Addax Petroleum has announced that it has achieved first oil in the Okwori project, barely eight months after spudding the first well. The company said a statement that production levels are expected to peak at 40,000 barrels per day.
Shares of Malaysia International Shipping Corp Bhd (MISC) surged to a new high yesterday, buoyed by news that the company has secured its second major offshore business contract this year. The news propelled the stock to a high of RM16.70, but weak market sentiment capped much of its early gains as
Royal P&O Nedlloyd NV, Neptune Orient Lines Ltd and 11 other shipping lines plan an additional increase in prices as the cost of transporting containers through the Panama Canal adds to higher costs from fuel and congestion. The 13-line Transpacific Stabilization Agreement is seeking to raise the tr
Sevan Marine has secured an 11-year charter contract for its SSP 300 FPSO, a new-technology floating production and storage platform, from Petrobras. The contract, which can be extended for a further 6 x 1 years plus an additional five years, is valued at approximately USD399m for the initial fixed
Approached by air, French oil giant Total’s Girassol facility 150 km (90 miles) off the Angolan coast looks like a gargantuan child’s construction toy drifting in the cold Atlantic ocean. Visitors touching down on the Floating Production Storage and Offloading (FPSO.L: Quote, Profile, Research) vess
Five years after Humboldt Bay was dredged to handle deep-draft ships, less port traffic passes through the entrance than in the decades before the project. The U.S. Army Corps of Engineers project to deepen the entrance to 48 feet and the shipping channel to 38 feet is no longer accommodating deep-d
The Portuguese oil tanker that ran aground Sunday morning near northeast China’s Dalian Port is out of danger Monday afternoon after 28 hours of rescue efforts. The local maritime bureau said the Arteaga, carrying 119,574 tons of crude oil, ran aground around 11 a.m. near the new port of Dalian.
International maritime publisher and events organiser, Seatrade, has issued a call for entries for the second prestigious Dubai International Maritime Awards (DIMA), which has been expanded to include four new honours this year.
One of the world’s largest shipping lines pleaded guilty in Los Angeles on Monday to secretly dumping waste oil from its massive container ships and agreed to pay $25 million, which U.S. officials called the largest fine ever in a federal case involving deliberate pollution from ships.
Plans for giant, fish-filled pens anchored miles offshore are moving closer to reality, but local opinions are mixed on whether offshore aquaculture is moving ahead too quickly. With the U.S. fishing industry unable to keep up with the growing appetite for seafood, offshore fish farming is being pro
The development of a huge observing network to monitor ocean currents and temperature and understand the conditions that bring rain – and drought – to nearly two thirds of the world
PRIMEDIA Inc. (NYSE:PRM), the country’s leading targeted media company, today announced the launch of two publications serving the boating market, BoatWorks and Voyaging, after a successful test in 2004. BoatWorks serves the hands-on sailor, with practical, do-it-yourself editorial coverage for the
Malaysia and the Philippines will step up coordinated patrols in the Sulawesi Sea to deter pirate attacks and other maritime crimes, officials said Tuesday. Both countries cooperate in such patrols twice a year in the waters between Malaysia’s Sabah state on Borneo island and the southern Philippine
Thousands of oil and natural gas platforms in the Gulf of Mexico could be converted into deep-sea fish farms raising red snapper, mahi mahi, yellow fin tuna and flounder, under a plan backed by the Bush administration. For years, marine biologists and oil companies have experimented using the giant
