average American consumes 25 times as much oil as the average Chinese yet China
Russia has the seventh largest oil reserves in the world (6% of total), after 5 Middle East Countries (totalling 63%) and Venezuela (7%). The other Former Soviet Union (FSU) republics Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan have together less than 2% of the total world reserves, estimated by BP to be some 1048 thousand million barrels. The Russian reserves are spread over a huge area: West Siberia, Volga-Urals, North Caucasus, the Caspian area, the Far East regions
US's Duma Energy Corp. says it has received new 3D seismic data in its search for deeper oil reserves in its Galveston Bay producing fields. This new data, which covers three of Duma's fields in Galveston Bay, is part of a broader effort by several other large independent oil companies to
The crew of the 'Maersk Deliverer' has achieved a ‘One-Year Free of Accidents’ award during operations offshore West Africa. Maersk Deliverer has been operating in six different countries in West Africa for eight different clients over the past two years and is currently on a two year
Aberdeen-based Hydro Group Plc, a global design and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications, sets sights on further international growth with opening of new Singapore office.
‘Clean Sky’ design Kamsarmax project moves industry far beyond the concept stage for gas powered bulk carriers. Lloyd’s Register has provided approval in principle (AIP) for the new ‘Clean Sky’ bulk carrier design incorporating an LNG-as-fuel system
As Brazil continues to emerge as a global offshore and shipbuilding powerhouse, are its local content laws hindering progress? Brazil’s Oil & Gas industry is in the midst of an unprecedented growth curve, with major new reservoirs being found in deepwater, the so-called pre-salt
Atlas launches IMIST in three new languages to improve safety standards in growing South East Asia energy market. Atlas has announced three new translations of its IMIST program, now available in nine languages. International Minimum Industry Safety Training (IMIST) is now available in
Voith has received a major order for the delivery of 60 variable-speed planetary gears type "Vorecon." The Vorecons will enter service in offshore production on the oil fields on the huge pre-salt cluster in the Atlantic approximately 300 km outside Rio de Janeiro
Maersk Drilling takes the first challenging step into deepwater drilling in West Africa, 'Maersk Deliverer' voted 'Rig of the Month'. Maersk Drilling has entered Angola for the first time and after only one full month in operation for Cabinda Gulf Oil Company Limited
More universities and environmental groups are using underwater video systems to assist in their research and monitoring operations. These cameras can be very useful tools in studying benthic habitats and marine organisms, and to monitor the impact of pollution on the environment.
AMP to Testify on Administration’s Failure to Comply With Federal Law During 2011 SPR Draw Down; Will Stress How to Avoid a Repeat During Future Draw Downs. Thomas Allegretti will testify on behalf of the American Maritime Partnership regarding the
Rosneft and ExxonMobil jointly agree to develop tight oil reserves in Western Siberia & establish a joint 'Arctic Research Center for Offshore Developments' Rosneft and ExxonMobil agreed to expand and expedite joint efforts to develop oil reserves in tight low-permeability formations in
Prime movers in the North American oil and gas industry to recover lost ground with the development of new fields says analysis According to an analysis by Frost & Sulllivan, major players in the North American oil and gas market, which is characterized by instabilities
Oil from the Belomorsk Oil Base leaks into the White Sea nature reserve Barents Oberver reports that the recently discovered oil spill now threatens marine life and sea birds in the White Sea, the unique Arctic waters in Russia’s northwest.
Supply & demand no longer most influential factors determining oil prices, other factors predominate The selling price of crude oil is more likely to be determined by geopolitical considerations, speculations, status of global oil reserves, rate of the US dollar
China to invest heavily in offshore energy search China plans to accelerate geological exploration and survey work for oil and natural gas to ease its rising reliance on energy imports, according to the Ministry of Land and Resources, which intends to draw up strategies to achieve