Monday, June 17, 2019

Oil News

Offshore Wind – A Brief History

Credit: Used with permission of Worldsfairchicago1893.com

Happy 80th birthday Maritime Reporter & Engineering News! Eighty years is a significant publishing and business accomplishment!Birthdays always cause a look back. An 80-year review starts in 1939, the close of one very challenging decade, the start of events still reverberating today. History’s most important history is contained in the last 80 years.Energy dominated every one of those decades. Consider energy use, say, starting after World War II, from 1950 to 1975.

UN Calls for Investigation on Tanker Attacks

United Nations Secretary-General Antonio Guterres called on Friday for an independent investigation to establish the facts and who was responsible for attacks on two oil tankers this week in the Gulf of Oman.The United States blamed Iran for the attacks on Thursday, a charge Tehran rejected. Amid the rising tensions, Guterres said he was available to mediate if the parties agreed, however he added that "at the present moment…

U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes

©  / Adobe Stock

The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of limited use against the asymmetric warfare tactics suspected in recent operations, including naval mines.Six tankers have been hit in the past month in two attacks near the Strait of Hormuz…

Offshore wind: One-stop Power Conversion

Optimized drive: Fred Olsen Ocean’s Brave Tern. Image: Handout/Fred Olsen

With the United States and China about to start their respective offshore wind build-ups, grid operators wondering about the efficiency of their turbines or the emissions-areas compliance of their wind-service vessels will be warmed to know there’s someone they can talk to. Yaskawa’s The Switch — a Japanese industrial giant’s European environmental tech business — is offering one-stop wind-energy shopping. As with shipping, you can order permanent magnet generators, drives and converters for your wind turbines. Take heart.

US Leads World Oil Reserves

Graph: Rystad Energy

The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published in the BP Statistical Review of World Energy 2019.Tight oil plays in the Permian Basin in Texas and New Mexico now hold 100 billion barrels of recoverable oil resources…

Renewable Energy Brings 11 Million Jobs

Image: IRENA

According to the International Renewable Energy Agency (IRENA) eleven million people were employed in renewable energy worldwide in 2018. This compares with 10.3 million in 2017.As more and more countries manufacture, trade and install renewable energy technologies, the latest Renewable Energy and Jobs – Annual Review finds that renewables jobs grew to their highest level despite slower growth in key renewable energy markets…

Petrobras Sells TAG, Gets $8.7 bln

Image: Petrobras

Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) has concluded the sale of gas pipeline system Transportadora Associada de Gás S.A. (TAG) to a group led by France'sEngie SA and Canada'sCaisse De Depot Et Placement Du Quebec (CDPQ).According to a stock exchange annoucement, Petrobras received a total of 33.5 billion reais ($8.69 billion) from buyers on Thursday for the 90 percent stake it had in TAG.Petrobras will continue to use natural gas transportation services rendered by TAG…

Oil Prices Jump 2% After Tanker Attacks

(Photo: Islamic Republic News Agency)

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings…

Cyprus Issues Arrest Warrants for Turkey Drill Ship Crew

Cyprus has issued arrest warrants for the crew of a Turkish drill ship anchored close to its coast for allegedly infringing territory over which the island has rights to explore for oil and gas, a foreign ministry official said on Thursday."We can confirm that warrants were issued. It's a double digit number," the Cypriot official said, declining further comment.Turkey said on June 10 that reports of the arrest warrants…

Norway Wealth Fund to Drop ConocoPhillips, Hess

(Photo: ConocoPhillips)

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the country's parliament on Wednesday adopted a plan to drop all dedicated oil and gas explorers and producers, as defined by stock market indices provider FTSE Russell…

Bids for Petrobras' Shallow Water Fields Surpass $1 Bln

(Photo: Petrobras)

Brazilian state-run oil firm Petroleo Brasileiro SA said on Thursday it received final proposals for shallow water fields Polos Enchova and Pampo that surpass $1 billion in value, according to a securities filing.The transaction is still subject to internal approvals, the company said, adding the bids were received on June 5.(Reporting by Ana Mano Editing by Chizu Nomiyama)

Two Tankers Attacked in Gulf of Oman

(Photo:  Islamic Republic News Agency)

Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo…

US Considering Sanctions Over Nord Stream 2

Pipelaying operations underway (© Nord Stream 2 / Axel Schmidt)

President Donald Trump said on Wednesday he was considering sanctions over Russia's Nord Stream 2 natural gas pipeline project -- which the United States has told European companies to avoid -- and warned Germany against being dependent on Russia for the fuel."We're protecting Germany from Russia and Russia is getting billions and billions of dollars from Germany," Trump told reporters at an appearance with Polish President Andrzej Duda at the White House.Nord Stream 2…

Infinity, Medserv Form Services JV

Aberdeen-based Infinity Oilfield Services and Malta-based Medserv have formed a new joint venture named InMedCo, to provide a broader portfolio of highly specialized technical services to the oil and gas market.The InMedCo joint venture combines Infinity’s technical and engineering expertise with Medserv’s integrated logistics capability and quayside facilities in Malta and Cyprus.The company provides inspection, repair, upgrade and refurbishment of topside and drilling equipment for platforms…

Oxy Enters Four Blocks in Southern Colombia

 U.S.-based oil company Occidental Petroleum Corp has partnered with Amerisur Resources Plc on four exploration and production blocks in southern Colombia, near the border with Ecuador, the National Hydrocarbons Agency (ANH) said on Tuesday.The Tacacho, Terecay, PUT-9 and Mecaya blocks are in the jungle region of Putumayo, one of the provinces with the greatest potential for oil discovery.Amerisur, which will continue as operator of the blocks, ceded 50% of its participation in the blocks to Occidental, the ANH said."These a

Book Review: Getting Down to It; 50 Years of Subsea Success in Norway

Co-author Arnfinn Nergaard.

The Norwegian Continental Shelf’s journey from the very first basic marinized subsea trees to today’s complex and sophisticated subsea processing equipment has been a rapid, at times turbulent, but always remarkable.There are many engineers who have seen through that journey, from the first exploration wells using Norwegian rigs in the mid-1970s to today. One has now written the history of subsea technology in Norway and this year’s Underwater Technology Conference (UTC) has been chosen for its launch…

India to Evacuate Thousands as Cyclone Nears West Coast

Indian authorities are preparing to evacuate 300,000 people along the western coast as a severe cyclone is expected to make landfall on Thursday morning in the state of Gujarat.Storm Vayu, which formed in the Arabian Sea, is likely to cross the Gujarat coast with gust speeds as high as 135 kmph (84 mph), the India Meteorological Department said in a statement.It also warned the cyclone could further delay the progress of the annual monsoon rains over the rest of India…

BP Boosts Saudi, U.S. Oil Reserves Estimates

BP raised its estimates of Saudi and U.S.

MWV Expects Druzhba Shipments Within Days

© nokturnal / Adobe Stock

German oil industry lobby group MWV expects German refineries to receive shipments of clean Russian oil through the Druzhba pipeline via Belarus and Poland within the next several days, a spokesman said on Tuesday.The spokesman for the Berlin-based association (Mineraloelwirtschaftsverband), that represents 14 companies, 17 refinery sites and 10 oil pipelines, said the two most severely affected refineries, PCK Schwedt and…

Exxon to Proceed with Argentina Development

(Photo: ExxonMobil)

US based ExxonMobil said on Tuesday it is proceeding with a long-term oil development in Argentina’s Bajo del Choique-La Invernada block.The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility and export infrastructure connected to the Oldeval pipeline and refineries.“We are encouraged by the excellent results of our Neuquén pilot project and look forward to increased production through this significant expansion…