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.
The plugging and abandonment (P&A) of offshore wells represents a significant cost to operating companies and national authorities. On the Norwegian Continental Shelf (NCS) alone, the cost is estimated to be USD108bn (NOK1870bn) over the next 40 years. Now a new DNV GL guideline will introduce a risk-based approach instead of the current prescriptive practice. DNV GL estimates that when combined with optimized project execution and new technology, the P&A cost can be reduced by 30-50%
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
Sound Oil, the European / Mediterranean focused upstream oil and gas company, achieved a significant upgrade in the recoverable volume of the Santa Maria Goretti ("SMG") gas prospect, onshore Italy. The onshore SMG Permit sits in the Marche Region in Central Eastern Italy, covers an area of 101km2 and is owned 100% by Sound Oil. The SMG Permit area contains the southern extension of two significant producing gas fields, from 4 wells
In recognition of the breakthrough new enhanced oil recovery – or EOR – technology, BP has been presented with the Distinguished Achievement Award. The award was presented on 4 May, 2014 at the Offshore Technology Conference (OTC) in Houston, Texas. This is the second time in four years that BP has won the award at this major annual gathering for oil and gas professionals. BP's plans to use the new enhanced oil recovery – or EOR – technology from day one of
Consolidated Oil and Gas Petrobras in Brazil and abroad, production amounted to 2 million 795 thousand barrels of oil equivalent per day (boe) in October. This volume was 0.5% higher than in September, which was 2 million 781 thousand boe. Oil production in Brazil grew by 0.4% compared to September, and reaches a new high. Oil production from Petrobras in Brazil reached in October average of 2 million 126 thousand barrels / day (bpd), 0
Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period. During the period, profit attributable to the owners of the group increased 3% year-on-year to HK$561 million. Basic earnings per share amounted to 6.41 HK cents, up 3% from a year ago. Total revenue climbed 11% from HK$40.3 billion in 1HFY2014 toHK$44.9 billion for the period as the twin-engines business model (upstream and
Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities, the state oil company chief said on Tuesday. The Niger delta has been plagued by oil theft for years that has left the region heavily polluted and prompted foreign oil companies, particularly Shell, to sell onshore assets. "We must eradicate oil theft in eight months ..
U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast doubts on a substantial recovery in drilling this year with crude prices heading for their biggest monthly loss in a year.
Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway, and those onboard the four-day trip said it was jawdropping.
Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government still needs to sign an agreement for exports to resume. The PFG has been demanding payment of workers' wages as part of any
Even though the coup attempt in Turkey failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil
Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will start lifting a blockade on eastern oil terminals over the next three days, though a resumption of exports will depend on the state of
Russia's oil pipeline monopoly Transneft has the capacity to reroute oil from Russia and the Caspian Sea to other destinations if Turkey shuts the Bosphorus or Dardanelles straits, RIA News agency cites Transneft chief as saying. Turkish maritime authorities on Saturday shut the Bosphorus
A protest over wages that has shut the eastern Libyan oil terminal of Hariga has forced the operator of the Sarir oil field to suspend production of 100,000 barrels per day, an oil company spokesman said on Tuesday. Omran al-Zwai, spokesman for Libya's eastern state oil firm AGOCO
Glencore books the STI Grace tanker to store fuel at sea-traders. This has not been the summer many oil traders had expected after last year's bumper profits. Banking on more of the same, the world's refineries have churned out more diesel
Oil prices extended gains in post-settlement trading on Friday after Turkey's armed forces said they had taken power in the country to protect the democratic order and to maintain human rights. Supply outages across the world have led to crude prices rallying from 12-year lows touched earlier
Russia’s PAO Sovcomflot (SCF Group) subsidiary SCF Tankers Ltd. has won an auction for nine arctic-going tankers that belonged Primorsk International Shipping Ltd. (PRISCO), who filed for chapter 11 protection in January 2016. The purchase deal is worth $215 million
United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC) for oil and petrochemicals as part of its plans to merge with German container line Hapag-Lloyd, says Bloomberg.
Norsafe Receives High Praise from Australian Navy Norsafe, global leader in marine life-saving equipment, has received a glowing recommendation from the Australian Navy for the quality of its lifeboat servicing on one of the Navy’s replenishment vessels HMAS Sirius.
China’s Unipec remained the top spot charterer of dirty tankers and VLCCs in the first half of 2016, according to Poten & Partners. In stock of the spot market activity in the dirty tanker market nothing (much) has changed between 2015 and 2016.
The world’s biggest Atlantic salmon producer wants to start farming fish inside a ship – and the idea has merit, says a report in IOL. Building traditional fish farms on the open water in Norway has become almost impossible because of state rules intended to curb
In the second half of 2015, Maersk Fluid Technology introduced a new version of its cylinder oil ‘Blending-On-Board’ (BOB) system, targeting medium-sized 2-stroke propulsion engines with a cylinder bore between 420 and 680 mm.