Easy Oil News

Mercury Marine won an International Forum Design (iF) award in the Discipline Product category, presented to the company for its V-6 outboard lineup. iF International Forum Design organizes the iF Design Awards each year and has thousands of entries from close to 60 countries compete for the prize. Mercury’s 3.4L, V-6 FourStroke outboard lineup was officially launched at the 2018 Miami International Boat Show and has been praised for performance and design. According to its website…

Asia's oil and gas producers are starting to revive projects aimed at deflating years of ballooning energy imports after new investment dried up following the 2014 industry crisis. Spending has so far been driven mainly by state oil companies such as India's ONGC, Thailand's PTTEP and PetroVietnam, which need to produce more oil and gas to ensure their countries' energy security, executives said this week during an industry event in Kuala Lumpur, Malaysia. Asia is by far the biggest, fastest-growing consumer of oil, yet its output is falling faster than in any other region.

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm. The report, which gauges the oil and gas industry’s reaction to Sir Ian Wood’s Maximising Recovery Review, calls on the new regulator – the Oil and Gas Authority (OGA), the Government and companies operating in the North Sea to adapt to a new reality in the basin. Thought closer collaboration between companies would help drive efficiency and cut costs related to extraction, while tax incentives and possibly different ownership models could encourage the sharing of infrastructure.

DNV GL has been recognised by the Society of Petroleum Engineers (SPE) as the organisation that has contributed most to asset integrity in the Middle East at the 2014 SPE Asset Integrity Workshop entitled “Changing the Culture, Raising the Bar” held on 13-14 May in Abu Dhabi. "It is a great honor and a privilege to have been given this SPE award for the best ‘Company Contribution to Asset Integrity in the Middle East’. Asset integrity is in the DNA of DNV GL, and this award is proof of our Middle East team’s dedication to integrity excellence” said Moss Daemi, DNV GL’s Divisional Director for Middle East, North Africa and India. With the objective of “raising the bar” in asset integrity management in the Middle East…

Maven Capital Partners (Maven) announced a £3.5 million Scottish Loan Fund (SLF) investment in energy services business Coretrax Technology Limited (Coretrax). Set up in 2011 by the Scottish Investment Bank, the investment arm of Scottish Enterprise, and managed by Maven, the £113 million SLF provides loans of up to £5 million to ambitious Scottish businesses. Since launch the SLF has committed over £30 million in support of growth-focused companies. Coretrax was established in 2008 and offers a wide range of downhole tools and services with applications across the well life cycle…

The August MTS Houston Section luncheon will be held on August 22 and will feature a presentation by Carlos Mastrangelo, SBM Offshore’s Senior Vice-President on Floating Production Units. Over the years, the worldwide offshore industry has seen numerous oil & gas developments with operators focusing on mitigating reservoir risks. To address these inherent risks, operators aim at minimizing pre-investment by including the flexibility to adjust the facilities as needed. For many years we have seen Floating Production Units (FPUs) deployed as extended well test units, early production systems, or even phasing the exploitation development. Often, the key reality is how to address the reservoir uncertainties.

Van Heck revealed its newest world premiere, a complete pump system that enables the controlled, contained, fast oil recovery after incorrect or off-spec fueling and in the event of grounding or calamity at sea. The pump, named Sea Trophy, ensures a fast, easy and well controlled solution for the removal of oil which will limit, or even eliminate any or all economic and environmental damages, not to mention the possible depredation of company image. Van Heck’s Sea Trophy underlines the motto “intervene…

Silk subsidiary, Jasa Merin Sdn Bhd, signs up to buy two Anchor Handling Tug Supply (AHTS) vessels from previous owners. The vessels named IDS Darul Ehsan and IDS Darussalam are 70-metre 120-tonne bollard pull AHTS with an engine rating of 10,800 break horsepower and were acquired from their previous owners for a total consideration of RM 240.6 million funded by internally generated funds and bank borrowings. Jasa Merin has partly settled a total of RM 16 million of the purchase price for the vessels. Dato’ Mohd Azlan bin Hashim, Executive Chairman of SILK Holdings said, “The Group is delighted with the additions to the fleet, bringing the total number of owned-vessels in the fleet to 18 vessels. The vessels are ready-built and are immediately able to contribute to earnings.

The 65 oil companies covered in DnB NO’s fifth annual E&P spending report expect a spending increase of 14% in 2011, 8% in 2012 and 7% in 2013. For 2011 we expect activity growth in line with last year; however, service costs are increasing and expected to contribute one third of the total growth rate. We believe that this, combined with fundamentals such as an organic Reserve Replacement Ratio of 87% and increased focus on deepwater and challenging areas, will lend good support to earnings for the oil services industry in the years to come. The fifth annual E&P spending report covers oil and gas companies’ spending on exploration and production (E&P) based on our survey of 65 oil and gas companies worldwide…

Athens Group made three announcements: the opening of their office in Geoje, South Korea, two management promotions relative to their geographical expansion, and a major hiring initiative designed to meet the growing demand for their risk mitigation and problem remediation services for control systems on offshore assets. More high-specification assets are under construction in the Keppel FELS, SemCorp, Daewoo, and Samsung shipyards than there have been at any other time. The Geoje office was established to enable Athens Group to provide their customers who are located in Asia and working in the region’s shipyards with faster, more tailored, and more cost-effective Drilling Technology AssuranceSM Services for control systems.

Analysis of 19 target countries and 26 key onshore and offshore market sectors, ranging from land drilling equipment to offshore operations, has revealed that overall expenditure levels are expected to total $2t over the 2009-2013 period. These are amongst the key findings of a new report commissioned by Norwegian oil & gas partners INTSOK from energy business analysts Douglas-Westwood. Addressing over 300 delegates at INTSOK’s 8th annual International Business Days conference in Oslo, Douglas-Westwood Chairman, John Westwood, outlined his views on the current market turmoil, the prospects for recovery and the expected outcomes in terms of future industry expenditure.

While the recent high-profile problems of the western oil majors’ adventures in Russia have occupied the attention of politicians, the giant Russian oilfield services industry continues to work delivering the products and services that produce the oil. Speaking at conferences in both London and St. Petersburg, executives from energy analysts Douglas-Westwood (DWL) outlined the scale of the opportunities available to investors. John Westwood, DWL managing director speaking at the SubseaTECH 2007 Conference in St. Addressing members of the Energy Institute in London, DWL’s assistant director Steve Robertson stated that, “the oilfield services industry has evolved rapidly in recent years, driven by operators’ increasing use of outsourced services and a move to Western business models.