BP to sell its Canadian business as well

BP PLC is selling its Canadian natural-gas-liquids business, part of efforts to raise up to $30 billion to help pay for the Gulf of Mexico oil spill. Movin on Striking resemblances between BP’s Gulf of Mexico disaster and a little-reported giant gas leak in Azerbaijan experienced by the UK firm 18 months beforehand have emerged from leaked US embassy cables.

Jude    Maritime News     AAA, BP PLC, BP's Gulf of Mexico disaster, Canadian business, Canadian natural gas liquids, gas field, gas stocks, Gulf of Mexico oil spill, offshore drilling, oil and gas updates, oil and natural gas, oil prices, world oil

OOCL to order mega ships

Hong Kong-based OOCL intends to purchase very large-sized containerships with capacity between 8,000TEU and 13,000TEU, reported Hong Kong’s South China Morning Post.

The European Union’s Advance Cargo Declaration regime will enter into force on January 1, 2011, however BIMCO says technical problems in its rollout are causing uncertainty for the shipping industry.

Ports along the United States’ east coast are racing to become the “go-to” port following expansion works on the Panama Canal, which will be completed by August 15, 2014, according to a report from the New York Times.

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Container ship sinks off Egypt’s coast

An Italian containership owned by Linea Messina has sunk off Egypt’s coast on December 14. All crewmembers were rescued during an operation after it broke down in rough weather, according to Egypt’s news agency MENA.

Maersk Line has announced that it is bringing back its AE9 service between Asia and northern Europe. The service was withdrawn in October in preparation for this year’s European winter season, since when trade conditions have duly deteriorated, taking freight rate levels with it.

Indian coastal shipping services are planning to open to foreign shipping lines, however foreign flag vessels would carry only containerized cargo along the country’s coast.

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Reliance in partnership deal with BP Plc.

Reliance Industries has signed a significant deal with BP PLC.in London, This for certain will reduce Reliance Industries’ exploration risk burden and balance its outflow of funds to shale gas venture in the US.

Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, said profit last year rose 7 percent because of higher prices and record output and sales at its North West Shelf project.

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BP sells its operations in Pakistan

BP PLC’s total asset sales this year rose to almost $22 billion as the company agreed to sell its oil and natural-gas assets in Pakistan to United Energy Group for $775 million in cash.

South Korea, Asia’s fourth-largest crude importer, expects to increase production from oil and gas fields owned by its energy companies by 33 percent next year through the acquisition of overseas assets.

New Zealand stocks fell, with NZ Oil & Gas pacing decliners on the exchange after Pike River Coal had its securities suspended and the stock replaced on the NZX 50 benchmark by Skellerup Holdings.

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Chinese port’s throughput soars

Boosted by the global economic recovery, China’s shipping market has accelerated the pace of development, according to Research and Markets.

The container terminals in Rotterdam and Antwerp score in terms of productivity well above the regional average, according to figures from Drewry.

Syria will invest US$800 million to develop ports and ships by 2015, to capitalise on traffic and transport from the reconstruction process in neighbouring Iraq.

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Vallarpadam container terminal

Prime Minister Dr. Manmohan Singh will inaugurate a Rs.3,250 crore International Container Transshipment Terminal (ICTT) at Vallarpadam in Kerala on February 11.

In 2010, the Port of Hamburg returned to its growth course with total throughput of 121 million tonnes, up 10 percent on 2009.

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Ukraine offers Azerbaijan new markets of energy resources

The constant supplies of Azerbaijani oil via the Odessa – Brody oil pipeline through Ukraine to Belarus for Mozyr oil refinery will be launched today.

Secretary Petroleum and Natural Resources Imtiaz Kazi Saturday said the international tenders for supply and building Liquefied Natural Gas (LNG) terminal would be issued in two weeks.

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Gas Drilling Technique, now considered a violation

Oil and gas service companies injected tens of millions of gallons of diesel fuel into onshore wells in more than a dozen states from 2005 to 2009, Congressional investigators have charged.

The political unrest in Egypt, which threatens to destabilise the oil-rich Gulf region, fuelled a rally in oil and gas exploration company shares on Monday.

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Egyptian Riots could affect Oil and Gas production

The youth in Egypt are rising up against President Hosni Mubarak’s authoritarian government, rioting in the streets, yearning for the freedoms and opportunities they see byway of social media like facebook, twitter and youtube.

Energy associations in Alberta are applauding the province’s move to set up a single regulator for the oil and gas sector. The province plans to set up one regulatory body that will make all decisions about land, water licences and environmental assessments.

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