New Ventures News

Brazil's Petrobras will invest around $102 billion within the 2024-2028 period, the firm's new strategic plan showed on Thursday, representing a major boost in expected investments by the state-run oil company.The plan, the first released by the oil giant since CEO Jean Paul Prates took the helm of the company, includes investments in a range of different segments, with most of it going into oil exploration and production.The figure represents a 31% leap from the $78 billion Petrobras…

A rising tide lifts all boats, as the saying goes, and while the offshore industry is currently experiencing a wide-ranging surge, there are vessel types and specific market segments that are expected to benefit more than others.One such segment is the offshore construction vessel (OCV) types, which to an increasing degree have found themselves in hot demand from both oil and gas developments as well as offshore wind activities.While vessel definitions and abbreviations in this space can vary…

There’s often an upside to being among first-movers in an emerging industry, but many are often stifled by the risk inherent to new ventures. For Crowley, which today is leading the charge on a number of maritime fronts such as sustainability and decarbonization, the jump into U.S. offshore wind is being made with diligent planning, a team of experts, solid partners and 130 years of maritime and supply chain logistics experience in hand, each of which will help to mitigate the risk that comes with growing a new industry.Also key…

Oil and gas major ExxonMobil on Wednesday announced two new oil discoveries offshore Guyana, at Fangtooth and Lau Lau wells, adding to previous recoverable resource estimate of 10 billion oil-equivalent barrels.The Fangtooth-1 well, drilled with the Stena DrillMAX drillship, encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of the Liza field. The Lau Lau-1 well, drilled by the Noble Don Taylor drillship, hit around 315 feet (96 meters) of high-quality hydrocarbon-bearing sandstone reservoirs.

U.S. oil major ExxonMobil has made another oil discovery at the prolific Stabroek offshore block in Guyana. This adds to around nine billion barrels of oil equivalent discovered over the past few years and paves way for future development.The discovery was made at Whiptail-1 well at the 6.6 million acres (26,800 square kilometers) offshore block. The well encountered 246 feet (75 meters) of net pay in high-quality oil-bearing sandstone reservoirs. The Whiptail discovery is located approximately 4 miles southeast of the Uaru-1 discovery that was announced in January 2020 and approximately 3 miles west of the Yellowtail field. Whiptail-1 is being drilled in 5…

Norwegian seismic services provider Petroleum Geo-Services (PGS) said that key areas for the 2020 Malaysia Licensing Round are covered by the PGS Sabah MC3D program.Data is available to evaluate the petroleum potential of the highly prospective offshore Sabah province, said a press note from the geophysical company.Over 47 000 sq. km high-resolution 3D data is available for Sabah, covering new opportunities near established plays in this exciting hydrocarbon province.Block SB-2T on the 2020 bid round is almost entirely covered by Sabah MC3D. SB-2T lies in the proven fold and thrust belt and is surrounded by producing oil and gas fields.

Norwegian seismic services provider Petroleum Geo-Services (PGS) said that beam migrated data is now available for viewing on its latest 3D GeoStreamer seismic survey over Angola blocks for the 2021 bid round.Modern imaging will unlock links between onshore and offshore presalt and postsalt plays.“Our initial coverage of shallow blocks six to eight will allow interested E&P companies a head start on de-risking prospectivity of the area ahead of bid submissions in 2021”, says Christine Roche, New Ventures Manager for PGS in Angola.Commercial, strategic and technical benefits are available to early participants in the survey. Preferential…

As the Society of Naval Architects and Marine Engineers (SNAME) celebrates its 125th Anniversary, the new executive director shares his thoughts on the path forward for a successful future.I’m Gene Sanders, and I have been given the enviable opportunity to take SNAME into its next phase in one the most important industries in the world! In my first few months as SNAME’s new Executive Director, I’ve been working with the Board and various committees on new ventures and directives…

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015. This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction in such costs. All categories of expenditure were down on those for the previous 12-month period. This suggests continued pragmatic management of costs by ship owners and operators, as well as a reduction in active trading for some owners as a result of the prolonged worldwide economic downturn.

The 2015 financial year saw VIKING Life-Saving Equipment A/S continue its unbroken, 12-year run of revenue and profit increases. Revenues were up nine percent at DKK 1.891 billion, while profits before tax also grew nine percent to reach DKK 200.5 million. The impressive results were achieved despite difficult market conditions, and CEO Henrik Uhd Christensen is predicting 2016 and 2017 to be even more challenging. “We performed well during 2015, and we’re aiming for continued growth in revenue and profits as our next strategic phase culminates in 2020,” he states. “That said, we’re operating in markets that have entered a decisive phase, particularly when it comes to the offshore and cargo segments. VIKING operates in three key market segments: Cargo, passenger and offshore.

Currently undergoing growth in terms of qualified personnel and asset acquisition, Mammoet USA said it plans for 2016 a $100 million investment in miscellaneous transport and lifting equipment, the vast majority being crawler cranes between 100 ton and 600 ton capacity. According to Mammoet, the expansion will enable the company to widen its range of services and better serve its customers along the Gulf Coast. With a global shift in project work to the Gulf Coast, additional personnel will be available to provide more manpower to these projects and new ventures, the company said.

The new General Manager for Egypt is Dr Hans-Hermann Ecke, who is responsible for the business of the Egyptian subsidiary of DEA Deutsche Erdoel AG based in Cairo since the beginning of March. “I am looking forward to the upcoming tasks in Egypt, where DEA has already been part of the oil and gas industry for more than 40 years,” says Dr Hans-Hermann Ecke. “With our Disouq natural gas project, we have recently been able to more than double our oil and gas production in Egypt. Dr Hans-Hermann Ecke has a PHD in geology. He is well  experienced in Egypt‘s upstream industry and DEA Egypt’s E&P projects from his earlier employment as General Manager in the period from 2009 to 2011.

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces its unaudited interim results for the six month period ended 30 June 2014. o  Additional partnering process underway aiming to fully cover seismic costs. Larry Bottomley, CEO of Chariot, commented,  "Chariot has had a very productive year to date, securing partners in Morocco and Brazil, successfully completing our Placing, as well as renegotiating our licence positions in Namibia. We are now in a strong financial position whereby we are able to accelerate our work programmes, pursue new opportunities and take our partnering processes forward from a position of strength.

The German RWE Dea has signed a Joint Study Agreement with Azerbaijani State Oil Company (SOCAR) on evaluation of the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea. The main goal of the agreement is to identify further exploration opportunities by conducting geological and geophysical analysis in the study area, which is located between Karadagh and Hamamdagh. It covers approximately 850 square kilometres and lies in shallow waters, with water depths up to 30 metres. The agreement will give an opportunity to deepen knowledge about the subsurface in highly prolific areas of the Caspian Sea. “We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continue working with the company,'' said Dr.

KVH provides and Harvey Gulf employs possibly the most sophisticated on-board SATCOM and related service package on the water. That’s no accident. If quality service, high tech hardware and quality personnel are the common bonds shared by marine communications provider KVH and its customer Harvey Gulf International Marine, then the relationship is probably a match made in heaven. Harvey Gulf, already a long-time user of the KVH suite of services and equipment, is today converting every vessel in their rapidly expanding 60+ fleet to the latest and greatest equipment standard. From where they sit, that means KVH. For its part, the business relationship allows KVH to showcase to every other customer and potential user as to what is actually possible at sea in today’s environment.

Jensen Maritime Consultants – leveraging a unique porthole on the maritime industry – anticipates and meets demand in the burgeoning maritime LNG sectors. Nevertheless, says Jensen’s Johan Sperling, it’s not rocket science. At the recent Passenger Vessel Association (PVA) annual meeting held in Houston, Texas, Jensen Maritime Consultants had on display just a couple of their many design efforts underway at the Crowley-owned design and engineering shop. Naturally, those designs had the use or carriage of LNG as their central theme. LNG, at least on this side of the pond, is still largely uncharted waters, but that’s hardly the case for Jensen.

Overall confidence levels in the shipping industry held firm over the three-month period to August 2013, maintaining the highest level reached since November 2010, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Doubts persist, however, over the level of excess tonnage and the resultant effect on freight rates, while there is growing concern over the increasing cost of regulation. In August 2013, the average…

Marintec South America Completes 10 Editions with the Brazilian Shipbuilding and Offshore Industry Pursuing Excellence and Global Competitiveness. Brazilian shipbuilding and offshore industry want to occupy a new space in the naval industry in the world map. The resumption of investment, driven by orders from Petrobras planned by 2020, created a promising scenario for the shipyards and the chain of services and supplies. The goal now is another: Creating a sustainable market in the long term and strengthen the global competitiveness of domestic firms. This is the balance at the tenth Navalshore - Marintec South America - Conference and Exhibition of Shipbuilding and Offshore 2013 event held between August 15-17 at the SulAmerica Exhibition Centre, in Rio de Janeiro (RJ).

International energy consultancy Xodus Group has appointed Alistair Porter as Operations Director for London to drive forward business across the company’s technical and commercial activities. Based in London, Mr Porter has been with Xodus since it was founded seven years ago and previously held the role of Global Process and Facilities Director where he managed a team of 130 engineers. As Operations Director for London, he will be responsible for growing the financial and operational performance of the London Business Unit.

Lockheed Martin and Reignwood Group to develop South China Sea ocean thermal energy conversion (OTEC) power plant. A memorandum of agreement between the two companies was signed recently in Beijing. Following the ceremony, both companies met with United States Secretary of State John Kerry during his first official state visit to the People’s Republic of China. The 10-megawatt offshore plant, to be designed by Lockheed Martin, will be the largest OTEC project developed to date, supplying 100 percent of the power needed for a green resort to be built by Reignwood Group.

Dana Gas PJSC, a publicly-listed natural gas company in the Middle East, has announced the appointment of Patrick Allman-Ward as the new Group CEO for the company with effect from September 1, 2013. The company, which is listed on the Abu Dhabi Exchange (ADX) and recently announced the successful refinancing of its $1 billion sukuk, conducted an extensive executive search process after the retirement last year of its CEO, Ahmed Al-Arbeed, who remains a Member of the Board. The incoming CEO Dr.

The maritime industry goes from cycle to cycle, living with and by uncertainty. You could even say that our industry embraces risk. This means that “What’s next?” is always a relevant question – and one that gets some interesting responses. During Nor-Shipping 2011, we discovered that the “what’s next” question really resonates with the industry when we used it to support the theme “Next Generation Shipping” for the event week. The standing-room only audience at the Nor-Shipping…

The intitiative is aimed to provide new opportunities for finance professionals and capital hungry maritime companies from around the world. To highlight more of the maritime value chain at its leading maritime event week, Nor-Shipping will enable copmanies to pair up, network and showcase themselves. The initiative includes “Venture Park” and “Venture Forum”. Venture Park will provide 12 start-up companies with a platform for testing the market and meeting potential partners and investors, with an affordable Nor-Shipping exhibitor fee. This exclusive international showcase of new ventures will be centrally located in the new Innovation and Venture Hall at the Nor-Shipping exhibition site. Nor-Shipping announces a call for such innovative ventures.