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Oil Find

Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals

Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd. He said that development on the field, which is close to the Iraqi border, will start by the end of March 2001 and could earn revenues of some $100 billion given current estimates of recoverable reserves. The massive discovery by the National Iranian Oil Company comes under renewed Iranian efforts to rejuvenate exploration activities in a country with the world's second largest natural gas reserves and fifth biggest oil reserves. "Exploration had been neglected for 20 years. Recently there has been a great deal of exploration effort and this find shows that Iran is still under-explored," said Iranian oil expert Manouchehr Takin of London's Center for Global Energy Studies. "It underscores that Iran still has the potential for big discoveries." Oil Majors Vying For Iran Business That potential is one of the incentives now driving major Western oil firms to compete for big deals under Iran's biggest energy opening since the 1979 Islamic revolution.


Ships Suspected in Estonian Oil Spill

An investigation committee headed by the Estonian Central Criminal Police now suspects 15 vessels of the oil spill off the Estonia coast that resulted in death of thousands and aquatic birds. The Liberian oil tanker Flawless, had notified authorities of problems already when approaching the Muuga seaport. The vessel had sustained a seven centimeters crack in its hull. The Estonian Maritime Administration inspected the ship after the announcement


Petrobras Announces Four Oil Field Finds

Brazil's state oil giant Petrobras said on Thursday that it had made four "important" new oil finds that should boost its oil reserves by about 1.4 percent. Petrobras said the discoveries in Brazil's northeast region would eventually increase reserves by more than 130 million barrels, or 1.4 percent. Brazil's current reserves are 9.278 billion barrels. The finds were made in four mature fields where production was thought to be declining.


Nigeria Sees Future In Deep Offshore Fields

Nigeria's deep offshore fields showed more promise for oil finds than fields closer to shore, a senior Nigerian official said. Of the 18 wells drilled recently in Nigerian waters less than 1,000 m deep, 11 were dry. Of the 11 drilled in water over that depth, only two were dry, Funsho Kupolokun, special adviser on oil to Nigerian President Olusegun Obasanjo, said. Kupolokun said Nigeria expects to extract up to 850 trillion barrels from only four of its deep offshore fields


Coast Guard, Dept. of Ecology to Conduct Investigation

The Coast Guard, the Washington State Department of Ecology and the City of Seattle Public Utilities continue to investigate the cause of the patches of light oil sheen that covered parts of of Elliott Bay in Seattle Friday. Federal, State and City of Seattle pollution investigators continued their search throughout the weekend and today for the cause of the oil spill. On Friday oil containment booms and sorbent materials were placed at storm drain outfalls at SW Lander St


Is Oil Industry Backing Away From Offshore Arctic Drilling ?

Prirazlomnaya platform. Photo: Information Directorate, Gazprom

 The principal difficulty for Arctic offshore drilling right now, according to oil industry think tank, is economic.  The companies may be back for another try at Arctic offshore drilling, in U.S. waters or elsewhere, if economic conditions change, reports AP.   Shell pulled out from drilling in the Arctic after completing just one unsuccessful exploration well. Then Obama administration cancels two scheduled Arctic Ocean lease sales for 2016 and 2017


Maersk Launches Quest for Oil Computer Game

Maersk is launching a new computer game called Quest for Oil. Maersk is taking the lead in an innovative way by using a video game to open up the oil business to everyone. Quest for Oil is the first game of its kind and with the convergence of forces, innovation and technology Maersk gives the chance to experience the challenging world of being on a drilling rig with its 53,000 tons of steel rammed into the bottom of the ocean.


BP Finds Major Gas Field

According to a Bloomberg report, BP Plc discovered a gas deposit in the Caspian Sea that may double production from the largest natural gas development in Azerbaijan. BP shares rose 2.8 percent, the most in a month, in London trading after the company announcement. With the latest discovery, the field may be able to pump enough gas to supply Belgium and Luxembourg together. BP and partners including StatoilHydro ASA plan to spend $4


Arctic Route Helps Owners Slash Fuel Costs

“I think it important to remind everyone that the place is ice-covered – fully or partially – eight to 10 months out of the year through the century and beyond, Said Lawson W. Brigham, PhD, Distinguished Professor, Geography and Arctic Policy, University of Alaska – Fairbanks.

The debate regarding working in and around the Arctic is multi-tiered, with environmental, technical and emergency response heading the list. There is no debate regarding the fuel, money and emissions to be saved by shortening select global shipping routes. In a report from Bloomberg news posted June 13 on http://www.businessweek.com, it was said there will be a rise in dry bulk cargos hauled through Arctic waters this season


Petrobras: Deep Offshore Wells a New Frontier

Bloomberg reported that Petroleo Brasileiro SA, Brazil's state- controlled oil company, opened a new exploration frontier with the discovery of oil beneath more than two kilometers of ocean and two kilometers of rock a company official said. While Petrobras doesn't know the extent or size of the oil deposits found about 250 kilometers off the shore of Rio de Janeiro, it is the first time oil has been found under such conditions


Wreck of WWI German U-boat Sub Found off Belgium

A German U-boat (Photo: Library of Congress, Bain Collection)

The well-preserved wreck of a World War One German submarine, possibly still containing the bodies of its 23 crew members, has been found off the Belgian coast.   The use of submarines, often referred to as U-boats, in World War One to disrupt British trade routes in the English Channel and


KOHLER Launches New Oils for Generator Applications

(Image: KOHLER)

A new line of aftermarket genuine oil from KOHLER is engineered specifically for generator applications. The fully-synthetic premium oils are available in three formulations for different fuel types and are optimized for use in industrial, mobile, marine and home generators.  


Shipbreaking NGOs Attack FPSO North Sea Producer

The North Sea Producer beached in Chittagong – © NGO Shipbreaking Platform

 16 August of last year the FPSO North Sea Producer was beached in Chittagong, Bangladesh. The ship was allowed to leave the UK based on the false promise that it would be further operationally used in the Tin Can port in Nigeria.   


Singapore: Dredger Sank After Colliding with Tanker, 5 Missing

Image: Maritime and Port Authority of Singapore (MPA)

 The divers have recovered two bodies out of the five missing crew of JBB DE RONG 19, following the collision between Indonesian-registered tanker KARTIKA SEGARA and Dominican-registered dredger JBB DE RONG 19 that occurred in Singapore territorial waters at about 12


Hedge Funds Watch U.S. Refinery Restarts

File Image (CREDIT: AdobeStock / (c) Jason Lee)

Hedge funds are betting crude oil stocks will adjust quickly to the aftermath of Hurricanes Harvey and Irma but gasoline and distillate inventories may take more time to normalise.   Hedge funds and other money managers increased their combined net long position in the five major petroleum


More Cargo, Slower Steaming Support VLCC Rates

File Image (CREDIT: AdobeStock / (c) Carabay)

VLCC rates from MidEast to Asia gain around $3,000; higher chartering volumes for peak winter season could lift rates.   Freight rates for very large crude carriers (VLCCs) on Asian routes may have found a floor this week as a combination of increased chartering activity and some tankers


In Sign of Oil Rebalancing, North Sea Floating Storage Shrinks

The volume of global price benchmark North Sea crude being held in floating storage has declined sharply since mid-August, according to shipping data and trade sources, a sign that a long-awaited market rebalancing is gaining momentum. Two supertankers being used to store North Sea crudes


Malaysia Foils Hijacking of Tanker, 10 Arrested

Malaysian authorities thwarted the hijacking of a Thai oil tanker on Thursday and arrested 10 suspected Indonesian pirates on board the ship, a maritime security agency commander said.   A special team from the Malaysian Maritime Enforcement Agency (MMEA) stormed the MT Tanker MGT1


Cautious optimism returns to North Sea – Deloitte

 Reacting to the latest Oil and Gas UK Economic Report, to be published on Wednesday 6 September, Graham Hollis, Senior Partner for Deloitte in Aberdeen, said: “A cautious optimism has returned to the industry, as it weathers the storm of the past three years


Harvey Produces Rare Jet Fuel Exports to U.S.

File Image: a product tanker loads at berth (Transnet)

Traders are shipping jet fuel from Europe to the United States, where Tropical Storm Harvey has sparked concern over possible shortages of the aviation fuel.   French oil major Total has booked the Maersk Misumi and Butterfly to load 37


Traders Look to Asia Products for U.S. Options

File Image (CREDIT: AdobeStock / (c) Carabay)

Traders adding U.S. port options to cargoes for flexibility.   Traders are scrambling to find oil products in Asia to ship to the United States and Latin America after Hurricane Harvey shut almost a quarter of U.S. refining capacity, several trading and shipping sources told Reuters on


Dundee Wants to be a Major Oil and Gas Decommissioning Hub

Photo: Forth Ports Limited

 Forth Ports Limited and AF Offshore Decom UK announced the signing of a Heads of Agreement with the intent to establish a new joint venture, AF Dundee, which will lay the foundations of creating a North Sea oil and gas decommissioning hub in the city of Dundee, with its nucleus at the port.


IMO Low-Sulfur Requirements to Disrupt Industries

Photo:  International Maritime Organization (IMO)

 The International Maritime Organization (IMO) recently confirmed that global refiners and shippers must comply with new regulations to reduce the sulfur content in marine bunker fuels by January 2020—five years earlier than many expected.   


Tanker Goes Aground Off Brooklyn

 Oil tanker Kamome Victoria that ran aground in a shipping channel between New York and New Jersey has been cleared to depart after it passed inspections, the U.S. Coast Guard said.   According to AP report, the product tanker was carrying 373,000 gallons (1


Brazil to Stop Beaching Ships in South Asia

Image: NGO Shipbreaking Platform

 Brazilian authorities plan to implement legislation to help prevent that vessels owned by exporters such as Petrobras and Vale wind up on South Asia's beaching yards, Bloomberg reported.    The report said that earlier this month






 
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