Oil Assets News

St. Louis-based coatings specialist Carboline is celebrating its 75th year in business in 2022. From humble beginnings in 1947, Carboline has grown into a global organization that has launched more than 500 products, with more than seven research facilities, 20 manufacturing facilities and hundreds of warehouses. Still, the company has remained laser-focused on quality, innovation and top-notch service.“Our offering to the maritime market is very unique,” said Brad Treuting, Carboline’s director of sales for marine and offshore in the U.S. Gulf and East Coast.

Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.

India plans to sign energy deals with Russian oil major Rosneft next week to buy stakes in Siberian fields, two sources privy to the deal said, as New Delhi accelerates a push to secure overseas energy assets. India, the world's third biggest oil importer, has to ship in three quarters of its oil needs and a substantial fall in oil prices has added an extra incentive to seal purchases of assets that are now relatively cheap to limit its reliance on imports. Rosneft's Chief Executive Igor Sechin will visit Delhi on March 15-16 to stitch together the deals, the sources said. Rosneft, the world's biggest listed oil company by output, also…

Maersk Line posted a steep decline in profit last year to $1.3bn, well down from the 2014 result of $2.3bn and below its most recent forecast as freight rate declines accelerated in the latter stages of 2015. The net profit of Maersk Group in 2015 amounted to 0.925 billion USD, representing a decrease of 84% yoy. The company revenues decreased with 16% yoy to 40.3 billion USD. The profit decrease appears in almost all sectors of the company, but the worst for 2015 definitely was the oil and offshore. "After a satisfactory result in the first half of the year with a ROIC of 10.2%, Maersk Group was severely impacted by a widening supply-demand gap across most of our businesses, leading to significant oil price and freight rate reductions," says a statement from the company.

Writedown pushes company into red in fourth quarter; 2016 profit to fall short of previous year. Denmark's A.P. Moller-Maersk tumbled to a loss of $2.5 billion in the last three months of 2015 after the shipping and energy group wrote down the value of its oil assets by the same amount. Maersk warned investors on Wednesday that it expects its underlying net result in 2016 to be significantly below 2015's $3.1 billion as it struggles with plummeting oil prices and low rates for container freight. Its shares fell as much as 9 percent in early trading and were down 4.4 percent by 0855 GMT. Chief Executive Nils Smedegaard Andersen said the oil price was the biggest short-term challenge for the company.

Danish shipping and energy conglomerate Maersk Group delivered a profit of USD 925m for the full year ending December 31st 2015, against USD 5.2bn reported in 2014, a drop of 82%. Maersk’s underlying profit for full year was USD 3.1bn down from previous year's being USD 4.5bn. After a satisfactory result in the first half of the year with a ROIC of 10.2%, Maersk Group was severely impacted by a widening supply-demand gap across most of our businesses, leading to significant oil price and freight rate reductions. ROIC for the second half of the year was negative 6.3%, impacted by impairments of USD 2.5bn after tax in Maersk Oil and for Q4 there was an underlying loss of USD 9m (profit of USD 1.0bn).

Tullow not for sale but could be take-over target - COO. Amid one of the deepest oil price crashes in history, Britain's Tullow Oil is sending one of the world's biggest floating deep-water oil production platforms to West Africa to pump crude for at least 20 years. The 340-metre long production vessel, named after late Ghanaian president Prof John Evans Atta Mills, was converted in Singapore from a Very Large Crude Carrier (VLCC) super-tanker, and is expected to set sail this weekend to Ghana, where it is scheduled to gradually ramp up production from the TEN deepwater oilfield from July/August this year, the company's chief operating officer Paul McDade said on Thursday.

Port operator APM Terminals, part of Denmark's A.P. Moller-Maersk, is buying 11 container ports from Spanish shipping and logistics group Perez y Cia to boost its presence in emerging markets and better serve bigger container vessels. No terms were given for the deal, which will increase APM Terminals' container ports to 74 from 63 including terminals in Colombia, Brazil and Mexico, but Nordea Markets estimated an enterprise value of around 1.35 billion euros ($1.5 billion), based on similar deals and other companies in the sector. APM Terminals Chief Executive Kim Fejfer said on Tuesday the deal would make the company better prepared to handle new alliances among container shipping companies and their new bigger vessels. The deal comes a day before A.P.

Maersk Line has reported a profit of $2.3bn for 2014 a 50% increase over the previous year, and expects a higher result in 2015, though the shipping rates remain under pressure. But 2015 is expected to yield less impressive results due to falling oil prices. He said that he was satisfied with the 2014 results. “Despite challenging market conditions we saw good progress in underlying performance across the Group,” he said. Maersk Line maintained its lead on the rest of the industry and APM Terminals delivered significant improvements. Maersk Drilling executed on fleet renewal program according to plan, while Maersk Oil increased entitlement production in line with expectations, he added. Underlying profit of A.P.

Danish conglomerate A.P. Moller-Maersk may announce a second share buyback scheme in its 110-year history as early as Wednesday, analysts said, allowing it to reward shareholders as its oil unit takes a battering from a slump in prices. Further divestments from its large portfolio of companies may also be on the radar, funding any buybacks or at least increased dividends, with the world's largest container shipping company focusing more closely on the shipping and oil industries. Maersk's will present its fourth quarter results at 0700 GMT on Wednesday. Net profit is expected to rise 9.8 percent to $1.0 billion, boosted by a 59 percent rise in container shipping but hit by a 50 percent drop in its oil business.

A Libyan warplane attacked a fishing trawler carrying gasoline to the port of Benghazi this week after the internationally recognised government suspected it of supplying Islamist militants, a military official said on Thursday. Libya's recognized government, which has been driven out of the capital, is locked in escalating conflit with a self-declared government of a faction known as Libya Dawn that seized Tripoli last summer. There were no details about the ownership or origin of the vessel which military official Mohamed Hejazi said was attacked on Tuesday off the coast of the eastern city of Benghazi, which has seen heavy fighting for months between pro-government forces and Islamist militants.

A Libyan warplane from forces loyal to the internationally recognised government bombed a Greek-operated oil tanker anchored off the coast, killing two crewmen in an escalation of hostilities between factions vying to rule the country. Military officials said the vessel had been warned not to enter port and said it had been transporting Islamist militants to Derna, the eastern port city where the ship was at anchor when it was hit on Sunday. State oil firm NOC said it had leased the ship to carry fuel for power generation to Derna from Brega, an oil port to the west. The vessel was damaged but none of the 12,600 tonnes of heavy oil leaked out, the Athens-based operator Aegean Shipping Enterprises Co. said.

Shares rise 5 pct after improved guidance, better quarter than expected. Maersk indicates more buybacks after first in its history. Efficiency, cost savings boost Maersk Line compared to rivals. Denmark's A.P. Moller-Maersk announced the first share buy-back in its 110-year history on Tuesday as an overhaul of the sprawling shipping and oil empire leaves it with more cash than it can usefully invest. Maersk shares jumped 5 percent after the company reported better than expected quarterly earnings and raised its 2014 profit guidance, as cost cuts at its container shipping arm help it navigate weakness in the global economy. "The share buy-back program ...

Atlas Resource Partners, L.P. (NYSE: ARP) announced today that it has priced a public offering of 13,500,000 common units representing limited partner interests at an offering price of $19.90 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 2,025,000 common units. ARP intends to use the net proceeds from this offering to fund a portion of its previously-announced acquisition of oil assets in the Rangely Field in NW Colorado. Prior to funding the pending acquisition, ARP may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under its revolving credit facility. Wells Fargo Securities, Deutsche Bank Securities, Morgan Stanley, BofA Merrill Lynch, Citigroup, J.P.

Investors could spend up to $1.1 trillion over the next decade on oil projects and assets that never reach production if governments enforce measures to curb climate change, a report by Carbon Tracker Initiative said. The Carbon Tracker report, released on Thursday, could help funds and other investors avoid putting their money in oil assets that remain buried forever. The $1.1 trillion, around 15 percent of the decade's total global oil and gas spending at current rates, is earmarked for projects to 2025 that require a market price of at least $95 a barrel to break even. That investment is at risk if governments enforce plans to curb the global rise in temperatures to 2 degrees Celsius, which scientists say is the threshold for avoiding the worst effects of climate change.

Design, engineering and project management consultancy Atkins, says it has been awarded an engineering support contract covering three of Maersk Oil’s UK assets in the North Sea. The Gryphon FPSO, Global Producer III FPSO and Janice FPU are planned for major offshore inspection, repair and maintenance (IRM) works this year, in addition to field expansion works. Maersk has committed to this plan by contracting a dedicated Dive Support Vessel (DSV) for 365 days. In order to ensure this is completed safely and on time…

In support of energy infrastructure in Latin America, Milbank, Tweed, Hadley & McCloy LLP represented Itaú BBA S.A. in providing a $370 million loan for construction of a new multipurpose port facility and terminal in Cartagena Bay, Colombia. The new Puerto Bahia terminal, located on Colombia’s northern Caribbean coast, is one of the most significant investments in the country’s energy infrastructure sector to date. When operational in early 2015, the crude oil and products terminal…

Statoil's oil and gas production in North America continues to show strong growth. In the last decade, Statoil's North American portfolio had a Compound Annual Growth Rate of more than 20% and the company projects a strong growth rate also going forward. "Average production from our US and Canadian fields  in the first quarter 2012 was 149,000 barrels of oil equivalent (boe) per day  – up as much as 75% compared to the corresponding quarter in 2011. We are on track to reach our ambition of producing above 500…

According to reports, CNOOC has hired Macquarie, the investment bank, to advise on the possible acquisition of Royal Dutch Shell's oil assets in Australia's North West Shelf. Shell has made no secret of its plans to focus its Australian efforts on expanding its liquefied natural gas operations. Two months ago the Anglo-Dutch group signed a 20-year agreement with PetroChina for LNG from the Gorgon project off Western Australia for an undisclosed sum. Shell is one of six equal partners in Australia's North West Shelf, which also includes BHP Billiton, BP, Chevron, Japan Australia LNG and Woodside Petroleum. Cossack Pioneer is the oil producing part of North West Shelf being looked at by CNOOC.

The third quarter proved to be a prosperous one for oil companies, as most of our sampling realized substantial gains in net income and net operating income for the period, as compared to 1998's third quarter. A higher average worldwide crude oil price was chiefly responsible for the increases, although in some cases, cost-cutting measures also contributed heavily to the financial results. Exploration and production net operating income was up, nearly across the board. However, for the first nine months of 1999, earnings and net income are still down from the same period in 1998. Phillips Petroleum Company reported third-quarter net income of $221 million up from $46 million for the same period last year. Total revenues were $3.8 billion, versus $2.9 billion a year ago.