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World Oil

World Oil Supply Report Now Available

The World Oil Supply Report,a new study published by energy analysts Douglas-Westwood is now available. The World Oil Supply Report considers all existing and potential oil producing countries and forecasts their likely future oil reserve depletion, year and level of peak production. It includes all known and 'yet to find' oil reserves including onshore & offshore, deepwater and shallow water, and unconventional resources such as oil sands. The data is then combined to give a view on the limits to global oil production. The report defines the year in which oil supplies will be unable to continue to meet demand. Using four demand growth scenarios; zero, 1 percent, 2 percent and 3 percent, the report considers for each OPEC swing producer the likely year of peak production, its volume, and the resultant maximum production level for world oil supplies. The World Oil Supply Report contains detailed analysis essential for medium and long-term strategic planning by companies and governments. It contains 241 pages, 112 figures and 16 tables. It is published by energy analysts Douglas-Westwood and is part of a series used by over 200 organizations in 26 countries worldwide, from Alaska to Australia. Users include departments of government, banks and investment houses, oil majors, contractors, multinationals, etc.


Abu Dhabi Shipbuilding Plans Commercial Yard

Abu Dhabi Ship Building Co, may set up a new shipyard for commercial vessels to tap demand from the region’s booming offshore oil and gas industry, an official said. The Abu Dhabi-quoted firm, also known as ADSB, will decide next year whether to set up a separate commercial shipyard based in the Taweelah Port & Industrial Zone in Abu Dhabi. Arabain Gulf countries that produce almost a quarter of the world’s oil are boosting investment in offshore production driving up demand for


OPEC Production Falls

OPEC oil production fell 700,000 bpd in November, driven down by deep cuts to Iranian and Iraqi supply. The group's compliance rate with supply curbs improved to 89 percent last month from 83 percent in October as Iran cut some 310,000 bpd of output to stay within its OPEC quota, IEA, the West's supply watchdog, said in its monthly Oil Market Report. OPEC output fell further after supply from Iraq -- which does not take part in OPEC's supply cut deal -- dropped 440


International Seminar To Be Held in Hong Kong

ITOPF, OCIMF and INTERTANKO will be holding a series of meetings in Hong Kong at the beginning of November 2002. These meetings will bring together senior representatives from the world's oil, tanker shipping and marine insurance industries. The three organizations are therefore taking the opportunity to organize a one-day international seminar on Tanker Safety, Pollution Prevention, Spill Response and Compensation, which will be held the same week as the autumn meetings of INTERTANKO's


Unchanged Estimate of 2001 Oil Demand Growth - IEA

The IEA in their Oil Market Report for December 2001 did not alter their previous estimate of only a marginal increase in oil demand in 2001 over 2000, a 0.14 mbd increase only. During November 2001 world oil production increased by 0.29 mbd compared to the previous month. OPEC oil production decreased whereas non-OPEC oil production increased by a total of 0.63 mbd. Total industry oil stocks in the OECD area grew by 0.22 mbd in October 2001


World Petroleum Congress to be held in Moscow

  Deputy Prime Minister of the Russian Federation, Arkady Dvorkovich, has confirmed that the 21st World Petroleum Congress will be held in Moscow from 15 – 19 June 2014. The congress will be the largest international event in the global oil and gas industries. Confirmed speakers include: HE Ali Al Naimi, the Minister of Energy and Natural Resources of Saudi Arabia Rex Tillerson, Chairman of the Board of Directors at Exxon Mobil Corporation


Kashagan Operator Pick To Come Soon

Kazakhstan's first deputy prime minister expects OKIOC, a consortium exploring the giant offshore Kashagan oil deposit, to appoint a project operator within two weeks. Kashagan is seen as potentially the largest oil find in the world in the last 30 years, and could make the vast Central Asian nation of 15 million a leading world oil producer within the next 20 years. But development of the field is still years away, and the nine-member Offshore Kazakhstan International Oil Company (OKIOC) has


Oil Freight Charges To Go Higher?

Bloated oil freight charges could surge yet higher this year, adding to the already inflated cost of world oil imports, shippers said. Tanker brokers are predicting a mid-November stampede to ship crude from the Middle East, pushing charter rates to new peaks amid a perceived shortage of quality vessels. In January, very large crude carriers (VLCCs) sailing from the Gulf to Japan were fetching a price of worldscale 49, equivalent to 75 cents a barrel


Dinwoodie to Head WSS Kuwait

Russell Dinwoodie.JPG

    Wilhelmsen Ships Service (WSS) appointed Russell Dinwoodie as General Manager for the company’s operations in Kuwait. Russell’s focus will be on maintaining leading market share in the region and growing its latest projects, the globally standardized Ships Agency Redefined and Ships Spares Logistics initiatives. He will also be responsible for developing product sales, which include the company’s Unitor brand of products


BIO Responds to Navy's 'Green Fleet' Criticisms

Biotechnology Industry Organization (BIO) supports Navy's demonstration of advanced biofuels during RIMPAC maneuvers Brent Erickson, executive vice president of the Biotechnology Industry Organization’s (BIO) Industrial & Environmental Section, made the following remarks to confirm his organization's position: “The criticisms of the Navy’s upcoming demonstration of advanced biofuels leveled by the oil refinery industry have no real merit


ConocoPhillips Weighs Sale of North Sea Assets in Norway

ConocoPhillips Inc is weighing sale of some of its North Sea assets in Norway which may fetch as much as $1 billion, Bloomberg reported, citing sources familiar with the matter.   The largest independent producer of oil and natural gas may sell assets that are operated by others including


VLCC Tanker a Booming Market

Maersk Nautilus: Maersk Line

 The booming VLCC tanker market has started to be reflected on the companies’ earnings and is “firing on all cylinders” and it is set to continue Poten & Partners say in their weekly report.   The boom is evident by the rather impressive first quarter results by


How Do You Lose 100 Million Barrels of Oil?

Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices.   Some blame the barrel counters who compile official statistics on supply, demand and stocks


Offshore Renewables: The Future is Now

The London Array off the coast of Kent is the largest offshore wind farm in the world. Credit: London Array Limited

While the recent swoon in world oil and gas prices has predictably cooled a number of offshore renewable projects, there is a palpable change regarding the way in which the world views renewable energy. Renewable energy projects, at one time merely serving as window dressing


China's Unipec Books Megatanker to Store Crude

Chinese oil trader Unipec has booked one of the world's largest ships to store crude off Singapore, trade sources said on Monday, hiring a 3.2 million barrel capacity supertanker to hold the oil at sea until prices recover. The TI Europe is one of just a handful of Ultra Large Crude Carries


Oil Demand Growth Slowing at 'Remarkable' Pace

  World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America. "The recent slowdown in demand growth is nothing short of remarkable


Economy, Demand Data Drives Oil Down

World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. U.S. crude oil prices fell faster than European Brent, reversing a weeks-long compression in the Brent/WTI spread amid signs that U.S


Drydocks World wins ADIPEC Awards

Drydocks World wins at Abu Dhabi International Petroleum Exhibition & Conference Awards

  Drydocks World and Maritime World, the international providers of maritime and offshore services to the shipping, oil, gas, and energy sectors have been awarded the Best Oil & Gas Project Award for outstanding Project Excellence on the SOLAN Project


Sri Lanka Cuts Fuel Price Ahead of Elections

  Sri Lanka slashed fuel prices by up to nearly 6 percent on Saturday to reflect falling global oil prices and said it would forgo subsidies and allow market forces to determine prices at the pumps from now on. The fuel price reduction comes ahead of snap presidential elections in January


Rosneft Hikes Stake in NOC

Logo

  Rosneft and Lukoil signed a package of legally binding documents regarding Rosneft’s acquisition of 20% share in the National Oil Consortium LLC (NOC). Due to this deal the share of Rosneft in the charter capital of NOC will increase to 80%


Libyan Oil Output Shrinks as Oil Tanks Blaze

Libya's oil output has shrunk back further after blazing oil tanks at a major terminal helped world oil prices higher and burnt a bigger hole in its dollar currency reserves.   It is surviving on a mere 128,000 barrels per day from fields connected to the eastern port of Hariga


Libya Reopens Oil Port After Strike

Libya reopened its oil port of Hariga on Tuesday, ending a strike by guards that had threatened to further slash exports as rival factions fight for control of the OPEC country. The threat to shut down Hariga underlined the fragility of oil shipments as two competing governments and their armed


Iran War Games Target Mock-up U.S. Ship

Iran's elite Revolutionary Guards staged war games in the Strait of Hormuz on Wednesday, including a gunboat attack on a model U.S. warship, in Tehran's latest display of military muscle in a Gulf shipping channel vital to world oil exports.


Somali Pirates Shifting Towards India

Pic: Manohar Parrikars Facebook Page

 Somali pirates, after being neutralized by various countries’ navies, are shifting their locations towards India, but the country is watchful to deal with such threats, says Indian Defence minister Manohar Parrikar.   Because their (shipping) lanes are heavily guarded


China Gets 40-Year Rights at Pakistani Port

Picture by Gwadar Port Authority

 China has been allowed operation rights for 40 years at a port in Gwadar, a planned deep-water harbor in Pakistan.   This move will give China access to Gulf countries, and the possibility of building a naval base on the Arabian Sea in future, sources revealed.  






 
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