The explosion-proof version of Alfa Laval’s chemical-free ballast water treatment system, PureBallast 3.1 EX, has received approval from the U.S. Coast Guard for use on barges sailing in U.S. coastal waters. The approval comes a year after Alfa Laval PureBallast received an IECEx Certificate of Conformity from the International Electrotechnical Commission (IEC) for use in explosive atmospheres on board ships in international waters.

As a pioneer in the ballast water treatment arena, Alfa Laval introduced PureBallast, the first commercial chemical-free ballast water treatment system in 2006. Three years later, the company launched PureBallast 2.0 EX, which complied with ATEX directives, the European Union Directives for equipment use in potentially explosive atmospheres, such those on tankers carrying volatile cargo. Last year, PureBallast EX received an IECEx Certificate of Conformity from the International Electrotechnical Commission (IEC) for use in explosive atmospheres on board ships in international waters. Now this third-generation ballast water treatment system is approved for use on barge applications sailing in U.S. coastal waters, making it one of the first to be approved by the U.S. Coast Guard.

“We’re pleased that PureBallast EX meets the stringent criteria for approval by the U.S. Coast Guard,” says Alfa Laval’s Stephen Westerling Greer, Global Business Manager of PureBallast. “U.S. Coast Guard approval, together with IECEx certification, sends a strong signal to ship owners and operators that they can trust our ballast water treatment system to comply with strict national and international regulations while effectively cleaning ballast water.”

In addition to U.S. Coast Guard approval for use on barge applications, PureBallast EX comes with other noteworthy news regarding safety. To enhance safety onboard, Alfa Laval simplified the PureBallast design, enabling the lamp drive cabinets to be placed up to 150 meters away from the reactors they serve. This means the power supply can be safely located outside any potentially hazardous zone.

Westerling Greer says that there are other PureBallast innovations that enhance system performance, making it more attractive to ship owners and operators. These include 50% space savings, energy management and power ramp to optimize disinfection treatment whilst operating at full flow in low-clarity waters where UV transmittance is just 42%.

“We’ve also introduced a new PureBallast reactor for system sizes from 170 m3/h to 32 m3/h, our customers have access to leading edge technologies for a broader range of applications. Alfa Laval is now able to offer ship owners with vessels, large and small, the means with which to comply to international, national and regional regulations and local port requirements the world over.”

Apache Corporation (NYSE, Nasdaq: APA) has announced a reorganization of the company's operating regions and key leadership changes.

"Today's announcement marks the formation of our operational leadership team and a reorganization that will position Apache for continued success. These changes represent a significant step toward streamlining our operations in a way that will greatly enhance our ability to maximize recovery and minimize costs. This new structure will enable us to allocate resources and personnel expediently as industry conditions dictate. In addition, we have consolidated our technical expertise into centers of excellence, which will support each operating region and strengthen our ability to share best practices around the globe," said John J. Christmann, IV, Apache's chief executive officer and president.

Streamlined organization

Following a series of acquisitions and divestitures over the last five years, Apache has completed a strategic repositioning of its portfolio that emphasizes the growth potential of its North American business and the strong free-cash-flow-generation of its Egypt and North Sea assets. To realign organizational resources with the company's updated portfolio, Apache is implementing a more integrated, super-region structure that will reduce redundancy and increase operational efficiency.

The new organization includes three super regions. In North America, the company is merging resources into two super regions: the Permian Region and the Houston Region. Apache's Egypt Region, North Sea Region and Gulf of Mexico Region will form the International and Offshore Region.

The newly formed Houston Region will consolidate operational activities for the Eagle Ford, Anadarko Basin, Texas Panhandle and Canadian properties into one region. The Canadian properties will continue to be operated out of the existing Calgary, Alberta, office. The Permian Region will continue to include the Midland Basin and the Central Basin Platform operated out of Midland, Texas, with the Delaware Basin receiving separate and individualized management in San Antonio, Texas, to realize the exceptional potential of these unconventional assets.

The Houston Region reorganization includes closing Apache's regional office in Tulsa, Okla., and relocating a number of Tulsa employees. This will consolidate employee expertise in a single office location to foster increased collaboration and technology transfer among asset teams.

Other organizational optimization is also underway consistent with the high-graded portfolio. By the end of 2015, Apache will reposition its overall cost structure to establish itself as a strong and efficient competitor. The company will provide an update on its plans and progress on its second-quarter earnings call.

Key leadership changes

Apache is realigning its senior operational leadership to support the organizational structure described above. The following key changes are effective immediately but will include a transition period through the end of July.

Timothy J. Sullivan has been appointed to the newly created role of senior vice president – Operations Support based in Houston. In this role, he will support the CEO in operational strategy, capital allocation, market intelligence and marketing.

Thomas E. Voytovich will assume the role of executive vice president – International and Offshore Region and Exploration and Production Technology. In addition to his current management of Apache's operations in Egypt, the North Sea and the Gulf of Mexico, Voytovich will also oversee the Exploration and Production Technology and Engineering Technology service teams. Voytovich will remain in Apache's Houston headquarters.

James L. House has been named to the newly created position of senior region vice president – Houston Region and will be based in Apache's Houston headquarters. Grady L. Ables will assume the role of region vice president – Canada Region and president, Apache Canada, and report up through the Houston Region. Ables will be based in Apache's Calgary, Alberta, office.

Faron J. Thibodeaux will continue to oversee the company's operations in the Midland Basin and Central Basin Platform as the senior region vice president – Permian Region based in Apache's Midland, Texas, office.

Steven J. Keenan will oversee the North American Unconventional Resources Technology team, Unconventional Resources New Ventures team and the company's operations in the Delaware Basin as the senior region vice president – Delaware Basin. Keenan will remain in Apache's San Antonio, Texas, office.

Cory L. Loegering will assume the role of region vice president – UK Region and managing director, Apache North Sea, following House's relocation to Houston. Loegering will be based in Apache's Aberdeen, Scotland, office and continue to report to Voytovich. Thomas M. Maher will continue to oversee the company's operations in Egypt as the region vice president – Egypt Region and General Manager, Apache Egypt, from Apache's Cairo, Egypt, office.

Impact to operational reporting

The organizational changes and realignment of Apache's operating areas will not impact the reporting of production in the company's quarterly supplement. The company will continue to report production as Permian (Midland Basin, Central Basin Platform, Delaware Basin), Central (Anadarko Basin, Texas Panhandle), Gulf Coast (Eagle Ford), Canada, Gulf of Mexico, Egypt and the North Sea.

Liza-1 well encounters more than 295 feet of high-quality oil-bearing sandstone reservoirs

Well is first on 6.6-million acre Stabroek Block and drilled to 17,825 feet

ExxonMobil Corporation (NYSE:XOM) has announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana.

The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. Stabroek Block is 6.6 million acres (26,800 square kilometers).

Deepwater Champion: Courtesy Wikimedia Commons - Michael Elleray

“I am encouraged by the results of the first well on the Stabroek Block,” said Stephen M. Greenlee, president of ExxonMobil Exploration Company. “Over the coming months we will work to determine the commercial viability of the discovered resource, as well as evaluate other resource potential on the block.”

The well was spud on March 5, 2015. The well data will be analyzed in the coming months to better determine the full resource potential.

Esso Exploration and Production Guyana Ltd. holds 45 percent interest. Hess Guyana Exploration Limited holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

Crowley Maritime Corp. has announced the acquisition of Maritime Management Services, Inc. (MMS), a Seattle-based company with more than a decade’s worth of experience in crew management for offshore oil and gas vessels primarily in the U.S. Gulf, Singapore and Gulf of Mexico. The addition of MMS to Crowley’s international ship management division – which provides all phases of commercial ship management along with full technical management and government contracting – further strengthens the company’s global reach in the ship management industry and now allows the company to service a wide variety of international and domestic customers with a pool of trained and experienced crewmembers ready for hire.

MMS offers crewmembers services such as visas, flag-state and immigration documentation; crewmember certifications, including Standards of Training, Certification and Watchkeeping (STWC) and any client or operational area requirements; logistics, administrative and travel support; and much more. In addition to MMS’ Seattle headquarters, the organization also has a secondary location in Singapore.

“What sets MMS apart from others in the industry is their level of customer service and crewmember loyalty,” said Crowley’s Mike Golonka, vice president, ship management. “Together Crowley Accord and MMS can offer total crewing solutions, from single hires and full crew management through complete technical management to the oil and gas industry. Our offshore clients will greatly benefit from this relationship.”

MMS was founded in 2005 and was acquired by Crowley following the unexpected death of former owner Trevor Stabbert in 2013. The group, comprised of eight employees, celebrated its 10th anniversary of service last month.

In April 2014, the Crowley formed Crowley Accord Management Pvt. Ltd., an international ship management venture managed globally by the company’s ship management group. Doing so immediately increased the size and scope of Crowley’s technical ship management offerings and supported the company’s expansion into the international ship management market with a foreign crewing presence. The Accord acquisition also made Crowley a rare U.S. company – one that provides third-party international crewing and technical ship management.

Crowley Maritime Corp.’s global ship management group has been awarded a new contract with Sunrise Operations LLC, a subsidiary of The Pasha Group, of San Rafael, Calif., for the operation, crewing and maintenance of four Jones Act ships operating between the U.S. West Coast and Hawaii. The news follows the recent announcement that Pasha Hawaii, a wholly owned subsidiary of The Pasha Group, a family-owned global logistics company, will assume operations for all of Horizon Lines’ Hawaii business, including these four U.S.-flagged container ships.

“As a long-time Jones Act carrier, Crowley is well-suited to manage these U.S.-flagged vessels,” said Crowley’s Mike Golonka, vice president, ship management. “We are confident that our ability to offer company-wide resources and flexibility to work within their operational model is what set us apart, in addition to our proven experience in managing steam vessels for other companies. We look forward to working with Pasha in the management of their new ships.”

Crowley’s ship management group provides all phases of commercial ship management, along with full technical management and government contracting. Crowley’s contract will encompass ship management for the Horizon Enterprise, Horizon Pacific, Horizon Reliance and Horizon Spirit. The company is providing a scaled, customized package of crewing and technical management services. Crowley provides similar services to other customers’ container ships around the world, including those in other Jones Act trades.

Pasha’s chief executive officer, George Pasha IV, noted, “Crowley Maritime shares the same strong values and vision of the Pasha Group. Both organizations have been family managed for decades, with third-generation leadership maintaining the spirit of their founders. Pasha team members exhibit a passion for quality service that is matched by Crowley’s high performance in ship management and exceptional maritime workforce. With Crowley as a trusted partner, Pasha Hawaii, its customers, and the people of Hawaii will derive substantial benefits.”

The Pasha Group, one of the nation’s leading Jones Act shipping and integrated logistics companies, has been serving the Mainland/Hawaii trade lane since 2005.

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) has announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately. Mr. Ikaheimonen has also resigned his company-appointed position as the Chairman of the Board of Directors of Transocean Partners LLC, a subsidiary of Transocean. Additionally, the company announced that Mr. Mark Mey has been appointed as Executive Vice President and Chief Financial Officer effective May 28, 2015.

"Esa brought a fresh and unique perspective to Transocean when he joined the company almost three years ago and he has contributed materially to the company's capital structure, fleet rationalization and cost management initiatives," said Jeremy Thigpen, Transocean's President and Chief Executive Officer. "On behalf of all of Transocean, I thank Esa for his service and wish him great success in his future endeavors."

Thigpen continued: "I have known Mark for a number of years, and I am very pleased to have the opportunity to finally work with him. Mark brings extensive industry and leadership experience to the CFO role, and he will be a great addition to the Transocean team."

Mr. Mey most recently served as Executive Vice President and Chief Financial Officer of Atwood Oceanics ("Atwood"). Including his almost five years at Atwood, he has over 28 years of experience in the energy and financial services industries in both the United States and South Africa. Prior to Atwood, Mr. Mey was Senior Vice President and Chief Financial Officer and a Director of Scorpion Offshore Ltd. He also held positions of increasing responsibility during his 12 years with offshore driller Noble Corporation, including Vice President and Treasurer. Mr. Mey earned an Advanced Diploma in Accounting and a Bachelor of Commerce degree from the University of Port Elizabeth, South Africa. He is a Chartered Accountant and attended the Harvard Business School Executive Advanced Management Program.

Efficient barrels are main focus of Ecopetrol's new strategy

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Harmonious development of our business segments: profitable growth in Exploration and Production; maximization of efficiencies in Transportation and Refining

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 Exploration: new exploratory doctrine, focused on high potential basins such as offshore Colombia and the Gulf of Mexico, contributing to a continuous and sufficient reserves growth

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Production: prioritizing efficient barrels, without volumetric targets, and generating value based on an increase of our recovery factor, our unique knowledge of the Colombian environment and a highly developed resource base

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 Efficiency and sustainability in transportation and refining: aggressive transformation program within the company to increase our efficiency and reduce our costs. Production of clean fuel for Colombia in an environmentally sound manner -

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Financial discipline: profitable investments; moderate debt consistent with our current credit rating; divestment of non-strategic assets; procurement optimization; and timely payments to our suppliers

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Labor welfare and social peace: achievement of an environment that promotes personal and professional growth and, in harmony with labor unions and contributing to the development of local communities and other interested groups where we operate

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Infrastructure, physical and personal safety: fulfillment of international HSE standards and protection of our staff and infrastructure from aggressions and intimidation

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 Cultural transformation: based on our principles of integrity, collaboration and creativity, and ensuring the observance of our Code of Ethics by all of our employees

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announces that its Board of Directors approved a new corporate strategy aimed at guaranteeing the company's long-term sustainability, in which value generation based on efficient barrels and shareholder return become a priority.

Within a complex international price environment, the new strategy defines that Ecopetrol will be focused on oil and gas exploration and production, while seeking operational excellence in transportation, refining and petrochemical areas. The strategy also pursues the achievement of structural efficiencies, to allow the Group to increase its competitive levels in order to reach the best international standards.

In exploration, the Ecopetrol Group will build a portfolio that is robust and diversified, focused on high potential basins in Colombia and abroad, which is designed to increase significantly the Group's contingent resources and reserves. In addition, the exploratory team based in Houston and Bogota will be strengthened by the addition of world-class human talent with proven track record.

In production, Ecopetrol will be focused on efficient barrels production, in major profitable fields, while carrying out a comprehensive program to increase the recovery factor. It will seek to increase average annual production between 1% and 2%, reaching a total of approximately 870 thousand barrels of oil equivalent per day by 2020, with an EBITDA target of more than US$30 per barrel in a price scenario for Brent crude of between US$70 and US$80 per barrel.

As for the company's reserves, the objective is to increase proved reserves by 1,700 million barrels of oil equivalent by 2020.

In the transportation segment, the company will dedicate its efforts to increase efficiency in order to achieve international operating standards. The plan includes Cenit´s consolidation, the affiliate that will ensure the transportation of national crude, with a special focus on heavy crudes, as well as transportation of refined products for the Colombian market.

In refining and petrochemical, the strategy contemplates the start-up of the new Cartagena refinery during the last quarter of 2015, execution of an ambitious efficiency plan that will improve the competitiveness of existing assets and the promotion of the necessary regulatory conditions to ensure the business's profitability within a framework of financial self-sustainability.

Ecopetrol will focus on profitable investments, at an average estimated level of US$6,000 million per year through 2020, oriented toward high value projects that contribute to the execution of the new strategy.

The company will prioritize the protection of available cash for its operations, maintaining its access to local and international capital markets in competitive conditions. The preservation of business and finance metrics that credit rating agencies consider will be a priority to maintain our current credit rating.

The company will continue its program to divest non-strategic assets, as announced with regard its stake in EEB and ISA, among others, as well as non-strategic exploration and production assets.

The strategy is based on producing efficient, clean and profitable barrels, which generate returns for our shareholders, interested groups and Colombians. The perspective toward 2020 will be to attempt to double the 2014 return on capital employed.

To support its strategy, in the beginning of 2015, Ecopetrol initiated a transformation plan that provides structural efficiencies to obtain annual savings close to US$1,000 million in the period 2015-2020. This plan contemplates fundamental changes within the company, including its business, project management and technology segments as well as relationship with local communities and active portfolio management.

The plan also provides a cultural transformation that encourages and promotes the attainment of results and is based on the principles of integrity, collaboration and creativity.

Ecopetrol will prioritize innovation and knowledge generation. In the new strategy, technology and information systems will be focused on leveraging key business projects, especially in exploration and production.

The Ecopetrol Group is committed to production with zero accidents and environmental incidents, with a solid regional presence, prompt decision-making, with satisfied and committed employees, and a harmonious, mutually beneficial relationship with local communities.

Ecopetrol's new strategy and the transformation plan that supports it, have as their goal the company's reinvention in order to successfully compete in a challenging international environment.

Halliburton (NYSE: HAL) has announced that it has reached an agreement with BP Exploration & Production Inc. to resolve remaining issues, which includes indemnities between the parties and dismissal of all claims against each other, relating to the April 20, 2010, Deepwater Horizon well incident in the Gulf of Mexico.

“We are pleased to have reached an amicable resolution with BP, our valued customer, that allows us to close another chapter in the Deepwater Horizon case for Halliburton,” said Dave Lesar, chairman and CEO of Halliburton. “This agreement allows Halliburton to strengthen its relationship with BP by negotiating a global master services agreement between the companies.”

Halliburton previously announced that it reached an agreement to settle punitive damages claims against Halliburton by a class of plaintiffs who allege damages to property or associated with the commercial fishing industry arising from the Deepwater Horizon incident, and all claims against Halliburton that BP assigned to the settlement class in BP’s April 2012 settlement with the Plaintiffs’ Steering Committee.

NYC-based PIRA Energy Group believes that monetary reflation is eliminating the risk of deflation, positively impacting financial assets and increasing economic growth. In the U.S., strong demand and high runs narrow stock surplus. In Japan, refiners continue maintenance, with higher crude stocks. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

World Oil Market Forecast, May 2015

Monetary reflation is eliminating the risk of deflation, positively impacting financial assets and increasing economic growth. Oil demand is strong but so is supply, with supply growth concentrated in first half 2015. Even with crude markets tightening in second half 2015, large volumes of crude in storage will require time spreads remunerating storage. There are very powerful pillars of support for oil prices from Middle East turmoil, current low spare capacity, an improving global economy and the magic of low prices. Actual supply disruptions have recently ticked higher. Financial length is particularly low from a value point of view and will likely continue to support prices. Strong refinery margins will face some pressure later in the third quarter. Gasoline should outperform distillate.

U.S. Strong Demand and High Runs Narrow Stock Surplus

This is the seventh consecutive week the stock surplus to last year has narrowed. Most of the excess inventory position remains in crude and other products. The excess gasoline position narrowed while the excess distillate position widened. Crude stocks fell largely related to low imports and high runs. Crude runs (4-week average) are about 400 MB/D higher (2.5%) than last year, and they are being supported by strong demand growth.

Japanese Refiners Continue Maintenance, with Higher Crude Stocks

Crude runs dropped another 61 MB/D, but imports surged and crude stocks built strongly. Finished product stocks fell modestly with draws in fuel oil and the jet-kero complex. Gasoline demand rose back after a post-holiday lull and stocks were modestly higher. Gasoil demand continued to gain, and despite higher yield and lower exports, stocks were little changed. Kerosene demand fell back, but yield was very low and stocks put in one last draw on this past heating season. The indicative refining margin remains good with all the major light product cracks firming on the week.

China Quarterly Oil Demand Monitor

China’s GDP growth is expected to decelerate gradually in 2015 and 2016. Though several recent data releases have disappointed, the government has been easing policy actively and will prevent a hard landing scenario from materializing. At the same time, the political leadership’s emphasis on the new economic normal paradigm will likely cap the upside surprise potential for GDP growth. Oil demand is projected to register constructive gains in both 2015 and 2016. Recent declines in retail energy prices are providing a boost for oil demand.

Maximizing Profits from Shale Oil in a Low Crude Price Environment

The industry keeps making remarkable improvements in the extraction of hydrocarbons from shale oil deposits, which, coupled with the recent reductions in service costs, continue to push down breakeven costs. However, we are not out of the barrel yet. The improvements and service cost reductions, likely to continue for some time at diminishing rates, are not sufficient to stop decline in U.S. shale oil production. Only an increase in crude prices will turn things around. PIRA forecasts continued decline in shale oil production until mid-2016, when Brent is expected to recover from the current $65/Bbl to around $75/Bbl. Until then, these continuous improvements and service cost reductions will permit production from new wells that would otherwise be uneconomic in the current low crude price environment. Reduced drilling times, higher well productivity and lower service costs can significantly improve profitability of new wells as illustrated in this analysis.

Freight Market Outlook

Tanker markets have thus far eluded the usual second quarter seasonal rate swoon. Record inventory builds seen over 1H 2015 have not translated into a steeper contango or significant floating storage, but tanker markets have been resilient nonetheless. While bullish market sentiment has contributed, the main drivers are related to positive global oil fundamentals. OPEC and Saudi crude productions are near record levels while refiners are reaping stellar margins across the globe and are more than willing to process (and ship) the additional barrels. Chinese imports hit record highs in April. Tanker operators have also helped themselves uncharacteristically by not over-building over the past several years and are purportedly maintaining operations in slowdown mode despite low bunker prices and high spot tanker earnings.

Volatile Week for U.S. NGLs

Rumor of propane containment issues at Mont Belvieu due to heavy rainfall sent cash and futures prices plunging to multi-year lows midweek. Cash non-LST propane lost 15% by Thursday but rebounded as concerns fizzled and on Friday’s broader energy complex rally. Week-on week June Mont Belvieu propane futures were 2.6% higher, while butane, which followed propane lower earlier in the week, ended 3.3% higher. Ethane was pulled 4.5% lower with the natural gas sell off.

Ethanol Production Increases

U.S. ethanol production rose for the third consecutive week the week ending May 22, after falling to a 29-week low at the end of April. Output increased to 969 MB/D last week from 958 MB/D in the prior week.

EPA Proposes Sharp Reduction to Biofuels Requirements

The EPA proposed biofuels requirements for 2014, 2015, 2016 and biodiesel for 2017. Ethanol RIN prices plummeted.

U.S. Ethanol Prices and Margins Fall

U.S. ethanol prices plunged during the second half of May. Manufacturing margins also declined.

The information above is part of PIRA Energy Group's weekly Energy Market Recap - which alerts readers to PIRA’s current analysis of energy markets around the world as well as the key economic and political factors driving those markets.

The Board of Directors of DNV GL Group has appointed Remi Eriksen as the company’s new Group President & CEO. He is succeeding Henrik O. Madsen, who is retiring on 1 August.

Since October 2014, the Board of Directors has undertaken an extensive executive search and selection process to find and appoint the new DNV GL Group President & CEO, due to the planned retirement of the current Group President & CEO Henrik O. Madsen. Candidates from many countries, both inside and outside of the organization, and both men and women, have been reviewed.

Leif-Arne Langøy, Chairman of the Board of DNV GL Group says; “On behalf of the Board, I am very pleased to announce that Remi Eriksen has accepted the position as DNV GL’s new Group President & CEO. Eriksen has a solid track-record in leading positions within the company for two decades. He has gained extensive international experience in the oil & gas, maritime, and renewable energy industries, and has led our operations in Asia, Europe and the Americas. His success in these positions led him to his current role as DNV GL Group Chief Operating Officer. In addition to his strong performance in managing the integration of DNV and GL, Eriksen has deep knowledge of our core markets and key industry technologies. Not least, he has displayed an acknowledged ability to foresee industry challenges and drive responsive solutions.”

“I am also glad that after a thorough executive search and selection process, the best candidate is found among our own people. This will ensure the continuity of the company’s values, culture and strategic direction. I really look forward to working with Remi Eriksen in the next phase of DNV GL’s development,” says Langøy.

Remi Eriksen says, “I am very humble and thankful for the opportunity to lead this company I have worked for the past 22 years.”

“We now see challenging market developments in both the maritime and oil & gas industries. DNV GL will not remain unaffected, but I have strong confidence in our ability to constantly improve and develop our services. Even in tough markets, there will be a need for expert advice and services that can help improve efficiency, qualify new cost-effective technologies, and that can help drive standardization of specifications and work processes – just to mention a few examples. In the energy sector and the business assurance market, I expect positive development in the next few years,” says Eriksen.

“I believe the future will be characterized by a very complex and fast-changing world and a period of slower global growth. However, the world economy is still on track to more than double in size over the next 40 years. I see a future where trusted independent parties are increasingly needed to enable safe and responsible business performance and sustainable value chains. In this context, DNV GL’s innovation capabilities, as well as our role as a standard setter and driver of joint industry collaborations, will be an increasingly relevant strength. It will be important for me that we continue our investments in people, R&D and innovation to develop new thinking, insights and solutions to the benefit of our customers and society,” Eriksen explains.


“As Henrik O. Madsen is retiring after more than 30 years of service with us, the last 9 years as Group President & CEO, I want to sincerely thank him for his commitment and extraordinary achievements in heading the company towards the world-leading positions we are in today,” says Chairman Langøy.

Petroleum Geo-Services ASA ('PGS' or the 'Company') commenced operations of a MultiClient 2D seismic program offshore Mexico on 16 May. The two 2D vessels Atlantic Explorer and will acquire multiple projects recently approved by the Mexican government. The first program to be acquired is the Mexico Well Tie MC2D which will provide clients with an excellent grounding for understanding the hydrocarbon prospectivity in the area. Fast track products will be available in June 2015.

"PGS is proud to conduct its first commercial seismic acquisition project in Mexico after approval of the Mexican Energy Reform," says Gregg Parker, Regional President NSA MultiClient in PGS. "We have worked diligently to position the Company as a first mover in Mexico and we are now very pleased to say that we have been successful in our endeavor. PGS views Mexico as a viable investment market for many years to come for the full suite of all our solutions."

These surveys will be acquired using PGS proprietary GeoStreamer technology and are supported by industry pre-funding.

Independent global leader in underwater rental equipment now offers cost-effective, environmental friendly leak detection systems

Ashtead Technology has secured a deal with Neptune Oceanographics Limited, adding innovative underwater leak detection products to its rental fleet.

The world’s number one independent provider of subsea equipment rental, sales and services will now offer Neptune’s leak detection systems and sensors including long range fluorescence and passive acoustics for rent to customers.

Neptune Oceanographics is a global leader in subsea pipeline leak detection services. With a major research and development program, Neptune ensures its products represent the latest advances in finding leaks underwater in a way that is cost-effective while not harming the environment.

Tim Sheehan, commercial director of Ashtead Technology, said: “With billions invested in installing subsea infrastructure around the world, inspection, repair and maintenance of pipelines becomes increasingly important. As part of the need to ensure pipeline integrity, periodic inspections deploying leak detection systems alongside other tools are required to identify and prevent problems. Neptune’s best-in-class leak detection systems are therefore a welcome addition to our rental fleet.”

The deal with Neptune comes as Ashtead Technology ramps up its efforts to add technology and services which help customers reduce cost and increase efficiency.

Mr. Sheehan added: “Our industry must address the underlying cost base and efficiency challenges and, at Ashtead, we are striving to play our part by helping our customers to drive down costs and increase efficiency. Today’s announcement follows our introduction of a proprietary web based portal called Aperto which offers major savings and efficiencies in how subsea companies order, track and monitor subsea equipment rentals.”

From its offices in the UK, Houston and Singapore, with agents in Abu Dhabi, Perth (Australia) and Stavanger, Ashtead Technology will promote and supply Neptune’s leak detection equipment to a global market, providing customers with access to a range of fluorescent, acoustic, methane and hydrocarbon detection tools.

Following the acquisition of a substantial shareholding in Neptune by Norway based subsea equipment and services company, Innova, a comprehensive R&D program was launched for further development of leak detection technology. Ashtead, which already has an established partnership with Innova will support market expansion of global subsea pipeline leak detection services whilst providing valuable access to the market and further strengthening its global links.

Apparently undeterred by low oil prices, oil & gas output from ultra-deepwater (>1,000m water depth) fields will continue the relentless growth seen in recent years. In the latest World Drilling & Production Forecast, DW predict combined oil & gas production from such fields will grow 7.7% year-on-year over 2015-2021 from 6.5 mboe/d to 10.2 mboe/d. This will come from the drilling of 1,470 ultra-deepwater wells, an increase of 68% on the seven years prior. A key factor is that at these water depths, only the most highly productive plays are being targeted. Additionally, deepwater projects typically have funding secured several years ahead of first production – hence the projected medium term growth.

Leading the way with increased production will be the historically big deepwater producers – Angola, Brazil, Nigeria and the US. The latter will see the strongest growth of the four with ultra-deepwater oil output set to climb from 1.5 mboe/d in 2015 to 2.1 mboe/d in 2021. This will be the result of 11 floating production platforms being brought online, including the recent additions of Anadarko’s Lucius spar, Llog’s Delta House and Chevron’s Jack/St. Malo (both floating production semisubmersibles). This, combined with Petrobras’ continuing success in Brazil’s pre-salt reservoirs and West Africa’s ultra-deepwater plays apparent resilience to the oil price downturn, global ultra-deepwater production will rise from 6.5 mb/d in 2015 to 10.1 mboe/d in 2021.

It must be noted, however, that such projects will be vulnerable to cancellation and delay in the long term should the current low oil price situation be sustained. Operators may look to improve the economics of projects currently in the pipeline by boosting reserve bases through conducting additional appraisal activity – well demonstrated by Statoil’s recent gas discoveries in the area around the site of the future Aasta Hansteen spar.

DW anticipate $378 billion will be spent on floating production platforms and subsea hardware over the next seven years. Forty-five percent of this will be spent on ultra-deepwater fields, reflecting their importance in the global oil & gas supply picture.

Paragon Offshore plc ("Paragon") (NYSE: PGN) announces that Alejandra Veltmann has joined the company as Vice President – Chief Accounting Officer reporting to Steven A. Manz, Paragon's Senior Vice President and Chief Financial Officer. Ms. Veltmann will be responsible for overseeing corporate accounting and financial reporting.

"We are excited that Alejandra has elected to join Paragon," said Mr. Manz. "Her depth and breadth of experience across the oil service industry will strengthen our finance team, and her leadership will enhance our ongoing commitment to transparent financial reporting and maintaining our cost efficient operations."

Ms. Veltmann's most recent role was Vice President and Chief Accounting Officer at Geokinetics, an independent international land and shallow water geophysical services firm. Prior to this, she founded an international financial consulting practice for clients in the oil and gas services industry. She also held various positions at Grey Wolf Drilling and Precision Drilling and has consulted in the role of Chief Financial Officer for a number of entrepreneurial companies. Ms. Veltmann has worked as a senior manager for KPMG LLP and began her career with Arthur Anderson LLP in 1992. She is a certified public accountant and holds a BBA degree in Accounting from The University of New Mexico.

Eni has made a new discovery of gas and condensates offshore Libya, in the Bouri North exploration prospect in Area D, 140 kilometers from the coast and 20 kilometers north of the production field of Bouri.

The discovery was made through the A1-1/1 well, drilled at a water depth of 125 meters, which encountered gas and condensates in the Metlaoui Group of Eocene age. During the production test, constrained by surface facilities, the well flowed 1,340 Boepd with a “64/64‘ choke size. In production configuration, the well is estimated to deliver in excess of 3,000 Boepd.

The well represents the second discovery made by Eni in Libyan offshore Area D since the beginning of 2015.

Eni, through its subsidiary Eni North Africa BV, is operator of Contract Area D with 100% working interest in the exploration phase. Eni has been present in Libya since 1959 and currently produces more than 300,000 barrels of oil equivalent per day in the Country.

Highlights:

• Providing turnkey telecommunications solution for offshore project

• Solution integrates 22 systems

• Enables audio/video conferencing, satellite and wireless communications

Harris CapRock Communications, a premier global provider of managed communications services for remote and harsh environments, has been selected by Hess Corporation to provide a turnkey, integrated telecommunications solution to support the Stampede offshore field development project, which is operated by Hess Corporation in the Green Canyon area of the U.S. Gulf of Mexico.

The agreement represents Harris CapRock’s large-scale operations project with Hess, a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. Harris CapRock will procure equipment and conduct factory acceptance testing, project engineering and detailed design and project management for the 22-system telecommunications project. The integrated solution supports audio/video conferencing, satellite and wireless communication.

“Choosing Harris CapRock as a single-source telecom provider for comprehensive systems integration improves responsiveness as well as saves time and money for Hess,” said Tracey Haslam, president, Harris CapRock Communications. “Reliable customer service throughout the integration process will lead to reliable network communications for operators in the field.”

Integrators play a key role in delivering products and technologies to the energy market. Harris CapRock has provided service in more than 120 countries and employs field technicians, engineers and project management personnel across a variety of IT and telecom systems specialties. Harris CapRock recently was named the most impactful services provider in the oil and gas sector by Via Satellite’s 2014 Excellence Awards Program.

Harris CapRock Communications is a premier global provider of managed satellite, terrestrial and wireless communications solutions for the maritime, energy and government markets. Harris CapRock owns and operates a robust global infrastructure that includes teleports on six continents, five 24/7 customer support centers, a local presence in 23 countries and more than 275 global field service personnel supporting customer locations across North America, Central and South America, Europe, West Africa and Asia Pacific. Harris CapRock blogs about company news and satellite communications trends in the energy, government and maritime markets at http://www.harriscaprock.com/blog/.