Allseas Plans World's Largest Construction Vessel
Swiss offshore services firm Allseas is planning to build a vessel big enough to be able to remove the world's largest oil and gas platforms when they reach the end of their production lives, its chief executive said. The vessel, to be called Amazing Grace, is designed to remove the heaviest platforms in a single lift and could reduce decommissioning costs for global oil and gas producers, the firm said. It would be a bigger version of Allseas' existing Pioneering Spirit ship…
Sonatrach Eyes More Vessels to Boost Asia Gas Sales
Algeria will acquire more vessels to transport gas to Asia as it eyes increased sales in that region, the chief executive of state energy firm Sonatrach said on Monday. "With Russia and the U.S., gas competition is tough," Abdelmoumen Ould Kaddour told reporters during a visit to the Hassi Messaoud oilfield. He gave no details. Kaddour also said Sonatrach's oil drilling in Algeria's southern neighbour Niger, where a Sonatrach unit was awarded a production-sharing deal in 2015, had been "satisfying" so far.
Devon Sells Panyu Field to China
Devon Energy Corporation, a U.S.-based oil and gas exploration, development and production company, sold its producing Panyu field located offshore China to China National Offshore Oil Corporation. China National Offshore is a state-owned oil and gas producer in China. In April, Devon Energy said it had agreed to sell its producing Panyu field located offshore China to China National Offshore for $515m. During 2009, Devon's production from the Panyu field was approximately 12 thousand barrels of oil per day.
CNPC and Repsol Discuss Deal
According to Reuters, China National Petroleum Corp. (CNPC), the country's largest oil company, has offered to pay between $13.2 billion and $14.5 billion for a 75 percent stake in Spanish oil major Repsol's Argentine unit YPF, the South China Morning Post reported on Tuesday, citing sources. Executives from CNPC, the parent firm of Asian oil and gas producer PetroChina, has begun talks with Repsol over the offer, and the initial reaction from Repsol's board members has been receptive, the newspaper said. The bid is lower than the $17 billion offer that CNPC was prepared to make.
Sonangol to Buy Cobalt's Stake in 2 Offshore Blocks
Angolan state oil company Sonangol said it would buy oil and gas producer Cobalt International Energy Inc's 40 percent stake in two oil blocks offshore Angola for $1.75 billion. Cobalt operates three blocks covering 3.4 million acres off the Angolan coast. (Reporting by Anannya Pramanick; Editing by Saumyadeb Chakrabarty)
BG to Invest $15B in Australian LNG Project
According to a report from Bloomberg, BG Group Plc, the U.K.’s third largest oil and gas producer, said it will invest $15b in the Curtis liquefied natural gas project in Australia over the next four years, its single biggest investment. The project in Queensland state, which is scheduled to start fuel shipments in 2014, is among more than a dozen proposed LNG developments in Australia seeking to tap Asian demand for cleaner-burning fuel to curb emissions. (Source: Bloomberg)
Horizon Eyes HK Float, Needs More Bulk
According to a report from The Wall Street Journal, Australia oil and gas producer Horizon Oil has considered listing shares in Hong Kong but the company lacks the scale in China to justify such a move, chief executive Brent Emmett said. Horizon increased its stake in the development of two oilfields offshore from southern China by acquiring Petsec Energy's interest in block 22/12. Source: The Wall Street Journal
Gulf Drilling Halt Starts to Sting
According to a report from Reuters, the moratorium on deepwater drilling in the Gulf of Mexico has begun to bite oilfield service companies, with market analysts now forecasting lower than expected spending on new projects in the region and pressure on drilling stocks. A survey of companies released by Barclays Capital on Wednesday, June 16, showed oil and gas producers would likely spend $1.6b less on exploration and production in U.S. than they had expected at end-2009 because of the moratorium. (Source: Reuters)
Devon to Buy PennzEnergy in $2.42 Billion Deal
Devon Energy Corp. reportedly plans to acquire PennzEnergy Co. in a friendly $2.4 billion deal that would create one of the 10 largest independent U.S. oil and gas producers.
AP Moeller Expects Higher Profits in 2001
According to the company, AP Moeller expects that its full-year group profits to be higher than the nearly $1.2 billion booked in 2000. AP Moeller operates Maersk-Sealand - one of the world's largest containershipping lines, and is also a North Sea oil and gas producer. - (Reuters)
CNOOC Sets 2010 Output Target at 48-50m Tons
China National Offshore Oil Corp, the parent of CNOOC Ltd, said it has set an oil and gas output target for 2010 of 48 mln-50 mln tons of oil equivalent. CNOOC, the country's largest offshore oil and gas producer, said overseas oil and gas output is expected to hit 20-25 mln tons in 2010. CNOOC had oil and gas output of 40.33 mln tons of oil equivalent in 2006 with overseas output at 5.57m tons, it said in a statement. CNOOC has invested in 45 overseas oil and gas blocks in 10 countries including Nigeria, Australia, Kenya and Indonesia. Source: AFX News
BP to buy Nigerian LNG
Oil major BP Plc has agreed to buy liquefied natural gas (LNG) from the new Brass project in Nigeria to help meet growing demand in the U.K. and the U.S. The deal, to be finalized later this year, is for annual shipment of two million tons of LNG for 20 years starting in 2010. The Nigerian gas will be delivered by Brass LNG and used by BP, one of the world's largest suppliers of LNG, to supply multiple markets in the Atlantic basin. Demand for imported LNG, gas cooled for easy transport by tanker, is booming as Europe and the United States turn to the fuel to compensate for falling local gas production. The Brass LNG project is backed by Italian oil and gas company Eni, U.S. oil majors Chevron and ConocoPhillips and state-owned Nigerian National Petroleum Corp.
CNOOC Pairs with Husky to Explore Deep Water Oil
CNOOC Ltd.’s unlisted parent company plans to start deep water oil and gas exploration in the South China Sea with Canada's Husky Energy Inc. next year, according to AP report. If the scheduled exploration finds sizable reserves in a bloc in the South China Sea about 185 miles south of Hong Kong, it will be China's first deep water oil and gas field. CNOOC's parent company is currently restricted to pumping oil and gas offshore at no deeper than 350 m, because of the technology currently available to it. According to the report, CNOOC previously signed a production sharing contract with Husky, an integrated oil and gas producer, to jointly explore and develop two deep water blocs in the South China Sea.
Vietnam Offshore Contract Awarded
Keeper Resources Inc. has been awarded an oil and gas exploration block off the coast of Vietnam. Keeper said PetroVietnam had selected Keeper and its bidding partner, a major U.S. independent oil and gas producer, as the winners of a tender for Block 124 off the coast of Vietnam. A final deal is subject to negotiation and execution of a production sharing contract with PetroVietnam, the national oil company of the communist Asian country. Vietnam currently produces 353,000 barrels of oil and about 742 million cubic feet of natural gas a day. The company has operations in Canada and Vietnam.
Schlumberger Cuts Seismic Fleet to Lower Costs
Schlumberger Ltd, the world's No.1 oilfield services provider, said it was reducing the size of its marine seismic fleet to lower costs as it expects customers to cut exploration spending. Schlumberger said it would take a charge of $800 million to write down the value of six vessels and other WesternGeco assets in the fourth quarter ending December. Oil and gas producers, Schlumberger's customers, have scaled back spending plans due to a 40 percent fall in oil prices over the past six months. Analysts expect exploration spending, in particular, to be hit hard as oil and gas producers are unlikely to invest in new fields as long as prices remain low. Schlumberger's fleet of vessels come with seismic equipment that help exploration companies survey potential oilfields.
China Oil Producer Sees Profits Soar
China's top offshore oil and gas producer, CNOOC, has posted a 38 percent jump in earnings for the first half of the year. The better-than-expected results were driven by soaring energy prices and higher output, according to a report on www.voanews.com. Oil and gas production at the state-owned company increased by more than seven percent in the first six months of 2006 compared to a year earlier. CNOOC's chairman Fu Chengyu says the company achieved breakthroughs in its overseas business development. Fu says CNOOC completed the acquisition of a 45 percent stake in a Nigerian oil block and also extended its exploration activities to Equatorial Guinea, Australia and Kenya. China's second-largest lender, the Bank of China, also posted positive interim results.
Bush Admin. Urges Oil Lease Renegotiation
Bloomberg has reported that the Bush administration wants Marathon Oil Corp., Kerr-McGee Corp. and 54 other oil and gas producers to renegotiate Gulf of Mexico drilling leases that let them avoid paying as much as $10 billion in government fees. The Interior Department may ask the companies to voluntarily rewrite contracts from 1998 and 1999 to add a provision for royalty payments when oil and gas prices are high, said Johnnie Burton, head of the department's Minerals Management Service. Price thresholds for relief from royalty fees were accidentally omitted in those years and were included in 1996, 1997 and 2000. The U.S. House of Representatives last month approved a measure that would bar companies from any new U.S. leases until they agreed to fix the contracts from 1998 and 1999.
CNPC, Cheniere Pact for LNG
China’s state-owned oil company, China National Petroleum Corporation (CNPC), and U.S. independent energy company Cheniere Energy have signed a Memorandum of Understanding (MoU) for long-term sales and purchases of liquefied natural gas (LNG), Reuters reported. The report quoted U.S. State Department saying that the deal between the two companies was signed during president Trump’s first state visit to China. Neither companies disclosed details of the transaction. According to CNPC…
Petrobras Awards Lankhorst Ropes Dyneema Deepwater Mooring Line Contract
Leading deepwater rope manufacturer, Lankhorst Ropes, has secured the first-ever, worldwide order for Dyneema synthetic mooring rope for deepwater MODU (Mobile Operating Drilling Unit) projects from Brazilian oil and gas producer Petroleo Brasileiro SA (Petrobras). Gama 98 is a rope construction developed by Lankhorst Ropes specifically for deepwater mooring, and used on a number of major deepwater projects in the Gulf of Mexico. The rope will feature up to 12 Dyneema SK78 yarn sub-ropes. Developed by DSM, Dyneema SK78 is a high modulus polyethylene fibre.
OPEC Sees Balanced Oil Market by Year-end
OPEC said on Monday the world oil market would return to balance only towards the end of 2018 as extra barrels from the United States and other non-member producers offset an OPEC-led deal intended to clear a supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said outside producers would boost supply by 1.4 million barrels per day (bpd) this year. That was the third consecutive rise from 870,000 bpd forecast in November. "The steady oil price…
Woodside to Evade LNG Concerns with New Ships
According to Bloomberg, Perth-based Woodside Petroleum Ltd. plans to skirt concern among Californians about the safety of liquefied natural gas import terminals by delivering the fuel directly into pipelines from ships moored offshore. Australia's second-biggest oil and gas producer will invest to develop the new technology and get access to the most populous U.S. state. In June, Woodside withdrew from a plan to build a permanent LNG terminal in the state, which relies on imports for 87 percent of its gas. Larger rivals including BHP Billiton have so far failed to persuade Californians to accept construction of terminals on or near the mainland and ease a gas shortage that helped to boost prices more than fourfold since 2001.
Maersk Drilling Secures Offshore West Africa Contract
Jack-up rig 'Maersk Endurer' contracted for 2-year drill off Cameroon, adding about US$ 100-million to Maersk Drilling's contract backlog. Maersk Drilling expands its activities in West Africa with the signing of a contract for the jack-up Maersk Endurer with Addax Petroleum, owned by Sinopec, which is one of the largest oil and gas producers in the world. The contract duration is two years and the value is around USD 100 million. Expected commencement is late October 2012. “We are pleased to have signed this contract with a very experienced operator in West Africa…
China Government Approves First FLNG Project
The CNOOC Gas and Power Group, a wholly-owned subsidiary of CNOOC, China's largest offshore oil and gas producer, informs that its first floating liquified natural gas (LNG) project has gone through government approval, reports Xinhua. The floating LNG terminal project, located in north China's Tianjin Municipality, will be the first of its kind to be built in the country. Citing a CNOOC statement Xinhua reports that the company will spend 3.3 billion yuan (534.7 million U.S. dollars) to build the floating LNG terminal, which will ensure fast supplies and shorten the construction period for its Tianjin LNG project by up to four years.