Oil Discoveries News

24 Dec 2018

Venezuela Navy Confronts Exxon Vessel in Guyana Border Dispute

File Image: CREDIT: AdobeStock / © DonvictoriO

Venezuela's navy "intercepted" a ship exploring for oil on behalf of Exxon Mobil Corp in Guyanese waters over the weekend, Guyana's foreign ministry said in a statement, while neighboring Venezuela said the incident occurred within its territory.The latest incident in a century-old border dispute comes after a series of offshore oil discoveries have given Guyana the potential to become one of Latin America's largest producers. In OPEC member Venezuela, by contrast, crude output has tumbled to the lowest levels in nearly 70 years amid an economic crisis.The Ramform Tethys vessel…

24 Dec 2018

Venezuela Navy intercepts ExxonMobil Oil Explore Ship

The Venezuela's navy on Saturday "intercepted" a ship exploring for oil on behalf of Exxon Mobil Corp. in Guyanese waters, neighboring Guyana's foreign ministry said in a statement, in the latest incident in a century-old border dispute.A series of offshore oil discoveries in recent years have given Guyana the potential to become one of Latin America's largest producers. In OPEC member Venezuela, by contrast, crude output has tumbled to its lowest levels in nearly 70 years amid an economic crisis.The Ramform Tethys vessel, which belongs to Norwegian company Petroleum Geo-Services (PGS) and was conducting seismic survey work on behalf of Exxon…

23 Jul 2018

Exxon Expects More Oil from Guyana's Offshore Block

Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday.Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The previous estimate was 3.2 billion barrels of oil equivalent, Exxon, the world's largest publicly traded oil producer, said.Besides Exxon and Hess, China's CNOOC is also part of the consortium that is interested in Guyana's Atlantic coast resources.Exxon said production from Stabroek could reach over 750…

27 Mar 2018

Production Floaters Orders Are on the Rebound

© sadagus/Adobe Stock

Fifteen production floaters were contracted in 2017 – 11 FPSOs, two production semis, a wellhead TLP and an FLNG – and the number of deep water projects in the near-term planning queue indicates production floater orders are set to accelerate. This is a big change from 2016 when orders for new units totally dried up and the deepwater future looked pretty bleak. Here’s a round-up of contracts awarded last year and in January 2018. Tempera FPSO - Keppel in January 2017 received a contract from Dixstone Holdings…

31 Jan 2018

Shell Makes Big Deepwater Oil Discovery in Gulf of Mexico

Oil major Royal Dutch Shell said its U.S. unit had made one of its biggest oil discoveries in the past decade in the Whale deepwater well in the U.S. Gulf of Mexico. The Whale is operated by Shell and co-owned by U.S. oil giant Chevron Corp. "Evaluation of the discovery was ongoing, and appraisal drilling is underway to further delineate the discovery and define development options," Shell Offshore Inc said in a statement without giving figures. Shell has three Gulf of Mexico deepwater projects under construction -- Appomattox, Kaikias and Coulomb Phase 2. It has added more than one billion barrels of oil equivalent (boe) resources in the last decade in the Gulf of Mexico.

18 Jan 2017

World Energy Trends: What’s New in Floating Production

Where FPSOs are Being Planned. (Source: IMA/World Energy Reports)

Oil pricing continues to hover in the mid-$50s, market confidence is slowly returning and the production floater fabrication market is stirring. A major order for a production semi was placed in early January -- with Samsung receiving a contract to build the production semi for BP's Mad Dog Phase 2 project. The $1.27 billion unit will have capability to produce 110,000 b/d oil from 14 production wells. It will be used to develop further oil discoveries near the original Mad Dog Spar in the Green Canyon area of the GOM.

29 Oct 2016

Woodside Buys ConocoPhillips’s Senegal interests

Peter Colemanm CEO Photo Woodside

Woodside completed the transaction to buy 100% of the shares in ConocoPhillips Senegal B.V. The total purchase price was US$350 million plus net customary adjustments of approximately US$90 million. Woodside CEO Peter Coleman said the acquisition was an exciting addition to Woodside’s global growth portfolio. “We look forward to working with the Government of Senegal and joint venture participants Cairn Energy, FAR Limited, and Petrosen, the Senegal National Oil Company, to progress the commercial development of the SNE and FAN discoveries.

29 Jul 2015

Côte D’Ivoire Invests in O&G Safety Training

Thegrowth in oil and gas activity in Côte D’Ivoire has seen investment in standardized safety training in the region far outstrip that of other hydrocarbon-rich West African countries, according to international learning technologies company Atlas Knowledge. Uptake of International Minimum Industry Safety Training, the global standard for health and safety training, has rocketed in the country in the last two years and now accounts for almost 15 percent of the worldwide total. On a country-by-country basis, this represents the largest uptake of IMIST across Atlas’ network of international training partners. An OPITO standard, IMIST was…

10 Jul 2015

Tanzania: Dar es Salaam 2015 Port Volume to Increase

Cargo volumes at Dar es Salaam port are expected to rise as much as 25 percent this year, helped by expanded capacity and improved efficiency, Tanzanian president Jakaya Kikwete said in his last address to parliament before an election in October. The port, whose main rival is bigger but also congested Mombasa in Kenya, acts as a trade gateway for landlocked states such as Zambia, Rwanda, Malawi, Burundi and Uganda, as well as the eastern region of Democratic Republic of the Congo (DRC). "In 2014 the port handled 14.4 tonnes of cargo ... We expect it to reach 18 million tonnes this year," Kikwete said late on Thursday. "The port currently operates 24 hours a day and the speed of unloading and loading cargo has significantly increased ...

22 Oct 2014

Total Names Refining Boss to Replace de Margerie

Patrick Pouyanne (Photo: Total)

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week. Pouyanne, 51, head of refining, had been considered as possible candidate to succeed de Margerie in the past and has a reputation as a shrewd cost-cutter. The world's fourth largest oil company also named Thierry Desmarest, a former Total CEO, as non-executive chairman. The appointments came less than 48 hours after de Margerie's death.

25 Aug 2014

ABS to Class Ultra Deepwater Offloading Unit

The Remora HiLoad DP BR unit design approved by ABS will have advanced capabilities for offloading operations in Brazil's Santos Basin. ABS, a provider of classification services to the global offshore industry, has been selected to class the Remora HiLoad dynamic positioning (DP) BR loading unit, a second generation of the HiLoad DP system that connects to and keeps conventional tankers in position during crude oil offloading from floating production installations. Traditional offloading methods using a mooring buoy solution can be expensive in ultra deepwater fields such as those in Brazil's Santos Basin. Addressing the need for a cost-effective and flexible offloading solution in remote regions and harsh environments…

20 Aug 2014

China Rejects Manila Protests, Laments Detentions

China rejected Philippine complaints on Wednesday about Chinese survey vessels operating in a gas-rich area of Manila's exclusive economic zone, and has lodged a separate complaint about the detention of Chinese workers, as tensions persist. Philippine President Benigno Aquino said over the weekend that two Chinese survey vessels had been sighted in part of the disputed South China Sea also claimed by the Philippines called Reed Bank. In a statement faxed to Reuters, China's Foreign Ministry said that Reed Bank was Chinese territory. "Survey activities being carried out by Chinese survey ships are appropriate, legal and beyond reproach," the ministry said. China claims almost the entire South China Sea, believed to be rich in deposits of oil and gas resources.

18 Aug 2014

Chinese Survey Ships in Philippine Waters

Philippine President Benigno Aquino said two Chinese survey vessels had been sighted in a gas-rich area of its exclusive economic zone, raising concerns of heightened tensions in the disputed South China Sea. China claims almost the entire South China Sea, believed to be rich in deposits of oil and gas resources. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also claim the sea where $5 trillion of ship-borne goods pass every year. "Recently, we got a report from the armed forces that there were two hydrographic ships in Recto Bank, about 80 nautical miles off Palawan, clearly within our exclusive economic zone," Aquino told a television interview aired on Sunday. Recto Bank is also known as Reed Bank. "What are they doing there? What kind of studies are they conducting?

12 May 2014

EMGS - agreement with Nalcor Energy for 3D multi-client EM survey

EMGS Galatea

EMGS has signed a multi-client license agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, for the acquisition of up to 13,500 square kilometers, in a multi-season campaign. The CSEM survey is expected to begin in June of this year and will target the Flemish Pass Basin, where recent major oil discoveries have been made. The survey will collect 4,000 km2 of 3D EM data calibrated to these discoveries and will image key prospects in nearby areas. Integrated data delivery will be available in early 2015. This survey is supported by industry pre-funding.

01 Jul 2014

Greece Promises Tax Cut to Attract O&G Majors

Ionnis Maniatis

Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday. Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently, and 5 percent of the tax will go to local communities. "We have done this in order to incentivize our investors to invest in the future of Greece," Ioannis Maniatis, Greece's Energy Minister, said at a conference in London. He did not say when the new tax rates would come into effect.

02 Jan 2014

Gas and Oil Discoveries in the Askja Prospects

Operator Statoil has together with PL272 partners made a gas discovery in the Askja West prospect and an oil discovery in the Askja East prospect in the North Sea. The exploration wells  30/11-9 S and 30/11-9 A, drilled by the drilling rig Ocean Vanguard, are located between the Oseberg and Frigg fields and about 13 km southeast of the Statoil-operated Krafla/Krafla West discoveries. Main wellbore 30/11-9 S tested the Askja West prospect and proved a net gas column of 90 metres in Late and Middle Jurassic rocks.

20 Feb 2014

Exploration Well in Kramsnø Completed

Irene Rummelhoff, senior vice president exploration Norway. (Photo: Harald Pettersen)

Statoil, together with PL532 partners, has made a gas discovery in the Kramsnø prospect in the Barents Sea. The exploration program around the Johan Castberg field has been vital in providing area knowledge, but so far not delivered expected oil volumes. In 2011-2012 Statoil made a breakthrough in the Barents Sea with two high impact oil discoveries Skrugard and Havis, proving a total of 400-600 million barrels of recoverable oil. Skrugard and Havis opened a new petroleum province in the Barents Sea and created a basis for the Johan Castberg field development project.

04 Mar 2014

LR Awarded O&G Consulting Contract

The deal will support Aker Solution’s commitment to meet safe and sustainable offshore operations in the most important new development in the North Sea. It is a significant win for Lloyd’s Register Consulting as Aker Solutions is one of the world’s largest providers of products, systems and services to the oil and gas industry. In combination with risk analysis expertise from Lloyd’s Register Consulting, Aker Solutions is bringing together the best engineering and technologies for oil and gas drilling, field development and production in the North Sea for the front-end engineering design (FEED) phase. “The geographical scope of the Johan Sverdrup field is estimated to hold between 1.8 billion and 2.9 billion barrels of oil…

14 Apr 2014

Oil Marketer Says Africa Needs to Refine its Oil

Ethiopia's leading private oil marketer plans to expand into neighboring east African economies and is interested in part financing a refinery after commercial discoveries in the region. Tadesse Tilahun, CEO of National Oil Ethiopia, said untapped crude deposits in Kenya and Uganda handed governments and investors the opportunity to construct a refinery able to compete with cheap imports from India, the Gulf and beyond. Doing so would help African countries extract more value from their resources and cut their import bills, Tadesse said. "Africa's demand for refined products is growing hugely because of its economic growth. The crude findings are also increasing. That is the opportunity," Tadesse said in Addis Ababa as part of the Reuters Africa Summit. "We want to (build) a refinery.

22 Apr 2014

Offshore Floating Production Hits Headwinds

Floating production has been one of the most significant developments in the oil and gas industry over the past four decades. Since the first floating production unit (Argyll) was installed in 1975, more than 350 offshore fields too deep, too remote or too small for fixed platforms have been developed using floating production facilities. Looking forward, the future of the sector continues to look very promising, but some barriers and threats to growth have appeared. Three hundred and twenty (320) oil/gas floating production units are now in service…

22 Apr 2014

Inside Paraguay’s Oil Boom

President Energy Drilling at Puerto Guardian in Argentina and near the Paraguay border.

The Republic of Paraguay is a landlocked country in South America bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. The Paraguay River runs through the center of the country from north to south. Due to its central location in South America, it is sometimes referred to as the Heart of South America. Paraguay’s geography consists of grassy plains and wooded hills in the east and mostly low, marshy plains to the west.

23 Apr 2014

Offshore Oil & Gas: Brazil’s Northern Frontier

Seismic Streamer MV Oceanic Endeavour. Photo: Michel Floch

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon exploration along its northeastern and northern coasts. These are some of the poorest regions in the country and infrastructure for oil and gas exploration is minimal, yet significant discoveries and seismic indicators of large reservoirs are tantalizing and have attracted major local and foreign investors. Potential for oil discoveries in the area is proven…

29 Apr 2014

Offshore Energy Timeline:1806-2014

1806  - Spring pole cable drilling developed in US. 1844  - Fluid circulating rotary well drilling patented in England. 1845  - Circulated fluid used to remove drill cuttings for first time. 1860  - Fluid circulation rotary diamond coring drill developed in France. 1869 – T homas Fitch Rowland  patents  a “submarine drilling apparatus,” a fixed, working platform for drilling offshore to a depth of almost 50 feet. The anchored tower had telescoping legs, similar to modern offshore platforms. 1878  - First bulk oil tanker begins operation in the Caspian Sea. 1891  - First ocean-going tanker launched. 1897  - Wells drilled off piers in Summerland, Calif. 1905 – Oil discovered in the Caddo Pine Island field in Lousiana. 1911  -  Gulf Refining Co.

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News