[Read more]
Source: Penn Energy
Chevron to build $1.4B lubricants plant at Mississippi refinery
[Read more]
Source: Penn Energy
Petrochina offers $1 bln for agreed Ineos j/v
PetroChina is offering $1 billion for a 50 percent stake in refineries in France and Scotland, seller UK chemical group Ineos said on Monday, in the first indication of the deal's value.
Under an agreement struck earlier this month, Petrochina will acquire a 50 percent stake in Ineos' European refining business, including the plants at Grangemouth in Scotland and Lavera in France.
[Read more]
Source: Reuters
Under an agreement struck earlier this month, Petrochina will acquire a 50 percent stake in Ineos' European refining business, including the plants at Grangemouth in Scotland and Lavera in France.
[Read more]
Source: Reuters
Plains Exploration shares rise on higher reserves
Shares of oil producer Plains Exploration & Production Co. rose Monday after the company said its level of proven reserves rose 16 percent in 2010.The company said its year-end estimated proved reserves rose to the energy equivalent of 416.1 million barrels of oil. The reserves were comprised of 54 percent oil and 46 percent natural gas.
[Read more]
Source: Bloomberg
Max Petroleum completes initial testing of UTS-1 well in Kazakhstan
The well will be placed on a 90-day production test after all necessary government approvals are obtained in the next few weeks, the company said.
[Read more]
Source: Energy Business Review
US fracking firms may have broken enviro law-probe
Several energy companies mayhave violated environmental rules by injecting diesel into the ground without permits as part of a controversial natural gas drilling technique, according to findings from Congressional probe released on Monday.[Read more]
Source: Reuters
Forecast boosts expected Canadian drilling
There's going to be more oil and gas rigs at work in Canada this year.That's according to a revised forecast from the Petroleum Services Association of Canada.
It expects 12,750 wells to be drilled through to rig release in 2011.
[Read more]
Source: 660News
Egyptian Exposure for Offshore Drillers
[Read more]
Source: The Star
Noble Corporation Prices Offering of Senior Notes
Noble Corporation announced today that its indirect wholly-owned subsidiary, Noble Holding International Limited ("NHIL"), has priced an offering of $1.1 billion aggregate principal amount of senior notes in three separate tranches, with $300 million of 3.05% senior notes due 2016, $400 million of 4.625% senior notes due 2021, and $400 million of 6.05% senior notes due 2041. The weighted average coupon of all three tranches is 4.71%. Noble Corporation, a Cayman Islands company ("Noble-Cayman") and a direct wholly-owned subsidiary of Noble, will fully and unconditionally guarantee the notes on a senior unsecured basis. The estimated net proceeds of approximately $1.09 billion are expected to be used to repay the outstanding balance of Noble-Cayman's revolving credit facility, to repay the Company's portion of outstanding debt under the Bully I and Bully II credit facilities, and for general corporate purposes, including to finance a portion of the Company's 2011 capital program. Pending the application of funds from the offering, the net proceeds are expected to be invested in U.S. government obligations, bank deposits or other secure, short-term investments.
Barclays Capital Inc., Wells Fargo Securities, LLC and SunTrust Robinson Humphrey, Inc. are acting as the book-running managers. HSBC Securities (USA) Inc., Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA), Inc., BNP Paribas Securities Corp., DnB NOR Markets, Inc. and Citigroup Global Markets Inc. are serving as co-managers. Copies of the prospectus supplement and prospectus may be obtained by calling Barclays Capital Inc. toll-free at (888)-603-5847, Wells Fargo Securities, LLC toll-free at (800)-326-5897 or SunTrust Robinson Humphrey, Inc. toll-free at (800)-685-4786.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Offers of securities will be made only by means of a prospectus supplement and prospectus filed with the U.S. Securities and Exchange Commission. The prospectus and prospectus supplement are part of a shelf registration statement that has become effective under the U.S. Securities Act of 1933, as amended.
Noble-Cayman is a direct, wholly-owned subsidiary of Noble Corporation, a Swiss corporation. Noble-Cayman performs, through its subsidiaries, contract drilling services with a fleet of 73 offshore drilling units (including eight drilling rigs currently under construction), located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and Asian Pacific. Noble-Cayman also owns and operates a dynamically positioned floating production, storage, offloading vessel.
NHIL is an indirect, wholly-owned subsidiary of Noble-Cayman. NHIL owns, through its subsidiaries, a fleet of 64 mobile offshore drilling units (including 6 rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil and West Africa.
Source: Press release
Barclays Capital Inc., Wells Fargo Securities, LLC and SunTrust Robinson Humphrey, Inc. are acting as the book-running managers. HSBC Securities (USA) Inc., Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA), Inc., BNP Paribas Securities Corp., DnB NOR Markets, Inc. and Citigroup Global Markets Inc. are serving as co-managers. Copies of the prospectus supplement and prospectus may be obtained by calling Barclays Capital Inc. toll-free at (888)-603-5847, Wells Fargo Securities, LLC toll-free at (800)-326-5897 or SunTrust Robinson Humphrey, Inc. toll-free at (800)-685-4786.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Offers of securities will be made only by means of a prospectus supplement and prospectus filed with the U.S. Securities and Exchange Commission. The prospectus and prospectus supplement are part of a shelf registration statement that has become effective under the U.S. Securities Act of 1933, as amended.
Noble-Cayman is a direct, wholly-owned subsidiary of Noble Corporation, a Swiss corporation. Noble-Cayman performs, through its subsidiaries, contract drilling services with a fleet of 73 offshore drilling units (including eight drilling rigs currently under construction), located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and Asian Pacific. Noble-Cayman also owns and operates a dynamically positioned floating production, storage, offloading vessel.
NHIL is an indirect, wholly-owned subsidiary of Noble-Cayman. NHIL owns, through its subsidiaries, a fleet of 64 mobile offshore drilling units (including 6 rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil and West Africa.
Source: Press release
Orders rise to normal level
The world's total of newbuilding orders for 2010 was estimated at 1,758 ships (33.8m CGT, 120.7m DWT and 71.1m GT) increasing by 75% on 1,006 ships (14.4m CGT, 52.8m DWT and 29.8m GT) from 2009.[Read More]
Source: ASIASIS
Suez Crisis
The uprising and political unrest in Egypt is already having economic affects around the world.
On Monday, analysts will watch to see if the stock market rebounds from Friday’s 166-point drop, as the price of oil continues to rise.
[Read More]
Source: SHIPTALK
On Monday, analysts will watch to see if the stock market rebounds from Friday’s 166-point drop, as the price of oil continues to rise.
[Read More]
Source: SHIPTALK
N.Sea Troll, Oseberg fields resume output
"They are both back in production," company spokesman Ola Anders Skauby told Reuters.
[Read more]
Source: Reuters
Esbern Snare rescued crew from Beluga vessel
The Danish warship Esbern Snare rescued two crew members from the German owned heavy lift carrier Beluga Nomination, which last week was hijacked by Somalia pirates in the Indian Ocean far from Somalia.[Read More]
Source: shipgaz
14,100TEU – Samsung breaks containership record
The record for the largest containership has been broken again, this time by Samsung Heavy Industries’ 14,100TEU ‘CSCL Star’ for China Shipping Line.
[Read More]
Source: Baird Maritime
[Read More]
Source: Baird Maritime
GE Oil & Gas Selected for $120M Trans Europa Naturgas Pipeline Upgrade
GE Oil & Gas will convert the nine GE MS3002 gas turbines, including three new units and six fully over-hauled units, to dry low NOx (DLN) technology, which will lower NOx and CO2 emissions to meet the stringent future German legal requirements.
Andrew Way, vice president - Global Services, GE Oil & Gas said, “GE is committed to helping customers boost performance and efficiency on a sustainable basis. We will complete this important Trans Europa Naturgas Pipeline upgrade project by maintaining the existing footprint of the units and with minimal impact to the balance of plant operations. In addition, we will ensure optimum fuel performance for the refurbished gas turbines.”
In addition to converting the nine units to DLN operation, the scope of GE’s contract includes replacement of the gas turbine skids and auxiliaries, replacing and installing heat recuperators, installing new control logic functions into the existing controls systems, site installation activities, and a full-string test for the first upgraded unit. All of the upgraded units will be shipped to the project sites and will enter service over the next four years.
Source: Press release
Hyundai Mipo bags more bitumen carriers
Hyundai Mipo Dockyard has won two additional 6,000 dwt bitumen carriers from Dutch shipowner Vroon.
[Read More]
Source: Seatrade Asia
[Read More]
Source: Seatrade Asia
ExxonMobil Sees Huge Earnings Increase
ExxonMobil continued to deliver strong financial and operating results in its fourth quarter ended Dec. 31 2010, as profit hit $9.25 billion, an increase of 53 percent.Full-year 2010 earnings, excluding special items, were $30.5 billion, up 57 percent from 2009, driven by higher crude oil and natural gas realizations, stronger refining margins and record chemical performance, the company reported.
[Read more]
Source: CSNews
German yard bags second major order in a week
P+S Werften in eastern Germany has announced a big order for five ice-strengthened container/supply ships - just a week after bagging another for a unique offshore construction vessel.[Read More]
Source: Motorship
Maersk Oil to buy Devon Energy’s 15% interest in Angola Block 16
Maersk Oil, a fully owned subsidiary of A.P. Møller – Mærsk A/S, has agreed to acquire a 15% interest in Block 16 in Angola from Devon Energy for an initial payment of USD 70 million and future contingent considerations. The agreement is subject to closing conditions including government approval.
Maersk Oil already operates Block 16, which includes the Chissonga discovery. Maersk Oil’s interest in the block would increase to 65%, with Sonangol (20%) and Odebrecht (15%) as partners.
“Acquiring Devon Energy’s interest in the block will provide Maersk Oil further materiality in Angola, just as the evaluation work on the Chissonga discovery gathers pace,” said Lars Nydahl Jorgensen, Head of Exploration at Maersk Oil. “It shows our confidence in the prospectivity of Block 16 and Angola as a whole.”
Maersk Oil is in the process of analysing the results from wells drilled at the Chissonga discovery to determine whether it is commercial and if further appraisal drilling is needed.
Future payments to Devon Energy are contingent on reaching a number of milestones and may ultimately amount to more than the initial payment.
Maersk Oil is operator with a 50% interest in two other licenses in Angola – Block 8 and Block 23, where an exploration well is planned to be drilled later this year.
About Maersk Oil in Angola
In June 2005, Maersk Oil acquired 50% interest and operatorship in the Production Sharing Agreement for Block 16, about 100 kilometers offshore Angola. Water depth in the block ranges from 200-1500 meters. In November 2006, Maersk Oil acquired a 50% interest and operatorship in the Production Sharing Agreements for offshore Blocks 8 and 23. Partners are Svenska Petroleum (30%) and Sonangol (20%). Water depth in Block 8 is up to 500 meters and in Block 23, up to 1,500 meters.
Source: Press release
Maersk Oil already operates Block 16, which includes the Chissonga discovery. Maersk Oil’s interest in the block would increase to 65%, with Sonangol (20%) and Odebrecht (15%) as partners.
“Acquiring Devon Energy’s interest in the block will provide Maersk Oil further materiality in Angola, just as the evaluation work on the Chissonga discovery gathers pace,” said Lars Nydahl Jorgensen, Head of Exploration at Maersk Oil. “It shows our confidence in the prospectivity of Block 16 and Angola as a whole.”
Maersk Oil is in the process of analysing the results from wells drilled at the Chissonga discovery to determine whether it is commercial and if further appraisal drilling is needed.
Future payments to Devon Energy are contingent on reaching a number of milestones and may ultimately amount to more than the initial payment.
Maersk Oil is operator with a 50% interest in two other licenses in Angola – Block 8 and Block 23, where an exploration well is planned to be drilled later this year.
About Maersk Oil in Angola
In June 2005, Maersk Oil acquired 50% interest and operatorship in the Production Sharing Agreement for Block 16, about 100 kilometers offshore Angola. Water depth in the block ranges from 200-1500 meters. In November 2006, Maersk Oil acquired a 50% interest and operatorship in the Production Sharing Agreements for offshore Blocks 8 and 23. Partners are Svenska Petroleum (30%) and Sonangol (20%). Water depth in Block 8 is up to 500 meters and in Block 23, up to 1,500 meters.
Source: Press release
The Somali Pirates Are Getting Smarter And More Aggressive
Somali pirates continued to increase their activity in 2010. They successfully hijacked 49 ships in 2010 (compared to 45 in 2009) and were holding 26 ships off the coast of Somalia as of Jan. 24.[Read More]
Source: Business Insider
AMEC wins £140m contract with BG Group
UK-based engineering and project management company AMEC has won an offshore oil services contract with BG Group.The £140 million deal will see the firm supply provide engineering, procurement, construction, commissioning and project management for all of BG Group's facilities in the central North Sea, including its Armada, North Everest and Lomond platforms.
[Read more]
Source: Sage For Construction
German boxship collided with Indian Navy ship
On Jan 30 at about 1700 Indian Navy ship INS Vindhyagiri collided with German boxship Nordlake. INS Vindhyagiri was returning to Mumbai after celebrating "Day at Sea" with families of military personnel, at least 200 people. Fire broke out as a result of the collision, but all civilians were evacuated, no injures or casualities.
[Read More]
Source: Maritime Bulletin
[Read More]
Source: Maritime Bulletin
Operation to rescue ice-nipped Russian ships cost $5 mln
Russia's operation to rescue its ice-nipped vessels in the Sea of Okhotsk cost five million dollars, a spokesperson for the Far Eastern Shipping Company said on Monday.[Read More]
Source: Voice of Russia
More shipping firms seen failing unless oversupply addressed
Shipping in the Suez Canal, the strategic waterway connecting the Red Sea with the Mediterranean Sea, hasn't been affected by unrest in Egypt, according to a canal authority official.Source:Ship-technology
[Read More]
Source: Wall Street Journal
POSH Semco opts for Veripos
[Read more]
Source: Offshore Shipping Online
Anadarko Provides Status Update of Caesar/Tonga Project
Anadarko Petroleum Corporation today announced that a mechanical issue involving the production riser system at the Caesar/Tonga project in the deepwater Gulf of Mexico will delay first production, which was expected in mid-2011. Although the production riser system underwent an extensive qualification program prior to installation, Anadarko's recent hydro-testing of the riser provided results that preclude it from being put into service on this project.
"We are delaying first production at the Caesar/Tonga project after our recent hydro-test of the production riser system indicated it was not fit for service," said Chuck Meloy, Anadarko Sr. Vice President, Worldwide Operations. "The project was otherwise on schedule, as we had recently secured the necessary permits to begin completions on the first two wells; nonetheless, in the interest of safety and the environment, delaying startup is clearly the right decision. We plan to continue the completion activities as we work with the co-owners to secure a reliable alternative for the production riser. Importantly, this should not impact our ability to meet the 2011 sales-volumes estimate that we provided in March of last year, as we continue to expect full-year 2011 volumes to be well within the range of 240 million to 250 million BOE (barrels of oil equivalent). We plan to announce our 2011 guidance and capital program during an extended investor conference call being planned for late February."
Anadarko operates the Caesar/Tonga development with a 33.75-percent working interest. Co-owners in the project include Statoil Gulf of Mexico LLC (23.55-percent working interest), Shell Offshore Inc. (22.45-percent working interest) and Chevron U.S.A. Inc. (20.25-percent working interest). Caesar/Tonga is located in the Green Canyon area of the Gulf of Mexico, in close proximity to Anadarko's Constitution spar in Green Canyon block 680.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2009, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
Source: Press release
"We are delaying first production at the Caesar/Tonga project after our recent hydro-test of the production riser system indicated it was not fit for service," said Chuck Meloy, Anadarko Sr. Vice President, Worldwide Operations. "The project was otherwise on schedule, as we had recently secured the necessary permits to begin completions on the first two wells; nonetheless, in the interest of safety and the environment, delaying startup is clearly the right decision. We plan to continue the completion activities as we work with the co-owners to secure a reliable alternative for the production riser. Importantly, this should not impact our ability to meet the 2011 sales-volumes estimate that we provided in March of last year, as we continue to expect full-year 2011 volumes to be well within the range of 240 million to 250 million BOE (barrels of oil equivalent). We plan to announce our 2011 guidance and capital program during an extended investor conference call being planned for late February."
Anadarko operates the Caesar/Tonga development with a 33.75-percent working interest. Co-owners in the project include Statoil Gulf of Mexico LLC (23.55-percent working interest), Shell Offshore Inc. (22.45-percent working interest) and Chevron U.S.A. Inc. (20.25-percent working interest). Caesar/Tonga is located in the Green Canyon area of the Gulf of Mexico, in close proximity to Anadarko's Constitution spar in Green Canyon block 680.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2009, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.
Source: Press release
Nexus in Talks for FPSO Contract
Australian exploration company Nexus Energy is in talks with a contractor regarding a floating production, storage and offloading vessel contract.
Nexus was in discussion with British engineering company Petrofac and is negotiating with lenders and potential partners for the project, according to the Australian Financial Review.
Source:Ship-technology
Nexus was in discussion with British engineering company Petrofac and is negotiating with lenders and potential partners for the project, according to the Australian Financial Review.
Source:Ship-technology
S.KOREA'S DAEWOO SHIPBUILDING WINS U.S. DRILL SHIP CONTRACT
Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660), South Korea's No. 2 shipbuilder, said Monday that it has won a deal to build a drill ship.
[Read More]
Source: Trading Markets
[Read More]
Source: Trading Markets
Hyundai Heavy nails record results
South Korea's Hyundai Heavy Industries, the world’s largest shipbuilder, made its best ever business results last year.
Hyundai announced at the end of last week that the company saw KRW 22.4052trn ($20.1bn) of sales,
KRW 3.4394trn of operating profit and KRW 3.7611trn of net profit during 2010. Last year's sales showed a slight increase of 6% compared to the previous year, but both the operating profit and net profit increased sharply by 55% and 75% respectively, outreaching KRW 3trn for the first time in history. Its operating margin also showed a dramatic jump to 15.4% on 10.5% from 2009.
Source: SeaTrade-Asia
KRW 3.4394trn of operating profit and KRW 3.7611trn of net profit during 2010. Last year's sales showed a slight increase of 6% compared to the previous year, but both the operating profit and net profit increased sharply by 55% and 75% respectively, outreaching KRW 3trn for the first time in history. Its operating margin also showed a dramatic jump to 15.4% on 10.5% from 2009.
Source: SeaTrade-Asia
Fugro Robertson Awarded Offshore Morocco Seismic Contract
[Read more]
Source: Oil Voice
Egypt's Protests Could Favor Shipping Stocks
Tanker stocks have already performed exceptionally well; compared to the S&P 500, they have averaged yields of 10%-15% higher. And now with the tensions in Egypt, and the possibility of supply constraints in Suez Canals has shown increased activity in the shipping sector as well as the Dry Baltic Index.[Read More]
Source: SmallCapNetwork
The Netherlands: Dockwise Bags Two HMT Contracts
It is the intention of the parties that this contract – already included in the Q3 backlog as a Letter of Intent (LOI) – will be executed on the new T-0 vessel.
[Read more]
Source: Offshore Energy Today
NYK Profit Jumps More Than Tenfold
NYK Line’s net profit jumped more than tenfold in the Japanese shipping company’s October-December fiscal third quarter as improved container shipping results offset higher fuel costs and soft bulk markets.[Read More]
Source: Journal of Commerce
DOE OKs Spex entry into Gindara
Australian firm Nido Petroleum Ltd. yesterday said the Department of Energy has approved the farm-in agreement under which Shell Philippines Exploration B.V. will acquire Nido’s 45 percent stake in the Gindara prospect at Service Contract 54 (SC 54) B.[Read more]
Source: Malaya
Lloyd's Register & Bestway's ambitious design venture offers improved 'green' bulk carrier
‘Emerald’ design offers a lighter and environmentally friendly ship as project exceeds fuel-saving targets. Lloyd’s Register and Shanghai-based Bestway Marine Engineering Design have completed their joint-industry project to develop a trend-setting environmental bulk carrier, with results far exceeding expectations.
According to the provisional data from the project, the new design for a 35,000 Dwt bulk carrier will achieve an 18% improvement in environmental efficiency over comparable previous versions when measured against the IMO's Energy Efficiency Design Index, a method by which a ship's CO2 efficiency is measured.
“This project clearly demonstrates what can be achieved through the power of technical co-operation," said Nick Brown, Lloyd's Register's Country and Marine Manager, China. "It showcased our technical expertise and ability to provide timely insights and support to innovative designers such as Bestway right from the initial design stage. This project also highlighted the leadership Bestway is taking in the area of ship design. We are confident about working together again with Bestway on safe and efficient designs in the future.”
The new 'Emerald' design exceeded targets in a number of key areas: it reduced the Handysize model's steel weight by 12%, making room for more revenue-generating cargo without increasing fuel consumption (the target was a 10% reduction); it also reduced fuel consumption by 19.5% (the target was 15%).
Both companies have since committed to return to the drawing board to see what further practical gains can be made with 35,000-dwt and other ship designs to answer calls from the market for 'greener' more efficient ships.
“This project demonstrated and strengthened the strong relationship between Lloyd’s Register and Bestway. It is an excellent example of effective co-operation between a local design company and a leading classification society," said Prof. Liu Nan, Bestway Chairman and General Manager. "I am sure that with more co-operation our ‘Emerald’ series and other bulk carrier ship-types will be optimised and all these ship-types will satisfy a growing demand from the global ship-owner community.”
The project was started in 2009 to research the commercial, functional and design feasibility of developing environment-friendly, low-carbon, economical bulk carriers. Owners in Asia and in Europe are showing interest in the innovative vessel designs and Bestway is now applying the design criteria to a number of different sized bulk carriers.
With support from London-based members of the organisation's Strategic Research Group, Lloyd’s Register Classification Society (China) is working with Bestway to provide training on the application of the organisation's classification rules and rule-change updates, as well as providing Bestway staff with technical training on the operational impact these changes will have on ship-design.
Source: Lloyd’s Register
“This project clearly demonstrates what can be achieved through the power of technical co-operation," said Nick Brown, Lloyd's Register's Country and Marine Manager, China. "It showcased our technical expertise and ability to provide timely insights and support to innovative designers such as Bestway right from the initial design stage. This project also highlighted the leadership Bestway is taking in the area of ship design. We are confident about working together again with Bestway on safe and efficient designs in the future.”
The new 'Emerald' design exceeded targets in a number of key areas: it reduced the Handysize model's steel weight by 12%, making room for more revenue-generating cargo without increasing fuel consumption (the target was a 10% reduction); it also reduced fuel consumption by 19.5% (the target was 15%).
Both companies have since committed to return to the drawing board to see what further practical gains can be made with 35,000-dwt and other ship designs to answer calls from the market for 'greener' more efficient ships.
“This project demonstrated and strengthened the strong relationship between Lloyd’s Register and Bestway. It is an excellent example of effective co-operation between a local design company and a leading classification society," said Prof. Liu Nan, Bestway Chairman and General Manager. "I am sure that with more co-operation our ‘Emerald’ series and other bulk carrier ship-types will be optimised and all these ship-types will satisfy a growing demand from the global ship-owner community.”
The project was started in 2009 to research the commercial, functional and design feasibility of developing environment-friendly, low-carbon, economical bulk carriers. Owners in Asia and in Europe are showing interest in the innovative vessel designs and Bestway is now applying the design criteria to a number of different sized bulk carriers.
With support from London-based members of the organisation's Strategic Research Group, Lloyd’s Register Classification Society (China) is working with Bestway to provide training on the application of the organisation's classification rules and rule-change updates, as well as providing Bestway staff with technical training on the operational impact these changes will have on ship-design.
Source: Lloyd’s Register
No direct threat to Suez shipping - insurance market
No direct threat to ships passing through the strategic Suez Canal waterway exists at the moment, despite unrest in Egypt, a senior official with London's marine insurance market said on Monday.
[Read More]
Source: Reuters
[Read More]
Source: Reuters
Feature: Ship fuel – time for ship owners and refiners to decide
[Read More]
Source: Baird Maritime
Statoil: Responsible operation at Gullfaks
“We addressed two topics in the meeting, specifically those relating to well integrity and pressure build-up in the Shetland formation,” says head of Gullfaks, Gunnar Nakken.
[Read more]
Source: Statoil
Ship owners unfazed by market tumble, keep placing newbuilding orders
With the dry bulk market at a two-year low at just 1,107 points, after losing an additional 2.64% at the beginning of the new week, one would expect that ship owners would have scaled back on their new building investment programmes. But, as one can clearly see by checking the latest ship brokers’ reports, this isn’t the case, not even by miles. According to Golden Destiny, just last week, with the dry bulk market losing ground consistently, an impressive 60 new building orders were reported, equalling a total invested capital of more than 2.8 billion dollars.
[Read More]
Source: Hellenic Shipping News
[Read More]
Source: Hellenic Shipping News
Keel laid for Antarctic research vessel
The keel was recently laid for the Antarctic research and supply vessel ordered by the South African department of environmental affairs at STX Finland’s Rauma shipyard.[Read More]
Source: motorship
Balltec installs 16 SMCs for Total Pazflor FPSO
Balltec has just completed the supply and installation of 16 Permanent Subsea Mooring Connectors (SMC) for the Total Pazflor FPSO.The facility is moored in approximately 3500 feet of water in Angola block 17. The connectors supplied by Balltec can be disconnected at any time during the design life of the facility should the need arise.
[Read more]
Source: Scandinavian Oil & Gas Magazine
Northrop-Gamesa wind-power venture chooses Chesapeake
A team of engineers from Northrop Grumman Shipbuilding and Spanish energy firm Gamesa has started work on a project to design and develop a prototype offshore wind turbine in Chesapeake's Greenbrier area.
[Read More]
Source: dailypress.com
[Read More]
Source: dailypress.com
Marathon Oil Corporation Declares Fourth Quarter 2010 Dividend
Marathon Oil Corporation announced today that the Company's board of directors has declared a dividend of 25 cents per share on Marathon Oil Corporation common stock. The dividend is payable March 10, 2011, to stockholders of record on Feb. 16, 2011.
[Read more]
Source: Offshore Energy Today
[Read more]
Source: Offshore Energy Today
Global Petroleum to acquire prospective oil and gas interests in Namibia
Global Petroleum has entered into an agreement to acquire Jupiter Petroleum Limited, a UK registered company, which holds prospective oil and gas exploration interests in offshore Namibia.
Global will issue 25 million shares at settlement and will reimburse reasonable historical expenditure on the Namibian and Juan de Nova interests, a French dependency in the Mozambique Channel.
[Read more]
Source: Proactive Investors
Global will issue 25 million shares at settlement and will reimburse reasonable historical expenditure on the Namibian and Juan de Nova interests, a French dependency in the Mozambique Channel.
[Read more]
Source: Proactive Investors
BP oil spill wipes £2bn off UK dividend payments
The BP oil spill wiped £2 billion off the value of dividend payouts last year, according to figures from Capita Registrars.
Dividend payouts fell to £56.6 billion after the cancellation of £5.4 billion in dividends from BP.
[Read more]
Source: Reuters
Dividend payouts fell to £56.6 billion after the cancellation of £5.4 billion in dividends from BP.
[Read more]
Source: Reuters
Australia: AWEs 4Q 2010 Production Slips 3%
[Read more]
Source: Offshore Energy Today
Falklands : DIRECTOR OF MINERAL RESOURCES REPORT FOR DECEMBER 2010
1). Progress with Offshore Drilling Programme: Since the last report was prepared for the meeting held on 14 December, The Ocean Guardian has completed drilling well 25/10-1 (known as Dawn/Jacinta) for Desire Petroleum which is situated in licence area PL006. The well is only the second to be drilled in the southern part of the North Falkland Basin, the first being well 26/06-1 (Ernest), drilled by Rockhopper Exploration last year. The data and samples taken from the well will be analysed over the coming months in order to understand the geology and the future potential of the area.
[Read more]
Source: SARTMA.com
Six store closures at Woodbury Commons Premium Outlets
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| Times Herald Record/CHET GORDON |
In another sign that consumers aren't spending like they used to, at least six retailers have closed in Woodbury Common Premium Outlets since the new year.
Chanel, French Connection, Harry & David, Liz Claiborne, Miss Sixty and Williams-Sonoma have shuttered, and rumors are circulating that more closures are on the way.
Christine Greak, the center's marketing director, denied the rumors of additional store closings and chalked the other closings up to a seasonal cycle.
"In the beginning of every year, it is not uncommon for a handful of stores to close and for us to await new stores taking their place," she said in an e-mail. "Although we do not comment on individual company business decisions to close a particular store, it should be noted that most of these closings are not unique to this particular center as selected companies have previously announced their decision to close all or most of their outlet stores."
All the stores that closed at Woodbury Common have been closing locations nationwide because of slumping sales.
Nebraska Crossing Factory Stores make-over
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| Nebraska Crossing Factory Stores |
You've driven past it while headed east or west on Interstate 80. You know exactly where to turn. But how often do you stop at Nebraska Crossing Factory Stores?
The answer to that question could change if a team of local and Arizona-based developers and the City of Gretna realize their vision of a $60 million makeover that would attract some of the nation's leading outlet retailers.
The center at the intersection of I-80 and Nebraska Highways 6 and 31 would gain an additional 115,000 square feet for stores and restaurants, as well as such amenities as benches, outdoor fire pits and a pedestrian-only “main street.”
“Omaha's going to be a great outlet town,” said Rod Yates of OTB Destination in Scottsdale, Ariz.
Plans for the Gretna center have been in the works since last summer, but a similar project announced this week for La Vista by a Baltimore developer raises questions about which development will persevere.
Cordish Cos. wants to build a $114 million entertainment and outlet retail complex at Southport West, just off I-80 near 126th Street and Giles Road. The site already is home to Cabela's, several hotels and the La Vista Conference Center.
Both groups of developers agree on one thing: The market will support only one project.
OTB Destination did more than two years of research on potential outlet space in the Omaha market before teaming up with the City of Gretna and two local developers who own the property, Yates said.
A community meeting to explain the plan is scheduled for Saturday at Gretna High School, and residents will vote next month on whether to direct tax revenues to the project.
Yates said the Gretna center would be more attractive to retailers. “They'll look at Council Bluffs, Gretna and La Vista. They'll look at all the factors.”
Twenty percent of the space is committed, he said, but he declined to identify the companies.
The Gretna site requires less construction, so stores can open more quickly, he said.
“Nike wanted to be open last year for the College World Series. That could happen in Gretna this year.”
Retail companies don't locate their stores too close together — outlet or otherwise — and Gretna is farther than the La Vista site from Omaha-area malls, Yates said.
Such policies are called radius restriction agreements. They limit where new stores may locate. The intent is to ensure that a new store doesn't cannibalize sales at an existing store.
Developers of the La Vista project have said they're not overly concerned with radius restrictions, but Jim Sadler, general manager of Westroads Mall and Mall of the Bluffs, confirmed that such restrictions are a real part of the equation.
Most stores still have such terms in their lease agreements, although they might not cover as many miles as they did years ago, said Sadler, who added that he hasn't spoken with developers of either project.
The area of a radius restriction depends on the individual retailer, he said, and would apply to the outlet shopping segment.
Westroads and Mall of the Bluffs are owned by General Growth Properties, which also owns Oak View Mall.
The Gretna shopping center is more than 18 miles from Regency Court and Westroads, 13 miles from Oak View and nine miles from Village Pointe. The La Vista site is a bit less than eight miles from Westroads, about five miles from Oak View and four miles from Village Pointe.
“We're going to be complementary retail,” Yates said. “That's what retailers want.”
Another strength of the Gretna site is its proximity to Lincoln, from which it will draw customers, Yates said. It is easily accessed from the north and south as well, he added.
When fully expanded to about 310,000 square feet, Life Outlets at Nebraska Crossing would join the nation's existing 150 premium outlet centers, Yates said. Currently, the closest top-brand outlet malls are near Minneapolis and in Williamsburg, Iowa.
Gretna's current 195,000-square-foot center has 53 storefronts and 30 tenants. Eight are outlet stores.
When the center opened in 1992, about 30 national retailers were involved in the outlet business, Yates said. Today there are more than 300.
He said he will seek such brands as Bloomingdale's, Saks, Banana Republic, J. Crew, White House/Black Market, Under Armor, Columbia and Coach. The current outlets, among them Carter's, Dress Barn and Lane Bryant, will remain as well.
National research indicates the Gretna project is one of 41 outlet centers under development around the country that plan to open in 2013 or before. One in four of those, including Gretna, would be converted from existing retail space.
“The opportunity is in the market,” Yates said. “This is a great way to reposition distressed retail.”
Gretna businessman Randy Sump, who has followed the city's work on the development, said the revitalized outlet center will result in jobs and tourism.
“It gives us a way to grow. I think it will spur more development.”
Future outlet mall in Winnipeg
By: Murray McNeill - Winnipeg Free Press
Winnipeg is one of the cities that will be getting a U.S.-style factory outlet mall, according to a spokesman for one of the income trusts that's bringing the retail concept to Canada.
"There's got to be one in Manitoba, and if there's going to be one in Manitoba it's got to be near Winnipeg," Edward Sonshine, president and CEO of Toronto-based RioCan Real Estate Investment Trust, said Tuesday.
Factory outlet malls, with their tantalizing combination of brand-name merchandise (usually prior-season goods) and deeply discounted prices, are huge retail draws in the United States.
North Carolina-based Tanger Factory Outlet Centres is partnering with RioCan to bring its outlet mall concept to Canada and its malls are typically about 350,000 square feet. That's similar in size to the new IKEA store that's scheduled to open in Winnipeg in 2012 or 2013. And because these malls usually feature dozens of brand-name outlets, one local retail leasing specialist said their drawing power is probably similar, as well.
"The (Winnipeg shoppers) will embrace it and it will be very big," said Ken Yee, senior executive vice-president of Cushman and Wakefield's Winnipeg office. "The outlets in the U.S. are always busy."
The closest factory outlet mall to Winnipeg is the Albertville Premium Outlets mall near Minneapolis, Minn., which boasts more than 100 discount retailers and more than 400,000 square feet of retail space. It's long been a favourite of Manitobans visiting that area.
Sonshine said RioCan and Tanger plan to open outlet malls in 10 to 15 Canadian cities over the next five to seven years.
"You won't be the first (to get one)," Sonshine said, adding that will be Toronto and Calgary because RioCan already has building sites in those two cities. After that, the partners will likely target Vancouver, Ottawa, Montreal, Edmonton and then Winnipeg. "So you're probably three or four years away, at least," he said.
Sonshine said the retail tenants that have told Tanger they're interesting in opening factory outlet stores in Canada include Nike, Adidas, J. Crew, Pottery Barn, Polo by Ralph Lauren, Tommy Hilfiger, Lacoste and Kenneth Cole.
"Ninety per cent of them will be brands they (Winnipeg shoppers) will recognize," he said.
Factory outlet stores typically boast prices that are 30 to 40 per cent below retail.
Sonshine said the partners haven't given any thought to where they might want to build their new outlet mall. But Yee had a few ideas.
"They're probably going to need a large chunk of land, so they'll likely end up in the IKEA development," he said, referring to the 1.5-million-square-foot IKEA/Seasons of Tuxedo retail development that's in the site-preparation stage at Kenaston Boulevard and Sterling Lyon Parkway.
"And I wouldn't rule out the (Winnipeg) stadium site, either," he said, noting there are 10.5 hectares of land available there and they could go two storeys high.
A third possibility is the Bishop Grandin Crossing retail/industrial/office development that's in the early stages on a chunk of land that includes the former Manitoba Sugar Beet property in south Fort Garry, Yee said.
While the pending arrival of factory outlet malls is great news for Canadian shoppers, one retail analyst told the Globe and Mail on Monday it spells more trouble for domestic retailers who are already bracing for the arrival of other U.S. retail giants like Target Corp., which recently struck a $1.8-billion deal to acquire up to 200 Zellers stores from Hudson's Bay Co.
"It's going to provide a lot more competition for the likes of the Bay and stores in the traditional enclosed shopping centres," said Wendy Evans, of Evans & Co. Consultants.
Winnipeg is one of the cities that will be getting a U.S.-style factory outlet mall, according to a spokesman for one of the income trusts that's bringing the retail concept to Canada.
"There's got to be one in Manitoba, and if there's going to be one in Manitoba it's got to be near Winnipeg," Edward Sonshine, president and CEO of Toronto-based RioCan Real Estate Investment Trust, said Tuesday.
Factory outlet malls, with their tantalizing combination of brand-name merchandise (usually prior-season goods) and deeply discounted prices, are huge retail draws in the United States.
North Carolina-based Tanger Factory Outlet Centres is partnering with RioCan to bring its outlet mall concept to Canada and its malls are typically about 350,000 square feet. That's similar in size to the new IKEA store that's scheduled to open in Winnipeg in 2012 or 2013. And because these malls usually feature dozens of brand-name outlets, one local retail leasing specialist said their drawing power is probably similar, as well.
"The (Winnipeg shoppers) will embrace it and it will be very big," said Ken Yee, senior executive vice-president of Cushman and Wakefield's Winnipeg office. "The outlets in the U.S. are always busy."
The closest factory outlet mall to Winnipeg is the Albertville Premium Outlets mall near Minneapolis, Minn., which boasts more than 100 discount retailers and more than 400,000 square feet of retail space. It's long been a favourite of Manitobans visiting that area.
Sonshine said RioCan and Tanger plan to open outlet malls in 10 to 15 Canadian cities over the next five to seven years.
"You won't be the first (to get one)," Sonshine said, adding that will be Toronto and Calgary because RioCan already has building sites in those two cities. After that, the partners will likely target Vancouver, Ottawa, Montreal, Edmonton and then Winnipeg. "So you're probably three or four years away, at least," he said.
Sonshine said the retail tenants that have told Tanger they're interesting in opening factory outlet stores in Canada include Nike, Adidas, J. Crew, Pottery Barn, Polo by Ralph Lauren, Tommy Hilfiger, Lacoste and Kenneth Cole.
"Ninety per cent of them will be brands they (Winnipeg shoppers) will recognize," he said.
Factory outlet stores typically boast prices that are 30 to 40 per cent below retail.
Sonshine said the partners haven't given any thought to where they might want to build their new outlet mall. But Yee had a few ideas.
"They're probably going to need a large chunk of land, so they'll likely end up in the IKEA development," he said, referring to the 1.5-million-square-foot IKEA/Seasons of Tuxedo retail development that's in the site-preparation stage at Kenaston Boulevard and Sterling Lyon Parkway.
"And I wouldn't rule out the (Winnipeg) stadium site, either," he said, noting there are 10.5 hectares of land available there and they could go two storeys high.
A third possibility is the Bishop Grandin Crossing retail/industrial/office development that's in the early stages on a chunk of land that includes the former Manitoba Sugar Beet property in south Fort Garry, Yee said.
While the pending arrival of factory outlet malls is great news for Canadian shoppers, one retail analyst told the Globe and Mail on Monday it spells more trouble for domestic retailers who are already bracing for the arrival of other U.S. retail giants like Target Corp., which recently struck a $1.8-billion deal to acquire up to 200 Zellers stores from Hudson's Bay Co.
"It's going to provide a lot more competition for the likes of the Bay and stores in the traditional enclosed shopping centres," said Wendy Evans, of Evans & Co. Consultants.
SapCrest, Kencana and Petrofac in JV to develop Berantai
Sapura Crest Petroleum (SapCrest), Kencana Petroleum and Petrofac Energy Developments, a unit of London-listed Petrofac, has entered into a joint venture (JV) to develop and operate the Berantai field located 150km offshore Terengganu.
A risk service contract was signed by Petronas and the operating parties to carry out the development and production of petroleum resources from the Berantai field while a joint operating agreement was also signed between the operating parties.
[Read more]
Source: The Star
A risk service contract was signed by Petronas and the operating parties to carry out the development and production of petroleum resources from the Berantai field while a joint operating agreement was also signed between the operating parties.
[Read more]
Source: The Star
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Source: Financial Express
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The well is the fifth in an exploration program designed to increase the Meridian SeamGas joint venture's gross proved and probable (2P) reserves by up to 200 petajoules.
The MER02V appraisal which reached its target depth of 618 metres on January 25, 2011 intersected the targeted Baralaba Coal Measures and Kaloola Formation with total net coal measured exceeding 19 metres.
IFO testing is being planned on the new upper seams encountered in this well which will then be cased as a future producer, based on historical data from the known producing seams alone.
WestSide will issue regular updates as and when appropriate as the reserves expansion exploration program progresses.
Source: Press release
OPEC to discuss oil policy February 22 in Riyadh
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Talisman resumes drilling
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The average realized oil price on the NE production in the fourth quarter was USD 54 per barrel.Local sales volumes in Kurdistan have further increased in January and the total WI production in January is expected to be around or above 28,000 bopd.
Yemen production DNO's WI production in Yemen in December 2010 was 6,281 bopd and the NE production was 3,939 bopd. In the fourth quarter of 2010, DNO’s WI production in Yemen was 6,156 bopd and the NE production was 3,872 bopd.
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Source: Your Oil and Gas News
Rig Counts Jump: Producers step up drilling across North America
According to the weekly rig report from oilfield services firm Baker Hughes Inc., the number of rotary rigs drilling in the US and Canada increased by 35 rigs this week.In the US, there are 1,732 rigs drilling, which is an increase of 19 rigs for the week and 415 rigs year over year. Specifically, there are two more inland water rigs, one less offshore rig, and 18 more land rigs working in the US.
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Source: Penn Energy
GMX Resources to raise $300 mln via shares, notes
Oil and gas company GMX Resources Inc said it will raise $100 million via a public offering of common shares and $200 million through a private placement of senior notes, sending its shares down 10 percent.
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Source: Reuters
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Top man at Wärtsilä announces his retirement
Wärtsilä Corporation has announced that its president and CEO, Ole Johansson, has decided to retire after reaching 60 years of age in June 2011.[Read More]
Source: Motorship
El Paso Stays on Course with 2011 Pipeline and Production Growth Plans
El Paso EP set another year of growth goals for its exploration and production and pipeline units, with plans to invest $3.2 billion in 2011. Much of the firm's 2011 plans will continue with projects that were set in motion in 2010, warranting no changes to our model assumptions. However, we're encouraged by the firm's commitment to develop both its pipeline and E&P unit, while initiating development plans for its recently formed midstream joint venture with Kohlberg Kravis Roberts & Co. KKR. El Paso remains supportive of its MLP, El Paso Pipeline Partners EPB, with plans for two to three asset dropdowns this year, and to use dropdown proceeds for more debt reduction.[Read more]
Source: Morning Star
New LPG engine from MAN
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Source: Motorship
Ferry KMP Lautan Teduh II burned, killed 19 people.
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Egdon acquires interests in UK petroleum licences
Hampshire-based oil and gas exploration company Egdon Resources is to acquire 50 per cent of two onshore UK petroleum exploration and development licences (PEDLs) from Oslo-based Valhalla Oil and Gas.
In turn it will pay Valhalla part of the profit from any revenues, after costs. The value of the deal was not disclosed.
[Read more]
Source: Insider Media Limited
In turn it will pay Valhalla part of the profit from any revenues, after costs. The value of the deal was not disclosed.
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Source: Insider Media Limited
Shippers angry over 'silly' security demands from carriers
THE Shippers' Voice, an online forum for shippers, has lashed out at a move by container shipping lines who demand advanced freight information five days ahead of loading rather accepting the 24-hour advance rule set by the EU.
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Source: Shipping Online
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Source: Shipping Online
Exxon Mobil drills world's longest well off eastern Russia
The horizontal well is part of the big Sakhalin-1 oil and natural gas project.
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Source: Star-Telegram
Shell’s Voser Looks to Rosneft for Exploration Deal
Peter Voser, chief executive officer of Royal Dutch Shell Plc, said he’s looking at a partnership with Russia’s state-owned OAO Rosneft to hunt for oil reserves.“We are talking about potentially exploration” together, Voser said today in a Bloomberg Television interview in Davos, Switzerland. “Partnership with national oil companies is part of our business model. This is the way to go, we are driving this, and we’re quite happy to have these relationships.”
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Source: Bloomberg
Indian Navy destroys pirate mother ship, arrests pirates
Whilst the Coast Guard and Navy Dorniers tracked Prantalay, the pirate ship, Indian Naval Ship Cankarso, a recently commissioned Water Jet Fast Attack Craft was directed to intercept and investigate the ship.[Read More]
Source: The Hindu
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