Moscow: Russia has reached agreement with South Korea to supply 10 billion cubic metres (BCM) of natural gas a year.
The deal will help Russia diversify gas exports away from Europe, which seeks to reduce its dependence on Russian energy. Under the preliminary agreement, signed on Monday on the sidelines of Korean President Lee Myung-bak’s visit to Moscow, a pipeline to South Korea will be laid via North Korea from gas fields on Sakhalin Island in Russia’s Far East. The pipeline will initially carry 10 BCM of gas a year, or about 20 per cent of South Korea’s annual consumption. The supplies will continue for 30 years starting in 2015. Russia has welcomed Korea’s plans to bid for Russian oil and gas assets and build petrochemical projects and LNG plants in the Russian Far East. India has long been advised to follow the same winning formula – offer investment and technology in exchange for access to Russian energy resources – but has failed to achieve any breakthroughs since winning a stake in the Sakhalin-1 oil and gas field seven years ago.
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Thursday, October 2, 2008
Another Santos Basin light oil find for Petrobras
Rio De Janeiro: Petrobras proved the presence of oil in well 1-BRSA-658-SPS (1-SPS-57) south of the Santos Basin in sandy reservoirs above the salt layer.
The discovery confirms the good light oil potential in the shallow water portion of the basin. The well is located in Block S-M-1289 of concession BM-S-40, in which Petrobras holds 100 percent interest. Diamond Offshore semi Ocean Yorktown drilled the well in a water depth of 900 feet (274 m) some 124 miles (200 km) off the coast of the state of São Paulo. The block is 5.8 miles (9.3 km) away from the discovery that was made by well 1-SPS-56 at the Tiro prospect, which was announced last May. The reservoirs that were discovered are of the sandy type and are located at a depth of approximately 6,759 feet (2,060 m), similar to those found recently by well 1-BRSA-607-SPS (1-SPS-56). Reservoir productivity will be assessed immediately by means of a lined well formation test. The dimensions of the discoveries made by these wells will only be defined after the assessment plan, which will be submitted to Brazil's National Petroleum Agency, as provided for in the BM-S-40 concession agreement.
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The discovery confirms the good light oil potential in the shallow water portion of the basin. The well is located in Block S-M-1289 of concession BM-S-40, in which Petrobras holds 100 percent interest. Diamond Offshore semi Ocean Yorktown drilled the well in a water depth of 900 feet (274 m) some 124 miles (200 km) off the coast of the state of São Paulo. The block is 5.8 miles (9.3 km) away from the discovery that was made by well 1-SPS-56 at the Tiro prospect, which was announced last May. The reservoirs that were discovered are of the sandy type and are located at a depth of approximately 6,759 feet (2,060 m), similar to those found recently by well 1-BRSA-607-SPS (1-SPS-56). Reservoir productivity will be assessed immediately by means of a lined well formation test. The dimensions of the discoveries made by these wells will only be defined after the assessment plan, which will be submitted to Brazil's National Petroleum Agency, as provided for in the BM-S-40 concession agreement.
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Ramunia whacked by industry cost pressures
Malaysian fabricator Ramunia posted net losses of 215.21 million ringgit ($62.2 million) for the third quarter ending in July as the group was hit by higher project overheads coupled with cost over-runs and losses.
Ramunia said it was also affected by disputed change orders and project bidding costs. This was a contrast from the 5.49 million ringgit net profit over the same period a year ago. Its revenue fell sharply to 81.32 million ringgit from 197.12 million a year ago. For the nine-month period, Ramunia posted a net loss of 208.43 million ringgit compared with net profit of 18.67 million ringgit in the previous corresponding period. Revenue fell to 271.68 million ringgit from 428.36 million rinngit due to the cancellation and delay of projects. Ramunia said the group would remain focused on the fabrication of offshore oil and gas related structures and other related works. It added emphasis would be placed on improving key internal processes and implementing cost rationalization programs to overcome the higher costs of production faced by the industry.
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Ramunia said it was also affected by disputed change orders and project bidding costs. This was a contrast from the 5.49 million ringgit net profit over the same period a year ago. Its revenue fell sharply to 81.32 million ringgit from 197.12 million a year ago. For the nine-month period, Ramunia posted a net loss of 208.43 million ringgit compared with net profit of 18.67 million ringgit in the previous corresponding period. Revenue fell to 271.68 million ringgit from 428.36 million rinngit due to the cancellation and delay of projects. Ramunia said the group would remain focused on the fabrication of offshore oil and gas related structures and other related works. It added emphasis would be placed on improving key internal processes and implementing cost rationalization programs to overcome the higher costs of production faced by the industry.
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Wednesday, October 1, 2008
Goodwin-1 shores up gas presence
Initial analysis of coal samples from L&M Petroleum’s (LMP) Goodwin-1 exploration well in New Zealand licence PEP-38226 have shored up the presence of gas and signaled that the coals at the site have very low water content.
The sampled Morley coals contained gas content of up to 4.42 cubic metres of methane per tonne of coal and were over-saturated with gas. “These results are very encouraging and are consistent with data from coalbed methane (CBM) wells drilled in the adjacent Ohai permit,” LMP’s managing director John Bay said in a statement today. A total of 11 metres of coal was recovered from the Morley formation during coring operations. The Washington-8 drilling rig is now being mobilized to the Wairaki drilling site in the permit next door, PEP-38238 or Blackmount, where it will drill two test holes to establish the depth of the top of the Beaumont coals in the northern end of the Takitimu South trend. The Wairaki Strat-1 well is the second of up to eight wells the company plan to drill this year to determine the extent of the potential CBM resources within its onshore Western Southland basin permits in New Zealand’s South Island. LMP is listed on both the New Zealand and Australian stock exchanges.
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The sampled Morley coals contained gas content of up to 4.42 cubic metres of methane per tonne of coal and were over-saturated with gas. “These results are very encouraging and are consistent with data from coalbed methane (CBM) wells drilled in the adjacent Ohai permit,” LMP’s managing director John Bay said in a statement today. A total of 11 metres of coal was recovered from the Morley formation during coring operations. The Washington-8 drilling rig is now being mobilized to the Wairaki drilling site in the permit next door, PEP-38238 or Blackmount, where it will drill two test holes to establish the depth of the top of the Beaumont coals in the northern end of the Takitimu South trend. The Wairaki Strat-1 well is the second of up to eight wells the company plan to drill this year to determine the extent of the potential CBM resources within its onshore Western Southland basin permits in New Zealand’s South Island. LMP is listed on both the New Zealand and Australian stock exchanges.
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GL Signs Multi-Purpose-Vessels in Bangladesh
Two 7,250 dwt multi-purpose-vessels are the latest addition to the order book of classification society Germanischer Lloyd.
The ships will be built at Ananda Shipyard in Bangladesh for German shipowners Komrowski and Herrmann Lohmann Schiffahrt. Germanischer Lloyd Member of the Executive Board Dr Hermann J. Klein and Ananda Shipyard’s Managing Director Mrs. Afruja Bari signed the agreement at SMM in Hamburg. The two multi-purpose-vessels belong to a series of ten. The eight previous ships were already ordered with GL class in December 2007. The current orderbook of Ananda Shipyard includes ships from 2,900 dwt to 7,250 dwt for owners from Germany, Denmark and Mozambique. The production area comprises 80,000 square meters; more than 1,120 people are employed by the yard. Founded in 1983, Ananda Shipyard is a private company. Germanischer Lloyd has been represented in Bangladesh since the mid-1980s.
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The ships will be built at Ananda Shipyard in Bangladesh for German shipowners Komrowski and Herrmann Lohmann Schiffahrt. Germanischer Lloyd Member of the Executive Board Dr Hermann J. Klein and Ananda Shipyard’s Managing Director Mrs. Afruja Bari signed the agreement at SMM in Hamburg. The two multi-purpose-vessels belong to a series of ten. The eight previous ships were already ordered with GL class in December 2007. The current orderbook of Ananda Shipyard includes ships from 2,900 dwt to 7,250 dwt for owners from Germany, Denmark and Mozambique. The production area comprises 80,000 square meters; more than 1,120 people are employed by the yard. Founded in 1983, Ananda Shipyard is a private company. Germanischer Lloyd has been represented in Bangladesh since the mid-1980s.
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Tallin to see dedicated terminal for Chinese goods
Shanghai: China’s Ningbo port is in discussions with the Estonian state-owned Tallinna Sadam for the proposed construction of a terminal for Chinese goods in the Muuga port in Estonia.
Ain Kaljurand, ceo of the port company told BNS that representatives of the two port companies are now going through technical and commercial details, and that the agreement is due to be concluded in January. The Chinese partner already operates four terminals, therefore it has quite clear wishes as regards the technical features of the new facility, Kaljurand said. Estonia's Minister of Economy and Communications Juhan Parts signed an agreement on maritime transport with China's deputy minister of transport on September 24, which serves as a prerequisite for the cooperation between the companies. According to Yonhap, the agreement facilitates cooperation between Estonian and Chinese ports primarily in the shipment of containers, offering new opportunities to Estonian logistics and transport companies, a press release by the Estonian Ministry of Transport and Communications said. The purpose of the agreement is to promote ties and maritime cooperation between the countries by ensuring equal treatment in ports for each other's ships and facilitating the entry of crew members into each other's territory.
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Ain Kaljurand, ceo of the port company told BNS that representatives of the two port companies are now going through technical and commercial details, and that the agreement is due to be concluded in January. The Chinese partner already operates four terminals, therefore it has quite clear wishes as regards the technical features of the new facility, Kaljurand said. Estonia's Minister of Economy and Communications Juhan Parts signed an agreement on maritime transport with China's deputy minister of transport on September 24, which serves as a prerequisite for the cooperation between the companies. According to Yonhap, the agreement facilitates cooperation between Estonian and Chinese ports primarily in the shipment of containers, offering new opportunities to Estonian logistics and transport companies, a press release by the Estonian Ministry of Transport and Communications said. The purpose of the agreement is to promote ties and maritime cooperation between the countries by ensuring equal treatment in ports for each other's ships and facilitating the entry of crew members into each other's territory.
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German maritime research and rescue service orders new cruisers
Germany maritime research and rescue service, Deutsche Gesellschaft zur Rettung Schiffbruchiger (ZGzRS), has developed a new rescue cruiser capable of closeing the gap between its ten-metre lifeboats and its smallest 23-metre cruises.
While maintaining the extremely seaworthy hull, which has been tried and tested over decades, this future type of boat also features the latest developments in ship and engine building, as well as in electrical engineering and electronics. The first two units of the new class ordered with the German Fassmer shipyard, Berne / Motzen near Bremen, are scheduled for commissioning end of 2008 and early 2009. The specifications for newbuildings involved on missions in shallow areas and close to shore pose particular technical challenges. That is because this type of rescue cruiser must be capable of providing the same high degree of safety as all other DGzRS units under extremely adverse weather conditions on the open sea. Particular attention is paid to the structural strength of the hull, while keeping the design lightweight. Drawing just 1.3 metres, this new class of craft can be deployed in areas where larger rescue cruisers have to rely on their tenders. Other characteristics of this boat type are ergonomically designed on-board workstations to provide medical first aid, and hydraulic auxiliary propulsion for rescue and towage operation. DGzRS rescue units are seen as highly weather resilient. They are among the most modern and efficient SAR units in the world.
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While maintaining the extremely seaworthy hull, which has been tried and tested over decades, this future type of boat also features the latest developments in ship and engine building, as well as in electrical engineering and electronics. The first two units of the new class ordered with the German Fassmer shipyard, Berne / Motzen near Bremen, are scheduled for commissioning end of 2008 and early 2009. The specifications for newbuildings involved on missions in shallow areas and close to shore pose particular technical challenges. That is because this type of rescue cruiser must be capable of providing the same high degree of safety as all other DGzRS units under extremely adverse weather conditions on the open sea. Particular attention is paid to the structural strength of the hull, while keeping the design lightweight. Drawing just 1.3 metres, this new class of craft can be deployed in areas where larger rescue cruisers have to rely on their tenders. Other characteristics of this boat type are ergonomically designed on-board workstations to provide medical first aid, and hydraulic auxiliary propulsion for rescue and towage operation. DGzRS rescue units are seen as highly weather resilient. They are among the most modern and efficient SAR units in the world.
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