CNOOC eyes new exploration targets

State-owned China National Offshore Oil Corporation (CNOOC) has set new production and exploration targets and will investigate both shallow-water and deep-sea opportunities, local media reported.

China's offshore region boasts untapped resources of up to 7.2 billion tonnes of oil equivalent, with only one-third of that discovered. New blocks in Bohai Bay and the South China Sea offer great potential for CNOOC. The new blocks in Bohai Bay are the company's priority for shallow-water exploration.

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Jinse Shipbuilding to build first ships using AVEVA

Jinse Shipbuilding Co., a recent addition to the Korean shipbuilding industry based in Busan, will use AVEVA Marine to build its first ships.

Jinse received orders for 32,000-dwt and 180,000-dwt bulk carriers, with the former due to be delivered by early 2008. The onus is to build high quality ships in the most efficient manner. It is believed that AVEVA Marine will lead to higher production accuracy, savings in calendar time and less rework.

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Foreign ship race for stake in ABG Heavy

Two foreign shipping lines, Zim of Israel and Geneva-based Mediterranean Shipping Company, the world’s second-largest container line, are believed to have approached ABG Heavy Industries (ABGHIL) to pick up an equity stake.

The Mumbai-based port service provider, which recently offloaded 12% to the Port of Singapore Authority (PSA), has also been approached by a couple of private equity players. Sources said ABGHIL is looking to raise capital to fund its expansion projects. The company’s capital expansion plans include Rs 300 crore investment in its crane manufacturing capacity, and up to Rs 2,000 crore investment in the port sector. Plans are also afoot to invest in a new crane manufacturing facility at Ransai in Navi Mumbai. It also plans to bid for the proposed minor terminal of the 330-metre quay line at the Jawaharlal Nehru Port Trust (JNPT). ABGHIL currently operates the Kolkata container terminal under a unique own-operate-maintain contract since April 2005, and has handled 170,000 containers during the last financial year (2006-07). It hopes to handle over 200,000 TEUs during the current fiscal.

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GE Shipping to buy bulk carriers

Great Eastern Shipping Company Ltd (GE Shipping) informed that it has contracted to buy two new building Kamsarmax dry bulk carriers, reports local media.

The 80,700 dwt vessels are expected to join the company’s fleet during the fourth quarter of 2010-11 and the first quarter of 2011-12, respectively. GE’s current fleet stands at 48 vessels comprising 36 tankers and 12 dry bulk carriers with an average age of 11.3 years aggregating 3.29 million DWT.

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Armed forces festival

The Venice of the East will play host to a massive colorful naval exercise jointly conducted by the armed forces of India – the army, navy and airforce.

The beach of allapuzha in Kerala, India will be a garlanded with the mighty display of defence ships and war equipments. The ships will be anchored at the closest distance from the shore. Commando operations, helicopter rescue operations, fly-past of defence aircrafts will be on display for the public. The naval drill is ahead of the recruitment to all three defence forces – army, navy and airforce.

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Two LNG vessels for Sakhalin II JV christened

Two 147,000 cubic-metre Moss-type LNG vessels were christened 'Grand Elena' and 'Grand Aniva' at the Mitsubishi Heavy Industries Nagasaki Shipyard and Machinery Works.

The vessels are built for a joint venture established by Nippon Yusen Kabushiki Kaisha (NYK) and JSC Sovcomflot, a Russian state-owned shipping company. The two vessels will be employed in the Sakhalin II Project over a 20-year contract term for LNG shipments from Sakhalin to various ports in Japan, Korea, and to Baja California, Mexico. The Sakhalin II Project is conducted by Sakhalin Energy Investment Company under a production sharing agreement with the Russian Federation for development of the Piltun-Astokhskoye and Lunskoye oil and gas fields located northeast of Sakhalin Island and the production of hydrocarbons from these fields.

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