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Crude Oil Reserves News

03 Feb 2021

VIDEO: 2021 Will Be a 'Step-change' for U.S. Offshore Wind Industry

Credit:  chungking/AdobeStock

Despite being the second-largest global market for onshore wind, the United States is today a very minor player in comparison to the European and East Asian offshore wind markets, however, this is about to change.Philip Lewis, Director of Research, World Energy Reports said in an interview with Maritime Reporter TV, that 2021 is expected to be a "step-change" for the U.S. Offshore wind industry.But first, where are we today? Per Lewis, the U.S. currently has only two operational projects for a total of 42MW of installed capacity versus a global offshore installed base of 34…

09 Sep 2020

Tanker Carrying Gasoline Seized by US Arrives off Texas

A tanker containing a cargo of Iranian gasoline confiscated by the United States arrived on Wednesday at a Texas port where it was preparing to discharge, according to a pilots group spokesperson.The Euroforce arrived off of Freeport, Texas, on Wednesday and had retained Texas Marine Agency, a Houston-based cargo agent, in preparation to offload its fuel, the spokesperson for Brazos Pilots Association said. Texas Marine referred inquiries to the U.S. Department of Justice.The United States government last month said it seized fuel from Iran-linked tankers that was bound for Venezuela, part of Washington's efforts to disrupt trade between Venezuela and Iran.The fuel was transferred to the Euroforce and Maersk Progress, two large tankers, according to data and sources.

03 Feb 2020

Russia Leads E&P Race in Arctic Region

Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData.GlobalData's report, ‘Arctic Exploitation’, discusses how Russia is keen on hydrocarbon appraisal and development from the Arctic region to such a great extent that it even settled its longstanding territorial dispute with Norway.The government is also providing tax incentives to companies that invest in this region.

05 Jul 2018

Workboat Design: Interview with Bob Hill

Robert P. (Bob) Hill, President, Ocean Tug & Barge Engineering Corp.

Robert (Bob) Hill of Ocean Tug & Barge Engineering Corp., of Milford, MA has specialized in the design of AT/B’s for many years. As probably the world's most experienced designer of large articulated tug/barge (AT/B) systems, Hill’s success comes, in part, from a willingness to innovate. Ocean Tug & Barge Engineering Corporation and Robert Hill are the co-inventors of the Intercon Connection System. In a nutshell, his firm has had a hand in over 70% of the operational AT/B’s in service in America – including, 80% of those built or converted since 1994.

28 Dec 2015

Survival of Fittest for 2016 Commodity Shippers

Downturn in dry freight market started in 2008; more ships expected to hit the water next year. Shipping companies that transport commodities such as coal, iron ore and grain face a painful year ahead, with only the strongest expected to weather a deepening crisis caused by tepid demand and a surplus of vessels for hire. The predicament facing firms that ship commodities in large unpackaged amounts - known as dry bulk - is partly the result of slower coal and iron ore demand from leading global importer China in the second half of 2015. The Baltic Exchange's main sea freight index - which tracks rates for ships carrying dry bulk commodities - plunged to an all-time low this month.

11 Apr 2014

U.S. oil reserves highest since 1970s

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. If condensates are included, proved reserves reached 33.4 billion barrels, the highest since 1976, according to a new report from the U.S. Energy Information Administration ("U.S. crude oil and natural gas reserves proved reserves" April 10). Proved reserves are those which owners believe with reasonable certainty can be extracted at prevailing prices using existing technology - where reasonable certainty means a probability of at least 90 percent.

12 Mar 2013

Hydro Group Reports International Growth

Doug Whyte, Hydro Group managing director with Steve Ang, who will head-up the Hydro Group Singapore office. Photo: Hydro Group

Aberdeen-based Hydro Group Plc, a global design and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications, sets sights on further international growth with opening of new Singapore office. Singapore currently represents Hydro Group’s second largest export market, with the Group identifying more than £1million of potential sales in the region per year. The new office will support Hydro Group’s increasing presence in Southeast Asia and offer its range of subsea optical cables…

18 Aug 2000

Companies to Develop GOM Shuttle Tanker Technology

Conoco Inc. and Maritrans Inc. are jointly developing advanced shuttle tanker technologies to safely transport newly discovered deepwater Gulf of Mexico crude oil reserves to U.S. refineries more economically than current pipeline alternatives. Technologies being evaluated have the potential to greatly reduce the time between discovery and production of deepwater crude reserves. "The industry is actively exploring for the 10 billion barrels of crude oil reserves that are estimated to be contained in the deepwater Gulf of Mexico," said Rob McKee, Conoco executive vice president for exploration production. "Operations in deepwater are expensive, and we are continuously seeking ways to improve the economics of our deepwater program.

02 Aug 2000

Conoco, Maritrans To Develop Gulf of Mexico Shuttle Tanker Technology

Conoco Inc. and Maritrans Inc. are jointly developing advanced shuttle tanker technologies to safely transport newly discovered deepwater Gulf of Mexico crude oil reserves to U.S. refineries more economically than current pipeline alternatives. Technologies being evaluated have the potential to greatly reduce the time between discovery and production of deepwater crude reserves. "The industry is actively exploring for the 10 billion barrels of crude oil reserves that are estimated to be contained in the deepwater Gulf of Mexico," said Rob McKee, Conoco executive vice president for exploration production. "Operations in deepwater are expensive, and we are continuously seeking ways to improve the economics of our deepwater program.

21 Sep 2007

Oil Prices Rise as Storm Threatens GoM

According to AFP, oil prices rose to new record highs on global markets as concerns about squeezed supplies were heightened by a storm threatening Gulf of Mexico installations. New York's main futures contract, light sweet crude for delivery in October, jumped 1.39 dollars to close at 83.32 dollars a barrel. The contract expired at the close. In London, the price of Brent North Sea crude for November delivery added 62 cents to settle at $79.09 a barrel, after earlier hitting an all-time high of 79.28 dollars. The price of New York crude has hit a series of record peaks in recent days, including Wednesday after the US Department of Energy (DoE) said crude oil reserves had tumbled last week, underscoring global supply tightness.

10 May 2001

Conoco Forms GOM Shuttle Tanker Alliance

Conoco has taken another step toward safe movement of newly discovered crude oil reserves from the deepwater Gulf of Mexico to U.S. refineries by shuttle tankers built in the United States. Conoco's wholly owned affiliate, Seahorse Shuttling and Technology LLC (Seahorse), has formalized an alliance with the Alabama Shipyard of Mobile, Ala., and Samsung Heavy Industries of Korea to develop a design and construction plan that could have American-built shuttle tankers ready for service in 2004. Seahorse was formed by Conoco to provide crude oil storage and tanker shuttling services for new oil discoveries made by Conoco and other companies in the deepwater Gulf of Mexico.