BP oil spill clean-up progress plus latest Shell, Petrofac & Lamprell news
BP oil spill clean-up progress plus latest Shell, Petrofac & Lamprell news
2010/07/29 by ukcitymedia.co.uk about : Company Reports - 0 Comments - 521 words
In some rare good news from the Gulf of Mexico, clean-up operations at Deepwater Horizon are beginning to bear fruit according to Adm Thad Allen, the national incident commander commented yesterday that "It was becoming a very elusive oil to find."
With oil flow stemmed two weeks after BP fitted a cap over the leaking well head officials have indicated that the pollutants were dispersing and evaporating more quickly than they had expected.
Environmentalists were indicating that up to 40 per cent of the oil may have evaporated as soon as it reached the surface whilst warm surface water and weeks of sunlight appear to have helped to break up the crude oil along with strong wind and wave during storms of last week.
Environmental experts were also saying yesterday that bacteria present at the Gulf of Mexico seabed has aided the degrading of oil as it seeps naturally from the ocean floor.
Royal Dutch Shell has reported a 15% jump in second quarter profit mostly due to higher prices at the Petrol pump and through increases in production.
Oil and gas production was indicated 5% higher than a year ago with gas production up 12%. Shell's downstream activities, refining, marketing, petrochemical production returned a profit of $1.47bn compared with a loss of $275m a year ago.
But it was upstream earnings Exploration & Production, Gas & Power and Oil Sands that came in significantly up 56% to $3.27bn with the rise attributed to higher oil prices and a 34% increase in LNG sales and higher natural gas production.
The oil major also announced that it had beaten targets for costs and staff reduction while restructuring in corporate functions and initiatives resulted in annual underlying cost savings of over $3.5bn - six months ahead of expectation. Shell also announced it is to make $7-8bn of asset sales in 2010-11.
Dubai-based offshore rigs speciality contractor Lamprell has announced that it has won a $317m contract to supply the National Drilling Company NDC of Abu Dhabi with two new jackup rigs worth $158.5m.
Work is scheduled to begin on the first rig on 1 August and delivery scheduled for second quarter of 2012. Lamprell will also supply additional optional equipment orders valued at $12.6m per rig as part of the supply contract while NDC will have an option to order another two jackup rigs at the same price.
Lamprell boss Nigel McCue added that the contractor was "another significant award and reflects our strong reputation for quality and service and further extends our growing order book.”
Petrofac has won a $400m contract with the Kuwait Oil Company KOC to design and build fuel gas and gas oil pipelines in a project that will last 2 years.
The project include engineering, procurement and installation for the pipelines from Mina Al Ahmadi to the Azzour and Shuaiba power stations in Kuwait.
Maroun Semaan, Petrofac's group chief operating officer added "The Kuwait market is strategically important to our business and I am delighted that we have been selected by KOC to undertake this project.”
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