Tag: oil and gas industry

  How much US shale oil production is taken out of service will be a key driver of future tanker shipping earnings, according to the latest edition of the Tanker Forecaster, published by global shipping consultancy Drewry. Tanker operators are pinning their hopes on a rise in US crude oil imports as domestic shale oil extraction becomes increasingly unprofitable. Low oil prices have made crude extraction unprofitable for many US producers, leading to a fall in US rig counts and shrinking exploration and production investment. “Continued expansion of refinery capacity in Asia is likely to maintain growth in the global oil trade over the next five years,” said Rajesh Verma, Drewry’s tanker shipping lead analyst. “But demand from Asia alone will not be sufficient to sustain the improvement in tonnage utilisation. The only alternative source of growth is a recovery in US oil imports, especially when declining European refinery capacity will mean lower import volumes to EU countries.” Following two years of slow growth, the global trade in oil has accelerated over the past nine months due to increased stocking. And Drewry expects this trend to continue through to the end of 2016. However, thereafter we expect the influence of ...

  Accurate allocation measurement results are a key financial and commercial driver for E&P companies. Yet despite limited evidence of the performance of Coriolis and ultrasonic flow meter technology, they are being increasingly deployed for single phase oil flows contaminated with water or natural gas. DNV GL has initiated a Joint Industry Project (JIP), now open for industry partners, E&P companies and manufacturers to join, to assess the capability and feasibility of the meters. Coriolis and ultrasonic flow meters are widely accepted for application in single phase oil flows by the oil industry. However, there is little validation nor independent test results to support the claim that they produce accurate allocation measurement results. Inaccurate results related to the oil flow can present both operational and financial risks by negatively influence decision making and understanding of operational efficiency. The JIP will therefore provide testing guidelines, a performance assessment and correction algorithms as a foundation for using Coriolis and ultrasonic flow meters for phase contaminated oil flows.   “Accurate measurement of the production of oil fields is an important means of reducing the financial risks that Exploration & Production (E&P) companies face in allocation processes.  Yet more and more we see the ...

How much US shale oil production is taken out of service will be a key driver of future tanker shipping earnings

  Chevron Corporation advised that the Big Foot tension-leg platform (TLP) will be moved to sheltered waters from its location in the deepwater U.S. Gulf of Mexico following damage to subsea installation tendons. The tendons were pre-installed in preparation for connection to the Big Foot TLP. Between Friday, May 29 and Sunday, May 31, 2015, several tendons lost buoyancy. The Big Foot TLP was not connected to any subsea wells or tendons at the time of the incident and was not damaged. There are no producing wells at Big Foot at this time. There were no injuries and there has been no release of any fluids to the environment. Damage to the tendons, which are not connected to subsea wells and are used to attach the TLP to the seafloor, is being assessed. First production will not commence in late 2015 as planned. Source: ChevronIn the outbreak, I was outspoken with you propecia before and after has changed my being. It has become much more fun, and now I have to run. Just as it is incredible to sit.

Teekay Offshore has entered into new long-term contracts with a group of companies to provide shuttle tanker services

  US Senators sent a letter urging the Bureau of Safety and Environmental Enforcement to halt all offshore oil and gas drilling permits in the Arctic region. "We are writing to express our extreme disappointment in the Administration’s recent decision to approve drilling in the Chukchi Sea within the Arctic Ocean. We strongly urge the Bureau of Safety and Environmental Enforcement to halt all offshore oil and gas drilling permits in the Arctic Region, given the extreme and treacherous conditions and the severely limited capacity for response and cleanup." "Opening development on a new fossil fuel reservoir in the Arctic not only puts the natural resources, ecosystems and the dependent communities at risk, it also contradicts the President’s Climate Action Plan to limit greenhouse gas emissions and reduce climate change. It is an unacceptable and irresponsible decision." Last month, BSEE inspected an oil spill response equipment staged to support Shell’s Chukchi Sea oil response plan. BSEE Director Brian Salerno’s commented when demonstration completed:   "Arctic operations require extra effort to prevent safety or environmental incidents. We are leaving no stone unturned to ensure operators have addressed all relevant risks. It is equally important that operators be prepared to respond in ...