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ULSTEINVIK, Norway -- ULSTEIN has been awarded the design and equipment contract for Van Oord’s new subsea rock installation (SRI) vessel Bravenes. Working in close cooperation with Van Oord, this is the first fully integrated design where ULSTEIN is responsible for the development and integration of both the mission equipment and vessel design. The vessel will be constructed at Sinopacific Shipbuilding Group in China and delivered in 2016.
West Texas Intermediate fell for a sixth day, the longest losing streak since May 2012, while Brent slid amid speculation that crude supplies will increase after Libyan rebels agreed to hand over two export terminals.
Futures dropped as much as 0.5% in New York. Libya is reopening the Es Sider and Ras Lanuf facilities after reaching an agreement yesterday, July 2, with a group that blockaded ports in the country’s east in the past year, said Ahmed al-Amin, a government spokesman. Fighting in Iraq, OPEC’s second-largest producer, still hasn’t spread to the south, home to more than three-quarters of its crude output.
“Libya will just add more supply, and the world is awash with oil,” Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, said by phone. “There’s nothing new from Iraq and investors are starting to realize that there’s not going to be a major affect in terms of supply.”
WTI for August delivery declined as much as 53 cents to $103.95 a barrel in electronic trading on the New York Mercantile Exchange and was at $104.11 at 2:38 p.m. Sydney time. The contract fell 86 cents to $104.48 yesterday, the lowest close since June 11. The volume of all futures traded was about 5% above the 100-day average. Prices have gained 5.8% this year.
Libyan Supply
Brent for August settlement dropped as much as 52 cents, or 0.5%, to $110.72 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.95 to WTI. The spread narrowed for a third day yesterday to close at $6.76.
Libya’s biggest and third-largest oil ports were handed over in a gesture of support for the newly elected parliament, according to a spokesman for the group that calls itself the Executive Office for Barqa. Es Sider and Ras Lanuf, which can handle a combined 560,000 bpd of crude, may boost Libya’s export capacity almost five-fold.
The rebels, who are seeking self-rule for a region known as Cyrenaica, occupied the facilities in July last year, demanding to share oil revenues to make up for neglect experienced under Muammar Qaddafi’s 42-year rule. Libya, a member of the Organization of Petroleum Exporting Countries, holds Africa’s biggest reserves.
U.S. Stockpiles
In Iraq, oil production has mostly been unaffected by an Islamist insurgency in the north. The country will ship 2.8 MMbpd this month, close to a record high, loading programs obtained by Bloomberg show.
Crude inventories in the U.S., the world’s largest oil consumer, shrank by 3.2 MMbbl to 384.9 million in the week ended June 27, the Energy Information Administration reported yesterday. Supplies were projected to decrease by 2.4 million, according to the median estimate in a Bloomberg News survey of 10 analysts.
Gasoline stockpiles slid by 1.24 MMbbl, the first drop in five weeks, said the EIA, the Energy Department’s statistical arm. Distillate fuels, including heating oil and diesel, climbed by 975,000 bbl to 121.5 million, the highest level since Jan. 10.
WTI’s decline may stall as it approaches technical support, data compiled by Bloomberg show. Futures are trading along an upward-sloping trend line extending from the intraday lows of May 1 and June 5, at about $104 a barrel today. Buy orders tend to be clustered along chart-support levels.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Providencehelp Worldwide Foundation, online.
NEW ORLEANS (Bloomberg) -- BP Plc asked the U.S. judge in charge of thousands of oil-spill damage lawsuits to review a ruling that exposes the company to as much as $18 billion in fines, saying it was based on evidence he said he wouldn’t consider. BP claims the Sept. 4 ruling that the company was grossly negligent in causing the 2010 Gulf of Mexico oil spill was based on expert testimony that U.S. District Judge Carl Barbier of New Orleans said he would exclude from the 2013 trial over who caused the disaster. BP asked Barbier to change his finding or grant a new trial.
STAVANGER, Norway -- Statoil and its partners have completed their joint seismic acquisition project in the south-eastern Barents Sea. New forms of cooperation have ensured resource-efficient acquisition, the Stavanger-based company said.
LONDON (Bloomberg) -- BG Group and its partners discovered natural gas at a well off Tanzania, adding reserves for a planned export plant in the East African country. The Kamba-1 well in Tanzania’s block 4 found 1.03 Tcf of gas, according to a statement from Ophir Energy Plc, which holds a 20% interest in the block. That’s probably enough to justify a third production unit at a proposed gas-export plant, it said.
HOUSTON (Bloomberg) -- BP Plc, facing as much as $2.5 billion in claims by U.S. shareholders for lost stock value connected to the 2010 Gulf of Mexico oil spill, must fight suits by foreign investors seeking millions of dollars more, a judge ruled. U.S. District Judge Keith Ellison in Houston said U.S. securities law doesn’t bar foreign investors who bought BP common shares on exchanges overseas from pursuing their claims under English law in his court. Ellison earlier allowed U.S. pension funds holding London shares the right to sue under British law.
STAVANGER, Norway -- Det norske oljeselskap ASA, operator of production license 553, has concluded the drilling of wildcat well 34/7-36 S. The well, which was drilled about 10 km west of the Visund field in the North Sea, was dry.
OSLO, Norway (Bloomberg) -- Norwegian Energy Co. ASA plunged the most on record in Oslo trading after saying it may not meet financial commitments at the end of the year because of a shutdown at its Huntington oil field this month. The producer sank as much as 76% and was down 71% to 2.38 kroner as of 12:27 p.m. in the Norwegian capital, the lowest intraday price since 2007.
WATFORD, United Kingdom -- A recent investment by DeepOcean in four pipe/cable tracking systems from Teledyne TSS is now bearing fruit with the company putting them to work on a number of different subsea projects. DeepOcean took delivery of two TSS 440 and two TSS 350 systems at the start of the summer season and has been using them regularly since then.
Repsol SA’s plans to explore for oil off the Spanish Canary Islands in a $10-billion project won backing from the nation’s Supreme Court.
The justices rejected seven appeals against Repsol’s exploration permits, and sentence will be published in coming days, according to a court official who spoke on condition their name not be used.
The favorable ruling removes one of the last few hurdles remaining for the biggest Spanish oil company to begin drilling off Fuerteventura and Lanzarote islands near West Africa. Should Repsol discover oil, it has estimated the project will cost 7.5 billion euros ($10.2 billion).
The appeals contested the Spanish government’s decision in 2012 to reapprove exploration permits that were originally given in 2001. They had been held up since that year in court battles and administrative delays.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Providencehelp Worldwide Foundation, online.
Pertamina buys part of Murphy Malaysia stake for $2 billion JIM POLSON JAKARTA, Indonesia (Bloomberg) Pertamina agreed to buy a 30% stake in Murphy Oil’s oil and natural gas assets in Malaysia for $2 billion in cash. Closing with the
ZIERIKZEE, Netherlands -- N-Sea, an IMR specialist, recently completed its inaugural diving scope with the TUP (transfer under pressure) Diving System. The diving scope involved x-mas tree assistance with the deployment of the TUP Diving System for Oranje-Nassau Energie (ONE), the largest privately-owned Dutch operating company, on its project, “L6 Diving Services” at location L6D in the North Sea.
RIO DE JANEIRO -- The QGOG/ SBM consortium, hired by Petrobras to build and operate the FPSO Cidade de Ilhabela, departed Guanabara Bay on Sept. 21 for the Sapinhoá field, in the Santos basin pre-salt cluster.
LONDON (Bloomberg) -- North Sea oil operators’ surging costs risk scaring away the more than 1 trillion pounds ($1.6 trillion) of investment needed to meet their production goals, according to industry lobby Oil & Gas UK. The country needs that investment if it hopes to recover the equivalent of more than 20 Bbbl of oil, the group said Sept. 30 in a statement.
THE HAGUE, Netherlands -- The Joint Shipping Initiative -- made up of Shell, BP, Maersk, Stena and Japanese shipping companies NYK, MOL and “K” Line -- has given $1.5 million of additional funds to a United Nations Development Program (UNDP) project to improve the lives of Somalis and security for seafarers. The UNDP’s “Alternative Livelihoods to Piracy in Puntland and Central Regions of Somalia” project aims to reduce piracy off the coast of east Africa through local economic development, job creation, training, and business development grants onshore in one of the world’s poorest countries.
HOUSTON -- Ocean Installer has been awarded a contract for SURF support work in Brazil for Saipem. The contract which will see the Normand Clipper in Brazil for 8 months is valued at about $50 million, with options to extend.
OSLO, Norway -- AKOFS Offshore, a part of Akastor ASA, has been notified of a five-year contract extension from Petrobras to use the Skandi Santos, a subsea equipment support vessel in Brazil. The extension, worth about $387 million (NOK 2.5 billion), will start March 1, 2015, in direct continuation of the current contract. The vessel is currently operating under a five-year contract with Petrobras that began March 1, 2010.
ASKER, Norway -- TGS has announced the first two ocean bottom projects in the shelf region of the U.S. Gulf of Mexico under its collaboration agreement with FairfieldNodal. The Calypso Full Azimuthal Nodal (FAN) survey is located in the Eugene Island protraction area and will cover 136 shelf blocks. The Nessie FAN survey represents 54 blocks of coverage in the South Timbalier protraction area and will cover a number of existing fields and exploratory acreage.
KARA SEA (Bloomberg) -- The most powerful man in Russia’s oil industry says U.S. sanctions won’t prevent the development of discoveries in the Arctic Ocean. Igor Sechin, CEO of state oil producer OAO Rosneft and a long-time ally of President Vladimir Putin, spent two days traveling by plane, ship and helicopter last week to announce a billion-barrel crude strike in the iceberg-prone Kara Sea region of Russia’s Arctic Ocean.
EnerGulf Resources reports a Strategic Exploration Agreement between Gazania 148 Investments and EnerGulf Namibia Ltd , for Offshore Block 1711, Republic of Namibia (“Block 1711”). The Agreement includes a negotiated Joint Operating Agreement (“JOA”) for Block 1711 which has been submitted to the Ministry of Mines and Energy and NAMCOR (National Oil Company of Namibia) for review and approval. The Petroleum Agreement grants EnerGulf a 15% working interest, Gazania a 75% working interest, and NAMCOR a 10% carried working interest to production.
The Agreement strengthens the relationship with Gazania, optimizes the exploration potential of Block 1711, and ensures cost containment for EnerGulf. The Agreement provides:
Carried interest to EnerGulf until Gazania completes its work program obligations under the Agreement (includes all 3D offshore seismic, processing, interpretation, and other operating and exploration expenses) and a drill site is approved by the Technical Advisory Committee comprised of the parties and government (“TAC”).
No direct costs to EnerGulf until the first day of the month after approval of a drill site by the TAC (18-24 months).
Defined course of exploration operations to meet all industry standards in the development of two independent geological and geophysical constructs for Block 1711.
Meaningful input for EnerGulf in the development of the work program and selection of an optimal drill site.
Joint marketing for the mutual benefit of all parties.
Block 1711 is an 8,891 sq km offshore petroleum concession on the northern border of Namibia. Netherland, Sewell & Associates estimates mean gross prospective oil resources for Block 1711 of 3.17 Bbbl of oil.
Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By Providencehelp Worldwide Foundation, online.
CANCUN, Mexico (Bloomberg) -- YPF SA is seeking partners for deepwater exploration offshore Argentina, its CEO said. “Most likely offshore is going to be with a partner,” CEO Miguel Galuccio, 46, said Sept. 26 in an interview at the World National Oil Companies Congress in Cancun.
MOSCOW (Bloomberg) -- Russia, viewed by the Obama administration as hostile to U.S. interests, has discovered what may prove to be a vast pool of oil in one of the world’s most remote places with the help of America’s largest energy company. Russia’s state-run OAO Rosneft said a well drilled in the Kara Sea region of the Arctic Ocean with Exxon Mobil Corp. struck oil, showing the region has the potential to become one of the world’s most important crude-producing areas.
OSLO, Norway (Bloomberg) -- Aker Solutions Holding ASA, an offshore engineer controlled by billionaire Kjell Inge Roekke, may add to 575 planned job cuts unless the market revives. “The situation is quite dramatic,” CEO Luis Araujo said in an interview in Oslo Sept. 29. “We might expect more adjustments if the market doesn’t pick up.”
CGG bags Gabon survey work for vast offshore multi client program PARIS, France CGG has signed an exclusive multi client data agreement with the Ministere du Petrole et des Hydrocarbures of the Republic of Gabon. As a result of this
