Horizon pulls plug on Thai acreage

Australia’s Horizon Oil has pulled out of all its drilling concessions in the Gulf of Thailand,
handing stakes in five blocks to partner Pearl Energy, which operates the licenses.

Horizon chief executive Brent Emmett said a likely six-month delay in expected cash flows from the Maari development off New Zealand, plus tough economic conditions and slumping oil prices, had squeezed the company’s cash reserves. The company said the divestment in blocks G1/48, G3/48, G6/48, G10/48 and G11/48 had eliminated drilling obligations for 2009 worth between $22 million and $30 million and that it had no remaining interests in any of the blocks. It said its obligations to carry Singapore-based Pearl through exploration in blocks G1/48, G3/48 and G6/48 had been offset against its expenditure to date, and as a result neither Horizon nor Pearl had paid any considerations as part of the divestment. Horizon said it would recognise an impairment of $6.8 million in its half-year accounts to the end of December 2008. Horizon chief executive Emmett said: “Our priorities are clear - until Maari is on stream later this month and market conditions improve, the focus will be directed towards Horizon Oil’s development and pre-development projects, where proven and probable reserves and resources already exist and provide greater certainty of generating shareholder value, he added.
Read More

Nigerian firm, Dubai firm to build new port in Lagos

A Nigerian firm, Sifax Group of Companies, is discussing with Dubai Ports Authority, on the establishment of a modern port complex in Lagos.

Managing Director of Sifax Group, Dr Taiwo Afolabi, told newsmen in Lagos that the Dubai authority had shown great enthusiasm in the proposed venture. Afolabi said the port would on completion, be the first direct response of an indigenous company to the Federal Government's call for development of green fields, to decongest existing ports.
Read More

Kotug christens 'RT Margo'

The Netherlands: Kotug’s newest tugboat was recently christened after the vessel arrived at the Port of Rotterdam from Singapore.

On February 7, ‘RT Margo’ was christened at during a New Year’s event held for Kotug employees. Upon delivery, the ‘RT Margo’ would have been under the command of Captain Bosch. The ‘RT Margo’ is named after Mrs Margo Kok-van der Wal, CFO at Kotug, in honour of her special contribution to the Kotug organisation and her 25th anniversary with the company. ‘RT Margo’ is part of an extensive newbuilding program of powerful and manoeuvrable 83-tonne Rotor tugs, which are being built at shipyards in Japan and Singapore.

Read More

World shipping tonnage capacity hits 1.12 billion deadweight

THE world merchant fleet increased astronomically between 2007 and 2008, according to the review of maritime transport by the United Nation Conference on Trade and Development (UNCTAD).

According to the United Nations trade organ, the world merchant fleet expanded by 7.2 per cent in 2007 to 1.12 billion deadweight tonnes (dwt) at the beginning of 2008. By that percentage increase, the organisation said there was a gain of 82 million dwt over the corresponding period of previous year.The organisation attributed the increase to the historical high demand for shipping capacity that was responded to by the world shipping industry by ordering new tonnage, especially in the dry bulk sector.The UNCTAD review of Maritime transport, copy of which was mailed to The Guardian few days ago, said vessel orders were at their highest level ever, reaching 10,053 ships with a total tonnage of 495 million dwt, including 222 million dwt of dry bulk carriers. According to the organisation, the tonnage of dry bulk ships on order at the end of 2007 was 72 times higher than it was in 2002. It said since mid 2007, dry bulk orders outstrip those of any other vessel type.

Read More

A2SEA bags British wind power contract

The Danish offshore construction company A2SEA has signed up with Fluor Limited for installation of a number of wind turbines off the British east coast.

A2SEA will use their jack-up rig the Sea Jack, which is purpose-built to accommodate three complete 3.6 mW turbines on each operation. The wind turbine power plant will be installed on the Greater Gobbard project as from the spring of 2010. A2SEA and Fluor Limited (the plant-owner) will operate from Great Yarmouth east port.A2SEA’s Sea Jack has done work on a number of wind power plants and is presently working on the Horns Rev 2-project off the Danish coast outside Esbjerg.

Read More

CNPC 'eyes PetroChina asset move'

China National Petroleum Corporation (CNPC) is set to inject some of its overseas assets into its listed unit, PetroChina, according to reports.

The China Business News , citing unnamed sources, said CNPC, PetroChina's parent company, may gradually inject some "non-sensitive" overseas assets into PetroChina, but did not specify the timetable or the nature and size of these assets. The group's oil output overseas came to 62.2 million tonnes (1.25 million barrels per day) in 2008, with its natural gas output at 6.73 billion cubic metres, the report said, without providing comparative figures. While it continues to focus on slashing its operating cost, PetroChina has no plans to cut its capital expenditure this year from its 2008 level of roughly 200 billion yuan ($29.27 billion), it added.

Read More

FFAs softening, dry bulk’s charge in danger

Dalian: Forward freight arrangements (FFAs) are pointing to an end to the mini-boom seen in dry bulk rates this month.

New York financier Dahlman Rose observed that FFAs have declined for the past two days, the first reversal since February 2. The financier also noted that spot market rates “are losing steam and could soften in the coming days.”This view is backed by Norway’s Fearnley’s and comes as the Baltic Dry Index rose more than 4% yesterday to crest the 2,000 level. “[O]n the back of an FFA market declining significantly,” Fearnley’s warned in a weekly report, “the sentiment could be turning. The low prices of commodities have been, in our opinion, a major factor in the resurgence of the market in the last 3 weeks, but amid continuing reports of companies having problems (e.g. Samsun filing for protection) and a market increasingly driven by paper (thus the 'yoyo effects'), this could bring back a 'wait to see what happens' situation.”
Read More