A.P. Moeller Hopes To Maintain 2001 Oil Production
Oil and shipping group A.P. Moeller said it hoped to maintain its record North Sea oil production in 2001 at 300,000 barrels per day (bpd). Danish Underground Consortium (DUC), in which A.P. Moeller holds a 39 percent stake, produced 1.275 million tons of oil in 2000, 10.1 percent above 1999 level, while gas production was down 3.5 percent at 6.401 billion cu. m. "Oil production in 2000 was in line with expectations. We hope to maintain the current production of 300,000 bpd, but it's an ambitious target," Maersk Oil & Gas deputy director Bo Wildfang told Reuters. A.P. Moller had expected its oil and gas production in 2000 to end "a little higher" than in 1999. "A 10 percent rise in 2000 oil production is somewhat higher than my estimate and compensates for a lower-than-expected gas sale," analyst at Carnegie Dan Togo Jensen said. "Oil production is about to flatten out and at the same time costs will rise, leading to lower earnings per barrel," Togo Jensen said. A.P. Moeller's oil production in 2000 was boosted by the group's recent find, the Halfdan Field, which seems to contain more oil than originally expected and produced 35,900 bpd in December. "We might go higher than 40,000 bpd," Bo Wildfang said. A spokesman at the Danish Energy Agency said the agency expected DUC to produce approximately the same level of oil in 2001 as last year. "Halfdan's contribution is rising and compensates for lower production from older fields."
GOM Offshore Ops Returning to Normal
Oil and natural gas production levels and the number of workers on offshore rigs and production facilities were close to or at normal levels today as offshore operations resumed after the threat of Tropical Depression No. 10 passed late last week. Workers remained evacuated from three production platforms, or 0.4 percent of the 834 manned platforms in the U.S. Gulf. All personnel evacuated from rigs have been redeployed to the 89 rigs operating in the Gulf. Approximately 19.3 percent of U.S
Tankers Pressured By Low Rates, High Costs
Oil tankers are reportedly being squeezed by low freight rates and high fuel costs, and some older ships may be heading for the scrapyard. An OPEC cut in oil production combined with reduced demand and high bunker fuel prices makes it difficult for even older tankers with little financial commitment to break-even, according to a report by shipbrokers Simpson, Spence and Young.
BP Chief: Bush Plan Will Not Spur More E&P
BP Plc Chief Executive Sir John Browne described President George W. Bush's energy plan as "comprehensive" but said it would not make crude oil any cheaper and would not spur BP to step up its U.S. oil and gas exploration efforts which are already running at full steam. "Domestic measures make very little difference to the price of oil ... the price of crude oil really is set by the supply managers of the world, and that presently is OPEC," Browne said.
Offshore Energy Industry Evacuates Before Ike
The offshore energy industry continues to evacuate workers from the in advance of Hurricane Ike. According to the Minerals Management Service, 78 percent of oil production was shut in because of the approaching storm. Some 23 percent of the platforms in the Gulf and 36 percent of the rigs in the Gulf have been evacuated. Platforms are the offshore structures from which oil and natural gas are produced. Source: The Times-Picayune
Russia Sets Oil Production Record for 2015
Against the backdrop of a sharp drop in oil prices sharply increased their exports, Russia has set a new record for oil production in 2015. This is a new record for oil production (including gas condensate) - 534 081 000 tons, which is 1.4% higher than in 2014, reports "Interfax" referring to the data of the Central Supervisory Control fuel and energy complex. The leader was the company "Bashneft"
Keppel On Track for First Delivery of 2007
Keppel Offshore & Marine Limited (Keppel O&M) maintains its track record of on time, on budget deliveries with its first completion in 2007. Through its wholly-owned subsidiary, Keppel Shipyard Ltd (Keppel Shipyard), the Floating Production Storage and Offloading facility (FPSO) Polvo is on course to be delivered to valued customer, Prosafe Production (Prosafe) in February. FPSO Polvo was named by Lady Sponsor, Mrs CJ Hadden at a ceremony held earlier today
Tropical Storm Keith Forces Key Oil Ports To Close
Two of Mexico's key oil export ports were shut down on Wednesday as tropical depression Keith whipped up winds and waves in the Gulf of Mexico, though the effects on oil production were not immediately known, authorities said. The port of Dos Bocas in southeastern Tabasco state was closed as winds blew from 21 and 27 miles per hour and seas swelled at between eight and 10 ft., said the transport ministry in a statement.
Obama Stalls Drilling On Federal Lands: Kemp
The White House likes to claim a share of the credit for the drilling revolution that has transformed North America's energy production and security. Except the revolution has largely taken place on private rather than public land, and energy producers feel frustrated about the numerous obstacles and long delays in obtaining permission to drill in areas directly controlled by the administration.
Shell & Hyundai Open S. Korea Base Oil Plant
A joint venture company formed by Shell and Hyundai Oilbank, has inaugurated a new base oil manufacturing plant in Daesan, South Korea. The plant has the capacity to produce approximately 13,000 barrels per day or 650 kilotonnes of API Group II base oils per year. (Base oils are the key component of finished lubricants, making up on average of 60-80% of the end product). Mark Gainsborough, Executive Vice President for Shell Lubricants
T/S Nate Kills 22 in Central America, Bears Down on U.S. GoM
Tropical Storm Nate killed at least 22 people in Central America on Thursday as it pummeled the region with heavy rain while heading toward Mexico's Caribbean resorts and the U.S. Gulf Coast, where it could strike as a hurricane this weekend. In Nicaragua, at least 11 people died, seven others were reported missing and thousands had to evacuate homes because of flooding, said the country's vice president Rosario Murillo.
70+ pct of U.S. GoM Output Offline Ahead of Nate
About 71 percent of U.S. Gulf of Mexico oil production is offline ahead of Tropical Storm Nate, the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) said on Friday. Nate is forecast to enter the Gulf and strengthen into a hurricane before making landfall late Saturday in Louisiana, near several major refineries. Oil companies have evacuated staff from Gulf platforms and curtailed output ahead of the storm, with production equaling 1
About 13% US Gulf Oil Output Offline Due to Hurricane Nate
About 13 percent of U.S. Gulf of Mexico oil production remains offline in the aftermath of Hurricane Nate, the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) said on Friday. That equals about 220,000 barrels per day in production that is offline, according to BSEE. Oil companies evacuated staff from Gulf platforms and curtailed output ahead of the storm, which hit the region last weekend.
Search Suspended for Worker Missing in US Oil Platform Blast
The U.S. Coast Guard has suspended the search for a worker missing from an oil production platform in Louisiana's Lake Pontchartrain that exploded and caught fire late on Sunday. Missing is Timothy Morrison, 44, of Katy, Texas, the Coast Guard said in a statement. Seven other workers were sent to hospital with injuries in the incident. "The decision to suspend a search is never an easy one," Commander Zac Ford said in the statement.
Oil Prices Dip as OPEC Oil Exports Rise
Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures, the international benchmark, were trading at $51.76 a barrel at 1141 GMT, 25 cents below the last close and heading for a fall of close to 1.5 percent on the week. U.S. West Texas Intermediate (WTI) crude futures were 30 cents lower at $48.73 per barrel and were set to drop by around 2 percent for the week.
Buchan Alpha Arrives in Shetland for Decommissioning
The Buchan Alpha oil production vessel has arrived safely in Lerwick, Shetland for disposal. A semi-submersible moored floating production vessel, weighing 12,000 tonnes, Buchan Alpha was built in 1973 as a drilling rig and converted for production purposes in Stornoway between 1978-80. The vessel commenced production in 1981 from the Buchan field, located in blocks 21/1A and 20/5A, and has subsequently also produced the nearby Hannay field
Residents Flee South Texas Ahead of Harvey
Residents fleeing most powerful storm on U.S. mainland since 2005. Businesses closed and lines of cars streamed out of coastal Texas as officials called for residents to evacuate ahead of Hurricane Harvey, expected to arrive about midnight as the most powerful storm to hit the U.S. mainland in more than a decade. The hurricane is forecast to slam first near Corpus Christi, Texas, drop flooding rains along the central Texas coast and potentially loop back over the Gulf of
About 22% of US Gulf Oil Output Offline Due to Harvey
About 22 percent of U.S. Gulf of Mexico oil production is offline due to Tropical Storm Harvey, the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday. Output levels rose slightly from Saturday, when roughly 25 percent of Gulf oil output was offline. The amount of production offline on Sunday was roughly 378,633 barrels of oil per day out of the roughly 1.75 million bpd pumped from the Gulf.
13% of Manned Platforms Evacuated in GoM
Offshore oil and gas operators in the Gulf of Mexico have evacuated personnel from 98 production platforms, 13.3 percent of the region’s 737 manned platforms during Tropical Storm Harvey, according to this morning’s data submitted to the Bureau of Safety and Environmental Enforcement (BSEE). BSEE said personnel have been evacuated from five of 10 non-dynamically positioned (DP) rigs currently operating in the Gulf. None of the Gulf’s 21 DP rigs have moved off location.
Harvey Shuts in More than 18% of US Gulf Output -BSEE
More than 18 percent of oil production in the Gulf of Mexico was shut in on Tuesday due to Harvey, the U.S. Department of the Interior's Bureau of Safety Environmental Enforcement said. That equates to some 319,523 barrels of oil per day, out of roughly 1.75 million barrels pumped daily from the Gulf. The amount of production shut in was down from Monday, when more than 331,000 barrels were shut in. Meanwhile, 19.1 percent of natural gas production in the region, or 615
About 13.5% of US Gulf Oil Output Still Shut in by Harvey
About 13.5 percent of oil production in the Gulf of Mexico was shut in on Thursday due to Tropical Storm Harvey, the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement said. That equates to some 236,115 barrels of oil per day, out of roughly 1.75 million barrels pumped daily from the Gulf, down from 323,760 barrels of oil per day that were shut on Wednesday. Meanwhile, 17.6 percent of natural gas production in the region, or 568
US Drillers Add No Oil Rigs as Harvey Slows Production
U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago
U.S. Oil Exports set to Take Off by 2022
Enterprise sees four-fold jump in U.S. crude exports by 2022. Crude oil exports from the United States will increase to meet 5 percent of global demand by 2022, as refiners seek more low-sulphur crude to meet stricter rules for cleaner fuels, an executive from Enterprise Partners LP said on Monday. U.S. oil exports may rise to about 4 million barrels per day (bpd) by 2022, a four-fold jump from this year, said Brent Secrest, a senior vice president at Enterprise Products
U.S. GoM Energy Producers Evacuating Ahead of T/S Nate
Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities. Nate, which has already killed three people in Costa Rica, according to local authorities, is forecast to scrape past Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall early on Sunday in Louisiana, near several major refineries.
Almost 15 pct of U.S. GoM Output Down Ahead of Storm
About 14.6 percent of U.S. Gulf of Mexico oil production is offline ahead of Tropical Storm Nate, the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) said on Thursday. Nate is forecast to enter the Gulf and strengthen into a hurricane before making landfall early on Sunday in Louisiana, near several major refineries. Several producers have started evacuating staff from Gulf platforms ahead of the storm, with production equaling 254