Eighty-four percent of the world’s coasts are being colonized by foreign aquatic species, according to a Nature Conservancy study.
An oil discovery has been made by StatoilHydro due south-west of the Grane field in the
The size of the find is estimated to be in the order of 20 – 30 million recoverable barrels of oil. StatoilHydro Petroleum, as the operator of production licence 169, has completed the drilling of wildcat well 25/11-25 S. The well is located just to the southwest of the Grane field in the
China could be the near monopoly buyer of Venezuelan fuel oil after Beijing stepped up financial aid to cash-strapped Caracas, but it will be years before higher volumes of crude from the OPEC member begins flowing East.
Venezuela is struggling with multiple problems including a cash crunch caused by President Hugo Chavez’s use of oil money to fund socialist projects, surplus fuel oil due to refinery outages and must seek alternative buyers for the crude it stopped shipping to Exxon Mobil Corp due to a legal row. In an unprecedented move to ease its cash squeeze, state-run PDVSA had asked for $1 billion upfront payment in a tender to sell eight fuel oil cargoes of 1.8 million barrels each. The tender was scrapped when potential buyers balked, but PDVSA is still holding talks with PetroChina, traders said. If a deal comes through, it would mean China soaking up nearly all the Venezuelan fuel oil exports to Asia and raise term imports by the world’s second-largest oil consumer by a further 20 percent over a year, traders said. China, which is keen to secure long-term supplies to meet its surging demand, has more than doubled liftings of Venezuelan fuel oil, a heavy residue used to power ships and make road-paving bitumen, since fourth-quarter 2007.
UAE-based Lamnalco Group has taken delivery of new anchor handling tug ‘Lamnalco Mallard’, from
This is the third vessel the yard has delivered to Lamnalco in this financial year and the eighth delivered to the Group since it began dealings with the yard. ABG, which boasts an order book of about Rs82.7bn ($2bn), is contracted to deliver a further six vessels to the group over the next few years. The tug is 53 meters in length and is able to carry out duties ranging from anchor handling and offshore supply to material and crew transportation and external fire fighting. It will be deployed to supply, support-floating production offloading storage (FPSO) vessels and offshore oil and gas fields. The Lamnalco Group operates a fleet of over 90 vessels.
Chevron’s development plan for the Usan field includes a floating production, storage and offloading vessel with a storage capacity of 2 million barrels of oil. First production is expected in late 2011 with peak production of 180,000 barrels of oil per day. The associated gas will be reinjected in the reservoir. Co-venturers in the Usan field development are Chevron (30 %), Elf (20%), Esso (30%) and Nexen (20%).