Oil Search Ltd., Papua New Guinea's biggest oil producer, expects to reach agreements with the government and partners by the year-end allowing a decision to start designing a $10b liquefied natural gas project. The economic viability of the Exxon Mobil Corp.-led LNG project has been ``fully tested'' and talks are underway with the government on fiscal terms, Port Moresby-based Oil Search said in a presentation lodged with the Australian Stock Exchange, according to a Bloomberg report. Oil Search may own between 28 percent and 32 percent of the venture, once the state and landowners take up stakes. The group is studying tapping gas from the Hides, Angore, Juha fields and nearby areas in the Highlands of Papua New Guinea to feed a 6.3 million metric tons-a-year LNG plant, targeting the start of deliveries in 2013. Santos Ltd., AGL Energy Ltd. and Japan PNG Petroleum have stakes in the venture. Oil Search reiterated a forecast for production of between 9.5 million and 10 million barrels of oil equivalent this year, down from 10.2 million in 2006. Field and corporate costs are expected to be ``slightly'' higher in the second half than in the first, it said. Exploration spending is set to be at the upper end of the $230m to $240m range forecast in August, while spending on development will probably be ``a little lower'' than $100m, the company reportedly said
Exxon Mobil Corporatio says it has shipped the first cargo of liquefied natural gas (LNG) from the $19 billion PNG (Papua New Guinea) LNG project ahead of schedule. PNG LNG, operated by ExxonMobil affiliate ExxonMobil PNG Limited, is expected to produce more than 9 trillion cubic feet of gas over its estimated 30 years of operations. The first cargo is bound for LNG customer Tokyo Electric Power Co. Inc. (TEPCO) in Japan.
The number of rigs searching for oil and natural gas in the United States fell by seven to 1,225 during the week ending May 18, according to oil services firm Baker Hughes. Last year the number of U.S. rigs was 841, Baker Hughes said. Meanwhile, the number of rigs exploring for oil and gas in Canada gained 24, compared to 182 last year. The number of rigs in the U.S. Gulf of Mexico fell by four to 160, compared to 135 a year ago.
According to a report from the Associated Press, China's state-owned offshore oil and gas company is intensifying its search for oil in the western United States. CNOOC Ltd. announced it will pay $570m for a one-third stake in Chesapeake Energy Corp.'s drilling project in an emerging oil field in northeast Colorado and southeast Wyoming. (Source: AP)
Tally of oil-directed rigs shows increase In its weekly release, Houston-based oiilfield services company BHI reported a record rise in the number of rigs searching for oil and gas. The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada.
The number of U.S. rigs searching for natural gas in the U.S. rose by 28 to 764, an all-time record high, while the number of rigs searching for oil fell by three to 210 during the week ending July 28, according to oil services firm Baker Hughes Inc. The number of rigs exploring for oil and gas in the United States rose by 25 to 975, compared with 602 active rigs in the U.S. in the year ago period. In Canada, the number of rigs searching for oil and gas rose 13 to 319
The Coast Guard ended two searches today in the Gulf of Mexico off the Texas and Louisiana coasts after thorough searches turned up no results. In the first case, the Coast Guard called off the search for a missing swimmer in San Luis Pass near Freeport, Texas. The 17-year-old Hispanic male is missing after swimming in San Luis Pass Tuesday evening. The Galveston Police Department notified the Coast Guard of the missing swimmer about 8:40 p.m. Tuesday
Sterling Global Operations (SGO) has been chosen to provide surface - supplied divers for unexploded ordnance search and removal and salvage operations for the sunken 82,000-ton Very Large Crude Carrier (VLCC) Amuriyah, an Iraqi tanker sunk near Bubiyan Island off the coast of Kuwait in Jan. 1991 during Operation Desert Storm. Special Diving Services (SDS) Holland hired SGO for this project. "For years SGO has conducted major demining and unexploded ordnance clearance projects in
ExxonMobil's $19 billion liquefied natural gas (LNG) project in Papua New Guinea, which is shipping its first cargo, is set to dramatically transform one of Asia-Pacific's most unstable countries, for better or for worse. The LNG venture, which is expected to produce more than 9 trillion cubic feet of gas over 30 years, is the largest private investment in the South Pacific nation's history. ExxonMobil is relying on projects like this one for much-needed production growth
China's largest ever maritime search-and-rescue exercise, involving 400 people, 28 fleets, two helicopters and an aircraft, was carried out on Thursday in the waters near Dalian Port, northeast China's Liaoning Province. The exercise started when a collision between a passenger ferry and a cargo boat was reported and the National Maritime Rescue Emergency Plan was enacted immediately. The main elements of the exercise, including the rescue of 368 passengers and dozens of sailors
Brent premium over U.S. crude widens to $12; China's implied oil demand set to grow 3 percent this year. Crude oil futures rebounded on Friday and Brent headed for its first monthly gain since July, helped by strong investor inflows, an improving demand outlook and supply outages.
ExxonMobil is encouraging girls to consider science, technology, engineering and math (STEM) careers through the '12th-annual Introduce a Girl to Engineering Day program' to be held at 14 ExxonMobil and XTO Energy sites nationwide over the next several months.
At least 33 people died in Bangladesh on Sunday when a passenger ferry capsized after colliding with a trawler on the river Padma with more than 100 people aboard, police said. Rescuers managed to save at least 50 passengers and were still searching for more survivors
A tugboat owner was given an eight-month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. Martin Richley, owner and skipper of 9.5m Medway tugboat Endurance, pleaded guilty to offences under the Merchant Shipping Act at a hearing today at
A Norwegian-flagged fish carrier vessel, Viktoria Lady, ran aground on a rock in Badcall Bay about 20 miles northwest from Ullapool this morning, the U.K Maritime and Coastguard Agency (MCA) reported. The 1,186-gross-tonnage, 53m-long vessel, which has seven people aboard
The Coast Guard and Navy are continuing the search for a student reported overboard from a Japanese training vessel approximately 70 miles southwest of Kauai, Tuesday. Coast Guard and Navy assets have searched 9,412 square miles totaling 83 search hours.
Nordic Yards holds naming ceremony for new icebreaking rescue and salvage vessels designed for Arctic operations After a construction period of around 17 months, two identically designed icebreaking rescue and salvage vessels have been named Beringov Proliv and Murman during a ceremony at
U.S. Coast Guard (USCG) search operations continue for a student reported overboard from a Japanese training vessel approximately 70 miles southwest of Kauai, Tuesday. USCG said its watchstanders at the Coast Guard Sector Honolulu Command Center were notified at 9:56 a.m
BW Offshore cut its dividend on Monday, blaming lower spending by customers due to a fall in crude prices as well as a deadly accident in Brazil last week. The company, which also met fourth-quarter earnings forecasts, said it planned a dividend of 2 U.S
A U.S. Coast Guard crew is en route to assist a 207-foot fishing vessel with 26 people aboard beset in ice approximately 900 miles northeast of McMurdo Sound, Antarctica. The crew of the Coast Guard Cutter Polar Star is attempting to reach the crew of an Australian-flagged fishing vessel
A Maltese cargo ship was heading to assist a migrant boat with around 100 people on board in difficulty off the coast of Libya on Friday, and an Italian coast guard vessel was helping two other boats, Italian coastguards said. More than 300 African migrants have already died attempting to reach
The Coast Guard medevaced a 36-year-old man from the 252-foot fishing vessel American Triumph approximately 92 miles north of Cold Bay, Alaska, Thursday. A Coast Guard Air Station Kodiak MH-60 Jayhawk helicopter crew forward deployed in Cold Bay safely hoisted the man and transported
Jay Daga has been named Chief Financial Officer of Topaz Energy and Marine, an international offshore support vessel owner with operations in the Middle East, Caspian and West Africa. Daga will take his position with immediate effect
The MV Sewol, the capsized South Korean ferry that killed 304 passengers, could be raised, the country's Choson Ilbo newspaper reported yesterday. A 23-member task force of civilian experts and government officials concluded that raising the intact hull of the ferry is possible
Joint Egyptian-Saudi navy maneuver Morgan 15 is underway in the Red Sea waters of Saudi Arabia. According to the military spokesperson Mohamed Samir, the exercise was part of joint training of the Armed Forces with friendly countries to enhance prospects of cooperation and exchange of