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Other News

LNG vessel owners form first ship pool as spot trade expands

Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd. agreed to jointly market their liquefied natural gas tankers for spot charters as trading of flexible cargoes widens. The Cool Pool, the first-ever LNG carrier pool, will open in September with 14 ships, the companies said Tuesday in a joint statement. It will include accords for 12 months or less. LNG spot trading is expanding as new Australian supply adds to output and the US prepares to start exporting the fuel from its Gulf Coast this year. New importers including Egypt are driving demand as buyers under long-term deals such as Japan and South Korea curb purchases amid lower usage. Spot fixtures in the LNG shipping market rose to 97 this year through the middle of August from 78 a year earlier, according to GasLog, which owns 19 carriers.

Oil & Gas

Noreco hit by further field shut-in

Noreco has been hit by another field shut-in after the Lulita field was closed due to technical problems. The company said the duration of the current shutdown is unknown. It comes after a number of stops and starts with the Huntington oilfield off the UK.

Oil & Gas

IHS study says fracking has potential to unlock 140billion barrels of oil

A study says fracking has the potential to unlock 140billion barrels of global oil supplies. The amount would be equivalent to Russia's known reserves, according to analysis by IHS. According to the report, countries such as Iran, Mexico, China and Russia are likely to benefit most from exploiting techniques in the US shale revolution.


E-learning specialist sees profits tumble 66%

An e-learning firm specialising in the oil and gas sector has seen its profits fall by 66% despite an increase in “learning events” in the year. Atlas Interactive, which recently won a seven-year extension on its contract to deliver a revised Minimum Industry Safety Training (Mist) online course, also saw its turnover fall 25% to £7million in the year to the end of September 2014. Atlas said it capped a year of investment and growth in the international oil and gas marketplace with a “positive outlook ahead”. The revenue decrease was said to be due to two large multi-year bespoke projects coming to aqn end in the first half of the year, and new product development projects taking longer to bring to the market than planned.

Oil & Gas

Total to cut spending by 10%

French oil and gas giant Total will reduce spending by 10% this year under plans by its new chief executive Patrick Pouyanne. According to reports, the company plans to speed up billions of dollars of in asset disposals as part of the new cost-cutting plan. The move comes after a number of companies announced job reductions would be made including Baker Hughes, BP, Talisman Sinopec and Schlumberger.

Oil & Gas

Opinion: My first 90 days – the secret to chasing rabbits

When I was a small child, my granddad and I would sometimes go for walks in the early morning. He said we were picking mushrooms, but I don’t remember us actually picking many. I suspect that it was his cunning way of making time for us to be together. On those walks, we used to see quite a bit of wildlife such as foxes, badgers, deer and rabbits — hundreds and hundreds of rabbits. I would chase them, and, of course, they would simply scatter ahead of me. I never got close. But, I do remember him telling me some time later that the secret of catching rabbits is to concentrate on one at a time. Sometimes this applies to business too, especially as you take on a new role. It’s tempting to try and fix every problem, to make every improvement and to overcome every challenge all at once.

Oil & Gas

Paragon pounces on Prospector Offshore Drilling

Barely half a year after being spun-off as a separate business by Noble Corporation, Paragon Offshore has pounced on Prospector Offshore Drilling, taking control by buying up more than 55% of its stock. News of the acquisition broke on November 17, with Paragon planning to sweep up remaining shares via a mandatory offer. However, within hours of the announcement, it appears to have gained control of nearly 90% of stock. On November 24, Paragon called for an extraordinary general meeting of shareholders, based on the fact that it owned 89.99% of its quarry’s shares.

Oil & Gas

Cultural shift is needed in the North Sea, Deloitte says

Oil and gas firms need a "cultural shift" to make the most of the North Sea's potential, according to a new report. Business advisory firm Deloitte says new regulator the Oil and Gas Authority (OGA), the UK Government and companies should adapt to "a new reality in the basin". Research by Deloitte into the industry’s reaction to Sir Ian Wood’s Maximising Recovery Review showed strong support for the OGA as well as a stable, simple and internationally competitive tax regime.


Video: Nordic outlook fears increased stress is squeezing global growth

Global growth in 2015-2016 will enjoy support from continued monetary expansion and an increasingly solid recovery in the United States. Development in the Nordic countries is likely to vary substantially, with Finland in particular struggling, say SEB’s economists in a new issue of Nordic Outlook. Lower energy prices – with Brent crude oil expected to cost about 85 dollars per barrel during 2015 – have the potential to stimulate household purchasing power and business investment appetite, thereby boosting the overall GDP level in the 34 mainly affluent countries of the Organisation for Economic Cooperation and Development (OECD) by 0.5% points over a few years. The world economy is being both stressed and squeezed by continued balance sheet weaknesses, difficult rebalancing processes in emerging markets, low investment appetite, wide wealth gaps and heightened geopolitical uncertainty.

Oil & Gas

Alaskan crude export may increase demand for US oil tankers

The first Alaskan crude export in a decade may herald increased demand for US-built oil tankers because they’re the only kind permitted to handle the cargoes, said Arctic Securities ASA, an Oslo-based investment bank. The Polar Discovery, a crude tanker owned by ConocoPhillips and flying the US flag, is sailing to Yeosu in South Korea, having previously been to Valdez, according to signals from the vessel.