Kvaerner Invests in New Quay at Stord
Kvaerner said it plans to invest NOK 370 million ($46.8 million) in a new quay at the company's facility at Stord. "The objective for this upgrade will be to make the facility more flexible. We invest now to strengthen our competitiveness, and this extension will position Kvaerner for deliveries of new solutions to both oil and gas projects and other market segments," said Kvaerner president & CEO, Jan Arve Haugan. The investment is subject to approval by Kvaerner's Board of Directors within a short period of time.
Gazprom, PetroVietnam Ink Multiple Deals
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.
Shell Approves New Gulf of Mexico Project
Royal Dutch Shell has given the go-ahead to develop its Kaikias deepwater field in the Gulf of Mexico, the first such project the oil and gas company has approved in 18 months. Oil companies around the world are emerging from one of the longest downturns in recent decades amid warnings that the drop in investment in recent years may lead to a supply deficit by the end of the decade. Shell said the Kaikias oil and gas project, located some 210 kilometres (130 miles) from the Louisiana coast, will start production in 2019 and generate profits with oil prices lower than $40 a barrel after the company slashed its costs by around 50 percent due to simplified design plans. Oil prices were around $56 a barrel on Tuesday.
Kolkata Port, Hooghly Pact for Liquid Cargo Terminal
The Kolkata Port Trust (KoPT) has signed a concession agreement with Hooghly Oil & Gas Terminal to establish a liquid cargo handling terminal at Shalukhali in Haldia. The terminal will facilitate the movement of petroleum cargo such as LNG, LPG as well as vegetable oil. It is expected to develop over the next three years. The project will help reduce pre-berthing detention and turnaround time of tankers carrying different liquid cargo, leading to a reduction in logistics costs to trade.
ABB Main Electrical Contractor for Ichthys Offshore Project
ABB appointed main electrical contractor for new semi-submersible central processing facility (CPF) at Ichthys oil & gas field in the Timor Sea off Western Australia. The order is valued at $15 million. ABB was awarded the MEC contract by the engineering, procurement and construction (EPC) contractor for the central processing facility, Samsung Heavy Industries. When completed in 2016 the CPF will be the largest offshore production facility in the world. The Ichthys oil and gas field is estimated to contain 12.8 trillion cubic feet of gas and 527 million barrels of condensate…
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)
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.
Indonesian Approved $1.5 bln of O&G Projects from Jan-Apr
Indonesia's upstream oil and gas regulator, SKK Migas, approved development plans for 18 oil and gas projects from January to April, with a total investment of $1.496 billion, it said in a statement on Sunday. SKK Migas estimated the cumulative oil and condensate production from the 18 projects to be 45 million barrels, while the natural gas production is estimated at 271 billion cubic feet. The projects are projected to start between 2016 to 2020, the statement said. Most of the projects approved are operated by Chevron Pacific Indonesia, the local unit of U.S. oil and gas firm Chevron Corp.
ABB Wins Third Ichthys FPSO Major Contract
ABB appointed main electrical contractor (MEC) for a new floating production, storage and offloading (FPSO) vessel at the Ichthys oil & gas field in the Timor Sea off Western Australia. The order is worth $30 million and was awarded by the engineering, procurement and construction (EPC) contractor for the FPSO, Daewoo Shipbuilding & Marine Engineering. This is the third major contract that ABB has been awarded for the Ichthys oil and gas project. Recently ABB was awarded a $15 million order by Samsung Heavy Industries to be the MEC for the Ichthys central processing facility, which, when completed will be the largest offshore production facility in the world.
Chevron's UK Offshore Rosebank Project Update
Chevron Corporation announce that its U.K. subsidiary has entered front-end engineering and design (FEED) on the Rosebank oil and gas project in the West of Shetland region. The Chevron-operated Rosebank project is located approximately 80 miles (130 kilometers) northwest of the Shetland Islands, in water depths of approximately 3,700 feet (1,100 meters). The project will include a floating production, storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline. “Rosebank is an important project for Chevron and the West of Shetland region, which holds a significant portion of the U.K.’s undeveloped oil and gas resources,” said Brenda Dulaney, managing director, Chevron Upstream Europe.
TechnipFMC Begins Operations Post-merger
TechnipFMC has begun operating as a unified oil and gas services company following completion of the merger of Houston-based FMC Technologies and paris-based Technip. Now with a combined 44,000 employees, the new TechnipFMC will work on oil and gas projects, technologies, systems and services “from concept to project delivery and beyond” with headquarters in Houston, London and Paris. A key focus for TechnipFMC will be project economics across subsea, onshore/offshore and surface, the company said in a press release.
Partners Tap Standardization to Trim Newbuild Costs
Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction of offshore oil and gas installations. Cost savings are delivered by addressing variations in owner, operator, and regulatory requirements during engineering and construction phases. Phase one, led by DNV GL, established new proposed international standards for offshore oil and gas projects and a second phase…
New Foss Exec to Support Oil and LNG Projects
Mike O’Shea has been hired as Foss Maritime Company’s Vice President of Oil Field Services, a new position that reports to Foss’ president and chief operating officer. The new position was developed to meet Foss’ current and future oil and liquefied natural gas (LNG) customers’ needs and support large oil and gas projects in Alaska and other remote locations around the globe. O’Shea will be located in Anchorage, Alaska, to allow hands-on oversight and management of Alaska-based oil and LNG projects. O’Shea, who has been on the job since November 15, has over 20 years of marine transportation experience. He most recently handled sales and operations management for major projects throughout Alaska and on the North Slope as director of business development for Crowley Maritime Corporation.
RS at Offshore Marintec Russia
From October 7-10, 2014, Russian Maritime Register of Shipping (RS) will participate in Offshore Marintec Russia, the International Conference and Exhibition, a new project for the Russian market. The event is focused on offshore development and is dedicated to the specialists of oil and gas industry. During the exhibition RS will present “Member’s Area”, a new information service which enables the RS customers, depending on the category, to access various RS information resources and databases. RS experts will actively participate in the Conference. Within the Conference Session ’Development of Modern Offshore Fleet for the Exploration of the Arctic and the Shelf of Russia‘ Georgiy Bedrik…
New Standard for Offshore O&G Project by DNV GL Led JIP is Cost Saving
Variations in owner, operator and regulatory requirements during engineering and construction phases at South Korean shipyards present a huge challenge for operators and drive up costs. DNV GL has kicked off a joint industry project (JIP) with Hyundai Heavy Industries (HHI), Daewoo Shipbuilding and Marine Engineering Company (DSME) and Samsung Heavy Industries (SHI) that will establish a new international standard for offshore oil and gas projects. The results could potentially cut project costs by 15%…
Maersk Oil, Partners Approve USD 3.2bln Tyra Gas Project
Maersk Oil has announced that the Danish Underground Consortium (DUC) has approved an investment of approximately 21bn DKK in the full redevelopment of the Tyra gas field. The announcement follows the Danish Parliament’s approval to implement legislation to secure the investment. The redevelopment of Tyra ensures continued production from Denmark’s largest gas field, and will protect and rejuvenate important Danish North Sea infrastructure. Today’s announcement represents the largest oil and gas project investment ever made in the Danish North Sea…
McDermott Awarded Anadarko GoM Contract
McDermott International, Inc. says that one of its subsidiaries has entered into an agreement with Anadarko Petroleum Corporation to provide construction and decommissioning support services employing Derrick Barge 50 (“DB50”) on the Red Hawk project, located in Garden Banks 876. The DB50 will remove mooring lines for the Red Hawk spar and provide accommodation and decommissioning support services. Mobilization is expected during the third quarter 2014. “This project is yet another example of our efforts to improve asset utilization beyond the requirements of our existing backlog…
McDermott Fast-Track Indonesia Offshore Heavy Lift Barge
McDermott International, Inc. apprise that the Derrick Barge 101 was recently mobilized to Indonesia to perform fast-track heavy-lift work for a client offshore Indonesia. Response time to fast-track work is just one of the key elements to a successful project outcome, said Hugh Cuthbertson, Vice President and General Manager, Asia Pacific. Our Project Management and Offshore Resources teams expedited the planning process, while ensuring compliance to safety throughout, to achieve mobilization within just a few days.
Hyundai Completes $150 M Oil Tanker Project
Construction of three oil tankers with tonnage of 100,000 tons each was finished at the Hyundai Heavy Industries shipyard in South Korea, according to a Moscow News report. After the recent naming ceremony, the tankers, whose total costs amount to $150 million, were delivered to the customer. The tankers were ordered by Sovcomflot, Russia’s largest shipping company. The tankers were designed and built specifically for transportation of oil within the framework of Sakhalin-1 oil and gas project, which is a large source of foreign investments in the Russian economy, according to the report. Two of the tankers will be used for transportation of oil from this production site, while the third one will be used for transporting oil from the port of Primorsk, built in 2001 at the Baltic Sea shore.
Australia Oil & Gas Survey: Day 2
Australia must work harder to build local oil and gas talent, according to Industry Snapshot Poll. Delegates at the 2012 Australasian Oil and Gas Conference have warned that Australia needs to do more to grow its own oil and gas talent, according to a poll conducted by GL Noble Denton. Oil and gas professionals have called for Australia to do more to build local industry talent, as the country struggles with an increasing shortage of skilled professionals. According to a poll conducted yesterday at the Australasian Oil and Gas Conference and Exhibition (AOG) in Perth, 68% of industry professionals think that Australia invest more in developing a local skills base, while 32% thought that the country is doing enough to increase the pool of local professionals.
Kvaerner Taking Advice on Strategic Growth Alternatives
Kvaerner says it is exploring new strategic opportunities to further strengthen its business and has retained Greenhill & Co. International LLP to advise on evaluating all strategic alternatives. Kvaerner has during the first half of 2014 delivered several key oil and gas projects on schedule, won new key contracts and continued to implement cost reduction measures. The company's Board of Directors says it is pleased with how Kvaerner has built a strong position as a competitive contractor recognized for its high quality delivery of demanding oil and gas projects.
Subsea 7 to Invest in Xodus Group
Leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry Subsea 7 S.A. and Chiyoda Corporation announced that Subsea 7 has agreed to acquire a 60% holding in Xodus Group, a leading energy consultancy, from Chiyoda. Yokohama-based Chiyoda, which provides services in the fields of engineering, procurement and construction on a global basis for gas processing, will retain a 40% holding as a joint venture partner. This investment…
CNPC Eyes Myanmar for LNG Terminal
China's biggest oil and gas company China National Petroleum Corp.(CNPC ) has expressed interested in a terminal in Kyaukphyu in Myanmar to receive imported Liquefied natural gas (LNG). China National Petroleum Corporation has proposed developing a terminal in Kyaukphyu to receive imported LNG, local media quoted an official from state-owned Myanma Oil and Gas Enterprise. He said that companies from China, Korea, Japan, Norway, Singapore and Thailand have already proposed investment into LNG development projects in Myanmar, and feasibility studies have been completed.