Oil Ltd News

Esgian reports rig-related updates from Dolphin Drilling, Diamond Offshore, and Seadrill in its Week 9 Rig Analytics Market Roundup.Report Outline:ContractsDespite Tullow Oil’s recent announcement that it would take a break from drilling offshore Ghana, Noble Corp. has stated that there has been no contract termination announcement and that its 12,000-ft drillship Noble Venturer is currently still contracted to Tullow into March 2025.Masirah Oil Ltd has signed a rig contract with…

U.S. oil major Exxon Mobil Corp. has withdrawn its environmental assessment application for a $25-billion LNG export facility on the B.C. coast it proposed in 2015. No reasons given for withdrawing from environmental review process.“After careful review, ExxonMobil Canada and Imperial Oil Resources have withdrawn the WCC LNG project from the B.C. Environmental Assessment process,” a notice on WCC LNG website says. It also says that its websie will only be available until the end of 2018.WCC LNG is a proposed project to develop and operate a liquefied natural gas (LNG) export facility at Tuck Inlet in Prince Rupert, British Columbia.According to a Reuters report…

Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, according to data and a document from Schlumberger's oil and gas asset sale business.

U.S. lawmakers on Wednesday slammed an agreement made with Canada to ban offshore Arctic drilling, saying Ottawa's plan to review its ban every five years gives Canada a leg up on energy exploration. U.S. President Barack Obama on Tuesday announced a ban on new oil and gas drilling federal waters in the Atlantic and Arctic Oceans, while Canada instituted a similar ban in its Arctic waters. Unlike the United States, where the ban is indefinite, Canada said it will review its restrictions every five years.

On the back of increased production by its anchor customers, Essar Ports Limited (EPL) has registered significant growth in cargo handling over the last three months. In March 2016 alone, EPL’s four operational ports handled total cargoes of 6.25 million tonnes (MMT), which translates to a run rate of 75 million tonnes per annum (MTPA). With the recent commissioning of the 20 MMT Salaya Bulk Terminal, cargo handling will see a further boost in FY2017. The contribution of third-party traffic to overall cargo handling stands at about 10% currently. About 90% of the cargo handled at EPL’s Hazira, Vadinar, Vizag and Paradip ports is contracted with captive businesses, like Essar Steel India Ltd, Essar Oil Ltd and Essar Power Ltd.

Canada's offshore Arctic drilling rules could "stifle" development since they do not provide incentives for companies to proceed with production after discovering oil, the government was told in a newly-released internal briefing note. The advice was prepared for the government's point man on the issue, Aboriginal Affairs and Northern Development Minister Bernard Valcourt, before Imperial Oil Ltd lobbied him privately in June, seeking concessions on existing legislation. The right-leaning Conservative government said in July it would review the legislation, known as the Canada Petroleum Resources Act. To drill in the Canadian Arctic, companies need an exploratory licence, awarded with a fixed term.

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze, at Syncrude Canada's Mildred Lake upgrading complex in northern Alberta, and no one was injured, said company spokesman Will Gibson in a phone interview. The fire broke out a few hours after the province's energy regulator announced it was shutting in 95 pipelines operated by Nexen, one of the partners in the project, because of safety issues identified following a large oil-related spill in July. But he said it was too soon to know how production would be affected.

Alberta's energy regulator said on Saturday it is investigating reports that about 30 blue herons have died at a Syncrude Canada oil sands mine site in the northern part of the Canadian province. The Alberta Energy Regulator said it sent investigators to the Syncrude Canada Mildred Lake site, which is about 40 km (25 miles) north of Fort McMurray. In 2010, Syncrude was fined C$3 million ($2.29 million) for negligence in the 2008 deaths of 1,600 ducks in a toxic waste pond, a case that fueled international concern about the environmental impact of developing Canada's oil sands. Syncrude's partners include Canadian Oil Sands Ltd, Imperial Oil Ltd, Suncor Energy Inc, Sinopec , CNOOC Ltd's Nexen, Japan's Mocal Energy and Murphy Oil Co.

Imperial Oil Ltd said on Friday it and partners Exxon Mobil Corp  and BP Plc need more time before they can drill an exploratory well in Canadian Arctic waters and are seeking an extension to their exploration license in the region. Pius Rolheiser, a spokesman for Imperial, said the license for the group's exploration parcel in the Beaufort Sea, a section of the Arctic Ocean, expires in 2020. He said the group is asking the Canadian government for a seven-year extension so it can complete the requirements of the regulatory process and have adequate time to make a decision on how, or when, it will drill a well in the region. "There's a significant amount of work between where we are today and where we would need to be if we were to drill a well by 2020," Rolheiser said.

Imperial Oil Ltd said on Friday it is deferring plans to drill an exploratory well in the Beaufort Sea in Canada's Arctic as it seeks an extension to the length of its exploration license in the region.   Pius Rolheiser, a spokesman for the company, said the license, which it shares with Exxon Mobil Corp and BP Plc, expires in 2020 and it is asking the Canadian government for a nine-year extension so it can complete the regulatory process and have adequate time to make a decision on how or when it will drill a well in the region.     (Reporting by Scott Haggett; Editing by Tom Brown)

Imperial Oil Ltd said on Tuesday it has completed a two-week major maintenance turnaround at its 110,000 barrel per day Kearl oil sands mine in northern Alberta. Imperial 69.6 percent owned by Exxon Mobil Corp said work was carried out over the last two weeks of September and involved maintenance on the ore preparation plant and other systems. (Reporting by Scott Haggett; Editing by David Gregorio)

U.S. Provider of shipping & trade eDocs solutions essDOCS announced its expansion to the U.S. with the opening of a regional Americas headquarters office in Hoboken, New Jersey. The U.S. office enhances essDOCS’ ability to manage and support its customers across the entire Americas region, while also acting as a sales hub for expansion of the company’s cornerstone offering, CargoDocs. essDOCS CEO Alexander Goulandris said, “The opening of our new Americas headquarters marks another step in our commitment to provide regional support for our customers.

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock to the export of Canadian oil sands crude and setting up a showdown with industry which called the process illegal. The city of 25,000, known for its scenic lighthouses and sweeping views of the island-speckled waters of Casco Bay, is also the east coast's second largest oil port, located at the southern terminus of the Portland-Montreal Pipeline, which currently flows north to Canada.

Imperial Oil Ltd said on Thursday it is not yet close to deciding on whether it will go ahead with a Canadian liquefied natural gas export plant it is exploring with its majority owner Exxon Mobil Corp. Speaking to reporters following the company's annual meeting, Rich Kruger, chief executive officer of Canada's No.2 integrated oil company, said Imperial is laying groundwork for a potential project that would send LNG to Asian markets but, despite having an export license in hand, it is not yet ready to say if or when the project will proceed. "What you're seeing from us ...

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday. Romano Pisciotti, who is Italian, had been flown into the United States from Germany in early April in the first extradition on charges of breaking antitrust law, the department said. Marine hose is used to move oil between storage facilities and tankers. Five companies - Parker ITR, Bridgestone Corp…

The United States has extradited a former executive of an Italian marine hose manufacturer to face price-fixing charges in what the Justice Department said was its first extradition on antitrust charges. Romano Pisciotti, a former executive with Italy's Parker ITR SRL, was extradited from Germany and arrived in Miami on Thursday to face a single count of rigging bids and allocating market share in the marine hose industry, the department said. Marine hose is used to move oil between storage facilities and tankers. If convicted, Pisciotti could face 10 years in prison and a $1 million fine, the department said. Five companies - Parker ITR…

Rex International Holding Limited, one of the largest companies listed on the Catalyst of the Singapore Exchange Securities Trading Limited, announced that its jointly-controlled entity, Lime Petroleum Plc, through its subsidiary Masirah Oil Ltd., has begun drilling and exploration well in Masirah North North #1 (MNN #1), located in the Block 50 Oman concession, on November 25, 2013. This is part of a two-well drilling program in the concession. The prospect MNN #1, which is about 1,000 meters in depth, was selected for drilling after in-depth technical evaluation and verification using the proprietary Rex Virtual Drilling technology, in addition to confirmations provided via conventional methodologies.

Ian Adams has been appointed the first ever Chief Executive of the International Bunker Industry Association (IBIA) following the decision to change from a 25-member Council of Management to an executive structure headed by a Board of Directors. Adams was formerly Secretary-General of IBIA which, since its formation in 1993, has been governed by a Council of Management. The decision to restructure was unanimously agreed by members at the IBIA convention in Cape Town in November last year.

A key to success in today’s tumultuous business environment is the ability to anticipate and adapt to the changing needs of its customers. It seems appropriate then, that a company founded on that principle continues to dominate its market and is currently poised for even greater expansion. In 1955, a group of 10 investors saw the burgeoning oil and gas industry in the U.S. Gulf of Mexico as an opportunity to cater to a surfacing need. They instituted the development of the first offshore service vessel, Ebb Tide, and Tidewater Marine Service, Inc. — and the workboat industry — were born. While much attention is paid to new construction, the company has found acquisition to be a cost-effective means to increase the company’s revenue base.

PanCanadian Petroleum Ltd., Canada's No. 2 oil company, could soon be on track to develop an East Coast offshore gas project to rival the huge Sable Island project, its chief executive said. PanCanadian, the oil and gas arm of conglomerate Canadian Pacific Ltd., plans to drill two appraisal wells this year near its recent Deep Panuke gas discoveries, made at the site of the exhausted Copan oil project off Nova Scotia. The wells will give the company the geological data it needs to decide whether to pursue more drilling or full development, PanCanadian CEO David Tuer said. Two recent wells drilled into the gas formation beneath the old oil reservoir tested at more than 50 million cubic feet a day each.

According to the U.S. Department of the Interior's Minerals Management Service (MMS), deepwater drilling (1,000 ft. and deeper) shows the greatest potential of development, and certainly has garnered the attention (as well as the E&P dollars) of offshore oil production industry leaders. By yearend 2003, the MMS estimates as much as 63 percent of the oil production and 29 percent of the daily gas production will come from deepwater reserves. In August of 1998 there were 30 (temporary and permanent) deepwater rigs drilling simultaneously in the Gulf of Mexico's Outer Continental Shelf (OCS), at depths greater than this. The proliferation of deepwater development projects will likely continue to grow…

Booz Allen Hamilton concludes that OC is bringing efficiencies to the marine industry. OceanConnect.com, the global marketplace for the purchase and sale of marine fuels, today that management and technology consultancy Booz Allen Hamilton has entered into a letter of intent to become an equity partner in OceanConnect. The announcement follows OceanConnect's news that it has reached the million-ton milestone for bunkers sold. "In our work with oil and gas companies, we have seen how the introduction of new business channels such as OceanConnect can lead to advantaged supply chain management and back office integration. After reviewing their performance record and product development plans…

Following the signing of a product-sharing contract (PSC), Pearl Oil Ltd (Singapore), Serica Energy Group (Canada), and Lundin New Ventures B.V (Holland) will explore for oil and gas in the 4,100 sq.km Block 06-94. The three parties each hold a one-third interest. Pearl will be the contract operator and inject $49.3m in analyzing 2-D and 3-D seismic data and conducting exploratory drilling in the first three years. Block 06-94 is located immediately south of the Lan Tay and Lan Do gas fields, which are being developed by the UK’s BP, India’s ONGC Videsh, and PetroVietnam. In 2004 PetroVietnam and the UK’s PGS Geophysical inked a cooperation agreement that granted PGS exclusive rights to acquire a multi-client 3D (MC3D) seismic survey over the block to identify and map reservoir sands.