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Chevron: Follow-Up Appraisal Well for Jack Later in 2008
by Dow Jones Newswires
Friday, May 02, 2008
HOUSTON, May 02, 2008 (Dow Jones Commodities News)
Chevron Corp. (CVX) said Friday it plans to drill another appraisal well at its Jack and St. Malo prospects in the deepwaters of Gulf of Mexico latter in 2008.
"One follow-up well for Jack and St. Malo is underway right now...and another a little bit later in the year," said Steve Crowe, Chevron's vice president and chief financial officer, who was addressing analysts during a conference call. "A decision will be made following those evaluations whether or not Jack and St. Malo will be kept as separate projects or conceivably combined."
Chevron, the second-largest U.S. oil company by market value, completed a successful well test last year in Jack, a 2004 discovery, making it the deepest successful well in the Gulf of Mexico. The oil giant said in July it would drill a second well early this year.
The company also said production at its Blind Faith project in the deepwaters of the Gulf of Mexico will be delayed until the second half of the year due to a problem with its mooring lines. The project, with an expected yield production capacity of 70,000 barrels a day, was expected to come on line in the second quarter.
Chevron now has about 30 projects of $1 billion or more under development. In 2008, Chevron expects major new production to come on line from the Gulf of Mexico, Nigeria and Kazakhstan.
Chevron reported Friday a 9.6% rise in first-quarter net income compared with the same period a year ago. The company's shares were recently up 0.45% at $95
Zevotek Inc. Displayed Ionic Bulb Product at World's Largest Home Goods & House Wares Marketplace
NEW YORK, March 19 PRNewswire-FirstCall — Zevotek, Inc., a wholly owned subsidiary of Diet Coffee, Inc. (OTC Bulletin Board: DCFF; Frankfurt: T5V.F - News), is pleased to announce that the Company participated in the International Home + Housewares Show at McCormick Place, in Chicago, IL from March 16th to March 18th.
According to event coordinators, the show is the world's largest home goods & house wares marketplace, showcasing thousands of new products and designs in four related product expos with 60,000 attendees expected. Zevotek representatives were located at booth #5151 in the new exhibitors section and coordinated private meetings in effort to establish future sales.
"Exhibiting at a show of this caliber is perceived as a prime opportunity to expose the world to the capabilities of our IONIC BULB product. With Zevotek representatives conducting live demonstrations of the product and also meeting with a number relevant industry professionals, we were very excited to be at this show," said CEO Adam Engel
keep selling those golden share
Sulphur Mt., if i had some more cash laying around, i be buying heavy, flotec got there hands in alot big pots
flotation tech inc and cameron
Flotation Technologies Develops New Buoyancy Module for Tahiti Project
Flotation Technologies Wednesday, January 10, 2007
Flotation Technologies, Inc. has developed a new buoyancy module for use by Cameron on the Chevron Tahiti Field. Needing to relieve weight from the high-pressure jumpers while not increasing the potential for VIV (vortex-induced vibrations) Cameron contacted Flotation Technologies to develop a solution. The new Straked Buoyancy Module provides VIV suppression strakes as part of the module and an innovative inter-module locking system that provides a continuous helix once assembled. This unique design provides the buoyancy required for the operation of the jumpers while breaking the vortices and suppressing potentially destructive VIV.
Related Pictures
Straked Buoyancy Modules
(Click to Enlarge)
"This project allows us to highlight what our company does best: engineer unique and effective solutions," commented Fred Maguire, Sales and Marketing Manager of Flotation Technologies. "Flotation Technologies has never been a company to provide a 'Me Too' or off-the-shelf product. We provide products that are designed to fit our customer's specific needs – a philosophy that can be traced back to our Founder, David Cook, who, in many ways, changed the course of the entire Offshore Oil industry with his pioneering work with syntactic foam in the early 60's."
Flotation Technologies, Inc. is a world leader in the engineering, design, and manufacturing of deepwater buoyancy systems using high-strength Flotec™ syntactic foams and polyurethane elastomers. Focused on the Offshore Oil, Oceanographic, Seismic and Government markets, Flotation Technologies delivers world class buoyancy products for a host of marine applications, such as distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc™ cable floats, Hardball™ umbilical floats, FLOTECT™ cable and pipeline protection, Inflex™ polymer bend restrictors, and installation buoyancy of any size and depth rating
Flotation Technologies Develops New Buoyancy Module for Tahiti Project
Flotation Technologies Wednesday, January 10, 2007
Flotation Technologies, Inc. has developed a new buoyancy module for use by Cameron on the Chevron Tahiti Field. Needing to relieve weight from the high-pressure jumpers while not increasing the potential for VIV (vortex-induced vibrations) Cameron contacted Flotation Technologies to develop a solution. The new Straked Buoyancy Module provides VIV suppression strakes as part of the module and an innovative inter-module locking system that provides a continuous helix once assembled. This unique design provides the buoyancy required for the operation of the jumpers while breaking the vortices and suppressing potentially destructive VIV.
Related Pictures
Straked Buoyancy Modules
(Click to Enlarge)
"This project allows us to highlight what our company does best: engineer unique and effective solutions," commented Fred Maguire, Sales and Marketing Manager of Flotation Technologies. "Flotation Technologies has never been a company to provide a 'Me Too' or off-the-shelf product. We provide products that are designed to fit our customer's specific needs – a philosophy that can be traced back to our Founder, David Cook, who, in many ways, changed the course of the entire Offshore Oil industry with his pioneering work with syntactic foam in the early 60's."
Flotation Technologies, Inc. is a world leader in the engineering, design, and manufacturing of deepwater buoyancy systems using high-strength Flotec™ syntactic foams and polyurethane elastomers. Focused on the Offshore Oil, Oceanographic, Seismic and Government markets, Flotation Technologies delivers world class buoyancy products for a host of marine applications, such as distributed buoyancy for flexible pipes and umbilicals, drilling riser buoyancy modules, ROV buoyancy, QuickLoc™ cable floats, Hardball™ umbilical floats, FLOTECT™ cable and pipeline protection, Inflex™ polymer bend restrictors, and installation buoyancy of any size and depth rating
Cameron Awarded $235M Contract for Subsea Equipment
by Cameron
Wednesday, April 30, 2008
Cameron has been awarded a contract worth approximately $235 million to engineer, construct and provide installation support for subsea systems for the North Amethyst project, a tieback development that is part of the White Rose oil field offshore Newfoundland and Labrador, Canada.
Under the contract, Cameron will provide 13 subsea wellheads and Christmas trees, control systems, manifold components, flowline connection systems, and engineering and project management support. Initial equipment deliveries are slated to begin in the first quarter of 2009, with installation to be completed by year-end 2009.
Cameron President and Chief Executive Officer Jack B. Moore said, "We have provided more than 20 subsea production systems for the initial stages of the development of the White Rose Field, and we welcome the opportunity to continue our support in this region
you are so right
SageWise, there so much action out there.
yes, some where in maine that why i posted this news release
Oceaneering Wins Pazflor Subsea Separation Equipment Contract
by Oceaneering International
Thursday, May 01, 2008
Oceaneering International, Inc. announced it recently secured a contract with FMC Kongsberg Subsea AS, a subsidiary of FMC Technologies, Inc., valued at over $15 million to supply umbilicals for use on Total's Pazflor project off the coast of Angola.
The order is for three umbilicals totaling approximately 11,800 meters (7.3 miles) in length, to be installed as part of FMC Technologies' subsea gas/liquid separation system. The umbilicals will be used to supply electrical power to subsea pumps and the separation system's control pod, lubrication to the subsea pumps, and hydraulic pressure to operate valve actuators. They will also be used to provide chemicals to modulate the process fluids for flow assurance and transmit control signals to the subsea separation system.
Manufacture of the umbilicals, which include electric power cables, steel tubes, and fiber optics, is planned to be performed at the Oceaneering Multiflex facility in Panama City, Florida. Delivery is scheduled for 2010. Under terms of the contract Oceaneering will also purchase and provide to FMC Technologies over 200 buoyancy modules to be used in the installation of the umbilicals
nice bang, 17500@ 90 on the buy
pink floyd i be happy with 1/2
ClampOn Awarded Several Orders for Subsea Sand, Pig Detector
by ClampOn
Wednesday, April 30, 2008
ClampOn has received firm purchase orders to equip a number of subsea production manifolds in water depths of up to 8,200 FSW with their state of the art and industry leading subsea sand and pig detectors.
In the GoM these projects are:
--Petrobras Cascades
--BP Atlantis
--Callon Entrada
--LLOG Valley Forge
In Brazil ClampOn received the following purchase orders:
--Petrobras Mexilhao
--Petrobras Plangas
--StatoilHydro Peregrino (topside equipment
For the North Sea area, Total has ordered additional subsea sand detection equipment from ClampOn for the Jura Field.
In addition, ClampOn has been selected by the BG Group in Egypt to supply a reliable retrofit sand detection system for the Burullus Field. This award not only features subsea sand detectors with standard ROV retrievability and one trip deployment, but it is also battery operated with a 45 day data logging capability.
All deliveries are scheduled for the coming six months and several additional projects are pending, both, in the GoM as well as in Brazil.
Our undisputed position as the industry's preferred supplier of sand monitoring equipment proves that operators all over the world value the quality and reliability of our products.
The design philosophy behind ClampOn's sand monitoring and pig detection systems has made us the first choice of engineering companies and operators all over the world. The design ensures a long life-cycle of 25 years, thanks to the following features:
--The subsea sensor itself is divided into two chambers, one of which is kept at atmospheric pressure and the other at high (subsea operating) pressure.
--The atmospheric pressure chamber contains all the electronics, processors and the piezoelectric crystal, and it is totally hermetically sealed by electronic beam welding and a penetrator: there are no O-rings or C-rings exposed to seawater.
--The penetrator is the interface with the high-pressure chamber, which is at the same pressure as the seawater outside and is filled with silicon oil.
--The ClampOn funnel design reduces heat loss and any danger of local hydrate production.
--The sensors have a "noise killer" included. This is a filter that drastically reduces unwanted noise by a factor of 500 compared to alternative solutions. It makes sensor location (distance from the choke) less critical. This offers more flexibility on gas-producing wells, especially for subsea installations, where space is limited.
The above advantages, together with the ultrasonic sensor, electronics and software that have been continuously upgraded and developed since they originally appeared, have made us the number one choice in the subsea market.
Since 2000, more than 90% of ultrasonic subsea sand monitor deliveries all over the world have been from ClampOn -- and the above description tells you why! And in case you are wondering -- our ClampOn Compact is still the most compact system on the market.
If we include our subsea deliveries in 2008, ClampOn has delivered over 1000 subsea sensors to operators all over the world. Quality, reliability and performance obviously still count in the selection of critical subsea measurement systems.
Sand and produced water are two of the most challenging factors in oil and gas production. Don't allow sand to damage your wells; pick the international market's number one choice for the best value for your money
Swiber to Construct S$7.8M SPM Buoy for NuCoastal
by Swiber Holdings
Wednesday, April 30, 2008
Swiber Holdings Limited, a niche service provider to the offshore oil and gas industry, has clinched a contract with NuCoastal (Thailand) Limited for the engineering, procurement, supply, and construction of a Single Point Mooring (SPM) calm buoy. The contract is valued at S$7,752,576. The buoy will be constructed at the yard of Swiber's wholly-owned subsidiary, Kreuz Shipbuilding & Engineering Pte Ltd. The buoy is targeted for delivery in Q4 quarter of 2008. Upon completion, the buoy will be used by NuCoastal at its Songkhla field in Thailand as a permanent mooring system for a 30,000 dead weight tonne (DWT) Floating Storage and Offloading (FSO) vessel. NuCoastal, which is a wholly owned subsidiary of Coastal Energy Company, is an existing customer of Swiber. In November 2007, NuCoastal awarded Swiber a US$25 million project to drill a series of offshore wells in Thailand.
Said Mr Raymond Goh, Swiber's Executive Chairman and Chief Executive Officer, "NuCoastal has been a valued partner and customer of Swiber and we are pleased to seal our relationship with them with yet another project. I believe that this is a testament of Swiber's skills and expertise in the offshore oil and gas domain. "
Thailand has been a steadily growing market for Swiber. In addition to the US$25 million drilling project secured in November last year, Swiber also recently inked an agreement with CUEL Limited for the installation engineering, transportation and installation of Jackets, Piles, Topsides and Pipelines for offshore facilities for CUEL's various clients in the Gulf of Thailand for a period of five years. The value of the services covered under this contract is estimated to be in the region of US$50 million per year.
CUEL Limited is one of the region's foremost offshore EPC fabrication contractors having executed full EPC and EPCIC contracts primarily for operations within Gulf of Thailand.
"Thailand is developing at a healthy pace for Swiber. Given our fast expanding track record in the country, Swiber's growth horizon is looking rosy," said Mr Goh
this from yahoo board, this stock
52wk Range: 0.01 - 1.25
Volume: 11,132,404
Avg Vol (3m): 359,866
Market Cap: 652.49K
P/E (ttm): N/A
EPS (ttm): -0.025
Div & Yield: N/A (N/A)
it 1.25
very well put bud
hey brikk your on FIRE along with the rest of board
penny land we are heading
Subsea 7 Invests in New Pipelay Vessel
by Subsea 7
Monday, April 28, 2008
Subsea 7 Inc., one of the world's leading subsea engineering and construction companies, has signed a contract for the construction of a new-build pipelay and construction vessel. The overall project cost is in the region of USD 190 million and is based on fixed prices from the Merwede shipyard.
The vessel will have an overall length of 133m and a beam of 24m. She will be equipped with a pipelay suite for installing flexible flowlines and umbilicals, including a Vertical Lay System tower and twin underdeck carousels, a 250t crane from Huisman and twin 3000m-rated ROVs. The ship is expected to be delivered in the third quarter of 2010. The vessel further enhances Subsea 7's pipelay capabilities, particularly in deepwater.
Mel Fitzgerald, Subsea 7's Chief Executive Officer, stated: "We have invested in excess of $1bn in new vessels and equipment between 2006 to 2008. Seven new vessels will join the fleet between 2007 and 2009. This investment in yet another new vessel demonstrates our considerable commitment to becoming the Subsea Partner of Choice for our customers and reinforces our confidence in the market going forward."
"It also builds on Subsea 7's already strong working relationship with the Merwede shipyard where we have successfully built the Seven Oceans and Seven Seas on time and on budget, and also with Huisman
Subsea 7 Announces Contract for Total E&P UK Ltd in the North Sea
by Subsea 7
Tuesday, April 29, 2008
Subsea 7 Inc, one of the world's leading subsea engineering and construction companies, has been awarded an exclusive five year contract by Total E&P UK Ltd (TEP UK) for Inspection, Repair and Maintenance (IRM) works in the Northern and Central sectors of the North Sea. The contract is valued at approximately US $60 million.
Subsea 7 is to provide a complete range of IRM services to TEP UK, which includes onshore support comprising project management, engineering and general support for underwater operations through to post-job reporting. Offshore services will include diving, remotely operated vehicles (ROVs) and associated support activities
The work, to commence immediately, covers the Alwyn, Dunbar, Otter, Forvie, Nuggets, Frigg, Ellon, Grant, Jura and Elgin / Franklin fields with the potential to extend to Laggan, West of Shetland. It will be performed at Subsea 7's offices in Aberdeen for an initial five year period with two, one year options.
Robin Davies, Subsea 7's Regional Vice President, North Sea, stated, "The award of this contract is a further endorsement of Subsea 7's commitment to providing IRM services and builds on our existing relationship with TEP UK for the delivery of diving and ROV call-off services. We are delighted TEP UK has chosen us to deliver their IRM work in the Northern & Central Sectors of the North Sea for a five year period. This presents Subsea 7 with the opportunity to build on existing technical knowledge and experience in the IRM market
VetcoGray to Expand Deepwater Capabilities with Test Center at Nailsea
by Vetco Gray
Tuesday, April 29, 2008
VetcoGray, a GE Oil & Gas business, announced plans to build a new, multi-million dollar hyperbaric test center at the company's Nailsea site.
Located next to the existing assembly and test facilities, the new world-class test center will utilize hyperbaric (high-pressure oxygen) technology to simulate operational conditions at the seabed. VetcoGray's subsea control modules will be rigorously tested to identify any dormant fault conditions that otherwise would be detected only after the pod was installed on the sea floor.
Dave Tucker, Chief Operating Officer of VetcoGray, noted: "Over the next five years, most of our projects will involve testing of equipment at depths of 3,000 meters. But the trend in the industry is toward applications in deeper water. Our new facility will have a test capability of 4,000 meters, enabling us to address the future needs of our customers".
A full-time project manager has been appointed to oversee the planning permission phase leading up to the first production test at the new center, which is scheduled for April 2009.
The new center will incorporate a hyperbaric test chamber including a control system, a test hydraulic power unit, an electronic test unit and data loggers. The facility also will provide space for enhanced system integration test (SIT) activities.
Plans for the new facility were unveiled during a two-day celebration in Nailsea attended by customers from around the world. The event marked the 25th anniversary of the first subsea control system delivered from the then-GEC Marconi group in Nailsea producing first oil on the BP Magnus project. Since then, the VetcoGray Controls business has undergone a series of name and ownership changes, and in February of 2007, the business became part of GE Oil & Gas
that the power of postive thinking
Deep Down Inks $2 Million in Contracts for Innovative Solutions
by Deep Down
Friday, February 15, 2008
Deep Down, Inc. has been awarded contracts to develop and manufacture unique, innovative solutions for two separate major offshore oil and gas operators. Deep Down is currently designing approximately $1.5 million worth of innovative subsea installation equipment to address its clients' critical issues over the next several months.
The first unique innovation is a Subsea Accumulator Module (SAM), consisting of Subsea Deployment Baskets (SDB) with attached accumulators, a built-in steel flying lead, a J-plate, and a Remote Operated Vehicle (ROV) panel. Several of these units will be shipped. The SAM has been designed so that it may be transported without a wide load permit and set on a vessel. Once on the vessel, the wings of the SDB can be retracted, and the system will be pre-charged with pressurized control fluid. Thereafter, the SDB can be simply lifted off the deck of the vessel and placed on the seabed. Once on the ocean floor, the vessel will lift and pull out the built-in steel flying lead from the SAM with its own down-line cable. A ROV will be used to guide the steel flying lead from the SAM and connect it to the Hydraulic Distribution Manifold (HDM). The ROV will be further deployed to open valves, wherein the SAM will provide plug-n-play subsea accumulation capabilities to augment the existing subsea distribution control system with localized volume and pressure control features. The SAM will also serve as an anode skid, designed to carry additional anodes. It will be grounded to the structure in order to provide additional cathodic protection to the HDM. The entire SAM can also be easily retrieved and serviced on deck, further improving the ability to retrieve subsea hardware.
The second innovation involves the development and manufacture of a unique deployment system to install very fragile, small-diameter fiber optic cables in deepwater environments. This deployment system will greatly reduce the amount of stress on the fiber optic cable during installation. The particular project involves the installation of approximately eight miles of fiber optic cable in 6000 feet of water. The specialized equipment can be placed on an installation contractor's vessel with minimal effort and provide a safe, quick method of efficient deployment.
"It is gratifying that major oil and gas operators, installation contractors, and control suppliers continue to contact Deep Down to develop innovative solutions for critical subsea issues and applications. It is a testament to our entire staff, including our engineers, fabricators, and installation crews. One of our key strengths is our ability to take an idea from a sketch on a piece of paper to a full 3-D solid works model, through fabrication, and a successful first-time installation in a relatively short period of time, often within 90 days," said Ronald E. Smith, Deep Down's President & CEO.
Deep Down recently provided a unique solution for critical issues confronting a third oil and gas operator. The Company installed specially designed, fully autonomous umbilical jacking system to lift up an existing steel tube umbilical on the ocean floor, which was then re-terminated. The solution and procedures provided by Deep Down allowed the operator to bring the well back on line in a fraction of the time that was otherwise envisioned. Another specialized solutions team is scheduled to depart offshore with a recently developed kit to clean a deep water J-tube, with open segments in the J-tube. These two projects add another approximately $500,000 in revenue
will not fill at 97, give you 94
Veolia Wins Major Brazil Contract
by Veolia Water
Monday, April 28, 2008
Veolia Water announces that its subsidiary, Veolia Water Solutions & Technologies (VWS), has been awarded a major contract by FSTP Private Limited for the Petrobras P56 deep water oil development in the Marlim Sul field in the Campos basin, offshore Brazil. The contract, worth around USD 40 million, is one of the biggest contracts to be signed by VWS in Brazil, and is the fourth of its nature to have been awarded to the company within a short period of time by FSTP, thus illustrating the company's continuing strength with this specialist market.
The contract is for the supply of a sulphate reduction process (SRP) package and replicates the P51 project recently delivered by the partnership of VWS companies VWS Westgarth and VWS Brazil to FSTP. The specialist process utilises a membrane based system that removes sulphates and other divalent ions from the injection sea water to prevent the formation of barium sulphate and strontium sulphate scale forming in the sub-sea injection piping system and in the reservoir itself.
The package is designed to the demanding specifications required by the oil and gas industry and will upon completion produce 1250 m3/hour of low sulphate sea water for injection.
Commenting on the contract, Antoine Frerot, Chief Executive Officer for Veolia Water highlighted the company's presence in the oil and gas industry. "This contract, awarded to Veolia Water by one of the biggest companies in the sector, illustrates our proven expertise in the petroleum and gas markets. Indeed, we have provided thousands of water treatment systems in production sites all around the world. Our sophisticated systems are designed to treat water to the highest requirements including for the new production techniques for petroleum and natural gas such as water injection and deep water production."
Veolia Water offers upstream (offshore and onshore exploration/production) as well as downstream (refining) water treatment solutions for the oil and gas industry. These solutions apply to injection, produced and process waters as well as to effluents and solids. The Company designs and builds treatment processes covering all these areas and operates plants, thus guaranteeing their performance
Eni Begins Development of Deepwater Longhorn Field in the Gulf of Mexico
by Eni
Monday, April 28, 2008
Eni has started the development of the Longhorn gas field, located in the Gulf of Mexico (blocks MC 502 and 546) approximately 195 kilometers southeast of New Orleans in 730 meters (2,400 feet) of water. The Longhorn development is operated by Eni with a 75% working interest, while Nexen Petroleum Offshore U.S.A. Inc. owns 25%.
After the successful completion of the offshore appraisal campaign in October 2007, the Longhorn project has been sanctioned with total investments of $587 million. Initial production is expected to begin in March 2009 with a gross peak production rate of 200 million cubic feet per day (approx. 35,000 barrels of oil equivalent per day). In addition, the appraisal campaign showed interesting upside potential in the field, with the presence of additional hydrocarbon pay whose commerciality is currently being evaluated.
Major contracts for subsea equipment supply have been awarded and manufacturing is underway. Offshore installation contracts are in the process of being awarded. Well completion operations will start in Q3 2008 with the Transocean Amirante rig, currently under a 3 year contract with Eni, which makes the rig available for this activity as well as other Eni operated operations in Gulf of Mexico. The Longhorn development will consist of three subsea wells tied back approximately 32 kilometers to the Crystal platform.
Eni holds additional interests in other leases in the Greater Longhorn Area, which is one of its core areas in the Gulf of Mexico. Additional exploration activity is currently being carried out. The Longhorn development continues to strengthen Eni's operating presence and production in the Gulf of Mexico.
In the US, Eni currently owns lease interests in 408 Gulf of Mexico blocks, 70% of which are in deepwater. Eni is also one of the largest Gulf of Mexico producers with a daily equity production in excess of 110,000 boe, of which 60% is operated. In addition, Eni also owns interests in 158 leases on the North Slope
the p/e went up
Market Cap (intraday)5: 106.31M
Enterprise Value (28-Apr-08)3: N/A
Trailing P/E (ttm, intraday): 105.56
Forward P/E (fye 31-Dec-09) 1: 7.31
PEG Ratio (5 yr expected): N/A
Price/Sales (ttm): 5.19
Price/Book (mrq): 6.16
Enterprise Value/Revenue (ttm)3: NaN
Enterprise Value/EBITDA (ttm
China's shares fall on oil worries
Monday April 28, 5:54 am ET
China's shares fall on weak Sinopec profits, fears of higher crude prices
SHANGHAI, China (AP) -- Chinese shares fell Monday after the country's biggest oil refiner reported weak first-quarter earnings amid concern about rising crude prices.
The benchmark Shanghai Composite Index fell 2.3 percent to 3,474.72. The Shenzhen Composite Index for China's smaller second market fell 1.3 percent to 1,045.03.
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"It looks like investors needed to take a breather from last week's rally. Just look at today's low trade volume," said TX Investment analyst Qiu Yanying.
Turnover in Shanghai on Monday totaled 111.74 billion yuan (US$15.9 billion; euro10.2 billion), down 42 percent from Friday.
The Shanghai index surged 15 percent last week after Beijing tried to boost slumping markets by cutting taxes on stock trading and saying it would curb sales of previously nontradable shares.
Last Thursday, the Shanghai index surged 9.3 percent in its largest single-day gain in percentage terms since Oct. 23, 2001.
"The key focus of Monday's session was oil refiners, following the release of Sinopec's weak first-quarter earnings. The fact that oil prices hit a record high made a bad picture worse," Qiu said.
Shares of Sinopec, or China Petroleum & Chemical Corp., fell 4.4 percent after it said first-quarter profits fell 69 percent from the same time last year.
Chinese oil companies have suffered heavy losses on refining due to government controls that bar them from passing on record crude prices to consumers. Companies have been subsidizing their refining losses with profits from their drilling units.
New York crude oil futures hit a record high of US$119.93 a barrel on Monday after the weekend shut-in of a pipeline system that carries 700,000 barrels of North Sea crude a day to the U.K.
PetroChina, the publicly traded arm of China's biggest oil company, China National Petroleum Corp., fell 4.3 percent. The company accounts for 20 percent of the Shanghai index and each 5 percent decline in its price cuts 100 points off the index, according to analysts.
Despite Monday's losses, analysts were generally optimistic about the market's outlook.
"I'm not bothered by today's decline. It's just a temporary reaction to Sinopec's weak first-quarter earnings, which investors had been expecting anyway," said Southwest Securities analyst Yan Li.
"Beijing has already made it clear it's behind the stock markets," she said. "The only thing people are debating now is how much further the Shanghai index will rise, whether it's to 4000 or 4500."
China's currency, the yuan, rose to 7.0044 to the U.S. dollar on the over-the-counter market, up from Friday's 7.0100
Weekly Land-Based, Offshore Rig Counts Both Increase
by Kerry Laird Rigzone
Friday, April 25, 2008
Baker Hughes reported this week that the U.S. rig count rose by 15 to 1,842, and the U.S. offshore rig count is at 67, which constitutes an increase of four over last week.
While the offshore rig count drops six over last year's count at this time, the U.S. land-based increase puts the total up 95 over this time last year.
The Canadian rig count dropped eight rigs to 88 over last week, but the count is still up six over this time last year
where brikk at, where the action act
hey brikk, can you lose weight drinking this coffee, better thank drinking bud light
ProductionQuest Monitors 2 Major Deepwater Prod. Boosting Systems
by Baker Hughes
Friday, April 25, 2008
ProductionQuest is providing monitoring systems for two major deepwater seabed production boosting systems. This is the first project using the Centrilift horizontal electrical submersible pumping (ESP) system design for seabed boosting in the Gulf of Mexico.
The Cascade and Chinook development is located in the Walker Ridge area, 180 miles (300 km) south of the Louisiana coast. This project will use a floating production, storage and offloading (FPSO) facility and the customer plans to fast track both the FPSO and field development.
The schedule calls for installation of the FPSO in early 2010 with first production in the first quarter of 2010. The FPSO will be located in approximately 8500 ft (2600 m) of water and will be the first in the U.S. Gulf of Mexico as well as the world's deepest FPSO to date. Cascade and Chinook will deploy Centrilift subsea electrical submersible pumping systems to boost production from the sea floor to the FPSO.
Unlike conventional ESP installations, these seabed ESP systems will be installed in series in two subsea horizontal manifolds. New developments for this project include an ESP pod and vibration clamp rated
Shadow, there alot of action out there
Oil prices rise after Nigeria pipeline attack
Friday April 25, 6:57 am ET
By Gillian Wong, Associated Press Writer
Oil prices rise above $116 a barrel on supply worries after Nigeria pipeline attack
SINGAPORE (AP) -- Oil prices rebounded Friday from the previous session's steep drop, fueled by supply concerns after a Nigerian militant group reported that it sabotaged another oil pipeline.
Oil prices had initially extended Thursday's decline of more than $2 a barrel, with a stronger U.S. dollar prompting investors to book profits. But after oil dipped below $115 a barrel, news of the new threat to supplies put it back on the upward track.
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Light, sweet crude for June delivery on the New York Mercantile Exchange rose 74 cents to $116.80 a barrel in electronic trading by late afternoon in Singapore. It fell as low as $114.51 a barrel earlier.
With the dollar still strengthening, though, it remains to be seen if oil will resume its march toward $120 a barrel. Investors see commodities such as oil as a less effective hedge against inflation when the dollar strengthens. A stronger dollar also makes oil more expensive to investors overseas.
"The current thinking is that the U.S. dollar may be bottoming out, and so market participants therefore unwound some of their positions in oil and took some profits," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore, before news of the pipeline attack in Nigeria.
The June Nymex crude contract dropped $2.24 to settle at $116.06 a barrel on Thursday.
Analysts said the dollar gained ground Thursday on speculation the Federal Reserve is growing concerned about inflation and may not cut interest rates as much as once thought. Higher interest rates tend to stabilize or strengthen the dollar.
Few analysts, though, are willing to predict that oil's record run is over. Investors remain concerned about tight supplies of oil amid growing global demand, they say.
"Supply concerns will still underpin oil pricing," Shum said.
In Nigeria, The Movement for the Emancipation of the Niger Delta, or MEND, said Friday its fighters hit a pipeline late Thursday in southern Rivers State. That brought to four the number of pipelines the group has attacked in the past week.
MEND said in a statement that the pipeline attacked Thursday belongs to a Royal Dutch Shell PLC joint venture. A Shell spokesman had no immediate comment.
MEND is the main militant group behind a series of recent attacks in Nigeria's southern oil region.
Shell said earlier this week that it had shut in about 170,000 barrels a day of Nigerian production due to one of the earlier attacks. Adding to supply concerns, BP PLC is also considering shutting down its 700,000 barrel-a-day Forties pipeline system if a strike continues at a U.K. refinery.
In other Nymex trading, heating oil futures rose 0.25 cent to $3.2608 a gallon while gasoline prices dropped 2.91 cents to $2.9895 a gallon. Natural gas futures lost 3 cents to $10.76 per 1,000 cubic feet.
Brent crude futures rose 95 cents to $115.29 a barrel on the ICE Futures exchange in London
Yantai Raffles Christens World's Largest Crane
by Yantai Raffles Shipyard
Thursday, April 24, 2008
Yantai Raffles Shipyard Limited ("YRS"), the largest builder of semi-submersible drilling rigs in the PRC, has reached a new milestone with the christening of the world's first fixed dual-beam gantry crane, with an enormous lifting capacity at 20,000 MT. The new state-of-the-art facility at the Yantai shipyard is named 'Taisun', after a famous sacred mountain in the PRC's Shandong Province reflecting its size, strength and inspirational qualities.
The Christening ceremony was held on April 18 and was well attended by over 600 guests from all over the world. The event commenced with a ribbon cutting session by distinguished guests. Following the opening address by Mr Brian Chang, Chairman of YRS, 'Taisun' demonstrated to all attendees its astounding strength by hoisting up a launching barge 30 meters above the water. Independent party American Bureau of Shipping (ABS) witnessed the lift and presented Mr Chang with a "Witness Load Testing" certificate, confirming the capacity of 'Taisun' at 20,133 MT; a heavy lift world record.
'Taisun' now entering into commercial service, has been earmarked for at least nine lifts over the next 24 months. It will revolutionize the way large offshore projects such as semi-submersibles and FPSOs are built. By providing a perfectly safe, uniquely controllable and highly cost effective way to join super sections of up to 20,000 MT, the hours spent working at great heights will be significantly reduced. As a result, overall project man-hours can be improved upon by up to 2 million, overall build schedules and time-to-market shortened, and safety and quality greatly improved.
In a press statement made by Mr Haldor Fottland, Area Manager of Awilco Offshore, it said, "Awilco Offshore Semi AS congratulates YRS on the christening of the 20,000 MT crane. The introduction of this crane certainly opens up for more efficient project execution. We are glad to see the 'Taisun' crane operating, and we look forward to experience it in full action with the mating lift for our first semi-submersible rig
Buccaneer Has Second Gulf of Mexico Success
by Buccaneer Energy
Thursday, April 24, 2008
ASX-listed Buccaneer Energy Limited announced that the second well in the Pompano field was successfully tested in two gas-productive sands totalling 74 feet (22.4 metres) of net gas pay found in the well. Buccaneer has a 65% working interest in the well.
This is a dual completion well, allowing for two sand intervals to be produced simultaneously. The well's Operator, AnaTexas Offshore, plans to put the well into production in the next 10 days.
"These two sands are expected to produce at a combined rate of 7 million cubic feet per day plus 30 barrels of high quality condensate," says Director Mr Dean Gallegos. "We're pleased to report that the level of production surpasses our expectations of 6.0 million cubic feet per day."
Notably, the pressure reading from the E Sand was estimated to be a 4,820 psi bottom hole pressure (BHP), which the Operator advises is a near-virgin pressure. With the pre-drill estimate of 2,500 psi BHP, it is evident that the E Sand has repressurised since it was last drilled in 1982. According to the Operator, this increased BHP in the E Sand will have a positive impact on recoverable reserves.
This successful well follows on from the Pompano # 1 well that was drilled in January 2008 and was put into production in mid March 2008 at the rate of 7 million cubic feet per day. As a result of the strong market for gas in the United States, it is anticipated that the two wells will generate net revenue of US$1.3 to US$1.5 million per month for Buccaneer at the current gas price.
Corporate overheads are running at approximately US$250,000 per month meaning the Company will be profitable, the Company has a current market capitalization of approximately A$37.0 million
"We choose the Pompano project as our first because the infrastructure is already was already in place," Mr. Gallegos stated, "The project has two off-shore platforms and sales pipelines and this has saved us approximately US$15 million in development costs and 6-9 months of time and the benefits of having this infrastructure in place are now bearing fruit."
"Buccaneer has a 65% working interest in the Pompano project including these first two wells, which is relatively a high level compared to other companies in similar arrangements. This means all successful wells that are drilled at the project have a bottom line financial impact for our shareholders. We believe that if it is a development project and the risk is relatively low compared to an exploratory project then the working interest should be higher." stated Mr. Gallegos.
"Going forward there are at least another four other drilling locations at the Pompano Project, Buccaneer hopes to drill at least two of these this calendar year. All of the wells we will drill at Pompano will have at least 2P (proven and possible) reserves associated with them, therefore we have a high degree of confidence that we will be successful in a high percentage of future wells at the project.
According to Mr. Gallegos, Buccaneer's strong management team is one of the key reasons for the Company's prime position within this industry.
"Our management team is 100% based in the US in Houston, Texas," Mr. Gallegos stated, "Combined they have around 175 man years of experience in the oil and gas industry both locally and internationally. By being physically located in the US they have the ability to monitor the current opportunities and acquire the ones that conform to Buccaneer's requirements in a timely fashion
Deepwater GOM Discoveries Yield Oil and Gas for Newfield
by Newfield Exploration
Thursday, April 24, 2008
Newfield Exploration recently drilled two successful exploration wells in the deepwater Gulf of Mexico. The Gladden Prospect, located at Mississippi Canyon 800, found 80 feet of net oil pay. An updip location is being drilled that is expected to be completed in late May. The Anduin West Prospect, located at Mississippi Canyon 754, found 30 feet of net gas and condensate pay. The well is being completed and a production test is planned in the next week. Newfield is the operator of both discoveries and has a 47.5% working interest in Gladden and a 50% working interest in Anduin West. The Company has production handling agreements in place with nearby host facilities and expects first production from both fields in late 2009.
In the March 2008 Federal OCS Lease Sale, Newfield was the high-bidder on 19 of 28 lease blocks (14 located in deepwater). If all blocks are awarded, the net investment will be approximately $70 million and builds prospect inventory for the next several years in deepwater.
Newfield made an oil discovery during the first quarter of 2008 on its Pearl River Mouth Basin acreage offshore China. The LF7-2-1 exploration well found nearly 60 feet of net oil pay. The well tested the first of a series of features on a structural ridge. Additional drilling is planned. Newfield operates the discovery with a 100% interest. Newfield's interest is subject to the Chinese National Offshore Oil Company's right to take a 51% interest during development. A separate exploratory well drilled during the quarter, the HZ28-1-1, was not commercial.
The Puteri production platform, located on PM 318 offshore Malaysia, is undergoing final commissioning and the export pipeline has been installed. Newfield expects the field to commence first oil production in the second quarter and ramp up to 6,000 to 8,000 BOPD (gross). Newfield recently installed the production facility for the East Belumut and Chermingat fields, located on PM 323. A rig is on location and Newfield expects production from the fields to begin in the second quarter. The combined rate from these fields will ramp up to 15,000 BOPD (gross). The Abu Field, PM 318, has ramped up to a planned production rate of 15,000 BOPD (gross) and the field achieved payout in the first quarter of 2008 -- less than 10 months from the date of first production. Newfield has a 50% interest in PM 318 and a 60% operated interest in PM 323
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