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.
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
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
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.
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
Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announced securing new licences for Blocks 2312 & 2412A (the Central Blocks) and Southern Block 2714A, Namibia and Update on Namibian Portfolio
Tullow Oil plc announces the successful results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. Etom-1 exploration well The Etom-1 well in Block 13T is the most northerly well drilled to date in the South Lokichar basin, 6
The Iraqi oil ministry said on Thursday it would challenge a U.S. court decision that stopped U.S. Marshals from seizing some one million barrels of disputed Kurdish oil docked near Texas. On Monday, a U.S. district court ruled in favour of a request by Iraq's Kurdish region that a demand by
Shared development of oil, gas and possibly other natural resources is the most promising option for reducing tensions in the South China Sea and should be the focus of efforts to improve diplomatic relations between China and its coastal neighbors.
PDVSA would use its own fleet to transport imported crude; Purchases of crude imports would reduce costs; Venezuela has been exporting oil for a century Venezuela is considering importing crude oil for the first time ever and could use a light oil from its partner in OPEC, Algeria
The Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices, recognized Holland America Line and Seabourn’s Kelly Clark for the second consecutive year in its “2014 Attorney’s Who Matter” list of lawyers in the
RWE Dea achieved first production from the Central Treatment Plant (CTP) of the Disouq Development Project in Egypt. Production commenced at an initial rate of 45 million standard cubic feet gas per day. Total production of 150 million standard cubic feet gas per day from the Disouq
Sea spray icing is one of the major challenges when operating in Arctic conditions. DNV GL is now launching an industry collaboration which will develop a simulation model that bridges functional winterization requirements and real physical conditions for drilling rigs
The world’s need for energy is driving interest in further industrial activity in the Arctic, yet the region’s conditions are highly variable depending on the type of activity, location and time of year. This creates a complex risk picture
Gazprom Neft provided a summer shipment of oil from Novoportovskoe deposit – for the first time, the raw material was taken by sea and sent to European consumers, according to Russian official news agency Arctic-Info. The new oil called Novy Port is the light and low sulfur content (about
During the last few days, various articles in the oil and shipping press have hinted at the possibility that renewed contango in the oil markets could lead to increased storage plays after several Suezmaxes were fixed for discharge in Saldanha Bay, South Africa
Schlumberger today launched the Quanta Geo* photorealistic reservoir geology service at the Offshore Northern Seas Annual Conference and Exhibition. The new service includes the industry’s first microresistivity imager that produces oriented, photorealistic
A tanker carrying 300,000 barrels of Kurdish crude oil has changed its destination to Limassol, Cyprus, as it returned from the United States without delivering its disputed cargo to a New Jersey refiner. The Minerva Joy tanker had previously listed its destination as "Gibraltar orders
Ulstein Design & Solutions has entered into a contract with Wuchang Shipbuilding Industry Co., Ltd, China, for the delivery of ship design and equipment for four PX121 type platform supply vessels. The shipowner is the Singapore based Otto Offshore Ltd., who will receive all vessels in 2016
With demand for hydrocarbons increasing and costs rising, the E&P industry is also facing numerous technical challenges including the development of High Pressure – High Temperature (HPHT) reserves. HP / Extreme HP typically refers to borehole pressures between 10,000 psi and 20