Island Oil News

A commercial fishing vessel that sank Saturday near San Juan Island, Wash. is spilling oil, the U.S. Coast Guard said.All five crewmembers from the sinking Aleutian Isle were rescued by a Good Samaritan, and no injuries have been reported.The 49-foot vessel sank with approximately 2,500 gallons of diesel fuel and a combined 100 gallons of hydraulic fluid and lubricant oil aboard, according to the Coast Guard. A sheen has been observed spanning more than two miles and was reported to have entered Canadian waters as the vessel continues to release small amounts of diesel.At approximately 2 p.m.

The stranding of the MV Wakashio is one of the biggest environmental disasters in the history of the western Indian Ocean. While the full scale of the disaster is not yet known, the 1,000 tons of oil and diesel that leaked close to one of the greatest marine treasures of Mauritius threatens to destroy this precious habitat. Recovery will be long and the disaster will occupy Mauritius for years to come.Questions now arise: could the accident and the spill have been prevented? Was the country prepared?

ABB, the leading power and automation technology group, has been awarded a $216 million contract to deliver a gas treatment plant to the South Tunisian Gas Project (STGP).The order was awarded by OMV Tunisie Production GmbH, a subsidiary of Austrian energy group OMV, and was booked in the third quarter. ABB will be responsible for the turnkey delivery of the Nawara gas treatment plant (GTP) including gas separation and Liquefied Petroleum Gas (LPG) extraction units. It will also provide key automation, communications and power components, including the control system and transformers and switchgear for the electrification of the plant.

Rolls-Royce has been awarded a strategic contract to supply Abu Dhabi Marine Operating Company (ADMA-OPCO) with power generation equipment and related services to help boost oil and gas processing at the Satah Al- Razboot (SARB) offshore project in the United Arab Emirates (UAE). The contract was awarded by the Korean engineering, procurement and construction firm Hyundai Engineering and Construction (HDEC) and is the first Trent 60 gas turbine sale to a Korean EPC. The SARB project, say Rolls-Royce, will play a key role in boosting domestic oil and gas production in the UAE.

Island Oil & Gas Plc. said it has won the Q13b exploration licence from the Dutch government, valid for five years. The minister of economic affairs of the awarded the license to Island Netherlands B.V., a wholly owned unit of Island Oil, and , the designated operator, will hold a 100 percent working interest in the license. Island Oil intends to split the license into a shallow (oil) and deep (gas) part, with Island Oil operating the shallow part with a 100 percent interest and Cirrus Energy Nederland B.V. operating, on behalf of its partner Petro-Canada Netherlands B.V., the deep part in which Island Oil will have no equity interest. The Q13b license contains part of the Zaan Field which has up to 12.4 million barrels of gross oil in place. Source:  Thompson Financial

Every harbor has its share: hardworking boats that stand-out for some provacative reason. It's probably not for their beauty. Form follows function in most maritime architecture, and maybe there's a beauty in how functional these boats are. But such beauty resides in the mind more than the eye. And yet they're still head-turners. Every harbor has its share. In New York, three come to mind - aphabetically, Odin, Shelby Rose, and Twintube. You know 'em on sight. The first two are tugs, and sort of look it. As for the third, "I was trying to build something that would do everything," Luther Blount told us. It does. They do. They say you'll see boats that resemble her out west. We've seen similar craft heading up the Rhine in Europe. But on New York harbor, Odin looks unique.

Up to $134.6m will be spent on the Irish offshore this year as part of the busiest drilling program offshore Ireland in decades, according to a report in the Independent. With the Corrib partners completing a total of five production wells on the Corrib gas find, the program is also scheduled to include drilling on the Old Head of Kinsale gas find by Island Oil and Gas, as well as the Hook Head prospect, where Providence is the operator. Providence is scheduled at the beginning of August to start a 50-day drilling program over Hook Head in the Celtic Sea, a drilling campaign designed to test a structure on which two previous wells have discovered hydrocarbon bearing sands.

Island Oil and Gas PLC said it spudded a gas appraisal well (49/23-2) in the Celtic Sea, offshore Ireland. The well is the first of this year's drilling program. It is also the company's second well at the Old Head of Kinsale and follows on from the gas discovery with its operated well 49/23-1 in 2006. The company plans to produce first gas in the fourth quarter of 2008. Source: AFX

Turkey will start oil-and-gas exploration in the eastern Mediterranean, the energy minister said, according to a TV station, weeks after Cyprus announced similar plans in deals with Egypt and Lebanon. Turkey had warned Cyprus not to search for oil and gas in the area, where it said it also has legal rights and interests. Turkey also insisted that Turkish Cypriots should have a say in the island's oil-and-gas rights. Cypriot President Tassos Papadopoulos ignored the warnings, and in remarks published Sunday said the exploration deals with Egypt and Lebanon would go ahead. Turkey's Energy Minister Hilmi Guler said Monday during an interview with NTV that Turkey would also seek oil and gas in the eastern Mediterranean…

Island Oil and Gas PLC said it has been granted two new licenses offshore Ireland. One license covers blocks in the Southern Slyne Trough. Island Oil, the designated operator, and Lundin Petroleum AB will each hold a 50 percent interest in the newly named Inishmore Licence. The second award is the newly named Inishowen licence in the Donegal Basin. Again, Island is the designated operator with a 40 pct stake, while Lundin will hold 40 pct and Endeavour Energy 20 pct. Source: Lifestyle Extra

Two men were seriously injured following an explosion that resulted in a fire in an inter-island oil tanker off Barangay Lamao in the Philippines, the Manila Standard Today reported. The victims were welder Jimmy Rebosa, 43, of Zambales, and pipe fitter Pedrito Parayday, 46, of Navotas City, who both suffered third-degree burns and were confined at the Isaac and Catalina Medical Center in Balanga City. The incident happened around on May 11 at 8:05 a.m. while the two victims were conducting repairs on m/t Daniela Natividad when the explosion occurred that triggered the fire. The oil tanker, with gross tonnage of 2800.14 and 22 crewmembers, had just delivered diesel fuel from the Bataan refinery of Petron.

Deep Sea Supply ASA has been awarded medium term charter contracts for two of its AHTS vessels the Sea Lynx and the Amadon Tide in North Sea and West Africa. Total value of contracts is $13m The company will transfer the vessel McNee Tide (and rename the vessel Sea Wolf) from West Africa to the currently very strong North Sea spot market. The vessel Sea Lynx, operating in the North Sea, has been awarded a 2 well option 1 well contract to Island Oil & Gas Ltd. offshore Ireland. Expected duration is 60 - 90 days. Amadon Tide (to be renamed Sea Bear), operating in West Africa has been awarded a contract to Adoon Pte. Ltd. in Nigeria from 1st May 2006 with expected duration 67-95 days.

Island Oil & Gas plc has spudded well 48/23-3 at Seven Heads West in the Celtic Sea offshore Ireland. The well is the first in its planned 2006 and 2007 drilling programs. Well 48/23-3 is designed to appraise a possible extension of the Upper Wealden gas sands that are producing gas in the 48/24-6 production well immediately to the east. The well, which is in a water depth of 329 feet, will be drilled to a planned total depth of 3,200 feet TVD ss. Island concluded a Sub-Area Equity Interest Assignment Agreement for the Seven Heads West area with Marathon International Petroleum Hibernia Limited, through its wholly-owned subsidiary Marathon Seven Heads Limited (formerly Ramco Celtic Sea Ltd) in February 2006.