Value Verification of Hydro and Statoil Completed
Statoil and Hydro have completed a value verification process following the agreement between the companies' boards of directors to merge Hydro's oil and gas activities with Statoil. The intention of the review has been to verify the information exchanged between the parties prior to the conclusion of the agreement. In connection with the publicising of the merger on 18 December 2006, Statoil's net interest-bearing debt was estimated to be NOK 14.3 billion at 31 December 2006. It is now expected that Statoil's net interest-bearing debt will be NOK 24-25 billion at 31 December 2006. The main reason for this change is associated with fluctuations in the working capital.
NOAA Considers Effects of Arctic Oil and Gas Activities
NOAA is seeking comments on a supplemental draft environmental impact statement (EIS) for oil and gas activities in the Arctic Ocean. The draft, developed in collaboration with the Department of the Interior's Bureau of Ocean Energy Management (BOEM), includes analysis on how a broader range of potential offshore oil and gas activities could affect the environment, with a specific focus on marine mammals and the Alaska Native communities that depend on the animals for food and cultural traditions.
Mexican Gulf Energy Lease Sales – BOEM Issues Environment Analysis
The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has completed the Final Environmental Impact Statement (FEIS), with environmental analysis that will support decision-making concerning oil and gas lease sales scheduled in the Gulf of Mexico over the next five years. The FEIS provides baseline analysis in support of the 10 lease sales scheduled in the Central and Western Gulf of Mexico planning areas over the next five years and evaluates baseline conditions and potential environmental effects of oil and natural gas leasing, exploration, development and production in these two areas. BOEM will continue to evaluate new scientific and environmental information over the course of the coming years and to integrate that information in planning for individual lease sales.
Oil and Gas Devt Corp. Teams with PSC Tema Shipyard Ltd.
Oil and Gas Development Corporation (OGDC), a UK-based oil company has signed a Memorandum of Understanding (MOU) with PSC Tema Shipyard Limited to provide various services on mobile offshore drilling units. The partnership would help promote the energy business in the country as a result of the increased oil and gas activity along the Gulf of Guinea. Among the activities to be undertaken under the agreement are the refurbishment and reactivation of mobile offshore drilling units currently operating in and transiting through the Gulf of Guinea. The OGDC has complied with Ghana’s labor laws by offering jobs to about 300 Ghanaians, making up about 80 percent of the work force. [Source: http://allafrica.com]
MMS Study of Loop Current in Eastern GOM
A study released by the Minerals Management Service examines the circulation in the Eastern Gulf of Mexico (GOM) and sheds new light on the behavior of the Loop Current (LC) and Loop Current Eddies (LCEs), the relation between the upper- and lower-layer currents, and the variability of water mass characteristics in deepwater. When the LC and the LCE are present in the Gulf near oil and gas activities, operators may have to curtail or amend their operations due to the strength of the current or eddy. “The observations from this study will help MMS and other scientists better understand the Loop Current and improve our forecasting of its behavior in the Gulf of Mexico,” said Dr. Alexis Lugo-Fernandez, the MMS physical oceanographer responsible for the study.
Readout from BSEE Director Watson Visit to Fourchon
Bureau of Safety and Environmental Enforcement (BSEE) Director James A. Watson today visited Port Fourchon, La., to meet with industry representatives, the Port Commission, and the Presidents of Terrebonne and Lafourche Parishes. Director Watson discussed the recent creation of BSEE, the continued effort to enhance offshore safety and environmental protections, and the bureau's continued work on enhanced regulations. "BSEE is committed to the Administration’s goal of expanding safe and responsible development of our offshore domestic resources…
Telford Offshore: A New Offshore Services Provider
There’s a new name in the global oil and gas industry: Telford Offshore, which officially launched today after acquiring four vessels from Sea Trucks Group following its liquidation. The newly formed contracting company acquired four DP3 multipurpose offshore construction vessels which can support multiple activities, focusing on high capacity accommodation combined with lifting, fabrication and installation services. The Dubai headquartered company said it will focus on areas where the vessels and company project personnel have demonstrated their capabilities…
North Sea Open for Business
More licenses than ever before are being offered to companies to extract oil and gas from the North Sea, UK’s Energy Minister Mike O'Brien announced on Nov. 12, 2008. The announcement will help the UK to make the most of its own home grown supplies of energy. As part of the Department of Energy and Climate Change' s 25th offshore oil and gas licensing round, 171 new licences are being offered to 100 companies covering 257 blocks of the North Sea. "We are now seeing record interest from companies wishing to exploit the UK's considerable oil and gas resources in the North Sea. Whilst there's not an endless supply of North Sea oil and gas, with up to 20 billion barrels, or more, left under the sea we can't overlook its contribution to our security of energy supply as well as to our economy.
Russia Sanctions Could Slow Norwegian Arctic Exploration
Western sanctions against Russia may slow down exploration for oil and gas on both the Norwegian and Russian side of the Arctic Barents Sea, lobby group Norwegian Oil & Gas told Reuters on Wednesday. "We have many members working on both sides of the border, where coordination of fields will be a key topic. Collection of seismic and other joint activities may be affected," said the group's head of legal affairs, Oluf Bjoerndal. The association represents oil firms, including most supermajors, as well as some of the world's biggest oil and gas service firms. "We fear that this could become a problem. There's a worry about that. It may mean that some areas aren't explored well enough, that potential discoveries are delayed," he added.
MISC Profit Plunges
Malaysia International Shipping Corporation Berhad (MISC)'s net profit plunged 87.1% to RM 68.2 million (USD 17.36 mln) for the fourth quarter ended December 31, 2017 compared with RM 529.8 million (USD 134.88 mln) in the previous corresponding period. MISC said the oversupply of tonnage and cut in global oil production by OPEC in 2017 will continue to weigh on the petroleum shipping segment in 2018. However, a smaller order book for tankers and robust oil demand projections amidst declining global crude inventory will help improve tanker supply-demand balance.
NOAA Meetings Arctic Oil & Gas Activities
The National Oceanic and Atmospheric Administration (NOAA) will conduct five scoping meetings to receive public comments on its planned environmental impact statement on the effects of oil and gas activities in the Arctic Ocean. Meeting will be held in Wainwright (March 9); Barrow (March 10); Nuiqsut (March 11); Kaktovik (March 12); and Anchorage (March 23). Written comments should be submitted by April 9. 75 Fed. Reg. 8304 (February 24, 2010). (Source: Bryant’s Maritime News)
Shipping Magnate Maersk Moller Dies
The AP Moller-Maersk group operates Maersk Line, the world’s biggest container shipper. Its business also includes offshore oil and gas activities and retail and shipyard operations. Mr. Moller's last public appearance was at the firm’s annual general meeting last week. Known to all as 'Mr. Moller', he took over the leadership of the group in 1965, following his father’s death that year. He left daily management in 1993, and was chairman of AP Moller-Maersk A/S until 2003. Mr. Moller is survived by three daughters. His wife Emma Neergaard Rasmussen, whom he married in 1940, died in 2005.
BOEM, Geologists Partner for OCS Information Sharing
The Bureau of Ocean Energy Management (BOEM) and the Association of American State Geologists (AASG) have signed an agreement to foster interaction, cooperation and coordination on marine minerals and oil and gas resources on the outer continental shelf (OCS). Since the 1990s, BOEM and its predecessor agencies have worked with numerous state geological surveys on cooperative agreements to evaluate OCS sand resources for coastal resilience, restoration projects and planning. A national-level agreement will improve information exchange and the ability for BOEM, AASG and its members to communicate on national plans and issues with each other.
Maersk Reaches Key North Sea Tax Deal with Denmark
Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months, makes it viable to redevelop the Tyra field through which 90 percent of Denmark's gas production is processed, and it is seen as crucial for the Danish company that is seeking to spin off its energy assets via a listing or merger. Maersk and its partners in the Danish Underground Consortium (DUC) -- Shell…
SBI Wins Jack-up Design and Engineering Contract
SBI Offshore Limited, which is pursuing higher-value oil and gas engineering projects, said today it has secured a $24 million contract to provide design and engineering services for a jack-up drilling rig that can operate in water depths of up to 110 meters. SGX Catalist-listed SBI Offshore said its wholly owned subsidiary, SBI O&M Pte. Ltd., signed the contract with a Middle East-Chinese Consortium which comprises six parties that have varied interests in oil and gas activities. Under the contract, SBI O&M will provide design, engineering and supervision services for a jack-up drilling rig that will meet requirements of the American Bureau of Shipping Classification A1 for Self- Elevating Drilling Unit.
Statoil Hydro wins Offshore Brazil Bid
Statoil Hydro on November 27 said it has won a bid to conduct offshore exploration off Brazil. The Norwegian group was awarded two blocks offshore. The blocks, numbered CM529 and CM530, are located in sea depths of around 100 m. The licenses for the two blocks were to be operated by Anadarko Petroleum Corporation that would have a 50 percent stake, the same as Statoil Hydro. Statoil Hydro did not state what the bid cost. The blocks were located next to the heavy oil field Peregrino that was slated to come on stream in 2010. Statoil Hydro has a 50-percent-stake in the Peregrino field in the Campos basin. The Norwegian group was created October 1 when Statoil and its rival Norsk Hydro merged their oil and gas activities.
A.P. Moller Maersk Reports Interim Results
Revenue for the period increased by 9% to $29.9bn $27.4bn), primarily due to higher oil prices and container volumes. Profit for the period was 8% higher at $2.7bn $2.5bn), positively affected by divestment gain from sale of Netto Foodstores Limited, UK of $0.7bn. The Group’s ROIC was 12.8% (12.8%).. "Thanks to the good performance of our terminals and oil related businesses, the Group has delivered a satisfactory result for the first half-year. As we anticipated at the start of the year, the shipping market has been difficult, due to growing capacity, and we expect the slow economic growth and market volatility to continue for the coming quarters.
New Offshore LNG Report Launches at Gastech 2012
Infield Systems unveil its 'Offshore LNG Market Report to 2018' at the Gastech Expo in London. The launch of this report at Gastech 2012 coincides with a particularly exciting time for this sector of the offshore oil and gas industry, following Shell's announcement that it has sanctioned the world's first floating LNG project, Prelude. It is widely expected that this will mark the beginning of a more widespread use of this potentially market changing technology. Infield Systems' latest Offshore LNG report analyses the value of the sector and the drivers for floating liquefaction and offshore regasification; as well as providing a regional…
Navcon Sells Stake to BMT Scientific
Navcon Navegacao e Controle Ltda, a Brazilian specialist in monitoring systems for the offshore oil and gas industry, entered into a formal partnership with BMT Scientific Marine Services Ltda. The company has an advanced R&D background and widespread experience of working offshore Brazil. Navcon’s current oil and gas activities align with those of BMT and include anchorage torpedoes and riser monitoring systems, monobuoy monitoring systems as well as metocean and wave measurement buoys. BMT Scientific Marine Services Ltda is a subsidiary of the international engineering, maritime and risk management consultancy, BMT Group Ltd. BMT Scientific Marine Services Ltda…
BOEM $249,000 Grant for Louisiana Pump Station
The Bureau of Ocean Energy Management Regulation and Enforcement (BOEM) announced it has approved a grant for $249,000 to St. James Parish in Louisiana through the Coastal Impact Assistance Program (CIAP), for the second phase of a project to construct a waterline booster pump station along LA Highway 44 in Convent, La. Created by the Energy Policy Act of 2005, CIAP provides funding to the six Outer Continental Shelf oil and gas producing states to conserve and protect the coastal environment. CIAP is an ongoing program with grant funding that is allocated based on the offshore energy revenues collected by the United States. “BOEM will continue to work with the state of Louisiana and its parishes on important coastal restoration efforts through the CIAP program…
NOIA Supports DOI’s Upcoming Offshore Lease Sale
National Ocean Industries Association (NOIA) president Randall Luthi today voiced his support for the U.S. Department of Interior’s (DOI) Western Gulf of Mexico Lease Sale scheduled for next week. “The call to delay next week’s Department of the Interior Western Gulf of Mexico oil and natural gas lease sale shows how out of touch with energy reality and the American people some extremist environmental groups are,” Luthi said in a statement issued today. “Due to low oil prices and increasing regulatory burden, this is not expected to be a momentous sale, but even so, the oil and gas industry will add hundreds of thousands of dollars to the U.S. Treasury.
Kongsberg Buys Sense Intellifield
Kongsberg Maritime has acquired 100-percent of the technology enterprise Sense Intellifield AS for approx. MNOK 290 on a debt-free basis. The purchase price may increase, depending on the company`s profit trend in 2007 and 2008. Sense Intellifield delivers products and services in the field of Integrated Operations, or e-field, for the international oil and gas market. remote operation of drilling operations and production optimization. Among other products, the company has developed software to retrieve, transmit, store and display data about well and drilling services on rigs. In tandem with the acquisition of Fantoft Process Technologies earlier this year and Kongsberg Maritime`s own oil and gas activities…
Louisiana Ports: New Legislation Grants Tax Breaks
Governor Bobby Jindal has signed legislation that supports Louisiana’s ports by expanding a tax cargo credit for certain port projects. SB 122 — authored by Senator Norby Chabert— modifies the Investor Tax Credit (ITC) and the Import-Export Tax Credit (IETC) by expanding the types of projects that qualify for exemptions. Projects that will qualify for the credit include warehousing and storage, port operations, marine cargo handling, ship building and repairs and oil and gas activities. Governor Jindal said, “Today is a great day for Louisiana’s ports.