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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.


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


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)  


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.


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


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


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


Finnish Firms Present Oil Recovery Project Results

Hanna Suutarla, Arctia’s Development Manager, presents the results of the IMOR Project. (Photo: Arctia)

 A recent seminar held March 7 and 8 in Porvoo, Finland, saw Finnish companies Arctia and Lamor Corporation present the results of the IMOR (Ice Management & Oil Recovery) project, which seeks to enhance oil recovery in ice conditions.  


Parramatta Saves Yachtsmen in Southern Ocean

HMAS Parramattas Seahawk helicopter moves into position above stricken yacht Jedi 1 and prepares to winch her crew to safety. Photo: Royal Australian Navy

 Australian Navy frigate, HMAS Parramatta has rescued three South African sailors from a stricken yacht approximately 1,300 kilometres southwest of Cape Leeuwin in Western Australia.   The three yachtsmen of the 13-metre yacht activated an emergency response beacon late on 17 March


Cruise Ship Passenger Missing off Cuba

U.S. and Cuban emergency responders are searching for an overboard passenger who reportedly fell from the eighth deck of a cruise ship roughly 30 miles off the coast of Cuba.   Missing is 23-year-old Florida resident Brandon Paul, who is said to have went overboard from the Carnival Victory


CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

 China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.  


Search on for Missing Boaters in AK

Courtesy USCG

The Coast Guard is searching for two men reported overdue from a boating trip near Ketchikan Sunday. Coast Guard Air Station Sitka MH-60 Jayhawk crews and Coast Guard Station Ketchikan 45-foot Response Boat - Medium crews are conducting search patterns on the southern end of Gravina Island.


Metal Shark Launches New Website

Photo: Metal Shark

Louisiana-based shipbuilder Metal Shark has announced the launch of its new website.   The new metalsharkboats.com features an all new design boasting fresh content, increased functionality, and robust search tools that facilitate navigation within the company’s vast product portfolio


W. Africa Crude-Asian Tenders, Pending Export Plans Slow Trade

File Image (CREDIT: AdobeStock)

Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan.   * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose.


Tanker Market Facing Test

Graph: Clarksons Research

 The tanker market has certainly had some tumultuous times of late, points out a report by Clarksons Research.   Crude tanker earnings picked up in 2014, averaging nearly $27,000/day, and surged to an annual average of around $50,000/day in 2015.   


Shell Approves New Gulf of Mexico Project

Royal Dutch Shell has given the go-ahead to develop its Kaikias deepwater field in the Gulf of Mexico, the first such project the oil and gas company has approved in 18 months. Oil companies around the world are emerging from one of the longest downturns in recent decades amid warnings that the


Peak Gasoline Demand Looms with Engine Efficiency Gains

Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more efficient, WoodMackenzie analysts said. Global demand for gasoline, which accounts for more than a quarter of the world's oil consumption


Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys

Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in


Libyan NOC Official Warns of Force Majeure at Oil Ports as Rivals Mobilize

A senior official at Libya's National Oil Corporation (NOC) warned on Monday of a possible declaration of force majeure at the Es Sider and Ras Lanuf oil terminals, as air strikes continued and rival forces mobilized fighters in the area.


OCIMF Encourages Adoption of Inert Gas Systems

Andrew Cassels (Photo: OCIMF)

The Oil Companies International Marine Forum’s (OCIMF) latest information paper, released on March 13, addresses the use of inert gas for the carriage of flammable oil cargoes.    In the paper, titled Inert Gas Systems: the use of inert gas for the carriage of flammable oil


One Dead, Three Missing in Helicopter Crash off Irish Coast

One person died and three were missing after a Sikorsky S-92 helicopter crashed off the coast of Ireland during a rescue operation, the Irish Coast Guard said on Tuesday.   The search-and-rescue helicopter, which was assisting another aircraft with a medical evacuation from a fishing vessel


EU Lawmakers Reject Call for Ban on Arctic Oil Exploration

© ggw / Adobe stock

The European Parliament rejected a call to ban Arctic oil and gas exploration on Thursday, in a symbolic vote seen as a barometer for future moves by Brussels to regulate to protect the region. Lawmakers who back the ban, which had drawn the ire of Norway






 
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