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
A North Korean-flagged tanker has finished loading crude at the Libyan rebel-controlled port of Es Sider but has not yet left the terminal, Libyan oil officials said on Monday. Libya's government has threatened to bomb the Morning Glory should the tanker try sailing off with crude from the
By Karolin Schaps, Reuters Scottish nationalists are betting $2.5 trillion of hydrocarbons trapped miles beneath the North Sea could bankroll an independent Scotland, but winning control of the European Union's largest oil reserves would be no blank cheque.
Hoover Container Solutions (Hoover) informs it has acquired Container Company Ltd. , a leading supplier of cargo carrying units (CCUs) for the offshore oil and gas industry. This acquisition complements Hoover's recent acquisitions of Consult Supply AS and Dolphin
Rebels deny losing control of North Korean-flagged tanker; Government says tanker being taken to western port. Oil blockade has slashed vital government revenues. By Ulf Laessing and Ghaith Shennib Libya on Monday stopped a North Korean-flagged tanker that had loaded oil from a rebel-held
Terragon Environmental Technologies Inc. was the recipient of the Technical Innovation award at the 2014 Lloyd’s List North American Awards dinner held February 19 in Houston, Texas. The award celebrates the shipping industry’s ability to create and recognizes groundbreaking technology
Brazilian tycoon Eike Batista's bankrupt shipmaker and sister oil company are extending tests in the offshore Tubarão Azul field until March 7, according to a Wednesday securities filing. OSX Brasil SA said its OSX-1 platform would continue tests in the field operated by Oleo e Gas
By Alex Lawler and Peg Mackey, Reuters Iraq is reclaiming its rank as the world's fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving OPEC market share rivalries down the road. Despite worsening violence due to spillover from the war
Reuters - U.S. Energy Secretary Ernest Moniz said on Wednesday the administration considers geopolitical concerns such as the crisis in Ukraine when reviewing applications for liquefied natural gas exports, but it does not have authority to determine where those exports go.
McDermott International, Inc. informs that one of its subsidiaries has been awarded a large engineering, procurement, construction and installation (“EPCI”) project by an operator in the Arabian Gulf. The award is included in McDermott’s fourth quarter 2013 backlog
By Lin Noueihed, Reuters Egypt is enhancing exploration terms and striving to repay nearly $5 billion it owes to foreign oil and gas producers as it struggles to prevent them fleeing to more promising prospects elsewhere in Africa. Cairo needs them to expand exploration and bring new finds
Masirah Oil Limited announced the testflow rates of the previously announced discovery at the second exploration well in Block 50 Oman, were very encouraging. The exploration well was drilled to its final depth into the Cambrian formation
Ben Billings serves as President & CEO of the Offshore Marine Service Association (OMSA), a nationwide trade association headquartered in New Orleans that represents more than 200 member companies. OMSA’s membership includes approximately 100 firms operating more than 1
Oil and gas asset integrity and corrosion management firm LUX Assure said it has made strides in developing a presence in the U.S. by establishing a sales and service agreement with Houston-based Brown Corrosion Services Inc. Brown Corrosion Services will be handling the business development of
According to Petrobras, production at Cascade and Chinook fields hit 40,000 barrels per day (bpd) on March 4, 2014, a new output record for these oilfields. Cascade has 3 wells in operation and Chinook 2 wells. The record levels were achieved by bringing on stream two new wells
Reuters - Brazil's state-run oil company, Petroleo Brasileiro SA, said on Friday that it had discovered new, good-quality oil deposits in the so-called sub-salt region. Petrobras, said the discovery was made in the Florim and Iara fields in the offshore Santos basin