Aker Kvaerner's focus on technology has been duly recognized by the 2007 Offshore Technology Conference (OTC). Aker Kvaerner's PowerTracCone Crusher and Aker Kvaerner's SeaBooster technologies have both won 2007 OTC Spotlight on New Technology Awards. The PowerTrac Cone Crusher(TM) (full press release attached) provides a new solution for cost efficient, safe and environmentally sound removal of scale from well completions. Aker Kvaerner's SeaBooster(TM) (full press release attached) increases production rate of oil wells requiring local pressure support by injecting sea water. The OTC Spotlight on New Technology Awards showcases advanced technologies for the offshore oil and gas industry. Companies exhibiting at this year's OTC submitted entries detailing why their innovative technology should be in the spotlight at OTC.
Energy services firm Hunting posted pretax profit broadly flat on the previous year, but just short of analyst expectations, as a lack of drilling in the North Sea and Canada hit demand for equipment and services. The company, which provides equipment and services for drilling and completing oil wells, reported underlying profit before tax of $196 million on revenue of $1.3 billion, with demand in the Gulf of Mexico and Asia helping offset weakness in Europe and Canada.
World drilling activity for oil and gas fell 24 percent in 1999 from 1998, but levels should bounce back in 2000, IHS Energy Group said. "In 2000, I expect levels to reach at least those of 1998," said Ian Cross, Asia director for IHS, who produced an IHS report on world drilling activity in 1999. "Some areas in 2000 will be slow to catch up. I think the Far East will be one of them. There is less money going into this region," he said.
Offshore oil equipment and services provider Coflexip set an all-time high on Thursday following a price target upgrade by a major broker and on bright prospects for North Sea contracts. Coflexip was quoted up 6.67 percent at 152 euros, the broad market's best performer. Earlier, it had surged to a record 156 euros after Morgan Stanley Dean Witter lifted its price target to 200 euros from 165 euros and maintained a "strong buy" recommendation
Yesterday Secretary of the Interior Ken Salazar and Bureau of Ocean Energy Management, Regulation and Enforcement Director Michael R. Bromwich announced a mandate – effective October 15, 2010 – that oil and gas companies operating in the Gulf of Mexico will be required to set permanent plugs in nearly 3,500 nonproducing wells that are currently completed with a subsurface safety valve in place and dismantle about 650 oil and gas production platforms if they are no longer being used
Obama Administration Announces New Partnership on Unconventional Natural Gas and Oil Research. Today, three federal agencies announced a formal partnership to coordinate and align all research associated with development of our nation’s abundant unconventional natural gas and oil resources. The partnership exemplifies the cross-government coordination required under President Obama’s executive order released earlier today
U.K. offshore oil and gas appraisal and exploration drilling so far this year is only 39 percent of 1998 levels with no significant new drilling activity reported in the week ending Sept. 29, consultants Arthur Andersen said. They said in their weekly Well Report that only two new exploration wells were spudded in northwest Europe during the week in review. "This has created little change in the difference between drilling activity in 1998 and 1999
The Wärtsilä 50DF dual-fuel engine represents a pioneering industry change from traditional steam turbine machinery to a dual-fuel-electric concept with the benefits of much better operating economy and lower exhaust emissions. The engine can run on either natural gas, marine diesel oil (MDO) or on heavy fuel oil (HFO). Furthermore, the engine can smoothly switch between fuels during engine operation and is designed to give the same output regardless of the fuel used
According to a Nov. 25 report from Business Standard, the current global credit crisis and an over 63 percent fall in crude oil prices in the last four months have resulted in oil companies drilling fewer wells in offshore areas. This has increased the availability of rigs across the world and helped bring down rig rentals by up to 10 percent in the recent past. The rig rates have corrected primarily in the shallow water fields where there have been traditionally more rigs available.
The federal Minerals Management Service gave the green light to Shell Oil's plan to drill exploratory wells in the waters of the Chukchi Sea off Alaska's northwest coast next summer. "We are very concerned because drilling for oil runs the risk of devastating spills in a sensitive marine ecosystem already stressed by dramatic climate change," said Marilyn Heiman, director of the Pew Environment Group's U.S. Arctic program
The U.S. Environmental Protection Agency on Tuesday took a step toward a wider strategy to address climate change, releasing five technical papers that will help it decide whether or not to regulate methane emissions from the oil and gas sector.
Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger scale and risk for the deep-sea contracting and construction sector. Saipem of Italy announced a $4 billion contract related to
The U.S. Coast Guard federal on-scene coordinator (FOSC) for the Deepwater Horizon Response completed the transition to the “Middle Response” (“Middle R”) process and opened active National Response Center (NRC) cases for three miles of coastline in Louisiana.
Serious crashes in the bustling Bay of Galveston have fallen to the lowest level in a decade even as more oil moves on U.S. waterways, official data show, suggesting that better training and equipment are helping avert spills like one in March.
U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013.
Libya's western Zawiya oil terminal has been closed by protesters preventing some oil product tankers from discharging, a government statement said on Friday. Local citizens demonstrating against the General National Council, the country's parliament
Iran's crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program. The International Energy Agency's monthly report revised February's global crude imports from Iran
French oil major Total is on the verge of making a final investment decision on Angola's Kaombo oil project after lowering the cost by $4 billion, its chief executive said on Friday. "We're on the verge," Christophe de Margerie told reporters on the sidelines of an oil conference in
Parsley Energy Inc made public its plan to raise up to $400 million in an initial public offering of Class A common stock. The oil and natural gas company filed confidentially with U.S regulators for the proposed IPO in December.
Libya's western Zawiya oil port has resumed operations after protesters vacated the entrance to the facilities and the adjoining refinery will restart in about 24 hours, a spokesman for the state oil company said on Sunday.
Drydocks World, an international service provider to the maritime, oil and gas and energy sectors, announced it has signed an Agreement with Malta Oil & Gas Ltd. for building two unique new jack-up drilling rigs based on Gusto MSC CJ54-X135-A design
Ethiopia's leading private oil marketer plans to expand into neighboring east African economies and is interested in part financing a refinery after commercial discoveries in the region. Tadesse Tilahun, CEO of National Oil Ethiopia
James Fisher Renewables pioneers trial of innovative Ship-to-Turbine Oil Change System James Fisher Renewables conducted an innovative trial of Ship-to-Turbine (STT), an oil change system set to significantly improve safety, efficiency and reduce down time in offshore wind turbine gearbox oil
Two river-sea oil tankers of project RST 22M are to be built to the Russian Maritime Register of Shipping (RS) class. A relevant agreement is signed by RS with Armada Shipyard that will construct the ships for the Palmali Group of Companies. At present
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Director Tommy P. Beaudreau today announced that the bureau will offer more than 21 million acres offshore Texas for