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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


Oil Inventories Higher, Crude Demand Lower: PIRA

Oil tanks: File image

NYC-based PIRA Energy Group reports that oil inventories are higher and crude demand is lower. In the U.S., stock surplus to last year is roughly flat. In Japan, crude stocks draw amid peak run rates. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:


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


Brent drops towards $107 on better supply outlook

 Brent futures eased towards $107 a barrel on Friday as the global supply outlook improved with more Libyan supplies expected to reach the market, although growing tension between the West and Russia over Ukraine put a floor under prices.  


U.S. oil reserves highest since 1970s

Source: U.S. Energy Information Administration

U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013.


Floating Production System Orders Outlook

Projected Growth Global Natural Gas Demand  (Quadrillion Btu)

An EPC contract for a production unit can easily exceed $1 billion – and $3 billion for an FPSO has recently been breached.  Overall, this is a $20 to $30 billion annual market.  But, as described below, the sector is hitting some headwinds that could impact future business


Integraph Smart 3D Selected by AMEC

Image courtesy of Intergraph

Intergraph, informs that international engineering and project management company AMEC has chosen to upgrade its investment in PDS® to Intergraph Smart 3D technology by transferring its existing PDS perpetual licenses to Smart 3D licenses.  


Rosneft to Invest US$400-Bln in Arctic Offshore Program

Arctic drill platform: File photo

Taking part in a round-table discussion in St. Petersburg on the efficient and safe development of the Arctic, Rosneft's President and Chairman Igor Sechin, informed that the Arctic contains 20% of the world’s oil reserves, and that his company will invest around $400bln in its Arctic


U.S. Must Answer Russia's Challenge In The Arctic - Treadwell

Mead Treadwell

Russian President Vladimir Putin's Arctic expansionism is a challenge the U.S. must answer with icebreakers, ports, and territorial claims of our own, Lt. Governor Mead Treadwell said today. Treadwell spoke this morning at the 34th Annual U.S


Nigerian Piracy Threatens UK Interests: New Report

Maritime Security Guard: Image courtesy of SAMI

The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.3bn of trade with the region is put at risk by being moved through the high maritime crime


Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

Shipyard Scene: Image courtesy of Gulf Island Fabrication

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.S. Gulf of Mexico and abroad. “Gulf Island is excited about the cooperation agreement signed with


Suez Canal: Better Service to the Shipping Industry

Photo courtesy of Suez Canal Authority

According to the U.S. Energy Information Agency, one of the world’s oil transit choke-points is the Suez Canal, the Panama Canal being another. However, the recently announced Suez Canal expansion plans are more likely to cater for containership transits


Iran's Persian Promise Noted on DW Monday

Energy refinery: File photo

In recent years, oil & gas production in Iran has been largely defined by the impact of international sanctions. Here the prospects for the country with a large share of the world's oil reserves are reviewed by Douglas-Westwood in their 'DW Monday' focus.


30 Rosneft Subsidiaries in All-Russian Environmental Cleanup Day

All-Russian Environmental Cleanup

  Thirty Rosneft subsidiaries in most of the regions of the Company presence, from Sakhalin in the east to the Arkhangelsk Region in the west, took part in the All-Russian Environmental Cleanup Day ‘Green Russia’. As part of the event






 
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