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Extract Oil News

22 Dec 2015

Coast Guard, Industry Navigate Future of Liquefied Gas

Chris Smith, the Department of Energy assistant secretary for Fossil Energy, speaks at Sector Houston-Galveston Dec. 9 to prepare for the increased use of liquefied gases throughout the maritime community and gain a deeper understanding of the intricacies each party faces as they adapt to the rapid growth in this multibillion dollar industry. (U.S. Coast Guard photo by Andrew Kendrick)

Senior U.S. Coast Guard leaders and liquefied-gas-industry experts from around the country came together the second week of December at Sector Houston-Galveston to prepare for the increased use of liquefied gases throughout the maritime community and gain a deeper understanding of the intricacies each party faces as they adapt to the rapid growth in this multibillion dollar industry. The maritime community is experiencing an international shift with the increased transport and use of liquefied gases. The increased supply created by the U.S.

22 Oct 2015

Conoco CEO: Lifting U.S. Oil Export Ban on Wish List

The head of U.S. The comments come amid intensifying debate in Washington on whether to reverse the 40-year-old ban, imposed after the Arab oil embargo. A Republican-sponsored bill to repeal it passed the House of Representatives last week, but faces an uncertain future after a veto threat by President Barack Obama. "Allowing exports would ... help save existing jobs and create new jobs," Conoco's CEO, Ryan Lance, told an audience at the Boston College Chief Executives Club Luncheon in Boston, adding he believed the move would also help the economy and produce increased tax revenue.

24 Aug 2015

US Ocean Economy Sees Large Growth -NOAA

File photo: Tauri Minogue

In 2012, U.S. The U.S. ocean economy outpaced the domestic economy between 2011 and 2012, with an increase of $22 billion in gross domestic product, from $321 billion to $343 billion, according to a new National Oceanic and Atmospheric Administration (NOAA) analysis. Adjusting the figures to remove the effects of inflation, this increase equates to a 10.5 percent rate of growth—more than four times as fast as the U.S. economy as a whole. The report is based on 2012 U.S. national economic statistics released in August 2014.

05 May 2015

OTC’s Highest Award for Petrobras

Petrobras’ Exploration and Production Director, Solange Guedes, received the OTC Distinguished Achievement Award for Companies, Organizations and Institutions, the highest recognition that an oil company can be given as an offshore operator. The awards ceremony took place during a dinner in Houston, USA, at the Offshore Technology Conference (OTC), the world’s largest event dedicated to the area of offshore oil exploration and production. Accepting the award on behalf of Petrobras, Guedes highlighted the importance of this recognition for the company’s technical staff and partnerships, as well as the roles performed by suppliers and the academic community.

06 Dec 2014

Lower Oil Prices Start to Pinch Oklahoma State Revenues

The plunge in oil prices is starting to hurt Oklahoma's energy-related revenues and if the price remains low, could hit income and sales tax revenues if energy workers have less money to spend, the state's treasurer said on Friday. The monthly numbers for November show the first year-on-year decline in energy tax revenues for the state in 19 months. Overall state revenues remained healthy, but the state treasurer expressed caution. "We are beginning to see the signs of softening prices, but we've not yet seen the impact of these extremely low prices of below $70. That will take a few months to get in," Ken Miller, Oklahoma State Treasurer, told Reuters on the sidelines of the National Association of State Treasurers' conference.

06 Nov 2014

Sanctions Bite Russian Arctic Oil Shippers

Photo: United Shipbuilding Corporation

Shipping services that support Russia's attempts to extract oil from remote parts of the Arctic will run into difficulties as banks scale back energy financing due to Western sanctions, increasing transport costs for the frontier sector. Sanctions imposed on Russia by the United States and European Union over Ukraine have targeted the delivery of oil technology, goods and services, aiming to make it impossible for Moscow to access new oil sources. The world's largest energy exporter, Russia relies on oil and gas exports for about half its federal budget.

31 Oct 2014

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive, data showed on Friday. The number of rigs drilling for oil fell by 13 to 1,582 in the latest week, the fourth weekly decline in the past six weeks, according to data from oil services firm Baker Hughes on Friday. Natural gas rigs rose by 14 to 346 rigs, the highest since February, the data show. "While the oil rig count might be down, we're cruising along at really high numbers," said Gene McGillian, a senior analyst at Tradition Energy. Despite the recent declines, the number of rigs seeking oil is up from 1,376 rigs a year ago and hit a high of 1,609 a few weeks ago, the most since at least 1987.

18 Apr 2013

Offshore Energy

How much can change in one generation? Let’s take a look at the current generation entering your workforce born between 1980 and 2000; the Millennials. This generation grew up rarely hearing the phrase, “You can’t do that.” They have always known what a computer is, have no concept of the breakthrough of the bag phone and are just now discovering that records (vinyls) have songs on both sides. Easy access to infinite knowledge has always been at their fingertips via the internet. Their world has always held limitless possibilities because of technology.

26 Mar 2013

Hyundai Heavy Wins $2 Billion Offshore Facilities Order

3D Model of FPU

Hyundai Heavy Industries (HHI), a shipbuilder and leading offshore facilities contractor received a letter of award for a $1.3 billion (USD) order for a floating production unit (FPU) and a $700 million order for a tension leg platform (TLP) from Total E&P Congo on March 26. Hyundai Heavy will carry out engineering, procurement, supply, construction and commissioning for the two offshore facilities to be deployed in Moho Nord field, 80 km off Republic of the Congo’s coast. The 14…

29 Sep 2009

Oil Recovery Ops in Houston Ship Channel

The oil spill responders continue clean up efforts today after the 458-ft tank vessel Chemical Supplier allided with a barge and spilled approximately 10,500 gallons of oil in the Houston Ship Channel early on Sept. 25. Responders, as of 5:00 p.m., recovered approximately 4,280 gallons of oil. The source of the leak was secured at approximately 1:25 a.m. Sept. 26. The fuel tank contained an estimated 22,500 gallons of fuel oil. The Houston Ship Channel remains closed to all vessel traffic north of the I-610 bridge. Watchstanders from Sector Houston-Galveston received a call at approximately 9 p.m. Friday, Sept. 25, 2009, reporting that the Chemical Supplier allided with Buffalo Barge #251 in the vicinity of Brady's Island near the I-610 bridge.

13 Nov 2008

North Sea Open for Business

More licenses than ever before are being offered to companies to extract oil and gas from the North Sea, UK’s Energy Minister Mike O'Brien announced on Nov. 12, 2008. The announcement will help the UK to make the most of its own home grown supplies of energy. As part of the Department of Energy and Climate Change' s 25th offshore oil and gas licensing round, 171 new licences are being offered to 100 companies covering 257 blocks of the North Sea. "We are now seeing record interest from companies wishing to exploit the UK's considerable oil and gas resources in the North Sea. Whilst there's not an endless supply of North Sea oil and gas, with up to 20 billion barrels, or more, left under the sea we can't overlook its contribution to our security of energy supply as well as to our economy.

18 Aug 2000

Legal Matters

Coastal Petroleum Company said Florida's First District Court of Appeal denied motions by the State and certain environmental groups asking for a rehearing of the Court's decision of Oct. 6, 1999. The Court also affirmed that the Florida circuit court was the proper venue to determine the issue of the State's taking of Coastal's property. In its October decision, the Court said, "There is no dispute that (Coastal) has a viable contract with the State of Florida to explore for and extract oil from submerged sovereignty lands. DEP's interpretation and application of the permitting statute, based on its determination that there is a compelling public purpose in not allowing (Coastal) to drill offshore, effectively prevents the appellant from exercising its rights under the contract.

21 Feb 2002

Dresser-Rand To Provide Petrobras With Compression Equipment

A new floating production, storage and off-loading (FPSO) facility being built to extract oil and gas from offshore Brazil will include gas compression modules worth approximately $35 million from the Dresser-Rand Company. The FPSO, which will operate in the Petrobras Albacora Leste field, is anticipated to produce approximately 180,000 barrels of oil and 6.0 million cubic meters of gas a day. The compression equipment will be used for gas lift oil production as well as for gas transmission from the FPSO by pipeline to shore. Operation is expected to begin in September 2003. Dresser-Rand will provide three compression trains including DATUM high-efficiency centrifugal compressors driven by variable speed drive (VSD) electric motors, and a control room.