Maersk Oil Q2 2013 Profits Down

SeaDiscovery.com
Sunday, August 18, 2013

Maersk Oil made a profit of USD 249m in the second quarter of 2013,  as against USD 468-million in the same period last year.

The company, a member company of the A.P. Møller - Mærsk A/S Group, explains in its quarterly financial report that the  result was negatively affected by lower average oil price of USD 102 per barrel (USD 108 per barrel) and lower entitlement production of 226,000 boepd (287,000 boepd), which was partly offset by insur- ance income regarding Gryphon of USD 133m after tax. The Gryphon FPSO, UK, re-started production in late May and the ramp up of El Merk, Algeria, continued.

Exploration costs amounted to USD 380m (USD 199m) with the completion of five (five) exploration/appraisal wells; including a successful appraisal well on Johan Sverdrup in Norway while the completed exploration wells were not assessed to be commercially viable. The ongoing Cubal exploration well in Angola encountered hydrocarbons, and further evaluation is ongoing.

Cash flow from operating activities was USD 713m (USD 1.0bn) and cash flow used for capital expenditure was USD 455m (USD 530m).
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

President Pryor Retires from ExxonMobil Chemicals

Stephen D. Pryor, president, ExxonMobil Chemical Company and vice president of Exxon Mobil Corporation, has elected to retire on January 1, 2015, after more than 44 years of service.

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

Offshore Energy

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

Deepwater Semi-Sub COSL Prospector Delivered

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1906 sec (5 req/sec)