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Monday, January 22, 2018

New Oil News

Transpetro Inks Orders Tankers

Transpetro, a unit of Brazil's state-run oil firm Petroleo Brasileiro SA, signed contracts worth $866m for the construction of nine new oil tankers. The Rio Naval consortium will build five Aframax tankers for $517m, and four Panamax oil tankers for $349 million , Petrobras said. The vessels are to join Transpetro's fleet between 2009 and 2011, and are part of a $2.48b program to buy 26 new oil vessels in an initial phase. The first phase will create 11,000 direct jobs in Rio de Janeiro state alone, Petrobras said. The shipbuilding program is financed by Brazil's National Development Bank and aims to bring down Petrobras' costs for chartering ships and to revitalize Brazil's once-flourishing shipbuilding industry. Petrobras said it plans later to raise the number of new oil vessels to 42.

Hyundai Low Bidder On Kuwait Oil Pier Project

South Korean Hyundai presented the lowest bid of $326.5 million in a tender for a new oil export pier in Kuwait. The Kuwait National Petroleum Co (KNPC) tender is for engineering, procurement and construction of a new oil pier and associated topside facilities at Mina al-Ahmadi refinery.

BSEE Oversees Spudding of New Oil Well in Arctic

Photo: Bureau of Safety and Environmental Enforcement

Italian oil producer Eni began drilling the new well off the north coast of Alaska, becoming the first company to do so since 2015, reports Reuters. "New oil exploration in Arctic federal waters is underway this week with the spudding of a new oil well from an existing man-made island in the Beaufort Sea. Two Bureau of Safety and Environmental Enforcement (BSEE) personnel were on-hand Monday ensuring compliance with approved permits, federal regulations and safety standards as Eni U.S.

Rinne to Head Fortum’s Oil Sector

Risto Rinne M.Sc.(Eng.) has been appointed President of Fortum's Oil Sector and member of the Corporate Executive Committee as of January 15, 2004. He will also be President and CEO of the new oil company, which will be listed on the Helsinki Stock Exchange. Rinne, who has held several prominent positions within the oil industry for more than 20 years, has most recently been President of the Oil Refining business unit. The current President of the Oil Sector, Mr Veli-Matti Ropponen, will continue as advisor to the group management regarding the initial public offering of the new oil company. He will continue to report to the President and CEO of Fortum Oyj.

As US Opens Up Offshore Waters, Eastern GoM Beckons

© xmentoys / Adobe Stock

President Donald Trump's administration has proposed opening up nearly all of America's offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it, now cordoned off by the Pentagon: the eastern Gulf of Mexico. The industry's focus on an area located near a sprawling network of existing platforms, pipes and ports could ease the path to new reserves, and assuage the drilling opponents near other places offered under the Interior Department's proposed drilling plan issued last week, like California's Pacific, the Atlantic and Arctic.

CNOOC Discovers New Oil and Gas field in Bohai Sea

China National Offshore Oil Corp. Ltd. (CNOOC), the country's largest offshore oil producer, announced that it discovered a new oil and gas field, dubbed Bozhong 28-2 East, in Bohai Sea. Bozhong 28-2 East is located between Bozhong 28-1 oil and gas field and Bozhong 28-2 South oil field near the Yellow River mouth. A 35-meter gas layer and a 35-meter oil layer have been discovered underneath the sea water measuring 20 meters in depth. According to test by drill pipes, the field is estimated to produce 1,600 barrels of oil and ten million cubic feet of gas per day at an average level. Source: Xinhua

Gazprom, PetroVietnam Ink Multiple Deals

Nguyen Quoc Khanh and Alexey Miller Photo Gazprom

Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), signed today in Moscow a number of documents to strengthen cooperation between the companies. The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam (SRV). the Addendum to extend the Cooperation Agreement on personnel training.

Norway Looks to the Arctic as Production Declines

According to a report from NASDAQ, Norway's status as one of the world's leading producers of oil is being threatened by the rapid declines in oil production from its mature wells. Norway expects new oil & gas finds in the Barents Sea region of the Arctic to offset some of the decline in its oil & gas output. The recent discoveries by Statoil (STO) in the Barents Sea have fueled new interest in exploration activity in the Arctic regions of Norway, leading to record levels of drilling in 2011 with four additional wells planned this year and seven more in 2012.   Source: NASDAQ  

Maersk Drilling Posts Record Profit

Courtesy Maersk Drilling

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted by continued strong operational performance, fleet growth and general cost savings. However, increased idle time negatively affected the results. The underlying profit was USD 732m (USD 471m). “Maersk Drilling delivered a satisfactory result given the adverse market conditions. We continue to focus on operational performance and a competitive cost level…

Viatran Restructures Company

Viatran announced that it has restructured the company into divisions serving specific market segments. The new Oil & Gas Segment has been created to focus on product development and customer service in Viatran’s most important market. As part of the restructuring, Douglas Joy has been appointed to the newly created position of Oil & Gas Segment Leader, and Don Seewagen to the position of Sales Channel Manager Americas – Oil & Gas Segment. These two individuals will lead all sales, marketing and new business development efforts for this business unit.

Petripentti New Fortum Oil CFO

M.Sc. (Econ.) Petri Pentti has been appointed CFO of Fortum's Oil Sector and of the new oil company to be listed on the Helsinki Exchanges. He assumes his new position in August 2004 and will be responsible for the whole economic function, including treasury and investor relations. He will report to Mr Risto Rinne, President of the Oil Sector. Petri Pentti is currently Senior Vice President and CFO of Finnair Oyj.

Brazil to Hold New Subsalt Oil Auction by 2017

The Brazilian government plans to hold a new oil bidding round for areas in the subsalt polygon by 2017, the secretary of oil and gas at the Mines and Energy Ministry, Marco Antonio Almeida, said on Monday.   Almeida denied during a presentation in Rio that the current corruption scandal plaguing state oil company Petrobras was delaying the auction being held sooner.     (Reporting by Marta Nogeira; Writing by Reese Ewing; Editing by Phil Berlowitz)

Newfoundland to Take Offshore Stake

The Canadian province of Newfoundland plans to take a 10% stake in new oil and gas projects off its coastline, Forbes reported. The demand was contained in the provinces 35-year energy plan recently released. The province will take a 10% stake in future offshore oilfields if they meet long-term strategic objectives and will pay its share of exploration and development costs, he said. Last month the province reached an agreement with oil companies Chevron, ExxonMobil, PetroCanada and Norsk Hydro ASA, giving it a 4.9 pct stake in the offshore Hebron project. (Source: Forbes)

New Oil Debris Sensor Launched

Image: Gill Sensors & Controls Limited

Gill Sensors & Controls Limited announced immediate availability of its new Oil Debris Sensor that provides continuous real-time monitoring of particle contamination in hydraulic and engine oil lubrication systems. The new sensor triggers either an immediate shutdown in cases of large particle build-up, or an early warning indication for needed maintenance in both cases preventing unexpected downtime. Typical applications include monitoring helicopter gearboxes, industrial gearboxes…

Intertanko Says Simplify Inert Gas Regs

The catastrophic incidents on a significant number of small product tankers and chemical tankers, some of which have led to a tragic loss of life, have highlighted the fact that the industry needs to update the current application of inert gas regulations to new oil and chemical tankers. In 2006 an inter-industry group consisting of Intertanko, International Chamber of Shipping (ICS), Oil Companies’ International Marine Forum (OCIMF), European Chemical Industry Council (CEFIC), International Association of Ports and Harbours (IAPH), International Association of Classification Societies (IACS) and International Parcel Tankers Association (IPTA)…

Statoil: New Oil in the Grane Area

(Image: Statoil)

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation. The estimated volume of the discovery is in the range of 30-80 million barrels of recoverable oil. "We are pleased with having proved new oil resources in the Grane area," said May-Liss Hauknes, Statoil vice president for exploration in the North Sea. "Near-field exploration is an important part of Statoil’s exploration portfolio on the NCS.

EU Members Encouraged to Adopt New Oil Pollution Compensation Fund

The European Commission (EC) issued a Press Release

Early Signs Point To Major Australian Oil Find

Early exploration work off the east coast of Australia may lead to a major new oil and gas discovery, according to Australian geologists. About 100 large sedimentary domes were discovered buried under the seabed in the Fairway Basin, the Australian Geological Survey Organization (AGSO) said. Such domes are a key component of many petroleum fields and have led to major exploration success in the Gulf of Mexico and elsewhere, according to officials.

Bone Joins EBDG

Jason Bone has joined the staff of Elliott Bay Design Group (EBDG) as an Engineer. A recent graduate of University of Michigan, Bone holds a B.S. in Engineering and a Masters of Science in Naval Architecture and Marine Engineering, specializing in marine structures. Prior to joining the firm, Bone completed internships at Avondale Shipyard working on new oil tanker construction and CSC's Advanced Marine Division.

Greenpeace Drilling Protest on ArcticBound Rig

According to a report from PennEnergy, on April 21, a group of 11 Greenpeace protesters climbed the Leiv Eiriksson semisubmersible drilling rig  to stop its mobilization. The Leiv Eiriksson was slated to depart Turkish waters for a drilling campaign in the Baffin Bay offshore Greenland. Cairn Energy contracted the rig to perform exploration drilling in the Arctic waters offshore Greenland in an ongoing effort to establish the region as a new oil and gas province.   (Source: PennEnergy)

Great Eastern Shipping Orders Super Tankers

According to an April 5 report from the Wall Street Journal, Great Eastern Shipping Co. Ltd, India’s biggest private ocean carrier, has ordered three new oil super tankers or so-called very large crude carriers at South Korea’s Hyundai Heavy Industries Co. Ltd for an undisclosed amount. (Source: The Wall Street Journal)  

Schwarzenegger, Offshore Oil Drilling

According to a June 1 report from the Los Angeles Times, the State Lands Commission lashed out at Gov. Arnold Schwarzenegger's attempt to reverse its rejection of the first new oil drilling in California waters since 1969. At a contentious hearing in Santa Monica, the commission passed a resolution urging legislators not to go along with Schwarzenegger's plan, which would revive a drilling project off the Santa Barbara County coast that the commission killed in January. (Source: Los Angeles Times)

CA May Consider Offshore Oil Project

According to a report from PennEnergy.com, California’s legislature might vote later this week to authorize the first new oil activity off Santa Barbara in 40 years as a way to help resolve the state’s budget crisis. The proposal reportedly was part of an agreement Gov. Arnold Schwarzenegger reached on July 20 with majority and minority leaders of the state’s senate and assembly to eliminate California’s $26.3b budget deficit. It includes some $15.5b in cuts, defers other costs, and takes funds from cities and counties, several news reports said. (Source: PennEnergy.com)

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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