Tuesday, August 22, 2017

Norway's Labour Calls for Debate on Oil Tax Regime

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Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party said on Monday, three weeks before a parliamentary election which opinion polls suggest it is on course to win. Labour's Marianne Marthinsen, a member of parliament's Finance Committee, told daily Aftenposten that Western Europe's top oil producer should look at changing rules that allow oil firms to reclaim costs of "failed exploration campaigns".

Ghana, Equatorial Guinea to Sign LNG Deal

Ghana's President Nana Akufo-Addo plans to sign an agreement to import liquefied natural gas (LNG) from Equatorial Guinea during his three-day visit to the Gulf of Guinea petroleum producer due to begin on Monday, his office said. Though an oil and gas producer in its own right since its flagship Jubilee field came on stream in 2010, Ghana has in the past struggled to ensure reliable power production for a growing domestic market.

Offshore Threat Detection Prevents Operational Downtime

Photo: Synectics

Offshore threat detection cannot simply be about security; it also has to focus on identifying and mitigating the risk of operational downtime. This market-led reality is reflected in Synectics’ focus at this year’s Offshore Europe exhibition in Aberdeen, September 5-8. An expert in delivering end-to-end surveillance systems for the world’s most demanding environments, Synectics has been at the forefront of oil and gas safety and security for decades.

Brazil Extends Oil Industry 'Perks' Through 2040

Brazil on Friday extended through 2040 a preferential customs regime for the oil and gas industry called Repetro, which was set to expire in 2019, as it seeks to entice investment ahead of key auctions later this year. The move was accompanied by another decree creating a special tax regime to bolster local suppliers for the oil and gas sector. The Repetro system, which was put in place in 2009, suspends…

U.S. Drillers Cut Rigs for Second Week in Three

File Image (CREDIT: AdobeStock / (c) Shamtor)

U.S. energy firms cut oil rigs for a second week in three, data showed on Friday, with drillers cutting spending plans in reaction to declining crude prices. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 64 weeks since the start of June 2016.

Petrobras, Brazil Dispute Transfer of Rights Worth $30 bln

Brazil's government and state-run oil company Petroleo Brasileiro are locked in a dispute over the value of offshore oil blocks involving an estimated $30 billion, newspaper Valor Econômico reported on Friday. The dispute, which has previously been reported, centers on a 2010 contract in which Petrobras paid the government for the transfer of exploratory rights over some oil areas off the coast. Oil prices were much higher at the time the original contract was signed, at around $90 per barrel.

Damen Shiprepair Rotterdam Completes the Refit of Petrojarl 1

Photo: Damen Shiprepair Rotterdam

On the August  18, 2017, Damen Shiprepair Rotterdam (DSR) has delivered the FPSO Petrojarl 1 to Teekay Offshore following a complete redeployment project taking place over the past 2 ½ years. The Petrojarl 1 has been operated by Teekay for 28 years in the North Sea and is now destined for the Atlanta Field in Brazil. After extensive engineering (over 450,000 engineering hours), more than 50% of the process equipment was removed and replaced by new and additional equipment…

VA Governor urges Trump to drop VA Offshore Drilling Plan

Virginia Governor Terry McAuliffe urged the Trump administration to exclude his state from a federal offshore oil and gas drilling plan, citing concerns about revenue sharing and environmental issues, in a letter that his office revealed on Thursday. McAuliffe, a Democrat, had previously said that any federal drilling plan that includes his state must include a revenue-sharing program. In the letter, dated Aug. 11 and sent to Kelly Hammerle, national program manager of the U.S.

GMG Secures Cable Contract for Rampion Offshore Wind Farm

CS Recorder – a dynamically positioned, cable installation vessel, capable of simultaneous lay and burial utilizing plough systems and the Q1000 jet trenching ROV.(Photo courtesy of GMG)

Global Marine Group (GMG) announced that it has been awarded a contract from E.ON to install a fibre optic cable at the Rampion Offshore Wind Farm, under construction 13km off the coast of Sussex, UK. Upon completion the cable will run from the shore to an offshore substation, providing a vital communications link for this major wind farm. The installation is expected to be completed later this month.

Latest Gulf of Mexico Auction Signals Offshore Return

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Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum. This compared with $18 million in high bids at the Bureau of Ocean Energy Management's (BOEM) Outer Continental Shelf auction last summer. Winners will be announced after a 90-day review. Some…

KBA Europe, Batok Offshore Partner in West Africa

KB Associates Europe Limited KBA(E) has announced a new partnership with the local representative – Batok Offshore and Oil Services Nigeria Limited for the arrangement of KBA(E)’s specialist training courses in country; such as Client Worksite Representative, Combined Diving System Assurance and FMECA Awareness, and Intensive FMECA courses, to be delivered in Lagos – Nigeria. The partnership aims to facilitate local training and consultancy provision to West African Consultants…

Saudi Aramco Mulls Bids to Expand Gas Plant

Saudi Aramco has received bids from international engineering firms to expand the Hawiyah gas plant, industry sources said on Wednesday as the state oil giant continues spending to expand its core business. The companies that submitted their proposals on Sunday are: South Korean Samsung Engineering, Spain's Tecnicas Reunidas, Taiwan's CTCI, Italy's Saipem , Britain's Petrofac, India's Larsen & Toubro (L&T).

Pullback in Fracking Sand Use Pressures Producers

File Image (CREDIT: AdobeStock / (c) Shamtor)

U.S. shale oil companies are pulling back on the amount of sand they use to hydraulically fracture new wells, responding to rising prices of the material that are driving up costs. Investors worry a slowdown in sand use, combined with new mining capacity coming online, could lead to a glut of the material and bring down prices. The worries have pressured shares of sand companies. Sand prices soared in the last year as oil companies ramped up shale drilling and production.

Transocean to Buy Songa Offshore

(File photo: Songa Offshore)

About 77 pct of Songa shareholders have so far accepted deal. Transocean, one of the world's biggest drilling rig operators, has agreed a deal to buy Norwegian competitor Songa Offshore for 9.1 billion Norwegian crowns ($1.1 bln), the two companies said on Tuesday. The deal, which would be mostly paid for in shares and convertible bonds, would strengthen Transocean's position in offshore drilling as Songa is Norwegian oil major Statoil's largest drilling service provider.

Cheniere Energy to Open China Office

File Image: a large LNG carrier at sea. (CREDIT: QGTC)

U.S. natural gas exporter Cheniere Energy Inc is setting up an office in Beijing to help it clinch long-term supply deals with Chinese buyers, four industry sources said. Cheniere, which held extensive talks with China earlier this year, will be the first operator of a U.S. liquefied natural gas (LNG) export facility to establish a presence in the country. The move follows an agreement in May between…

Gazprom Expects No Changes to Key Projects from New US Sanctions

Gazprom said on Monday that new U.S. sanctions against Moscow would not result in the Russian gas exporter having to make changes to key projects, although they could cause delays. Several provisions of the sanctions law signed by U.S. President Donald Trump earlier this month target Russia's energy sector, which produces much of its foreign income, with new limits on U.S. investment in Russian companies.

Bluestream Secures Annual IRM Contract of Total E&P Netherlands

Photo: BlueStream

Following a tendering process, Den Helder-based Bluestream has been awarded the 2017 Inspect Repair and Maintenance contract with Total E&P Nederland B.V. for 36 offshore sites. The contract is part of a long term frame agreement and is a continuation of the long-standing relationship between Bluestream and Total EP that has been in place since 2009. The work scope covers the subsea inspection of 29 platform structures and seven free standing domes on the North Sea Dutch Continental Shelf.

Gas Starts Flowing from BP's New Offshore Fields

BP has started producing gas from two new projects offshore Trinidad and Tobago and Australia, the company said on Monday, further boosting output that is helping the company to turn a corner after a bruising market downturn. Gas has started flowing via BP's $2 billion Juniper gas platform offshore Trinidad and Tobago that is expected to produce around 590 million cubic feet a day (mmcfd) from the Corallita and Lantana fields, BP said.

Drilling Ship Leaves Vietnam Block after China Row

The drilling ship at the centre of a row between Vietnam and China over oil prospecting in disputed waters in the South China Sea has arrived in waters off the Malaysian port of Labuan, shipping data in Thomson Reuters Eikon showed on Monday. Drilling by the Deepsea Metro I ship was suspended in Vietnam's Block 136/3 last month after pressure from China, which says the concession operated by Spain's Repsol overlaps the vast majority of the waterway that it claims as its own.

Wison Granted AIP for Its Innovative Floating LNG Storage

Photo provided by Wison Group Holding Limited

Wison Offshore & Marine announced that it has received Approval in Principle (AIP) from Bureau Veritas  for its newly-developed large-scale Floating LNG Storage and Regasification Terminal. Featuring scalable storage capacity up to equivalent size of a Q-Max, this is the first large-scale FSRU barge design that has been granted AIP by a classification society. It also marks that Wison is now capable…

US Drillers Add Oil Rigs for Second Week in Three

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U.S. energy companies added oil rigs for a second time in the last three weeks, extending a 15-month drilling recovery, but the pace of additions has slowed in recent months as firms cut spending plans in reaction to declining crude prices. Drillers added 3 oil rigs in the week to Aug. 11 bringing the total count up to 768, the most since April 2015. General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.

Distillates to Boost US Refiners' Bottom Line

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U.S. refiners such as PBF Energy and Valero Energy are heading into the winter season on their best footing in years, as months of surprisingly robust distillate demand has eaten away at stubbornly high inventories and boosted margins. Inventories of diesel, heating oil and jet fuel are approaching their lowest seasonal levels in three years, fueling expectations among refining executives, traders and analysts that strong margins will help the bottom line for refiners through year-end.

Tullow Launches Oil, Gas Exploration in Zambia

British company Tullow Oil on Friday started exploring for oil and gas in Zambia, Africa's No.2 copper producer, as the country pushes to diversify its economy and reduce its reliance on the industrial metal. Copper mining earns Zambia more than 70 percent of its foreign exchange but the southern African state has been trying to move into other commodities to insulate itself from price shocks. Zambia does not produce oil…

GranInvestimentos and Royal IHC Join Forces

Brazilian company GranInvestimentos and Dutch company Royal IHC are joining forces to deliver integrated life cycle solutions to customers in the oil and gas sector. Through this partnership, both companies are set to increase their operational and service activities, and expand their presence in Latin America. The association came into effect when IHC acquired a 50 percent share of GranEnergia – a subsidiary of GranInvestimentos that is active in the oil and gas market.

Dogger Bank Ownership Structure Announced

SSE and Statoil will take three of the 1.2 GW Dogger Bank projects while innogy will have one 1.2GW project. (Photo: Forewind)

The ownership arrangements for the four consented Dogger Bank offshore wind projects have been agreed and signed by the three Forewind shareholders, innogy, SSE and Statoil. Offshore wind consortium Forewind was awarded consents for 4.8 gigawatt (GW) of offshore wind development at Dogger Bank in the North Sea in 2015. The consents comprised four individual 1.2GW projects. SSE and Statoil together will each own 50 percent of the three projects: Dogger Bank Creyke Beck A…

Salardi to Lead Xodus’ Decom Division

Enrico Salardi (Photo: Xodus Group)

Xodus Group said it has appointed Enrico Salardi as its decommissioning director to lead the company’s ‘decom division’ which was formed in 2015. Salardi brings to the role more than 20 years’ experience in the management of oil and gas assets, joining Xodus from operator Quadrant Energy where he was senior project manager for a number of decommissioning programs in Australia. Throughout his career…

Peterhead Port Secures Offshore Wind Contract

(Photo: Peterhead Port Authority)

Peterhead Port Authority is set to support the start of offshore construction work for the European Offshore Wind Deployment Centre (EOWDC) after signing an agreement to harbor the suction bucket jacket foundations for the 11-turbine scheme. The contract will see the port moor one of the world’s largest floating cranes, with a maximum lifting capacity of 5,000 metric tons, and up to six barges that will transport the 11 foundations - the heaviest of which weighs around 1…

DONG Energy Beats Forecasts

File Image (CREDIT: Siemens)

Denmark's DONG Energy beat second-quarter profit forecasts on Thursday and said the start-up of more projects and a fall in construction costs would generate more cash, possibly making way for higher shareholder returns in coming years. DONG, the world's largest owner of offshore wind power, has a strategy of farming down, or selling off, large stakes in wind farms in order to invest the capital into new projects.

Pemex Seeks Oil Projects in Americas

Mexico's Pemex is looking for oil projects in the United States, Brazil, Colombia and Argentina to keep up output after an energy reform that means it is sharing more domestic production, a top executive from the state-run oil company said on Wednesday. Exploration chief Jose Antonio Escalera mentioned Argentina's giant Vaca Muerta shale play as an interesting project where Pemex could jump into a partnership.

Energean Bags Gas Sales Contracts for Israel Offshore Project

Greek oil producer Energean has exceeded its target for gas sales contracts needed before it goes ahead with plans to tap two gas fields off Israel's coast, market sources said on Wednesday. Energean bought the Karish and Tanin fields, located in deep waters around 100 kilometres off Israel's coast, last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy. It plans to lease its own floating production…

SBM Offshore Raises Outlook Buoyed by Deepwater Spending

File photo: SBM Offshore

SBM Offshore, a Dutch provider of floating oil and gas production vessels, raised its core earnings guidance on Wednesday citing clients slowly spending more on deepsea projects. "Deepwater is becoming attractive again. It's on a par from an economic standpoint with shale oil," said Chief Executive Bruno Chabas, in reference to a recovery in spending which fell after a sharp drop in oil prices in 2014.

Remote Surveillance for Subsea Equipment Manufacturing

Remote surveillance test setup at DNV GL offices (Photo: DNV GL)

The oil price collapse of 2014 triggered a wave of cost reduction among upstream businesses that saw global oil and gas companies slash capital expenditures by about 40 percent between 2014 and 2016. For DNV GL, the message was clear: everyone in the supply chain must advance cost reduction strategies for the offshore industry to remain competitive. With innovation and cost savings in mind, DNV GL developed a solution for remote surveillance service for subsea equipment manufacturing.

Forland Inspector Time Chartered

(Photo: Forland Subsea)

Forland Subsea AS said it has entered a time charter contract for the multipurpose offshore vessel Forland Inspector. The vessel, formerly known as Lewek Inspector, will be used for subsea operations, including remotely operated vehicle (ROV) support and crane work. The charter has commenced, and is for nine months firm plus three months options.

Baker Hughes Clinches Contract for PNG Gas Field

Baker Hughes, now part of General Electric, has won a major contract to provide a wide range of services to develop Papua New Guinea's first offshore gas field which is sees as a new model to help producers adapt to a world of low oil prices. GE Oil and Gas completed its merger with Baker Hughes last month to become the world's second largest oilfield services company, bringing together traditional drilling and pumping gear with technology such as software…

Petrobras CEO: Pre-salt Oil Extraction Costs $8 Per Barrel

Oil extraction in Brazil's promising pre-salt offshore wells costs about $8 per barrel, Petroleo Brasileiro SA Chief Executive Officer Pedro Parente said at an event on Tuesday. Parente also said the state-controlled company's new fuel pricing policy will reduce the chance of prices reaching below international parity.     (Reporting by Jose Roberto Gomes)

Addax Shuts Offices after Swiss Bribery Case

Chinese-owned oil firm Addax Petroleum is shutting its offices in Geneva, Houston and Aberdeen, it said on Monday, a month after it agreed to pay 31 million Swiss francs ($31.85 million)to settle charges of suspected bribery of foreign officials. Confirming a report in the Tribune de Geneve newspaper, Addax said its parent firm Sinopec International Petroleum Exploration and Production Corporation (SIPC) would integrate the three offices into a new technical centre in Beijing.

Sentinel Marine Secures Two New Contracts

(Photo: Sentinel Marine)

Sentinel Marine said it has secured two new contracts bringing the Aberdeen-headquartered firm’s contract wins to a total of £26.4 million ($34.4 million) since January this year. The latest contract wins will provide continued employment for 72 seafarers in the North Sea. Sentinel Marine’s contract with Statoil UK Limited will see the provision of an emergency response and rescue vessel (ERRV) Portland Sentinel in the energy producer’s Mariner field from the beginning of August.

Statoil Set to Drill Its Biggest Arctic Hope

File photo: Jamie Baikie / Statoil

Norway's Statoil will soon start drilling this season's most promising Arctic prospect, Korpfjell, after several disappointing wells in the Barents Sea, the company said on Monday. The majority state-owned company has stepped up drilling in the Barents Sea this year as the government seeks to attract more explorers to its Arctic waters to make up for declining North Sea output. The Norwegian Petroleum Directorate said on Monday Statoil's latest well in the Barents Sea…

TWMA Wins North Sea Contract with Azinor Catalyst

(Photo: TWMA)

TWMA, a provider of drill cuttings and slop handling, management and treatment solutions, said it has been awarded a contract estimated to be worth around £1 million with UKCS-focused E&P company, Azinor Catalyst Limited. The project, which commences in August 2017, will see TWMA provide drill cuttings containment and processing services on the Ocean Guardian rig in the Central North Sea. Azinor Catalyst has contracted the semi-submersible rig for the drilling of two wells in 2017.

CGG Begins Seismic Survey off SE Australia

(Image: CGG)

CGG said it has begun its Gippsland ReGeneration 3D reprocessing project in Australia’s premier Gippsland Basin, in South-East Australia. Historically, imaging the Gippsland Basin’s shelf break and numerous submarine channels has proven extremely challenging, but with the application of CGG’s latest high-end technology and workflows, including advanced de-multiple and high-frequency FWI, the Gippsland ReGeneration project will deliver significant reservoir imaging improvements…

Uganda, Tanzania Constructing $3.5 Bln Oil Pipeline

The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. The 1,445 km-project - set for completion by 2020 - will stretch from landlocked Uganda's western region, where crude reserves were discovered in 2006, to Tanzania's Indian Ocean seaport of Tanga. The project will become "the longest electrically heated crude oil pipeline in the world…

ADNOC to Spplit Huge Oil Concession, in Talks with Potential Partners

State-owned energy giant Abu Dhabi National Oil Co (Adnoc) said on Monday that it would split its ADMA-OPCO offshore oil concession into two or more areas with new terms to unlock greater value and increase opportunities for partnerships. Adnoc is in advanced talks with more than a dozen potential partners, the company said. The current operating licence for the concession will expire next March. The…

UK Greenlights 1.2 GW Offshore Wind Farm

ScottishPower Renewables, part of Spanish utility Iberdrola, has received planning approval from the British government for a 1.2-gigawatt offshore wind farm off the coast of Norfolk, the firm said on Monday. The so-called East Anglia THREE offshore wind farm will need 172 wind turbines and deliver enough power to meet the annual demand of almost one million homes, the company said. Britain's regulatory…

Greece Launches New Offshore Oil and Gas Tenders

Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said. The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece. Investors will…

Big MHI Vestas Test Wind Turbine on Fire

A test version of MHI Vestas' V164, the world's most powerful windturbine, has caught fire at a test centre in the west of Denmark. "Our technicians and experts will look into what has caused the fire," a Vestas spokesman told Reuters, declining to comment further. The V164 model is MHI Vestas' top model designed to challenge Siemens Gamesa, the market leader in the growing offshore market. MHI Vestas is a joint venture of Japan's Mitsubishi Heavy Industries and Denmark's Vestas.

US Oil Drillers Cut Rigs for 2nd Week in Three

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U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago.

Borr Drilling Aims to List in Q3, May Buy More Rigs

Norwegian drilling star-up Borr Drilling plans to list on the Oslo exchange this quarter and is considering buying more assets to position itself for a market upturn, Chief Financial Officer Rune Magnus Lundetrae said on Friday. The world's biggest oilfield service provider Schlumberger took a 20 percent stake via a private placement in the company managed by former Seadrill executives in March. "It's not about raising the capital. We will register the existing shares," Lundetrae told Reuters.

Ichthys LNG Output Expected to Start by Year-end

Japan's biggest oil and gas explorer Inpex Corp expects gas production from the seabed for its offshore Ichthys liquefied natural gas (LNG) project to start from around the end of the year, a senior company executive said on Friday. Inpex in late April delayed the Ichthys start to the first quarter of next year, citing delays in the installation of offshore production facilities. The floating production…

Petrofac JV Wins $2 Bln Refinery Contract in Oman

Petrofac Ltd said Oman's Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to the British oilfield services company's 50:50 joint venture with Samsung Engineering, sending its shares up as much as 9.5 percent. The 47-month project includes engineering, procurement, construction, training and start-up operations for all utilities at Duqm, the Middle East-focused company said on Friday.

TGS Shares Fall after Q2 Sales Disappoint

Shares of the world's leading provider of geoscience data to oil companies TGS fell by more than 6 percent on Thursday, after disappointing sales in the second quarter. TGS reported $108 million in quarterly revenues, 6 percent below consensus, and compared with $114 million in the second-quarter a year ago. "Part of the problem was that TGS failed to sell more in Brazil, where PGS and CGG did well…

DNV GL Performs Offshore Drone Survey

(Photo: DNV GL)

Classification society DNV GL said its surveyors have carried the group’s first offshore drone survey on the semisubmersible vessel Safe Scandinavia in the North Sea. The 25,383 GT tender support vessel (TSV) Safe Scandinavia is owned and operated by Prosafe, supporting Statoil’s drilling operations off the coast of Norway. Using camera-equipped drones, DNV GL’s drone pilots checked the TSV’s fairleads and their connection with the vessel’s two columns as part of the intermediate survey.

GMG Completes Cable Burial Work off the Netherlands

CS Recorder (Photo: Global Marine Group)

Global Marine Group (GMG), a provider of offshore engineering services to the renewables, telecommunications and oil and gas industries, said it has completed a remedial cable burial project for Prinses Amaliawindpark (PAWP), a wind farm off the Netherlands’ West Coast. PAWP covers an area of around 14km2 and comprises of 60 wind turbines that are connected by eight in-field cable strings that converge at the central offshore high voltage station.

Oil Steady as Tighter U.S. Market Balances OPEC Supply

File Image (CREDIT: AdobeStock / (c) Gear STD)

U.S. reports record gasoline demand, falling crude stocks. Oil prices rose steadied on Thursday, supported by signs of a tightening U.S. market but weighed down by ample supplies from OPEC producers. Benchmark Brent crude was up 5 cents at $52.41 a barrel by 1145 GMT. U.S. light crude was 5 cents higher at $49.64. Strong demand in the United States has been supporting prices. The U.S. That's below levels seen this time last year, an indication of a tightening U.S. market.

PXP Energy Eager to Resume South China Sea Drilling

Philippine oil and gas firm PXP Energy Corp expressed eagerness on Thursday to resume exploration in the disputed South China Sea and said any joint venture development would likely involve a Chinese company. Chairman Manuel Pangilinan told reporters he was looking to discuss plans to resume PXP's stalled Reed Bank project in the hotly contested waterway with the Philippine government. "We should start…

Crowley Supports Platform Tow-out, Installation in US Gulf

(Photo: Crowley)

Crowley Maritime Corp.’s ocean class tugboats and 455-series high-deck strength barges recently played an integral role in the tow-out and installation of Hess’ Stampede tension-leg platform (TLP) in the deep waters of the U.S. Gulf. Demonstrating both nearshore and offshore capabilities, six Crowley vessels worked together alongside other third-party assets to deliver the oversized, overweight platform…

Repsol Suspends Drilling on Vietnam Oil Block Disputed by China

Spain's Repsol said it had suspended oil drilling in a block off Vietnam, where the prospecting in South China Sea waters claimed by China had infuriated Beijing and brought Chinese pressure on Vietnam to stop. Tension has been growing between Vietnam and China over energy development in the waterway, where extensive Chinese claims are challenged by five Southeast Asian countries and disputed by the United States.

Scientists Turn to Big Data in Hunt for Minerals, Oil and Gas

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Scientists searching for everything from oil and gas to copper and gold are adopting techniques used by companies such as Netflix or Amazon to sift through vast amounts of data, a study showed on Tuesday. The method has already helped to discover 10 carbon-bearing minerals and could be widely applied to exploration, they wrote in the journal American Mineralogist. "Big data points to new minerals, new deposits," they wrote of the findings.

28% of Offshore Vessels Currently Laid Up

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Using VesselsValue's Offshore mapping service VV, Senior Offshore Analyst Charlie Hockless has put togther a snapshot showing the percentage of the offshore fleet currently laid up. Across all offshore types, 28 percent of the fleet is currently laid up. PSVs top the table, with 36 percent currently laid up. Hockless explained the definition of laid up used in this context: “Estimating the number of vessels in lay-up is an imperfect science.

European Oil Majors Enter U.S. Offshore Wind Markets

File Image: CREDIT CWind

Statoil, Shell, DONG Energy turn to U.S. offshore wind; oil firms bring big budgets, offshore tech and risk experience. Some European oil majors have made inroads into the emerging U.S. offshore wind energy market, aiming to leverage their experience of deepwater development and the crowded offshore wind arena at home. Late entrants to the offshore wind game in Europe, which began with a project off Denmark 25 years ago and is now approaching maturity…

Maersk: 140,000 bpd Possible From South Pars

File Image (CREDIT: Maersk Drilling)

Denmark's Maersk Oil has estimated potential output for the second phase of Iran's South Pars oil deposit at 120,000-140,000 barrels of oil per day, Fars News Agency reported, citing an official at National Iranian Oil Company (NIOC). The estimate is part of Maersk Oil's development study for the second development phase of the offshore oilfield, NIOC's vice president for engineering and development Gholamreza Manouchehri said. Maersk Oil, part of Denmark's A.P.