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Tuesday, January 23, 2018

World Oil News

Eni Presents World Oil and Gas Review

Eni presented the twelfth edition of World Oil and Gas Review, the annual statistical review of the world oil and gas market and the refining system. Oil and gas reserves continue to rise, confirming that operators are able to replace reserves put into production and to find new ones: a comparison of 1995 reserves with those of 2012 reveals an increase of almost 40%. In the past year, however, despite a 2% increase in oil reserves, those for gas remained largely flat (+0.4%).

OPEC Needs To Spend $60B To Meet World Oil Demand

OPEC oil producers will need to invest $60 billion by 2010 to meet world oil demand, the group's president said. "To maintain its 1995 production level and make its proportionate share of the additional amounts, OPEC would need to invest about $60 billion by the year 2010 and another $250 billion by 2020," Abdullah al-Attiyah, also Qatari oil minister, told a conference. "World oil demand, which was about 70 million barrels per day in 1995, is expected to be more than 90 million bpd in 2010 and more than 100 million bpd in 2020," he added. "OPEC will attract substantial investment capital, because, in addition to having the world's largest reserves, they also have some of the lowest production costs in the world," Attiyah said.

OPEC Producers Must Invest $60B To Meet Demand

OPEC oil producers will need to invest $60 billion by 2010 in order to meet world oil demand, according to figures released by the group. To maintain its 1995 production level and make its proportionate share of the additional amounts, OPEC needs to invest about $60 billion by the year 2010 and another $250 billion by 2020, officials said. World oil demand, which was about 70 million bpd in 1995, is expected to be over 90 million bpd in 2010 and over 100 million bpd in 2020.

World Oil Supply Report Now Available

The World Oil Supply Report, new study published by energy analysts Douglas-Westwood is now available. The World Oil Supply Report considers all existing and potential oil producing countries and forecasts their likely future oil reserve depletion, year and level of peak production. It includes all known and 'yet to find' oil reserves including onshore & offshore, deepwater and shallow water, and unconventional resources such as oil sands. The data is then combined to give a view on the limits to global oil production. to meet demand. oil supplies. and long-term strategic planning by companies and governments. 241 pages, 112 figures and 16 tables. 26 countries worldwide, from Alaska to Australia. multinationals, etc.

World Oil Supply Report Now Available

The World Oil Supply Report,a new study published by energy analysts Douglas-Westwood is now available. The World Oil Supply Report considers all existing and potential oil producing countries and forecasts their likely future oil reserve depletion, year and level of peak production. It includes all known and 'yet to find' oil reserves including onshore & offshore, deepwater and shallow water, and unconventional resources such as oil sands. The data is then combined to give a view on the limits to global oil production. The report defines the year in which oil supplies will be unable to continue to meet demand. production, its volume, and the resultant maximum production level for world oil supplies.

Oil Demand Expected To Rise

According to the latest oil market report from IEA, world oil demand is still projected to increase by 1.66 mbd this year, despite a downward revision reflecting economic slowdown. North America is projected to increase consumption by 0.41 mbd, Europe by 0.2 mbd, and Asia by 0.75 mbd. The only marginal decline is expected in the Former Soviet Union. IEA has projected world oil demand to reach 79.3 mbd in 4Q 2001, an all time high. Total non-OPEC supply is projected to increase by 0.93 mbd, and the biggest increases are expected in the FSU (0.39 mbd) and N America (0.41 mbd). A marginal decline is expected in Europe.

World Oil Prices Hit Record Highs

World oil prices floated to their highest level in 23 months today after remarks by major OPEC producers gave the market new assurances that output cuts would not be revoked before March 2000 at the earliest. London crude oil futures stormed to their highest level for two and a half years as the threat of an oilworkers' strike in key producer Venezuela deepened fears of a potential supply crunch. Benchmark Brent crude broke through a previous high of $21.75 and achieved a new peak of $21.88 a barrel, more than 50 cents up on the day and its highest level since February 1997.

OIL SHEDS $0.61 IN SELL OFF

World oil markets dove on Thursday, apparently fueled by speculators' sell-off. Benchmark Brent blend futures dropped $0.61 cents to $20.02 a barrel in late trading after overnight U.S. data indicated slower than expected demand growth for gasoline in the world's biggest oil consuming nation. Weekly government data showed U.S. gasoline inventories rose in the week to August 20 when dealers were expecting a large decline.

Barbados Offshore Oil Bidding to Start Soon

The first round in offshore oil and gas production contract bidding for Barbados is scheduled to start in late June, according to a report on www.nationnews.com. The prospect of rich oil and gas reserves off the island nation have generated high interest among the world’s oil majors, and the government plans to profit first with the sale of seismic data, and second with the awarding of contract for exploration rights.

Energy Use Enjoys Strong Growth

forecast of international energy demand. patterns increasingly resemble those of the industrialized world. raise oil prices in 2000. industrialized (mainly Western Europe) and developing (mainly Central and South America) nations. 2001, and global oil demand is projected to expand by about 0.6 mbd in 2002. an annualized growth rate of 2.2%. almost 44 mbd over current production capacity by 2020. Latin America, and deepwater West Africa. future source of oil production in both Latin America and Africa.

Oil Prices To Remain At Current Levels: Bankers

Central bankers meeting at the Bank for International Settlements reportedly expect world oil prices to remain around current levels, starting that higher prices are not in producers' interests. Oil prices, which had doubled since producers inside and outside the Organization of Petroleum Exporting Countries agreed in March to cut two million barrels from daily output, came under selling pressure in recent weeks on perceptions that some producers were easing restraints. Benchmark Brent futures hit their highest level in three years in September, at $24.30. Brent for December delivery was trading around $22.73 on Monday.

Dow and Telleborg Receive World Oil Award

Mike Huspek Dow, Ruth Clay, Trelleborg, Alexander Lane, Susan Komonen, Eric Rexrode and Nathan Wilmot, Dow

Neptune  Advanced Subsea Flow Assurance Insulation System Named “Best Production Technology” of 2012. The winner of the 2012 World Oil Award for Best Production Technology is a breakthrough in subsea insulation developed by Dow Oil & Gas, a business unit of The Dow Chemical Company (NYSE: DOW), in cooperation with multiple organizations, including Trelleborg Offshore, a leading provider of polymer and syntactic foam-based coating solutions for the offshore oil and gas industry.

Oil Edges To 20 Month High

What goes down must come up? The world oil markets have again demonstrated the flair for the dramatic swing, moving higher on Wednesday, powered by stringent OPEC export limits and positive stocks news from the U.S. London August futures for benchmark Brent crude traded to a 20-month peak of 19.43 a barrel.

Keppel FELS $110M Contract

Keppel FELS Ltd (Keppel FELS), a wholly-owned subsidiary of Keppel Corporation Ltd, has secured a contract to build a KFELS B Class jackup valued at US$110 million for Gulf Drilling International Limited (GDI), Qatar’s first national drilling company. The jackup, GULF-4, well suited in the Arabian Gulf and Indian waters, will be built to Keppel FELS’ proprietary design. It will be capable of operating in 300 feet water depth, drilling down to 30,000 feet and accommodating 110 men.

IEA Concerned By Tight Oil Supply

The Governing Board of the International Energy Agency last week discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices. They expressed concern that the tightening supply situation could feed inflation and slow economic growth, thereby giving rise to problems particularly for developing countries. The Board noted that industry oil stocks worldwide were lower at the end of last year than at any time in the past decade. Yet demand is constantly growing. The present gap between demand and supply means that no surplus oil is available to build stocks and that they continue to be drawn down to meet current requirements.

IEA: Expressing Concern Over Tight Oil Supply

At a scheduled meeting today, the Governing Board of the International Energy Agency discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices. They expressed concern that the tightening supply situation could feed inflation and slow economic growth, thereby giving rise to problems particularly for developing countries. “Such instability would be in no one’s interest,” said Robert Priddle, Executive Director of the Agency. The Board noted that industry oil stocks worldwide were lower at the end of last year than at any time in the past decade. Yet demand is constantly growing.

First Oil from TEN Fields off Ghana

Photo: MODEC

Ghana began pumping crude from a second offshore field operated by British company Tullow Oil on Thursday, hoping the additional revenue will boost its flagging economy. The Tweneboa, Enyenra and Ntomme (TEN) field expects to average around 23,000 barrels per day (bpd) in 2016, eventually reaching 80,000 bpd along with associated gas to be harnessed to ease a domestic power deficit. President John Dramani Mahama opened the valves on the $1 billion Floating Production, Storage and Offloading vessel, the Prof John Evans Atta Mills, named after Ghana's former president who died in 2012.

EIA: World Energy Use Strong

Worldwide energy consumption grows by 60 percent over the next two decades, according to the reference case projection released today by the Energy Information Administration (EIA) in its annual forecast of international energy demand. way as their consuming patterns increasingly resemble those of the industrialized world (Figure 1). Energy markets were influenced by a host of developments in 2001. High world oil prices persisted from 2000 into the first half of 2001 and then weakened substantially in the third quarter of the year. States and the aftermath of the terrorist attacks on the United States on September 11, 2001. had in managing oil production cutbacks to raise oil prices in 2000.

High Oil Price vs. Old Doctrines

The recent frenzy in the oil market is unprecedented in modern history says Norway’s broking house Lorentzen & Stemoco. When prices have risen above US$45/b (Brent) in the past, this has been due to an imminent threat or outbreak of war. But the recent oil price rally has been driven by strong oil demand and not least by the perception that the world oil production reserve base is too small in light of the risk of further disruptions. This latter fear factor has been amplified by the problems in Venezuela, Nigeria and Iraq and the continued risk of terrorist attacks. For years there has been three main doctrines in the market. The first is that high prices will cause economic growth to stall and thus affect demand negatively.

China's Unipec Books Megatanker to Store Crude

Chinese oil trader Unipec has booked one of the world's largest ships to store crude off Singapore, trade sources said on Monday, hiring a 3.2 million barrel capacity supertanker to hold the oil at sea until prices recover. The TI Europe is one of just a handful of Ultra Large Crude Carries (ULCC), a category of vessel that is capable of carrying more than 3 percent of daily global world oil demand. International benchmark Brent crude prices fell below $100 a barrel on Monday for the first time in more than a year, with prices tumbling by more than 15 percent since June due to weak demand and ample supply. (Reporting by David Sheppard and Ron Bousso in London; editing by David Clarke)

Abu Dhabi Shipbuilding Plans Commercial Yard

Abu Dhabi Ship Building Co, may set up a new shipyard for commercial vessels to tap demand from the region’s booming offshore oil and gas industry, an official said. The Abu Dhabi-quoted firm, also known as ADSB, will decide next year whether to set up a separate commercial shipyard based in the Taweelah Port & Industrial Zone in Abu Dhabi. Arabain Gulf countries that produce almost a quarter of the world’s oil are boosting investment in offshore production driving up demand for rigs and service vessels in the region. The shipbuilder is hoping to capitalize on a booming offshore industry in Abu Dhabi, owner of the world’s second-largest offshore oil field in the Gulf. (Source: http://www.gulf-times.com)

World Oil Demand Growth Highest in 16 Years

In its May Oil Market Report the International Energy Agency (IEA) raised its forecast for 2004 world oil demand by 0.27 mbd. Altogether oil demand growth in 2004 amounts to 1.9 mbd or a change over 2003 of 2.5% resulting in a total demand of 80.6 mbd. In absolute terms the 2004 demand increase represents the single largest annual gain since 1988. Previous upward revisions to oil demand growth had centred on China but this time increased growth is estimated for North America and Europe. North America will in 2004 have increased oil demand by 1.6%, Europe by 1.5%, China by 13.6%, other Asia by 5.1%, Middle East by 4.9% Africa and Latin America by 1.7%. Oil demand is set to decline by 2% in the Former Soviet Union and by 1.6% in OECD Pacific.

Iran’s Oil Industry Facing Shortage of Rigs

According to MNA, given the rise in the oil prices and the growth in the world’s oil drilling activities, Iran’s oil industry is facing a shortage of drilling rigs, noted an official with the National Iranian Drilling Company (NIDC). As a result of the record highs in the oil prices, the prices of the offshore oil drilling rigs have increased by up to 300 percent. The Oil Ministry is planning to within the framework of the nation’s Fourth Five-Year Socioeconomic Development Plan, import eight drilling derricks from foreign companies and purchase four more from the domestic manufacturers. The total number of the drilling rigs - the 12 aforementioned units also included - owned by the NIDC will amount to 60 units, whereas at present, the nation’s oil industry is in need of more than 75.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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