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Oil Reserve News

27 Feb 2019

Global FPSO Market to Hit USD30Bln by 2025.

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative, it said.Furthermore, advancement in subsea technologies along…

03 Aug 2018

Oil Prices Dip as Markets Eye Potential Supply Increases

© Oleksiy Mark / Adobe Stock

Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT.U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel.Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week."Crude oil prices fell as fears of supply disruptions eased.

20 Oct 2016

Maersk Line Returns to Iran

The latest country included in the Maersk Line organization is part of the UAE cluster comprising of UAE, Oman, Qatar and Iran. Christian Juul-Nyholm, Managing Director, UAE Cluster, is upbeat about this development. He says, “Global container trade has matured over the past years and is growing at a slower pace. Iran has the potential to be the market which stands out with faster growth. With a long and proud history in Iran, we are very pleased to be back, offering our customers access to our global network and vast pool of equipment including the most modern reefer fleet. Iran is the second largest country in the Middle East with a population of 80 million. It has the second largest gas reserve and the fourth largest oil reserve in the world.

06 Jul 2016

Maersk 'BBB+' Ratings Put On CreditWatch Negative

• A.P. Moller – Maersk A/S (Maersk) recently announced its undertaking of a strategic and structural review of its business set-up. • We understand that the disposal of one or several of Maersk's main business units could form part of the review's outcome, and we think that such a split would hurt the group's business diversification. • We are therefore placing our 'BBB+' ratings on Maersk on CreditWatch negative. • We aim to resolve the CreditWatch within the next three months. STOCKHOLM (S&P Global Ratings) July 5, 2016--S&P Global Ratings today placed its 'BBB+' long-term counterparty credit rating on Denmark-based conglomerate A.P. Moller - Maersk A/S (Maersk) on CreditWatch with negative implications.

30 Apr 2015

Shell Awaits U.S. Nod, Pushes Ahead in Arctic

Royal Dutch Shell is pushing ahead with plans to explore for oil in the Arctic Ocean near Alaska this summer despite opposition from environmental groups. The Anglo-Dutch oil major is preparing "an armada of 25 vessels" to begin a two-year programme to explore two to three wells in the Chukchi Sea off the coast of Alaska, Chief Financial Officer Simon Henry said on Thursday. "We are currently on track. Some of the permits are issued at the last moment," he told reporters. Although Shell had to pull out of the region in 2012 after an oil rig ran aground, the Arctic oil reserve "remains a massive value opportunity," Simon said. Shell has submitted plans to explore the Arctic to the U.S.

15 Apr 2015

Indonesia, Norway to Cooperate on Deep Sea Technology

Indonesian President Joko Widodo and Prime Minister of Norway Erna Solberg agreed to cooperate on deep sea technology for oil and gas exploration and maritime sector. Norway has been advanced on deep sea technology and Indonesia thinks it is beneficial to have cooperation in this sector because many of its oil reserve are located in deep sea," Indonesian Energy and Mines Minister Sudirman Said said. Most of Indonesia's oil and gas reserves are located in deep sea in the eastern part of the country. The minister said that Indonesia's state oil and gas firm PT Pertamina and Norway's state company State Oil would cooperate in implementing the plan.

18 Jul 2014

US Approves Plan to Open Atlantic to Oil Reserve Surveys

The Obama administration on Friday approved a plan that would allow companies to assess oil resources off the Atlantic Coast, angering environmental groups that worried the plan will harm marine life and open the door to offshore drilling. First outlined by the Bureau of Ocean Energy Management in February, the plan lays out the mitigation measures companies would be required to undertake before conducting seismic testing to gauge the oil reserves in the Atlantic Ocean. "We are taking every step we think is reasonable to take to try and put those protections in place, while still allowing surveys to occur," Acting BOEM Director Walter Cruickshank said on a press call.

29 Apr 2014

Offshore Energy Timeline:1806-2014

1806  - Spring pole cable drilling developed in US. 1844  - Fluid circulating rotary well drilling patented in England. 1845  - Circulated fluid used to remove drill cuttings for first time. 1860  - Fluid circulation rotary diamond coring drill developed in France. 1869 – T homas Fitch Rowland  patents  a “submarine drilling apparatus,” a fixed, working platform for drilling offshore to a depth of almost 50 feet. The anchored tower had telescoping legs, similar to modern offshore platforms. 1878  - First bulk oil tanker begins operation in the Caspian Sea. 1891  - First ocean-going tanker launched. 1897  - Wells drilled off piers in Summerland, Calif. 1905 – Oil discovered in the Caddo Pine Island field in Lousiana. 1911  -  Gulf Refining Co.

12 Mar 2014

US to Hold Test Sale from Emergency Crude Oil Reserve

Reuters  - The U.S. Energy Department said on Wednesday it would conduct a test drawdown and sale of crude oil from the Strategic Petroleum Reserve. The department will offer up to five million barrels of sour crude oil for sale, with bids due by March 14. (Reporting by Ayesha Rascoe and Timothy Gardner)

09 Oct 2012

An Energy SuperPower

Russia is an energy superpower and the country has vast and rich natural resources. Besides gas and coal reserves (some of the largest in the world), Russia today is ranked as the world’s biggest oil producing nation accounting for well over 12% of the global output. Moreover, the country exports more than 70% of its oil to the world markets. That said, Russia’s output of oil amounts to a third of what collectively the Organization of Petroleum Exporting Countries (OPEC) produces. The country has relied on oil production for decades, however there has been a notable geographical shift.

27 Jun 2012

AWO's Allegretti to Push AMP Agenda at House Hearing

AMP to Testify on Administration’s Failure to Comply With Federal Law During 2011 SPR Draw Down; Will Stress How to Avoid a Repeat During Future Draw Downs. Thomas Allegretti will testify on behalf of the American Maritime Partnership regarding the Administration’s failure to comply with federal law during the summer 2011 draw down of the Strategic Petroleum Oil Reserve (SPR) before House Subcommittee on Coast Guard and Maritime Transportation. Allegretti will discuss how the Administration can be in compliance with the federal law during future SPR draw downs.

12 Aug 2002

World Oil Supply Report Now Available

The World Oil Supply Report,a new study published by energy analysts Douglas-Westwood is now available. The World Oil Supply Report considers all existing and potential oil producing countries and forecasts their likely future oil reserve depletion, year and level of peak production. It includes all known and 'yet to find' oil reserves including onshore & offshore, deepwater and shallow water, and unconventional resources such as oil sands. The data is then combined to give a view on the limits to global oil production. The report defines the year in which oil supplies will be unable to continue to meet demand. production, its volume, and the resultant maximum production level for world oil supplies.

01 May 2007

GE Gas Turbines for FPSO

GE signed a contract to provide MODEC with three LM2500+G4 aeroderivative gas turbine generators for use on a floating production storage and off-loading (FPSO) vessel in Brazil’s Campos Basin. Using the standardized package configuration of its commercial marine units, GE’s LM2500+G4 gas turbine generators offer substantial weight and space savings as compared to other similar units in the industry. Each of the MODEC units is site rated at 27.8 megawatts and will operate in simple-cycle mode. Natural gas will be the primary fuel with diesel as the backup fuel. Considered the largest oil reserve in the Brazilian continental shelf, Campos Basin covers an area of approximately 100…

29 Jun 2006

Oil Spill Leaves Ships Stranded

The AP has reported that ships have been stranded, seafood sources threatened and the nation's oil reserve tapped as the result of 47,000 gallons of oil spilling into a southwestern Louisiana shipping channel, forcing its closure. The June 19 spill at a Citgo Petroleum Corp. refinery in Lake Charles forced the closure of the Calcasieu Ship Channel, a key lane for transporting petroleum in and out of the region's four refineries. About 11 miles of the channel remained closed Thursday. The entire 40 miles to the Gulf of Mexico had been closed. About 31,000 barrels had been cleaned up by Thursday, the Coast Guard said. A Citgo spokesman said the clean up was going well partly because a lack a wind kept oil patches in place and the dry, sunny weather was evaporating much of the oil.

27 Feb 2006

Three Offshore Blocks in Myanmar Explored

Three more available blocks off Myanmar's southern Tanintharyi coast are under natural gas exploration with test wells being planned for drilling by Malaysia 's Petronas Company. A geophysical site survey at blocks M-16, M-17 and M-18, with areas ranging from about 13,000 square-kilometers (sq-km) to 14, 000 sq-km, has begun this week and the survey will last over a month until late March. Recent years have seen foreign oil companies increase engagement in oil and gas exploration in Myanmar. Thailand's PTTEP, for example, has covered a number of blocks including M-3, M-4, M- 7, M-9 and M-11 under contracts. Besides, a consortium comprising South Korea's Daewoo International…

12 Dec 2005

China Oil Output to Exceed 200m Tons

China's annual oil output is expected to surpass 200 million tons in the 2010-2015 period, and the production capacity will last for at least 15 years, a senior official with the Ministry of Land and Resources said according to a report publishedon www.chinaview.cn. According to the official, China's proven oil reserve would increase 800 million to one billion tons a year on average between 2005 and 2020. His estimate is based on the results of a new round of assessment on China's oil and gas resources, which covers 129 basins. The results indicate that China's natural gas output will move up steadily in the coming 15 years to reach 90 billion or 110 billion cubic meters by 2010, and to 150 billion or 170 billion cubic meters by 2020.

01 Dec 2005

CNOOC Discovers New Bohai Bay Oil Reserves

The China National Offshore Oil Corporation (CNOOC) announced the discovery of 200 million cubic meters of oil in Bohai Bay this year, China View reports. CNOOC made the announcement after the discovery of the Jinxian (JX) 1-1 high yield oil-bearing structure while drilling the JX1-1-2D well in Liaodong Bay, in the eastern part of Bohai Bay. So far, CNOOC has made eight new discoveries in Bohai Bay with an estimated oil reserve of 200 million cubic meters and gas reserve of 1.5 billion cubic meters, according to the report. The discoveries make it possible for the Bohai Bay to turn out 30 million cubic meters of oil by 2010. Additionally, Bohai Bay produced 14 million cubic meters of oil and gas this year, becoming China’s third largest oilfield. Source: China View

12 Aug 2002

World Oil Supply Report Now Available

The World Oil Supply Report, new study published by energy analysts Douglas-Westwood is now available. The World Oil Supply Report considers all existing and potential oil producing countries and forecasts their likely future oil reserve depletion, year and level of peak production. It includes all known and 'yet to find' oil reserves including onshore & offshore, deepwater and shallow water, and unconventional resources such as oil sands. The data is then combined to give a view on the limits to global oil production. to meet demand. oil supplies. and long-term strategic planning by companies and governments. 241 pages, 112 figures and 16 tables. 26 countries worldwide, from Alaska to Australia. multinationals, etc.

19 Nov 1999

Oil Firms To Keep Spending Tight Despite High Prices

The absence of quality new merger opportunities will force oil companies to keep spending tight even though this year's oil price recovery has given them far more cash to work with, analysts said. Oil companies are now locked into the regime of tighter financial discipline they promised share investors during last year's crash, and will be unable to embark on the usual rush for production growth as the market recovers, they added. "The pendulum cannot swing quickly back and capital spending is not going to rebound," Fergus Macleod of Deutsche Bank said. "Oil companies have got to deliver on the agenda they set themselves. Fears of losing equity confidence mean oil companies will take around two years to raise spending in pursuit of market share left open by OPEC producers' supply cuts…