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Oil Search Expects LNG Project Agreement by Year End

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


First PNG LNG Cargo Shipped by Exxon Mobil

LNG carrier: File photo

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.


Baker Hughes Rig Count Down 7

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.


US Rig Count Hits 25-Year High

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.


CNOOC Searches for Oil in U.S.

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)  


U.S. Gas Rigs Up 28

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


Coast Guard Ends 2 Searches in Gulf

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


Divers Search Sunken Iraqi Oil Tanker

Sterling Global Operations diver preparing to descend to wreck of VLCC Amuriyah to check for unexploded ordnance. (Photo: Sterling Global Operations)

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


Maritime Exercise Held in China

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


Dalco Passage Spill

The Washington State Department of Ecology established an Internet site regarding the Dalco Passage oil spill. On October 14, approximately 1,000 gallons of oil will released by an unknown source into waters of Puget Sound. Cleanup has been completed and investigators are still searching for the source. As a result of this spill, the State and the U.S. Coast Guard have established an Oil Spill Early Action Task Force to look into ways to improve early notification procedures


Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT and FO unions over planned labour reforms. A spokeswoman for the port of Marseille told Reuters that yesterday 29 oil


TORM CFO Zacho Resigns

Photo: TORM

Mads Peter Zacho, Chief Financial Offer at TORM, has resigned to become Chief Executive Officer at J. Lauritzen A/S. Mads has been with TORM since 2013 and will remain with the company for a transitional period to effect an orderly handover of his responsibilities, TORM said.


Human Remains and Belongings Found from Plane Crash at Sea

Egypt said on Friday its navy had found human remains, wreckage and the personal belongings of passengers floating in the Mediterranean, confirmation that an EgyptAir jet had plunged into the sea with 66 people on board.   President Abdel Fattah al-Sisi offered condolences for those on board


Airplane Lifejackets Found in Egyptair Search

Aircraft debris was found in the southern Mediterranean by Greek authorities searching for a missing EgyptAir aircraft which vanished from radar screens early Thursday, Greek state tv reported. Earlier, Greek officials said pieces of plastic were found in the sea some 230 miles south of the


Greek Frigate Finds Debris in Search for EgyptAir Plane

A Greek frigate searching for a missing Egyptair aircraft discovered two large plastic floating objects in a sea area 230 miles south of the island of Crete on Thursday, Greek defence sources said. The two objects appeared to be pieces of plastic in white and red


Greece Deploys Ship, Aircraft to EgyptAir Search

Greece is deploying military aircraft and a frigate to an area in the southern Mediterranean where an EgyptAir aircraft vanished from radar screens early on Thursday, its defence ministry said. The search for the missing EgyptAir plane was taking place at sea


Delayed Tanker Begins Libyan Crude Lifting

A tanker that had been blocked for three weeks in a stand-off over oil exports at the eastern Libyan port of Marsa al-Hariga entered the port and began loading on Thursday, officials said. The Seachance, which had been waiting to load oil for Glencore on behalf of the Tripoli-based National Oil


Cuba's Trade Deficit Widens as Commodity Crash Bites

Cuba's chronic goods trade deficit widened by $1.5 billion in 2015 as exports fell 24 percent and imports rose 3 percent, the government said on Wednesday, in the first data showing a commodity crash has hurt the economy.   The information


Abandoned Yacht Found Off Port Stephens Beach

Photo Supplied: NSW Police

 A yacht with no one on board has been discovered in the ocean in Port Stephens in the Hunter, prompting fears a person may have fallen overboard, as per a report in SMH.   The eight-metre yacht was spotted on Tuesday night drifting off Samurai Beach in the Hunter region


Libya to Resume Oil Shipments from Hariga

Libya will resume oil shipments from the port of Marsa El Hariga after an agreement was reached at talks in Vienna between rival oil officials representing the east and west of the country, Libyan oil sources told Reuters. Exports from the port have been blocked since early this month due to a


Response Continues to Oil Spill off Louisiana

Two 210-foot and two 95-foot vessels conduct skimming operations, May 14, 2016, in response to a crude oil discharged from a segment of flow line at the Glider Field approximately 90 miles south of Timbalier Island, La. (U.S. Coast Guard photo: Marine Safety Unit Morgan City)

The joint effort between the U.S. Coast Guard and Shell continues in response to an oil discharge from a segment of flow line at the Glider Field located approximately 90 miles south of Timbalier Island, La., that occurred at approximately 11 a.m., Thursday.


Search on for Cruise Ship Passenger

HC-144 Ocean Sentry aircraft from the Coast Guard’s medium range surveillance fleet Photo USCG

Coast Guard aircrews continued searching through the day and into the evening Saturday, after beginning a search Friday for a woman who fell from a cruise ship - about 200 miles southeast of Galveston-, Texas. See map at : www.google.com/maps/@27.6743155,-96.8294863,6z.


Greece to Evaluate Deep-sea O&G Exploration Bids

Greece will conclude the evaluation of deep-sea oil and gas exploration bids in the coming weeks and will name the preferred bidders soon after, its energy minister said on Friday, as the country seeks to tap into its limited oil reserves.  


Oil-hungry Bacteria Could Clean Up Next Big Oil Spill

Deepwater Horizon - “Oil….contains thousands of different types of hydrocarbon chemicals, many of which are toxic and difficult to break down. But some of these bacteria can.” Dr Tony Gutierrez Photo Heriot-Watt University.

Heriot-Watt scientists have cracked the genetic code of the marine bacteria which helped ‘eat’ the oil spilled in the Deepwater Horizon disaster, information which could aid clean-up efforts for any future major spill. Dr Tony Gutierrez


Tanker Shipping: Signs of Weakness are Appearing, But Still Money to be Made

Graph: BIMCO

Supported by slow fleet growth and ongoing positive refinery margins, VLCC earnings in Q1-2016 were up from a year ago, but down from Q4-2015 as we expected at $58,367 per day for VLCC (+5.7% year on year).  For the minor crude oil carriers, rates were down from Q1-2015 and Q4-2015






 
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