Oil Majors to Raise $27Bln in Selling Spree
Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of pleasing shareholders who are calling for stricter capital discipline.“The expected transactions mean some of the majors are poised to exit certain regions, giving regional players and independents a chance to buy into key fields and help keep them profitable through production-life extensions and new developments…
Inpex Submits Revised Indonesian LNG Plan
Japan's largest oil and gas exploration and production company Inpex Corporation has submitted a revised plan of development (POD) for the Abadi LNG Project, a gas field on the remote Masela Block in the Arafura Sea off Indonesia. The revised POD is based on an onshore LNG development scheme with an annual LNG production capacity of 9.5 million tons. The Project involves developing the Abadi gas field in the Masela Block located in the Arafura Sea in Indonesia.The submission of the revised POD follows a series of dialogues between the authorities and Inpex, as the operator of the project on behalf of the Joint Venture (Inpex Masela and Shell Upstream Overseas) to secure the Project’s competitiveness through a Heads of Agreement (HOA) signed with authorities on June 16…
Oil Prices Won't Reach 'Desired Level' before 2018, Iraq Says
Oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019, Iraqi Prime Minister Haider al-Abadi said on Tuesday in Baghdad. "Demand has increased and this has helped raise the prices but it won't return to the level of 2013" when crude exceeded $100 a barrel, he told a news conference. "Oil will not reach a desired level before 2018 or 2019," he added, without indicating Iraq's desired price. Iraq is OPEC's second-largest crude producer, after Saudi Arabia. (Reporting Saif Hameed; Editing by Ruth Pitchford)
Floating Production's Future: The 6 Things You Need to Know Now
No question that the market for new floating production systems has taken a battering. The past 12 to 18 months have been a difficult period for everyone in the business sector. Absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending. But deepwater production will rebound – oil demand keeps growing -- and though the signs are mixed we see indications of the rebound starting. First some numbers about the state of the business. 261 oil/gas floating production units are currently installed on offshore fields.
US Refineries Cease Purchase of Kurdish Oil
U.S. refiners will refrain from buying Kurdish crude oil until a long-running dispute between Baghdad and Iraqi Kurdistan is settled, while Washington urges both sides to set aside their differences and helps them tackle Sunni militants. The two known U.S. buyers of Kurdish crude oil have now rejected delivery of cargoes from tankers near New Jersey and Texas, saying they will not make further purchases until it is determined who has the right to sell the oil: the central government of Iraq or the Kurdistan Regional Government (KRG). U.S. refiner Axeon Specialty Products was the latest company to turn away a cargo of Kurdish crude oil on Monday. It balked after Baghdad filed a lawsuit over a cargo slated for another U.S. refiner, LyondellBasell NV.
Offshore Floating Production Hits Headwinds
Floating production has been one of the most significant developments in the oil and gas industry over the past four decades. Since the first floating production unit (Argyll) was installed in 1975, more than 350 offshore fields too deep, too remote or too small for fixed platforms have been developed using floating production facilities. Looking forward, the future of the sector continues to look very promising, but some barriers and threats to growth have appeared. Three hundred and twenty (320) oil/gas floating production units are now in service…
ABS Says Time Is Now for Floating LNG Concept
ABS Vice President of Global Gas William J. Sember said the classification society is in advanced stages of design review for a number of Floating LNG (FLNG) concepts, as this technology moves ever closer to reality. Speaking at the Gastech 2011 conference, where he chaired the technical session on FLNG terminals and systems, Sember noted that as recently as five years ago, floating solutions for the import and export of LNG were still considered new and novel concepts. “Today…
New LNG Ships To Be Built to Lloyd’s Environmental Standard
Mitsubishi Heavy Industries (MHI) is applying the Lloyd's Register Environmental Protection notation to four LNG ships under construction at its Nagasaki yard. This is the first time this stringent environmental standard has been applied to either LNG or Japanese built ships. Compliance with Lloyd’s Register’s Environmental Protection standard is voluntary. It is for the environmentally conscious owner who wants to manage environmental performance more effectively, and be able to demonstrate it. The notation promotes a standard of environmental performance beyond that covered by ISM and MARPOL, both in terms of design and the on-going operation of the ship.
LR Enviro Standard Employed On LNG Newbuilds
Lloyd's Register made three significant strides with one announcement when last month it divulged that Mitsubishi Heavy Industries (MHI) is applying the Lloyd's Register (LR) Environmental Protection notation to four LNG ships under construction at its Nagasaki yard. This news is significant for LR as it confirms the strength of its push on the environment and the LNG market, and is the first time this environmental standard has been applied to either LNG or Japanese built ships. Compliance with Lloyd's Register's Environmental Protection standard is voluntary. The notation promotes a standard of environmental performance beyond that covered by ISM and MARPOL, both in terms of design and the on-going operation of the ship.
Industry Pays Tribute to Innovation Awards Winners
Winners of the Lloyd’s List-SMM 2002 Awards for innovation in shipbuilding and marine technology were announced in the Hamburg Congress Centre last night (September 24) at a gala ceremony which brought day one of the world’s biggest maritime fair to a glittering conclusion. Several hundred leading industry figures gathered for the final stage of an initiative launched in March by Lloyd’s List and SMM organisers Hamburg Messe to recognise the technical advances which enable maritime commerce and defence. With 13 awards in three merchant and naval categories, the inaugural scheme attracted a massive wave of nominations for ships and support systems reflecting the cutting edge of ingenuity in improving performance, reducing costs and protecting the environment.
