The United States Energy Information Administration (EIA) issued news release on 9 August with its forecast that China's net oil imports will exceed those of the U.S. by October 2013 on a monthly basis, and by 2014 on an annual basis, making China the largest oil importer in the world…
Noreco has announced that due to a defect gas compressor, the Ula field in the Norwegian North Sea, will not be able to receive and process production from satellite fields, the field's operator, BP, has informed. This means that the Oselvar field will also be shut down…
International Maritime Associates (IMA) and Energy Maritime Associates (EMA) have completed an in-depth analysis of the floating production sector. The inventory of floating production systems is now at 269 units – FPSOs account for 61% of the existing systems…
China National Offshore Oil Corp. (CNOOC) signed production sharing contract (PSC) with Shell China Exploration and Production for Block 35/10 in Yinggehai Basin, west of the Hainan Island, China, in the South China Sea. Block 35/10 covers a total area of 3…
The floating production sector has been especially active over the past several months. Ten production floaters have been ordered since March, reports International Maritime Associates Inc. (IMA). Contracts include a $3 billion FPSO for Nigeria (a record price for an FPSO)…
Schlumberger acquired Gushor Inc., a Canadian-based petroleum geochemistry and fluid analysis company that provides production and exploration solutions in the heavy oil and oil sand (HOOS) industry. Formed in 2006, Gushor specializes in the integration of geology…
The next few years could see major investments in Colombian waters and last year’s bid round has independents, NOCs, and majors heading to the country’s Caribbean shores. Colombia is South America’s fourth largest oil producer with 2 billion barrels of proved oil reserves…
Sophisticated monitoring systems on floating production systems can provide real time information for operational support and to improve performance, but a holistic approach is needed to be fully beneficial. Louise Ledgard, head of oil and gas business development…
Wärtsilä’s acquisition of the British-headquartered, global engineering company Hamworthy early in 2012 has added a portfolio of high technology products and systems to the Finnish power solutions company’s offering including vessel internal electrostatic coalescer (VIEC) technology…
Lundin Petroleum subsidiary, Lundin Sareba BV, and Indonesia's SKKMigas entered into a production sharing contract (PSC) for for 100% interest in the Cendrawasih VII (CVII), off northeastern Indonesia. The block is a subsitute for Lundin's…
Analysis: Perspectives President Enrique Peña Nieto recently announced that he will send a “transformational” energy reform bill to Mexico’s Congress in the coming months in an effort to attract the private capital and expertise required to develop Mexico’s deepwater and shale deposits…
Shell Philippines Exploration B.V. awarded Royal Boskalis Westminster N.V. a contract to install a Depletion Compression Platform (DCP) for the Malampaya Project off Palawan Island, in The Philippines. The contract is worth about US$60 million and will be completed in 2014.
ExxonMobil chose Oceaneering International Inc. to supply production control umbilicals for its US$4 billion Julia development in the Gulf of Mexico. The order is for a 14mi.-long (22.5 km), electro-hydraulic, steel-tube umbilical. The umbilical will supply hydraulic control fluids…
PTTEP Australasia achieved first oil from the Montara field in the Timor Sea off Western Australia. The Montara Venture FPSO started production at the H2 well in early June. The company expects to ramp production to 21,000bo/d with first off-take of oil from the FPSO occurring by August…
North Caspian Operating Company (NCOC) began work to start production of Kashagan field in the Caspian Sea. The first phase will see production from eight wells on an artificial island complex. Wells, pipelines, and the Bolashak Onshore Processing facility have been completed…