Marine Link
Tuesday, October 17, 2017

Oil Reserves

Eni Presents World Oil and Gas Review

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World oil reserves increased in 2012 (+2% vs 2011), gas reserves remained almost flat (+0.4% vs 2011) World production of oil and gas is rising (+2.9% and +1.8% vs 2011) World oil consumption is growing (+1% vs 2011), but not in Europe World gas consumption is also rising (+2.3% vs 2011)  LNG trade dropped for the first time in 40 years Eni presented the twelfth edition of World Oil and Gas Review, the annual statistical review of the world oil and gas market and the refining system.   Oil and gas reserves continue to rise, confirming that operators are able to replace reserves put into production and to find new ones: a comparison of 1995 reserves with those of 2012 reveals an increase of almost 40%. In the past year, however, despite a 2% increase in oil reserves, those for gas remained largely flat (+0.4%). In 2012 a +2.9% increase for world oil production was recorded, higher than in recent years, thanks to the recovery of output from Libya and record production levels in Saudi Arabia. This pushed production to historic highs, offsetting shortfalls in other countries, primarily Iran. There was a noteworthy increase in U.S. production, which went up by 12% in a single year due to the strong development of tight oil. Also thanks to gas associated with tight oil production the U.S. became the world's top gas producer, overtaking Russia.

Putin Prioritizes Oil Platforms, Tankers

Russian President Vladimir Putin prioritized the construction of oil platforms and tankers in the shipbuilding sector. Projects are being implemented for the construction of platforms for the development of oil and gas fields on the continental shelf, and a definite class of tankers, Putin said, opening a meeting devoted to shipbuilding industry issues. Russia, which holds the world's largest natural gas reserves and is among the top 10 countries in terms of oil reserves

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

Pemex to Invest $470M in Oil Technology

Mexico plans to invest $470m in technological development to aid its oil and gas search over the next five years, state-owned energy company Pemex said recently according to a Reuters report. Pemex, which has proven oil reserves to last about nine years, will reportedly put up most of the money, along with funding from state universities and the country's Petroleum Institute. Much of Mexico's possible reserves that could yield decades more oil are deep beneath the Gulf of Mexico.

Petrobras Approves Contracts to Build 10 New Units

Petrobras said that it would contract to build 10 offshore oil production platforms in the coming eight years for a newly found pre-salt oil field. The 10 new units, to operate in ultra-deep waters, will tap the pre-salt oil reserves discovered recently off the country's southeastern coast. According to the company, the first two units will be chartered from third parties. Each will have a daily production capacity of 100,000 barrels of crude and 5 million cubic meters of natural gas.

Colombia Oil Reserves Rise 2.9 %

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  Colombia's oil reserves had risen 2.9 percent to 2.445 billion barrels by the end of 2013, up from 2.38 billion barrels a year earlier, taking reserves to their highest despite a missed exploration target, the energy ministry said on Monday. Foreign investment into the Andean nation's oil and gas sector has surged in recent years and the government is preparing to tap non-conventional or shale resources offering such blocks in its 2014 oil auction which concludes in July.

Barbados Sets Conditions for Offshore Drilling

Any oil company wishing to tap into the oil reserves off the coast of Barbados has to comply with some strict guidelines the Government is laying down. In introducing the draft National Energy Policy to the House of Assembly, Minister of Energy and the Environment, Elizabeth Thompson, stated that a number of oil companies, including the big multinationals, smaller operations and some newcomers, had expressed an interest in getting involved in Barbados' oil industry.

Oil Discovery in Brazil

A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said according to an AP report. The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable light crude, sending Petrobras shares soaring and prompting predictions that Brazil could join the world's "top 10" oil

Japanese Shipbuilders Take Stake in Brazil's ECOVIX

Five Japanese companies – Mitsubishi Heavy Industries, Ltd. (MHI), Imabari Shipbuilding Co., Ltd., Namura Shipbuilding Co., Ltd., Oshima Shipbuilding Co., Ltd. and Mitsubishi Corporation – have agreed to acquire a stake in ECOVIX -Engevix Construções Oceânicas S.A. (ECOVIX), a leading Brazilian shipbuilder. A Share Purchase Agreement (SPA) between the Japanese consortium and the Brazilian partners has been signed by the parties

Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar. Threats to supply as Libya's output fell and talk of OPEC production cuts limited the decline for global benchmark Brent, which hit a 26-month low on Monday after data showing a slowdown in China's factory output raised demand concerns.

DOF Subsea Shelves IPO Plans

Pic: DOF ASA

Norway's DOF Subsea has decided to hold off on launching its initial public offering (IPO), citing volatile market conditions.   Company shareholders DOF ASA, with 51 percent, and a fund managed by First Reserve, with 49 percent ownership, announced in May that they were considering an opportunity for the company to apply for a listing on Oslo Stock Exchange.   The shareholders have now decided to shelve these plans, instead opting to wait for market conditions to improve.

PetroChina Unloads First US SPR Cargo

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

PetroChina is this week unloading the first Chinese purchase of crude oil from U.S. strategic petroleum reserves at a port in eastern China, according to shipping data and two industry sources.   The move comes as China, the world's No.2 oil consumer, steps up imports from the Americas to diversify supply sources.   PetroChina unit, PetroChina International America Inc, bought the 550,000-barrel cargo of Bryan Mound sour crude in a sale from U.S

US Drillers Add No Oil Rigs as Harvey Slows Production

Photo: NASA Goddard MODIS Rapid Response Team

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

Six Companies Buy Oil from US Emergency Crude Reserve

Six companies bought 14 million barrels of oil from the U.S. Strategic Petroleum Reserve in a sale required by law to help fund medical research and the federal government, said the Department of Energy on Thursday.   BP Oil Supply, Exxon Mobil Corp, Phillips 66 , Shell Trading, Valero Marketing and Supply Company, and Macquarie Commodities Trading bought oil from the reserve, which is held in salt caverns on the Texas and Louisiana coasts.  

Keppel Bags BRL 500 mln MODEC Project

Courtesy Keppel FELS Brasil in Rio de Janeiro

Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary, Keppel FELS Brasil SA's BrasFELS shipyard has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., a MODEC, Inc. group (MODEC) company, for a contract value of over BRL 500 million (SGD190 million). BrasFELS' work scope for this project comprises the fabrication and integration of

Keppel Secures MODEC FPSO Project in Brazil

 Keppel FELS Brasil Secures MODEC FPSO Project   Keppel Offshore & Marine Ltd, through subsidiary Keppel FELS Brasil SA's BrasFELS shipyard, has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., a MODEC, Inc. group company, for a contract value of over BRL 500 million (SGD190 million).  

Greece to Evaluate Deep-sea O&G Exploration Bids

Greece will conclude the evaluation of deep-sea oil and gas exploration bids in the coming weeks and will name the preferred bidders soon after, its energy minister said on Friday, as the country seeks to tap into its limited oil reserves.   Plunging crude oil prices have cut spending on oil projects around the world but cash-strapped Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances.  

Maersk 'BBB+' Ratings Put On CreditWatch Negative

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  • 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.

Maersk Line Returns to Iran

Photo: Maersk Line

 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

As Iran Oil Tenders Near, Investors Still in the Dark on Terms

Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni, Royal Dutch Shell and LUKOIL have all travelled to Tehran this year, since the EU sanctions ended in January. Their teams spent weeks meeting local officials ahead of investment tenders due to start next month

Changing Spill Risk in a Changing Arctic Landscape

Dagmar Schmidt Etkin

Industry analyst and environmental consultant Dagmar Schmidt Etkin, PhD, takes a hard look at a rapidly shifting operational landscape in the Arctic. Always an honest broker of information, Etkin tells it like it is.    Oil spill risk is present anywhere that oil is present in reservoirs, or is transported, consumed, stored, and handled in some way. The Arctic is no exception. Not only are there oil reserves in the Arctic

Canada Oil Sands Asia Export Dream Faces Port Bottleneck

The bullish view for Suncor Energy Inc (SU.TO), Cenovus Energy Inc (CVE.TO) and other Canadian energy producers calls for Prime Minister Justin Trudeau by next month to approve a major pipeline expansion to the west coast, boosting sales of land-locked oil sands crude to Asia.   But a growing number of shipping brokers and physical oil traders warn that any new influx of oil will hit a bottleneck in Vancouver, because of the port's inability to accept the megaships that dominate oil

Shell, Phillips 66 to Lift SPR bbls

File Image: A VLCC underway (CREDIT: AdobeStock)

Oil companies Shell and Phillips 66 together bought 6.4 million barrels of oil last week from the Strategic Petroleum Reserve (SPR), according to a Department of Energy document released on Tuesday.   Shell bought 6.2 million barrels of oil and Phillips 66 bought 200,000 barrels on Jan. 18, according to the department document, seen by Reuters.   The federal government held the sale to fund a revamp of the emergency oil stash

CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

 China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.   CNOOC reported a net profit of 637 million yuan ($92.5 million) in 2016, down nearly 97 percent from 20.2 billion yuan in profit in 2015.   Total revenue from oil and gas fell to 121 billion yuan from 147 billion yuan in 2015.  

Petrobras Sees Higher Oil Exports as Presalt Fields Develop

Brazilian government-controlled Petroleo Brasileiro SA expects higher oil exports this year than initial projections, Guilherme França, executive manager of trade and marketing, said Wednesday.   Petrobras expects oil exports to reach 742,000 bpd by 2021 as the company advances development of its pre-salt oil reserves, which are capable of producing lighter varieties which are demanded internationally, França said.  

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

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