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Oil Project News

12 Dec 2023

Shell to Boost Production at Perdido's Oil Project

© Troy V Smith / Adobe Stock

Shell on Tuesday said it has made a final investment decision (FID) to boost production at the Perdido oil project in the U.S. Gulf of Mexico, starting in April 2025.The company, which operates the platform, said it will add three wells that are expected to produce up to 22,000 barrels of oil equivalent per day (boepd) at peak rates.

17 Nov 2023

MODEC Hits Milestone: First Steel Cut in China for Guyana-Bound FPSO Errea Wittu

Credit: MODEC (file image)

Japanese FPSO leasing firm MODEC said Thursday that the first steel-cutting ceremony for the Guyana-bound FPSO Errea Wittu had been held in China.MODEC secured its first order to supply an FPSO to Guyana in May 2023. The order came from an ExxonMobil-led consortium and is for the deployment of the FPSO to the giant Stabroek offshore block in Guyana, where Exxon already has three FPSOs in production, all three supplied by SBM Offshore.According to World Energy Reports, China's DSIC has the construction hull contract…

08 Nov 2023

Japan Says to Ensure U.S. Sanctions on Russia LNG Project Won't Harm Supplies

Arctic LNG 2 Illustration - Credit: Saipem (File image)

Japan will make sure its energy supplies are not affected by sanctions the United States recently imposed on the Arctic LNG 2 project in Russia in which it has a stake, Industry Minister Yasutoshi Nishimura said on Tuesday.Japan, the world's second-largest liquefied natural gas (LNG) buyer, relies on LNG as a transition fuel before it reaches carbon neutrality in 2050, and has supply contracts and stakes in projects globally to guarantee imports.The Arctic LNG 2 project is to be launched next month…

11 Aug 2023

Jadestone Energy Working to Address Tank Defect on Montara Venture FPSO

Asia Pacific-focused Jadestone Energy, which last month shut down production from its Montara Venture FPSO off Western Australia due to an issue with the FPSO's 4S ballast water tank,is still working to address the defect in the tank.Jadestone Energy said Thursday that since the shutdown, tank 4S has been emptied and cleaned, with an inspection starting on August 8, 2023."The initial inspection has identified the location of a small defect between tank 4S and oil cargo tank 5C…

09 May 2023

MODEC Confirms Its First FPSO Order in Guyana

Credit: MODEC

Japan's MODEC said Monday it would proceed with engineering, procurement, and construction on the Uaru FPSO vessel following a final investment decision on the Uaru offshore oil project by ExxonMobil in Guyana last month.The Uaru FPSO is named ‘Errea Wittu’, which means ‘abundance,’ and will be the fifth offshore FPSO in Guyana and the first to be supplied by MODEC. The first four, two of which are now in production in the Stabroek block off Guyana, were/will be delivered by SBM Offshore.Apart from supplying the Errea Wittu FPSO…

29 Dec 2022

Japan Insurers to Continue Offering War Coverage for LNG Shippers in Russian Water

© Carabay / Adobe Stock

Japanese insurers are expected to continue providing marine war insurance which covers the sinking and requisition of ships due to war in Russian waters after Jan. 1, the Nikkei daily said on Thursday.Japan's Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance told shipowners last Friday that from Jan. 1 they would stop offering insurance coverage for ship damage caused by war in Russian waters, because reinsurers were withdrawing coverage.

27 Dec 2022

Japan Insurers in Talks with Reinsurers to Resume Coverage in Russian Waters

Credit:  Evgeny/AdobeStock

Three Japanese insurance companies that are set to halt marine coverage of risks related to the war in Ukraine starting next month are in talks with reinsurers to resume those operations, they said on Monday. Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. Their comments confirmed local media reports on Saturday.

07 Aug 2022

How the Blue Economy Will Shape the Future of Canada’s Oceans

© Denis Comeau / Adobe Stock

The words “blue economy” will soon shape the future of Canada’s oceans, from the fiords and straits of British Columbia to the rugged coastlines of the Atlantic to the vast seascapes of the Arctic. The transformation of Canada’s ocean economies will be felt throughout the country and will set an example for nations around the world.But what is a blue economy? And what makes it different from business as usual?The term blue economy was first championed by small-island developing countries, including Fiji, Bahamas and Palau, to bring more local benefits from ocean industries.

08 Jul 2022

Asia Spot LNG Prices Rise on Uncertainty over Nord Stream, Japan Supplies

Asian spot liquefied natural gas (LNG) prices jumped this week on fears of possible Russian supply disruptions to Japan and on rising demand due to a heatwave and concerns over the return of the Nord Stream pipeline after its planned 10-day maintenance.The average LNG price for August delivery into north-east Asia was estimated at $41 per million British thermal units (mmBtu), up $2, or 5.1%, from the previous week, industry sources said.This is the highest level seen in four…

01 Jul 2022

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

File Photo: Sakhalin Energy

Russia announced on Friday a decree that seizes full control of the Sakhalin-2 gas and oil project in the country's far east, a move that could force out Shell and Japanese investors and adds another bullish factor to prices in a tight global LNG market.The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell SHEL.L and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%. Japanese…

27 Aug 2021

Cambodia's Oil Export Ambitions Sink with "Stolen" Tanker Standoff

Apsara field (File Photo - KrisEnergy)

When Cambodian officials commemorated the start of the country's first oil project in June by preserving the first drops of production at a high-profile ceremony, they heralded the country's emergence as a budding oil exporter at the heart of Asia.But instead of reaping royalties, Cambodia's government has filed a theft complaint against the crew of the tanker that stored the crude, after they sailed away with the oil amid a payment dispute with the oil field's developer.Singapore-based KrisEnergy…

13 May 2020

Rosneft to Build Port for Its Vostok Oil Project

© bborriss / Adobe Stock

Russian state oil giant Rosneft plans to build a port with maximum annual capacity of 115 million tonnes of oil for its Vostok Oil project in the Russian Arctic, the RIA news agency quoted the company as saying on Tuesday.Rosneft said in a statement previously on Tuesday that the Vostok Oil project could be supplying 25 million tonnes of oil in 2024, 50 million tonnes in 2027 and up to 115 million tonnes in 2030.Vostok Oil unites Rosneft’s projects in northern Russia, including the Lodochnoye…

05 Feb 2020

India to Buy Russian Crude Oil

Russian oil and gas giant Rosneft has signed a contract with India’s largest fuel retailer Indian Oil Corporation (IOC) for supply of 2 million tonne (MT) crude oil to India by end 2020.The Moscow-headquartered integrated energy company said in a press release that the oil will be shipped to the refiner via the port of Novorossiysk.The signing took place during the visit of the Chief Executive Officer of Rosneft Igor Sechin to New Delhi. During this visit, a working meeting was also held with Dharmendra Pradhan, Minister for Petroleum and Natural Gas of India.The parties discussed the ongoing joint projects of Rosneft and Indian companies…

24 Oct 2019

Chinese Ship Exits Vietnam's Waters After Disputed Surveys

A Chinese oil survey vessel that has been embroiled in a tense standoff with Vietnamese vessels in the South China Sea left Vietnamese-controlled waters on Thursday after more than three months, marine data showed.The Chinese vessel, the Haiyang Dizhi 8, was speeding away from Vietnam's exclusive economic zone towards China on Thursday under the escort of at least two Chinese ships, according to data from Marine Traffic, a website that tracks vessels.China claims almost all the energy-rich waters of the South China Sea but neighbors Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims.Tension between Hanoi and Beijing…

27 Feb 2018

Exxon Selling Stake in Terra Nova Oil Project

Terra Nova FPSO (Photo:Suncor)

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.

28 Nov 2017

ExxonMobil's Canada Offshore Project Produces First Oil

Photo: ExxonMobil Canada

The Hebron oil project off the coast of eastern Canada has produced its first oil, operator Exxon Mobil said on Tuesday, in a boost to Atlantic Canada's output after years of weak crude prices. At its peak Hebron will produce up to 150,000 barrels per day (bpd), Exxon said. It will help Atlantic Canada offshore production climb 44 percent to 307,000 bpd by 2024, according to estimates from the Canadian Association of Petroleum Producers. The platform is located 200 miles (350 kilometres) off the coast of Newfoundland and Labrador in depths of 300 feet (92 metres) and the oil field…

16 Jun 2017

Exxon, Partners Set $4.4 Bln for Oil Project Offshore Guyana

Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday they would spend $6 billion to develop natural gas reserves off the Indian coast.

29 Mar 2016

DONG Postpones Major Oil Project Offshore Denmark

DONG Energy <IPO-DONG.CO> has terminated a contract to build an oil and gas platform for its Hejre field, postponing indefinitely the major development offshore Denmark, the Danish majority state-owned utility said on Tuesday. DONG said the supplier consortium, Technip France and Daewoo Shipbuilding & Marine Engineering, had not been able to meet its commitments under the contract. DONG, which operates the field and holds a 60 percent stake, and Germany's Bayerngas, which has the remaining 40 percent, will assess alternatives to develop the field and will work closely with the Danish authorities, DONG said. The project, originally planned to start in late 2015…

11 May 2015

Ghana, Ivory Coast Negotiate Maritime Dispute

The presidents of Ivory Coast and Ghana held talks in Geneva on Monday on a maritime border dispute that has frozen new oil drilling in a contested area, a spokesman for mediator Kofi Annan said. An international tribunal ruled last month that Ghana could continue developing a $4.9 billion offshore oil project in the area but imposed a ban on new drilling. The decision by the Hamburg-based International Tribunal for the Law of the Sea was regarded as positive for Ghana and British oil firm Tullow, which leads a consortium developing the TEN field, where it has already drilled the wells it needs to start production. Ivory Coast's presidency said President Alassane Ouattara left Abidjan on Sunday for the talks with his Ghanaian counterpart John Dramani Mahama, mediated by former U.N.

11 May 2015

Ghana, Ivory Coast Presidents Resolve Maritime Dispute

The presidents of Ivory Coast and Ghana reached a deal on Monday in talks on a maritime border dispute that had frozen new oil drilling in a contested area, mediator Kofi Annan told Reuters. "We have a deal," the former U.N. secretary general told Reuters, as he wrapped up the talks in Geneva. He did not elaborate and officials did not immediately disclose the terms of the agreement. It appeared to have been reached quickly. Ivory Coast's presidency said President Alassane Ouattara had left Abidjan on Sunday for the discussions with his Ghanaian counterpart John Dramani Mahama. An international tribunal ruled last month that Ghana could continue developing a $4.9 billion offshore oil project in the area but imposed a ban on new drilling.

11 May 2015

Ghana, Ivory Coast Leaders to Discuss Maritime Dispute

The presidents of Ghana and Ivory Coast agreed on Monday to negotiate an amicable end to issues around their maritime dispute, former U.N. Secretary General Kofi Annan, who will chair the negotiations, said on Monday. "We have a deal," Annan told Reuters. A source close to the talks later made clear Annan was referring to the fact that he had been able to get the two presidents - Ivory Coast's Alassane Ouattara and Ghana's John Dramani Mahama - to talk. "This is just a start of the process. They are asking Mr. Annan to help them find an amicable solution," the source said. The two presidents will not be discussing the delimitation of the border, the source said, since that is under the jurisdiction of the International Tribunal for the Law of the Sea in Hamburg.

03 Sep 2014

Floating Production Roundup: August 2014

Samsung is building two FLNGs, including the massive Prelude FLNG for Shell.

There are 320 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 64% of the existing systems, 79% of systems on order. Production semis, barges, spars and TLPs comprise the balance. Total oil/gas inventory is the same as last month – but two units on order last month (N’Goma FPSO and Delta House Semi) were completed and are now in the active inventory. Another 29 floating LNG processing systems are in service or on order. Liquefaction floaters account for 17%, regasification floaters 83%.

26 Sep 2014

What's New in Floating Production?

Today there are 324 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 64% of the existing systems, 79% of systems on order. Production semis, barges, spars and TLPs comprise the balance. The oil/gas production floater inventory has increased by four units since last month. Three FPSOs were ordered in August. We also reinstated a partially completed production semi,  Octobuoy, which we earlier deleted from the list of orders when the contract was terminated. This unit was being built for use by ATP in the North Sea.