Oil News

23 Jan 2020

ION to Shoot 2D/3D Programs off Colombia

Image: ION Geophysical Corporation

ION Geophysical Corporation, a provider of geoscience technology, services, and solutions for the oil and gas industry, has entered into a multi-client agreement with Colombia’s National Hydrocarbon Agency (ANH), granting rights to reprocess existing data and acquire new 2D and 3D multi-client programs offshore Colombia’s Caribbean coast.In February, the ANH announced a series of reforms to encourage investment in exploration and production, such as a permanent license round and a more attractive tax regime…

23 Jan 2020

Low-sulphur Fuel Oil Prices Drop

© Igor Yu. Groshev / Adobe Stock

Prices for very low sulphur fuel oil (VLSFO) in ports around the world have fallen within the first month since the International Maritime Organization's (IMO) new regulation for a 0.50% global sulphur cap for marine fuels has taken effect.Singapore has seen one of the largest drops in the price of VLSFO, which peaked on January 7, 2020 at $740 per metric ton (MT) and dropped $99 to $641 per MT on January 22, BIMCO points out.Prices rose in December as shipowners transitioned…

23 Jan 2020

Equinor, Eidesvik in Ammonia-Fueled PSV Pact

The Viking Energy vessel. (Photo: Eidesvik Offshore)

Norwegian oil company Equinor has signed a deal with vessel owner Eidesvik Offshore to test the use of carbon-free ammonia as a fuel aboard the Viking Energy platform supply vessel.Equinor has awarded Eidesvik Offshore a five-year contract with effect from April 2020, when the current contract for the vessel expires. The Viking Energy supply vessel will in the contract period be part of a research project developing, installing and testing long-distance sailing fuelled by carbon-free ammonia fuel cells.

22 Jan 2020

Ocean Installer Bags Triton Gig from Dana

Image: Ocean Installer

Aberdeen-based Oil and gas company Dana Petroleum has awarded Norway's Ocean Installer a contract for work at the Triton Area Development, located in the Central North Sea, around 190 km east of Aberdeen.According to a press release, the award, which is Ocean Installer’s first with Dana, involves the installation and trenching of a 12” Flexible Production Flowline at the Guillemot field.The project will be executed by Ocean Installer’s office in Aberdeen, with engineering work beginning immediately and offshore operations scheduled for Q2 2020.

22 Jan 2020

PGS Readies Offshore Sabah Data

Image: PGS

Norwegian seismic services provider Petroleum Geo-Services (PGS) said that key areas for the 2020 Malaysia Licensing Round are covered by the PGS Sabah MC3D program.Data is available to evaluate the petroleum potential of the highly prospective offshore Sabah province, said a press note from the geophysical company.Over 47 000 sq. km high-resolution 3D data is available for Sabah, covering new opportunities near established plays in this exciting hydrocarbon province.Block SB-2T on the 2020 bid round is almost entirely covered by Sabah MC3D.

22 Jan 2020

Baltic Index Dips to Near 1-Year Low

© qiujusong / Adobe Stock

The Baltic Exchange's main sea freight index fell to its lowest since February on Wednesday, hurt by a seasonal slowdown in demand amid higher costs for shipowners due to a new regulation for shipping fuels.The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 66 points, or 9.6%, to 623.The capesize index slipped 170 points, or 34.3%, to 325.The capesize index registered its 29th consecutive session of losses, touching its lowest level since April last year.Average daily earnings for capesizes…

22 Jan 2020

South Korea Anti-piracy Unit Heading to the Strait of Hormuz

© Nicolas Parneix / Adobe Stock

South Korea's military said on Tuesday it plans to expand the deployment of an anti-piracy unit now operating off the coast of Africa to the area around the Strait of Hormuz, after the United States pressed for help in guarding oil tankers.Attacks on oil tankers in the Strait of Hormuz off the coast of Iran last year prompted U.S. officials to call for allies to join a planned maritime security mission.While South Korea, a key U.S. ally, will deploy its forces to the area, including the Gulf…

21 Jan 2020

Norwegian OSV Player Enters Tanker Game

Illustration; Oil Tanker - Image by alexyz3d - AdobeStock

Standard Drilling, an offshore driller turned offshore support vessel owner, has now decided to make another shift in its game.The company, which in 2013 sold off its offshore drilling rigs, only to return as offshore vessel owner in 2016, on Tuesday said it would enter the tanker market by acquiring a 33.3% ownership in a newly built VLCC.Delivery from the yard, Daewoo Shipbuilding & Marine Engineering Co in Korea, is expected later this week. The purchase price of the VLCC is $106 million.Standard Drilling will invest $36.5 million…

20 Jan 2020

Oil, Gas Players Optimistic on Profits

Liv A. Hovem, CEO, DNV GL - Oil & Gas

Companies  in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency DNV GL.While the sector’s growth hangs in the balance for 2020, oil and gas leaders are optimistic that they will weather the storm, drawing on hard-earned cost efficiencies from the past five years to make margin.Some 64% predict their organizations will hit profit targets this year (largely consistent with 62% in 2019)…

20 Jan 2020

Brasco, APM Terminal Pact for Offshore Support

Image: APM Terminals

Brasco, a part of the Brazil's provider of integrated port and maritime logistics and supply chain solutions Wilson Sons Group company, has partnered with APM Terminals Pecém to set up a temporary logistics base at the Pecém Industrial and Port Complex.It will be the first offshore port support operation to take place in Ceará, said a press note from APM Terminals, an international container terminal operating company headquartered in The Hague, Netherlands.Scheduled to start in the first half of 2020…

20 Jan 2020

Guyana's First-Ever Oil Cargo Sets Sail for the U.S

Photo courtesy of Hess

A vessel carrying about 1 million barrels crude oil from Guyana set sail on Monday for the United States, according to vessel tracking service TankerTrackers.com, ushering the tiny South American nation into ranks of the world's oil exporters.The first cargo of Liza crude departed from the floating platform Liza Destiny off Guyana, operated by U.S. companies Exxon Mobil, Hess Corp, and China's CNOOC . (Reporting by Marianna Parraga; editing by Diane Craft)

17 Jan 2020

US Refiners Grab HSFO on Back of IMO 2020

© Fotos von Schiffen / Adobe Stock

U.S. refiners are scooping up cheap high-sulfur fuel oil for processing from Russia and the Baltic states as they take advantage of new shipping rules that have cut demand for the dirtier marine fuel, according to oil traders and shipping data.U.S. refiners Valero Corp, Chevron Corp and Phillips 66 have been buying HSFO, traders said, taking advantage of their complex operations to turn HSFO blended with crude oils into products like diesel, gasoil and gasoline.This month, 2.2 million tonnes of fuel oil…

17 Jan 2020

NOC Condemns Calls for Oil Export Terminals to be Shut

© Juozas55 / Adobe Stock

Libya's state oil firm NOC on Friday condemned calls to shut oil export terminals in eastern Libya controlled by military commander Khalifa Haftar ahead of a summit in Germany where he will face pressure to halt his campaign to take the capital.Tribal leaders in eastern and southern Libya called on Thursday to shut the terminals in protest at what they called the internationally-recognized government in Tripoli's use of oil revenues to pay for foreign fighters.Eastern Libya and part of the south of the country is controlled by the Libya National Army (LNA) of Haftar…

16 Jan 2020

Qatargas Delivers 1st Cargo to Summit LNG

Image: Qatargas

The world’s largest liquefied natural gas (LNG) producer Qatargas Operating Company Limited (Qatargas) has delivered the first Q-Flex cargo of the chilled fuel to the Summit LNG floating storage and regasification unit (FSRU) located offshore Bangladesh.The cargo, aboard Qatargas-chartered 'Al Safliya', was loaded at Ras Laffan Port on 27 December 2019 and delivered to the FSRU on 14 January 2020.This is the first commercial open water ship-to-ship transfer involving a Q-Flex…

16 Jan 2020

ION Reimaging 3D Data Offshore Uruguay

Image: ION Geophysical Corporation

ION Geophysical Corporation, a provider of geophysical technology, services and solutions to the global oil and gas industry, has launched Tannat 3D, a multi-client reimaging program offshore Uruguay.Leveraging the ION’s existing regional UruguaySPAN data and subsurface knowledge, ION is reimaging 22,000 sq km of data over the country’s deep water blocks to create a contiguous volume for a holistic exploration perspective of the margin. "This program builds on ION’s excellent 3D merge and reimaging track record established on our quarter of a million square kilometer data library…

16 Jan 2020

Search Called Off for Two Missing After Ship Collision

The stern of Pappy's Pride appears above the waterline beside the vessel's inflatable life raft after a collision with chemical tanker Bow Fortune in Galveston, Texas. (U.S. Coast Guard photo by Station Galveston)

Responders have called off a search for two fisherman missing following a fatal ship collision near Galveston, Texas, the U.S. Coast Guard said on Thursday.One crew member has been rescued, one is deceased and two remain missing at the conclusion of a three-day search involving the Coast Guard and local responders that covered more than 49 square miles by aerial flights, shore patrols and maritime searches.“It is never an easy decision to suspend a search," said Cmdr. Jordan Baldueza, Sector Houston-Galveston search and rescue mission coordinator.

17 Jan 2020

Low-sulphur Fuel Sales Surge

© vladsv / Adobe Stock

The final quarter of 2019 marked a massive decline of high-sulphur fuel oil (HSFO) sales, as the industry transitioned into compliance of the International Maritime Organization's (IMO) 2020 Sulphur Cap (IMO 2020). In Singapore, the world’s largest bunkering hub, the bunker sale landscape saw significant change as the sale of high-sulphur fuel oil dropped tremendously in a matter of months. In contrast, the sale of low-sulphur fuels skyrocketed in the final quarter.The first wave…

17 Jan 2020

AEGIR-Marine to Open Middle East Office

AEGIR-Marine has announced a new office in Dubai, UAE. The maritime stern tube seal and propulsion system service provider will now operate out of offices in the Netherlands, Singapore, Shanghai, Namibia, USA and UAE. The Dubai service team will focus its activities on both the strong Middle East oil and gas industry in addition to the company’s core business of commercial vessels.“In terms of stern tube seal and propulsion system service and parts, we are filling the gap between equipment makers and maritime service providers. This strategy resulted in a significant increase in service work and sales of parts in the Middle East,” says Serge Lapré…

15 Jan 2020

Beware of the Nominal Entity

© hildeanna / Adobe Stock

Make sure you know who you are really contracting with.A famous U.S. politician once insisted that “it takes a village to raise a child.” That said, any marine operator will tell you that it takes an even larger village and a ridiculous number of contracts to operate a vessel, and even more to manage a fleet of vessels. To make our marine operations run, we have to agree to contracts that provide for the construction or charter of a vessel, staffing, vessel catering, communications, fuel, maintenance, provisions, software, inspections, etc.

15 Jan 2020

Corpus Christi Crude Exports Boom

© Brent Coulter / Adobe Stock

U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions.The infrastructure boom at Corpus Christi helped push crude exports there to a weekly record of 1.59 million barrels per day (bpd) in late December, more than doubling levels that held for the first eight months of last year, and above Houston's 2019 peak of 1.36 million bpd, according to vessel-tracking firm ClipperData.The heavy flows suggest that fears of a bottleneck that would impede U.S.

16 Jan 2020

Subsea Robots in the Splash Zone

New model tool: the iCon inspection robot searches for cracks. CREDIT: OceanTech

From their base deep within a former World War II U-boat pen, Norwegian outfit, OceanTech, is developing a set of robot tools that cling to offshore structures in order to effect inspection, maintenance and repair, or IMR. Old submarine anchorages are now subsea testing and training sites, but the North Sea is still the target. Hundreds of aging platforms and subsea structures require IMR that’s too costly, complex or hazardous for divers or remotely operated vehicles, or ROVs.As he walks us through Dora II…

14 Jan 2020

IRClass Foreign Flag Fleet Reg. Up 16%

Arun Sharma, Executive Chairman. Photo: IRClass

The Indian Register of Shipping (IRClass) said that the classed fleet registered approx. 3% growth in the past year.The ship classification society said that its foreign flag fleet continued to grow at a robust pace with 16% more vessels added during 2019 demonstrating strong global acceptance of IRClass services.IRClass received several flag authorizations in 2019 including key flags like Cyprus and Denmark and is now recognized by 45 flag states worldwide. It opened a new office in the Netherlands to add to its other European offices in the UK…

16 Jan 2020

Eastern Delivers Tug to E.N. Bisso

M/V C.D. White (Photo: Eastern Shipbuilding Group)

Eastern Shipbuilding Group, Inc. has delivered the first of two 80’ 5,100 HP Z-Drive tugs for Bisso Offshore, LLC, a division of E.N. Bisso & Son, Inc.The M/V C.D. White, handed over on January 8, 2020, is a RAL RApport 2400 Z-drive ship-handling tug design provided by Robert Allan Ltd.The vessel has completed its bollard pull testing witnessed by the American Bureau of Shipping (ABS) and received its USCG Subchapter M Certificate of Inspection (COI).C.D. White and sister vessel M/V A.

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