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.
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 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)
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
The nomination committee in Statoil has recommended that the company's corporate assembly elects Øystein Løseth as new chair and Roy Franklin as a new member and deputy chair of Statoil's board of directors. Furthermore, the nomination committee recommends a re-election of
Royal Dutch Shell's quest to return to Arctic drilling for the first time in three years could face delays after Seattle ruled that the city's port must apply for a permit before hosting rigs. Seattle Mayor Ed Murray, a Democrat who has fought against new projects by coal and
Royal Dutch Shell's quest to return to Arctic drilling for the first time in three years could face delays after Seattle ruled that the city's port must apply for a permit for the company to use it as a hub for drilling rigs. Seattle Mayor Ed Murray
The Coast Guard announced Wednesday the establishment of the diver enlisted rating and corresponding chief warrant officer specialty. About 50 enlisted personnel and three chief warrant officers will initially transition to the Diver (DV) rating and Diving (DIV) specialty, respectively
A French patrol ship rescued 217 migrants from three small boats that had run into trouble off the coast of Libya on Saturday, the maritime police said in a statement. The Commandant Birot helped several dozen people in distress and intercepted two suspected people smugglers
The fall in the U.S. oil rig count slowed this week, data showed on Friday, suggesting the collapse in drilling may be coming to an end as prices recover after falling 60 percent from June to March. The oil rig count fell by 24 this week to 679 active rigs
The U.S. State Department said on Friday that China's activities building on reclaimed land in the South China Sea do not contribute to peace in the region, regardless of how the facilities are used. China has said the United States and other countries would be welcome to use civilian
ACR Electronics, Inc., a Drew Marine company, announced its acquisition of Ocean Signal, Ltd. “Ocean Signal has pioneered a number of innovations in marine safety,” said Gerry Angeli, President of ACR Electronics. “Their ability to create a strong brand in a short period
A report by the AP said that the Finnish military says it has dropped depth charges onto a suspected submarine in the sea outside Helsinki after twice detecting the presence of a foreign object in the area. The navy's maritime operations chief, Olavi Jantunen
Inshore Rescue Boat Station upgraded as part of federal infrastructure commitment On behalf of the Honorable Gail Shea, Minister of Fisheries and Oceans, Pat Davidson, Member of Parliament for Sarnia-Lambton announced that the Government of Canada will fund work to upgrade the storage
The Coast Guard suspended the search Monday for a missing mariner after the fishing vessel he was aboard capsized approximately one mile west of Lanai. “Following extensive efforts by sea, air, and land we have decided to suspend the search.” said Capt
The Coast Guard continues to search for at least five people in the Mobile Bay area Sunday. Rescuers searched throughout the night for the missing boaters and have covered a total of 1,773 square miles as of 11:00 a.m., Sunday.
BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of distressed migrants in the Mediterranean Sea. BIMCO welcomed the announcement last night (23 April)
U.S. Coast Guard rescues one, searching for another mariner off Lanai The U.S. Coast Guard (USCG) rescued one man and is still searching for another after the 34-foot fishing vessel Munchkin ran aground on the rocks about one half a miles west of Lanai, Hawaii 12:12 a.m. today.
At least 50 Malians from the impoverished region of Kayes were among up to 900 migrants who drowned trying to cross from Libya to Europe this weekend, the government said on Friday. The deaths triggered worldwide outrage and prompted the European Union to agree to triple the size of its naval