Barrels Oil News

The Sri Lankan navy has towed a fire-stricken supertanker further out to sea to keep it off the coast of the Indian Ocean island after the wind picked up strength and changed direction, a spokesman said on Thursday.The tanker, loaded with 2 million barrels oil, was 50 nautical miles (95 km) from the east coast and moving in a northerly direction, the navy spokesman, Indika de Silva, said. Earlier, it had been headed southwest.The stricken vessel has raised fears of an environmental disaster…

Even as business, schools and scenes from everyday life seem frozen as society adjusts to the coronavirus, the U.S. marches closer toward the November presidential election. In early August, Vice President Joe Biden announced Senator Kamala Harris as his running mate. As the Biden-Harris ticket works out their policy platforms, they should move beyond past comments attacking American offshore oil and gas production. In fact, a strong American offshore oil and gas industry is a platform every candidate should stand behind.Between New Orleans and Houston…

Qatar Petroleum has announced that it will raise Qatar’s LNG production capacity to 126 million tons per annum (mtpa) by 2027, representing an increase of 64% from the current 77 mtpa.The announcement was made by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, at a press conference held in Doha, during which he also announced that new studies have revealed that the North Field’s productive layers extend well into Qatari land in Ras Laffan, paving the way for a new LNG production project in the north of Qatar.Al-Kaabi said: “During the past two years, Qatar Petroleum worked diligently to determine the degree to which the North Field extends towards the south west…

Qatar Petroleum (QP) signed an agreement with Italy’s Eni SpA to acquire a 35% stake in three offshore oil Fields in Mexico.The agreement cover the Amoca, Mizton, and Tecoalli offshore oil fields, which lie in Area 1 in Mexico’s Campeche Bay, said a press statement from the Arab country's government-owned energy company.The agreement is subject to customary regulatory approvals by the government of Mexico. Following such approval, both Eni and Qatar Petroleum will jointly hold 100% interest in the Area 1 production sharing contract.Commenting on this agreement, Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President & CEO of Qatar Petroleum…

Global FPSO Market is anticipated to witness growth of 19% and exceed USD 115 billion by 2024. Rising demand of hydrocarbons and increase drilling activities for exploration and production will drive the industry growth.Increase in the conversion of vessel to FPSO to augment the productivity and minimize the capital expenditure may complement the business growth, said a report from Global Market Insights.Converted FPSO market is witnessed to grow over 18%. Comparison with new built, converted FPSO requires low capital cost that drives the business growth.Reduced project execution timeline will increase the redeployed FPSO market share with a valuation over USD 700 million in 2015 followed by the expansion rate of over 22% by 2024.

Norway's independent oil firm Aker BP has agreed to buy stakes in 11 production licenses off Norway from French Total for a cash consideration of $205 million, the company said on Tuesday.The portfolio includes four discoveries with net recoverable resources of 83 million barrels oil equivalents based on estimates from the Norwegian Petroleum Directorate (NPD), it added."With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the NOAKA area, and we increase our interest in exploration acreage near the Ula field," Ake

Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Madura EPC Limited (Armada Madura), a joint venture between Shapoorji Pallonji Group (Shapoorji Pallonji) and Bumi Armada Berhad (BAB). The spread-moored FPSO unit was named Karapan Armada Sterling III during a naming ceremony held earlier this month at Keppel Shipyard. The FPSO will be deployed to the Madura BD Field in Madura Strait East Java which is operated by Husky-CNOOC Madura Limited (HCML). Mr Michael Chia, Managing Director (Marine & Technology) of Keppel O&M…

Statoil, on behalf of the Johan Sverdrup partnership, will sign a contract with Aibel today for the construction of the deck for the drilling platform on the field. The contract is worth in excess of NOK 8 billion. The contract includes engineering work, procurement and construction (EPC) of the drilling platform deck. The platform deck will be built at the Aibel’s yard in Thailand and Haugesund, and at Nymo’s yard in Grimstad. Assembly and mechanical completion of the deck will be carried out at the Aibel’s yard in Haugesund with delivery in 2018. Installation on the field is planned for the same year. “The Johan Sverdrup field is one of the biggest discoveries on the Norwegian continental shelf that will…

Anadarko Petroleum Corp reported a big quarterly loss on Monday, compared with a year-earlier profit, as a previously announced $5.15 billion settlement related to Tronox Ltd litigation hurt results. Anadarko, based in Houston, lost $2.7 billion, or $5.30 per share in the first quarter, compared with a profit of $460 million, or 91 cents per share, in same quarter a year earlier. Adjusting for one-time items, Anadarko earned $1.26 per share. Wall Street analysts on average had expected $1.15 per share. Anadarko said its average oil and gas production rose 3.2 percent to a record 819,000 barrels oil equivalent per day (boed), boosted by output from wells in fields including the Eagle Ford in south Texas and the Wattenberg in Colorado.

The Republic of Paraguay is a landlocked country in South America bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. The Paraguay River runs through the center of the country from north to south. Due to its central location in South America, it is sometimes referred to as the Heart of South America. Paraguay’s geography consists of grassy plains and wooded hills in the east and mostly low, marshy plains to the west. Paraguay has a population of around 6.5 million, who consume 28,000 barrels per day (bpd) of refined petroleum products. Paraguay currently imports all of its oil, as it does not yet have any domestic production.

Dana Gas PJSC, a Middle East private-sector natural gas company, and Crescent Petroleum, a Middle East’s private oil and gas company, in their capacity as joint operators, have announced the completion of the rebuild of the LPG loading and dispatch facilities at the Kor Mor LPG Plant in Kurdistan Region of Iraq. The reconstruction and upgrading of the loading facilities at a cost of $15 million was carried out following an accident last year by a third party tanker operator, and…

Nearly two decades after setting a world water-depth record for drilling and production, Shell’s Auger tension-leg platform is still playing a central and innovative role in the company’s deep water Gulf of Mexico portfolio – currently producing some 55,000 barrels oil equivalent (boe) per day (Shell share ~30,000 boe per day), and acting in the future as the host platform for the Cardamom subsea development. The Cardamom discovery well also set records three years ago, for subsurface length and depth. With the latest seismic and drilling technologies, the Cardamom development is expected to deliver new production from the deep waters of the Gulf of Mexico to existing infrastructure.

Oil cartel OPEC should reduce production by between 1.5 million and 2 million barrels per day (bpd) when it meets next week and shun U.S. calls for a smaller cut, Iraqi Oil Minister Amir Muhammed Rasheed told Reuters. "What we are trying in the meeting of 17th of January in Vienna is to reduce production so that we get back to the balance between supply and demand. And we think something like 1.5 to 2 million barrels a day would be a good figure," Rasheed said. "We are not in any way affecting the world economy or trying to create a recession; rather, we want to defend normal, fair prices," Rasheed said from Baghdad. The minister criticized U.S.

Nigeria, Libya and other African countries will supply 30 per cent of the world’s of Liquefied Natural Gas (LNG) by 2010, as against the present level of 12 percent, which the continent’s gas producers have been supplying. According to Nigeria Daily Independent, Africa had 50 million tones per year of LNG capacity at the end of 2005, with most of it in Algeria and Nigeria. African finds totaled nearly 25 percent of world liquids reserves discovered between 2000 and 2004 and 12 percent of world gas reserves discovered in the same period excluding the United States of American onshore and Canada. Companies in the region discovered 300 billion barrels oil equivalent. Two thirds of it liquids, in Africa, were discovered in 2004.

Chevron Corp. has announced its intention to buy the second largest oil exporter in Argentina to boost its exploration and production overseas. The companies did not disclose financial details of the deal, but industry sources had valued the privately-held Petrolera Argentina San Jorge at some $1 billion. "This transaction will have an immediate positive impact on earnings and cash flow," Dick Matzke, president of Chevron Overseas Petroleum Inc., said. The venture is Chevron's first exploration and production deal in Argentina. Privately held San Jorge produces about 78,000 bpd of oil and 40 million cubic feet of natural gas, Chevron officials said.