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Aker Kvaerner's Technologies Win OTC Award

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.

Hunting profit flat on weak North Sea, Canada

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.

Global Drilling Expected To Bounce Back In 2000

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.

DNV GL's P&A Guideline Could Save O&G $ 32 bln

Per Jahre Nilsen

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%

“Idle Iron” Mandate to Plug Wells Could Save Some GOM Jobs

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 Upgrades Recoverable Volume of the SMG

James Parsons, Sound Oils Chief Executive Officer

  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

Use a new EOR technology brings award for BP

BP Logo

  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

Petrobras Sets Record in Brazil

  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 Reports Steady Growth in Interim Results

Photo: Brightoil Petroleum

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

Nigeria Ramps up Push to Eradicate Oil Theft

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 ..

RigNet Partners Inmarsat to Offer Fleet Xpress

Mark Slaughter, RigNet’s CEO and President Courtesy Linked in

  RigNet, Inc., a global provider of remote managed offshore communications solutions, telecoms systems integration services and collaborative applications to the oil and gas industry, today announced that it has signed an agreement with Inmarsat to offer Fleet Xpress

New Risks Moving Crude Oil by Rail

ERC-crude by rail-1.jpg

The rapidly changing landscape of crude oil exploration and drilling in the US and Canada, together with economic considerations, logistical issues related to pipeline transport, and the availability of new types of crude oils, including Bakken crude and various forms of bitumen

Italy's Eni Arrives Arctic as Shell Departs

Eni in the Arctic. Image credit: ENI

 As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the Guardian.   Eni has vowed to press ahead with oil production - a $5.5bn (£3.6bn) project - in the Norwegian Arctic

NOIA Commends Shell’s Efforts Offshore Alaska

Polar Pioneer rig operating into the floor of the Chukchi Sea

  National Ocean Industries Association (NOIA) President Randall Luthi today issued the following statement regarding Shell’s decision to halt exploration activities offshore Alaska:   “NOIA commends Shell’s efforts in the Chukchi Sea and recognizes the great expense

Slower China Growth Hurts Global Shipping Sector: Fitch

Image: China Ocean Shipping Company

 China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said.   The shipping sector is already faces overcapacity, weak freight rates and stretched financials.  

MN 100: Elastec

X Skimmer 4.jpg

The Company: Elastec manufactures and markets innovative pollution control and recovery systems. The company’s core competency is oil spill response: skimmers, fire and containment booms, boom deployment systems, portable vacuum equipment, workboats, dispersant spray systems

LUKOIL Marine Lubricants Launches iCOlube in the UK

Photo: LUKOIL Marine Lubricants

To optimize vessel’s engine performance and efficiency, LUKOIL Marine Lubricants has developed the iCOlube system, which had its U.K. official launch on September 8, 2015 in London.   According to LUKOIL, the iCOlube cylinder oil lubrication unit tailors the alkalinity reserve to

Indian Ports to Improve Operational Efficiency

Nitin Gadkari. Photo: PIB

 Union Minister of Shipping, Road Transport & Highways Shri Nitin Gadkari has said that the decline observed in the performance of Major Ports from 2008 to 2014 has reversed and they have shown improvement in their performance in 2015.   

Iraqi Kurds Reassert Right to Export Oil to US Despite Court Ruling

Kurdistan reasserted its right to export oil independently to the United States and other countries on Tuesday despite a court ruling in favour of the Iraqi federal government, which has sought to block crude sales from the autonomous region.  

China Shipping Firms, Dynagas Mull Arctic LNG Vessel Deal

China Merchants Energy Shipping, Sinotrans Shipping and Greek shipping firm Dynagas are in talks to form a joint venture to build five vessels to ship liquefied natural gas (LNG) from the Arctic, the firms said. China Merchants said in a stock exchange statement on Tuesday that its board had

Singapore's Record Fuel Stocks Move to Floating Storage

Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters

Newport International Boat Show Annouces NFNP Winners

Newport International Boat Show Annouces NFNP Winners

  Newport Exhibition Group, owners and producers of the Newport International Boat Show, announced today the results of this year’s Newport For New ProductsTM (NFNP) Awards. Judged on Thursday during the opening day of the Newport International Boat Show and announced at an awards

Dry bulk shipping, Tankers Fall Down

Graph: Drewry Maritime Equity Research

 All stocks under Drewry Maritime Equity Research (DMER)’s dry bulk coverage were down and recorded double-digit negative returns, taking cues from vessel earnings.   The BDI shed its gain of the previous two months and nudged down 20% m/m in August led by a fall in the Capesize

Risk Profile of Hull Market Improving - IUMI

IUMI’s Ocean Hull Committee Chairman, Mark Edmondson

  IUMI – the International Union of Marine Insurance – at its annual conference in Berlin yesterday announced that global hull premiums for 2014 totalled USD 7.6bn, a 5.8% reduction from 2013. IUMI’s Ocean Hull Committee Chairman, Mark Edmondson, commented

Maersk Oil Orders FSO from MODEC

MODEC awarded contract to provide FSO for Maersk Oil's Culzean Field Maersk Oil North Sea UK limited has contracted MODEC, Inc. to supply a floating storage and offloading (FSO) vessel for the Culzean development project in the U.K. Central North Sea.

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