Russia to modernize its oil industry

Russia, a leading oil and gas exporter, has used more than 50% of its known oil reserves and might need to attract enormous investment to modernise its oil infrastructure. In the global energy market, rapidly changing due to a number of factors, such as the rise of Brazil and the shale gas revolution. The number of rigs drilling for natural gas in the United States slid by seven last week to 941, oil services firm Baker Hughes said. The South Korean Ministry of Knowledge Economy said it will nearly double its production of lithium and rare earth minerals next year as global demand for the raw materials is widely expected to increase.

Jude    Maritime News     Baker Hughes, Horizontal rigs, oil and gas exporter, shale gas revolution, South Korean metals such as lithium, Vladimir Putin, world's biggest oil producer

Daewoo acquires $1.3Bn offshore rig contract

Daewoo Shipbuilding & Marine Engineering, one of the world’s biggest shipmakers will build a $1.3 billion offshore drilling rig for Chevron Corp.

Canada’s Orion Oil and Gas Corp said it sees higher average production in 2011 and set a capital budget of C$35 million.

Oil and gas producer Tag Oil Ltd says it has bought a 20 percent stake in offshore exploration permit PEP 52181, which covers 17,150 hectares, just 8km offshore from Taranaki.

Jude    Maritime News     Chevron Corp, Daewoo Shipbuilding, Marine Engineering, offshore drilling rig, oil and natural gas exploration, Orion Oil and Gas Corp., Roc Oil Ltd, Tag Oil Ltd., Toronto Stock Exchange, world’s biggest shipmakers