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Offshore Oil Exploration News

10 Jan 2023

Philippines' Supreme Court Voids 2005 South China Sea Oil & Gas Exploration Deal

©niroworld/AdobeStock

The Supreme Court in the Philippines on Tuesday declared the country's 2005 energy exploration agreement with Chinese and Vietnamese firms was illegal, ruling that the constitution does not allow foreign entities to exploit natural resources. The decision, on an agreement that expired in 2008, could complicate efforts by China to revive oil and gas exploration talks with the Philippines in areas of the South China Sea that are not in dispute. The court gave no explanation for why the ruling came 14 years after a petition was filed.

05 Jan 2023

China, Philippines Agree to Handle Disputes Peacefully, Resume Joint Offshore Oil Exploration Talks

On the afternoon of 4 January, China's President Xi Jinping held talks with Philippine President Ferdinand Romualdez Marcos Jr. at the Great Hall of the People during the latter’s state visit to China. Photo: Ministry of Foreign Affairs of the People’s Republic of China

China and the Philippines have agreed to set up a direct communications channel between their foreign ministries on the South China Sea to handle disputes peacefully, they said on Thursday.Their agreement, which contained 14 elements aimed at cooling security tensions and boosting economic cooperation, comes as they strive to mend a relationship hurt after the Philippines won a 2016 arbitral ruling that invalidated China's expansive claims in the South China Sea.The Philippines…

11 Apr 2022

Yesterday’s or Tomorrow’s Offshore Energy: Which to Pick?

Copyright Inna/AdobeStock

Looking back, it is easy to wonder if one could have done better by taking the other fork in the road. I grew up in Holland in a maritime family and am pretty sure I would have stuck with maritime there. In 1968, when I was 8 years old, my father left Holland America Line and joined the United States Salvage Association. At the same time, their main customer, the U.S. marine insurance industry, became heavily involved in the development of North Sea offshore oil and gas, and it resulted in an economic boom that made USSA’s Rotterdam office wildly profitable.

07 Feb 2020

Are OSVs Fit for Refit for Offshore Wind?

BEFORE: Island Clipper: Island Offshore of Ulsteinvik, Norway, has had success with conversions.  “before” and “after”.  Photos: Island Offshore

While it is generally agreed that the nascent offshore wind energy market in the U.S. will be a newbuild market, there is a repair and conversion possibility for some stacked OSVs.Though estimates on the pace of the offshore wind energy market in the U.S. vary widely, the direction is clear: offshore wind will be a huge marketplace for construction and support vessels to be deployed in U.S. waters over the next decade. The starting point for estimated vessel demand is the raft of projects along the U.S. East Coast, and to a lesser extent, in the Pacific waters, now in the pipeline.

12 Oct 2017

Market Snapshot: Offshore Outlook

(Source: Vessels Value)

Notwithstanding the recent surge in crude oil prices, it isn’t lost on anyone that the offshore oil exploration business is, and has been for some time, in the doldrums. In the U.S. Gulf, that pain can be seen through Chapter 11 filings and the sobering specter of vessel after vessel rolling off the shipyard ways and directly into cold iron layup. And, it doesn’t help that the shore-based shale drillers have not only found a way to drastically reduce their operating expenses, but also how to turn the valve off and on, seemingly at will, in response to market conditions.

01 Mar 2017

Seadrill Could Be Heading for Bankruptcy

The oil rig owner SeaDrill could be forced into bankruptcy protection soon, if it fails to reach a restructuring agreement with its lenders, reports Reuters. The rig firm, controlled by John Fredriksen, is battling with $14 billion in debt and liabilities. "In the event a consensual restructuring agreement is not concluded or an agreement to an extension is not reached, we are also preparing various contingency plans, including potential schemes of arrangement or chapter 11 proceedings," the company warns. SeaDrill has been struggling to cope with a slump in charter rates and a sharp slowdown in activity as lower oil prices have made offshore oil exploration unattractive for producers.

22 Feb 2016

Offshore Vessels: Squall Delivered to Jackson Offshore Operators

(Photo: BAE Systems/Jackson Offshore Operators)

BAE Systems delivered its fourth and final of series platform support vessel (PSV) to Jackson Offshore Operators, LLC, completing a four-ship program that began in 2012. Motor Vessel Squall joins three other vessels built by BAE Systems’ Jacksonville, Florida, shipyard to support U.S. offshore oil exploration. Squall is the fourth vessel of the GPA 675J class, designed by Guido Perla and Associates of Seattle. Construction of the 252-ft. vessel began in December 2014 and it was delivered on January 31, 2016.

23 Sep 2015

A Maneuverable Oil Spill Response Vessel

G.M. Penman (Photo: Twin Disc)

The maritime industry has seen an increased need for high speed spill response in step with expanding offshore oil exploration and production. Meeting this need is the newest skimmer boat from Washington-based shipbuilder Rozema Boat Works: a 65-foot oil spill recovery vessel (OSRV), G.M. Penman. Key to the vessel’s effectiveness is its maneuverability. G.M. Penman depends on Twin Disc QuickShift transmissions and EC300 Power Commander electronic control system with Express for the critical task of remediation. “The G.M.

13 Aug 2015

Shipping Corporation Net Profit Jumps Over Three-Fold

State-run Shipping Corporation of India (SCI) Ltd has reported more than three times rise in net profit for the quarter ended 30 June on account of higher earnings from running oil tankers and lower bunker (ship fuel) prices. Its June-quarter net profit  is 1.64 billion rupees versus 494.9 million rupees year ago. Its June-quarter income from operations is 10.46billion rupees versus 10.58 billion rupees last year. The company’s board, which met in Mumbai on Wednesday, approved a proposal to buy three so-called anchor handling tug-cum-supply used in supporting offshore oil exploration support activities from Cochin Shipyard Ltd. This will be the first ship purchase for the firm in more than three years. “From our side, we are ready.

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.

13 Mar 2015

CSL to Supply 5 Ships to Shipping Corp, Signs Pact with IHC for Dredgers

Shipping Corporation of India Ltd (SCI) will buy five vessels from Cochin Shipyard Ltd (CSL) and issue tenders for buying two used liquefied petroleum gas (LPG) carriers as it looks to re-start ship purchases that were frozen after poor financial performance, according to a report in the Live Mint. Both are state-owned entities. CSL has also signed an agreement with Netherlands-based IHC BV to collaborate on constructing dredgers for the Indian market. Dredgers are specialized ships used to deepen and maintain the channel of harbours. SCI has approved the signing of a memorandum of understanding with Cochin Shipyard for the five vessels. The price for the five ships has not been decided yet.

26 Feb 2014

Petrobras Cuts Spending, Quarter Profits Fall 19%

Photo: Petrobras

Brazil's state-run oil company Petrobras moved to check years of missed targets, soaring costs and rising debt by scaling back near-term investments and setting a limit on long-term growth. Petroleo Brasileiro SA, as Petrobras is formally known, cut its five-year investment outlook for the 2014-2018 period to $221 billion, 6.8 percent less than its previous 2013-2017 plan, after reporting a 19 percent drop in fourth-quarter profit late on Tuesday. The company said production would still more than double to 5.2 million barrels of oil and natural gas a day (bpd) in 2020…

29 Jan 2014

New Tech & Tug Training

Mass. Maritime responds to industry demand, reloads with cutting edge Transas equipment, and moves to the head of the brown water training queue. It was a dark and stormy night with choppy seas. I didn’t hit anything, but I did run aground twice while at the helm of the tug boat simulator at the Massachusetts Maritime Academy (MMA) in Buzzards Bay. But then that’s the point – to let students safely make mistakes and get the closest thing to the real-life experience they need – and would have a limited shot at otherwise on the equipment they’ll be handling where the jobs are today…

25 Sep 2013

Offshore APAC Electrical Equipment Market: New Survey

New analysis from Frost & Sullivan 'Electrical Equipment and Solution for Marine and Offshore Markets in Asia-Pacific', finds that the market earned revenues of US$350.0 million in 2012 and estimates this to reach US$467.4 million in 2017. The main end-user segments are marine vessels and offshore structures. The Asia-Pacific market for electrical equipment for marine and offshore solutions has been concentrated in South Korea, Japan and Singapore. While South Korea and Singapore have been the hubs of the offshore structure building industry, Japan and South Korea are leaders in marine vessel manufacturing. "The shipbuilding industry had experienced a slump in demand for ships due to oversupply and financial constraints among shipbuilders…

10 Sep 2013

EPA Fines Shell for Clean Air Act Permit Violations during Offshore Oil Exploration in Alaska

The U.S. Environmental Protection Agency announced settlements with Shell Gulf of Mexico, Inc. and Shell Offshore, Inc. for violations of their Clean Air Act permits for arctic oil and gas exploration drilling in the Chukchi and Beaufort Seas, off the North Slope of Alaska. Based on EPA’s inspections and Shell’s excess emission reports, EPA documented numerous air permit violations for Shell’s Discoverer and Kulluk drill ship fleets, during the approximately two months the vessels operated during the 2012 drilling season. Shell has agreed to pay a $710,000 penalty for violations of the Discoverer air permit and a $390,000 penalty for violations of the Kulluk air permit. EPA issued the Clean Air Act Outer Continental Shelf permits for Shell’s operations in early 2012.

08 May 2012

Arctic Offshore Oil Exploration – Statoil, Rosneft Co-operate

Statoil and Rosneft have signed a cooperation agreement whereby they will jointly explore offshore frontier areas of Russia and Norway and to conduct joint technical studies on two onshore Russian assets. Helge Lund, CEO, Statoil said: “This cooperation agreement is an important milestone in Statoil’s exploration activity in Russia. The agreement secures a long term collaborative position with Rosneft in large, prospective frontier areas in the Barents Sea and the Sea of Okhotsk. By building on both companies’ competence and experience, this agreement is a significant step further in the industrial development of the Northern areas, says Helge Lund, CEO of Statoil. Under the agreement, Statoil and Rosneft will set up joint ventures, with Statoil holding 33,33% in each.

17 Apr 2012

Caribbean Lacks Resources to Combat Oil Spills: Jamaica

Participants at the Oil Exploration and Exploitation Forum in Kingston Jamaica.

The Caribbean region, including Jamaica and other small island developing states, lacks the resources to combat a major oil spill, delegates to a regional convention on oil spill prevention and response have been warned. Opening the convention to discuss oil spill prevention, preparedness and response in the Gulf of Mexico, keynote speaker Christopher Cargill, Chairman of the Petroleum Corporation of Jamaica, said that Jamaica and other islands in the region do not have access to vast amounts of resources to combat major oil spills of the magnitude of the BP Deepwater Horizon incident…

07 Feb 2012

Colombian Naval Industry Grows Stronger

 “A.R.C. 20 de Julio” vessel.

“A.R.C. 20 de Julio”, joins the National Navy fleet. • 300 direct work posts and 1500 indirect work posts generated by Cotecmar through the construction of this vessel. A new milestone has been accomplished this week in Colombia’s corporate history. The delivery of the “A.R.C. 20 de Julio” vessel by Cotecmar to the Colombian Navy consolidates the reemergence of an industry that, until recently, was not too widely known in our country. It is the shipyard industry, which, by means of its endeavors in terms of scientific and technological development…

12 Apr 2011

RSL Fiber Systems to Provide Remote Source Lighting for Italian Navy Warships

EAST HARTFORD, CT (April 11, 2011) – RSL Fiber Systems, LLC has added yet another major distinction to its rapidly-increasing portfolio of achievements, securing its first international defense contract, with Italian shipbuilder Fincantieri, to supply fiber optic remote source lighting systems for the Italian Navy’s new FREMM class frigates, currently under construction. The contract, for the first six of an anticipated 10 FREMM (Fregata Europea Multi-Missione) anti-submarine warfare and general purpose frigates, is RSL’s first non-U.S. Navy agreement. Financial terms were not disclosed.

07 Sep 2010

DNV Reommends Changes to U.S. Safety Regime

Photo courtesy DNV

Houston: “A step change can be achieved with respect to prevention and mitigation of major accidents through a performance based safety regime supported by a risk management approach. Empirically, the risk can be reduced by a factor of ten,” says Elisabeth Tørstad, DNV COO in the Americas and Sub-Saharan Africa. As an input to the ongoing review of the U.S.’ current offshore safety regime, DNV is recommending considerable attention to several key aspects of safety management.

08 Oct 2008

Keppel/Technip Consortium to Deliver P-51 to Petrobras

The consortium of Keppel Offshore & Marine Ltd  and Technip Engenharia S/A is on track to deliver the P-51 floating production unit (FPU) to Petrobras Netherlands BV (PNBV) by November 2008. This 48,000 tonne FPU is the second such rig that the consortium partners have completed. The first rig, the P-52 FPU, is currently producing in the Roncador field. President Luiz Inácio Lula da Silva of and First Lady Marisa Letícia Lula da Silva who was the Lady Sponsor, were at Keppel FELS Brasil’s BrasFELS shipyard yesterday to witness the christening. They were joined by some 5,000 Brazilian workers who also celebrated the achievement of the national project.

19 Jun 2008

Shortage of Ships May Complicate Call for Offshore Drilling

The New York Times reported that a shortage of ships used for deepwater offshore drilling may impede any rapid turnaround in oil exploration and supply. Slow growth in oil supplies, at a time of soaring demand, has been a major factor in the spike of oil and gasoline prices. Demand is so high that shipbuilders have raised prices since last year by up to $100 million a vessel to about half a billion dollars, the report said. As a result, drilling costs for some of the newest deepwater rigs in the -- the nation's top source of domestic oil and natural gas supplies -- have reached about $600,000 a day, compared with $150,000 a day in 2002. These record prices have spurred a new wave of drill-ship construction.

01 May 2002

Canyon Offshore Takes Delivery of Quest 3

Canyon Offshore has taken delivery of its third Quest electric work class ROV system. The Quest, depth rated to 3,050 msw, incorporates many new features and technology not previously found in work class ROVs. Increased efficiency, lower operating costs and greater reliability, have contributed to the success of these new systems. This environmentally friendly ROV can perform tasks for a wide range of functions, including offshore oil exploration and production support, salvage, mapping, remote tool deployment and object recovery. As the launch customer for the Quest, Canyon received the first two systems last year, and both have been in high demand ever since.