Maersk Oil is a Danish oil and gas company owned by the A. P. Moller-Maersk Group. The company was established in 1962 when Maersk Group was awarded a concession for oil and gas exploration and production in the Danish sector of the North Sea. In 1986, Maersk Oil took over operatorship of the Dansk Undergrunds Consortium-owned fields in the Danish section of the North Sea.Maersk Oil is engaged in exploration for and production of oil and natural gas in the North Sea Danish, British, and Norwegian sectors, Qatar, Algeria, Kazakhstan, Angola, Gulf of Mexico , Brazil, and Greenland. Most of these activities are not 100% owned, but are via membership in consortiums.Total oil production is more than 600,000 barrels per day and gas production is up to some 1 billion cubic feet per day . Production is from the North Sea, from both the Danish and British sectors, offshore Qatar, as well as Algeria, Kazakhstan and Brazil.Maersk Oil has been preliminarily awarded two new exploration licenses, PL472 and PL474, in Norway's latest licensing round in February 2008.Oil and gas activities provided A.P. Moller - Maersk with 22% of its revenue and 68% of its profit in 2008. Wikipedia.
News Article | November 21, 2016
Using only the DNA from sloughed-off cells floating in the ocean, scientists have been able to determine the population size and genetic properties of one of the world’s largest and most mysterious animals: the whale shark. The work marks the first time researchers have been able to use so-called environmental DNA (eDNA) to estimate the genetic characteristics of an aquatic species, and it could help scientists study the population and health of a wide range of marine animals without ever setting foot in the water. The results are a “conceptual advance,” says marine biologist Ryan Kelly of the University of Washington (UW) in Seattle, who was not involved with the research. They “push the boundaries of what is possible to do with environmental DNA.” The research traces its origins to one summer day in 2007, when a worker on a Maersk Oil platform in the Al Shaheen oil field off the coast of Qatar saw a surprising sight: a group of roughly 100 whale sharks feeding near the surface. Scientists hadn’t realized that the fish—the world’s largest at roughly the size of a school bus—frequented these waters, and the gas field soon became a hotbed for studying this endangered species. Whale sharks can be difficult to locate, however, because they are often far out at sea. Those at the Al Shaheen oil field were more than 80 kilometers from the coast in the Arabian Gulf. Biologist Eva Egelyng Sigsgaard at the Natural History Museum of Denmark at the University of Copenhagen and her team collected seawater containing skin cells—along with cells from urine and feces—naturally shed by the whale sharks and other animals. The researchers isolated the cells, extracted and sequenced the DNA within them, and then used software to assign some of the DNA to whale sharks, based on the presence of certain gene groups. Sigsgaard and her team also showed that the cells were a good indicator of recent fish activity. Because ultraviolet light and microbes break whale shark eDNA into undetectably small pieces within only a few days, their samples likely traced whale sharks that had passed by recently. The researchers then used the DNA to estimate the number of reproductive female whale sharks—roughly 71,000. Whale sharks appear to be genetically split between two groups, and this estimate reflects the female population of whale sharks in the Indo-Pacific Ocean group. This number was broadly consistent with estimates from actual tissue samples, the team reports online today in . In a related study published this month in , scientists showed that eDNA collected off Greenland revealed which fish were most likely to be caught by deep-water trawling, a finding that could revolutionize how marine species are studied. That’s because using eDNA is a cheaper, easier option than dragging nets across the ocean bottom to collect tissue samples. “We can get a quite detailed and precise picture of fish fauna using only environmental DNA,” says team member Peter Rask Møller, fish curator at the Natural History Museum of Denmark. In the future, scientists like UW’s Kelly envision using eDNA to determine marine biodiversity in difficult-to-sample habitats like rocky ocean bottoms that cannot be trawled. “Does environmental DNA give us useful information about the world that we could not have gotten otherwise?” he asks. “I think the answer is yes.” *Correction, 22 November, 12:19 p.m.: The story has been changed to reflect that the population estimate of whale sharks corresponded to individuals in one genetically similar group.
News Article | November 14, 2016
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States Ithaca Energy Inc. (TSX: IAE) (LSE AIM: IAE) ("Ithaca" or the "Company") announces its quarterly financial results for the three months ended 30 September 2016 ("Q3-2016" or the "Quarter") and the nine months ended 30 September 2016 ("YTD-2016"). Solid cashflow generation in the first nine months of the year Les Thomas, Chief Executive Officer, commented: "The business has continued to perform in line with the strong momentum achieved over recent quarters. Production is running ahead of guidance, operating costs are coming in lower than forecast and we continue deleveraging the business. Significant progress has been made with the offshore commissioning programme on Stella and we are fast approaching start-up of the field. As such, we remain sharply focused on ensuring all the commissioning tasks are fully completed as planned in order to deliver a safe and efficient ramp-up of production from the field." Greater Stella Area Development Significant progress has been made on the final stages of the Stella development programme since the FPF-1 floating production facility departed Poland in August 2016. The FPF-1 was safely towed to the field, moored on location and the dynamic risers and umbilical connecting the subsea infrastructure to the vessel installed. The subsea commissioning programme has recently been completed by Technip, with all the infield flowlines flushed and ready for the start-up of production. Connection and operational trials for the "Single Anchor Loading" system have also been completed for the fleet of shuttle tankers that are available for oil exports from the FPF-1. The FPF-1 offshore commissioning programme is on-going, involving preparation of the topsides processing and utility systems for the introduction of hydrocarbons. This work is well advanced, with the operations team focused on completing the required inspections and associated readiness activities required to enable a safe and efficient start-up of the wells. It is anticipated that this work will be completed around the end of this month and enable start-up of Stella production. As previously reported, significant progress has also been made during the Quarter on the work programme associated with switching from tanker loading to oil pipeline exports for the Greater Stella Area in 2017. Following installation of a connection point on the Norpipe system in summer 2016, a 44 kilometre spurline from the FPF-1 to the Norpipe system was successfully installed in September 2016. The key outstanding activities that now remain to be completed are the manufacture and installation of pipeline export pumps on the FPF-1 and the final subsea connections that need undertaking immediately prior to the switchover. GSA Satellite Acquisitions In October 2016 the Company completed the previously announced acquisition of 100% of licence P1588 (Block 30/1f) from ENGIE E&P UK Limited ("ENGIE E&P"), INEOS UK SNS Limited and Maersk Oil North Sea Limited. Licence P1588 contains approximately 10-20% of the Vorlich discovery, with the balance of the discovery located in licence P363 (Block 30/1c). When taking into account the P363 licence interest acquired from TOTAL E&P UK Limited in January 2016, these transactions increase Ithaca's overall interest in the Vorlich discovery by around 16%, to approximately 33%. Completion of the other satellite acquisition, ENGIE E&P's 75% interest and operatorship in the "Austen" discovery, is anticipated prior to the end of the year. Production & Operations The producing asset portfolio has performed well over YTD-2016, with production running ahead of guidance largely as a result of solid performance from the Cook field. Average YTD-2016 production was 9,585 boepd (92% oil). It is anticipated that full year base production, excluding any contribution from the start-up of the Stella field during 2016, will be modestly ahead of the 9,000 boepd guidance range. During the final quarter of the year base production volumes will be reduced compared to the previous quarters as a result of the planned maintenance shutdown of the Brent Pipeline System that serves the Company's Northern North Sea fields, which is now expected to take approximately four weeks. Financials Cashflow from Operations Despite continued weakness in commodity prices over the period, the business has delivered YTD-2016 cashflow from operations of $117 million. This performance highlights the benefit of the commodity hedges the Company has in place and significant operating costs savings that have been secured through re-setting of the cost base. Hedging During the recent pick-up in Brent prices the Company extended its commodity hedging position by a further 1.5 million barrels of 2017 oil production. Of this volume half has been hedged using collars with a floor price of $46/bbl and a celling price of $60/bbl and the other half has been hedged using put options with a floor price of $53/bbl. Taking into account the additional volumes, the Company now has 7,800 boepd (71% oil) hedged at an average floor price of $52/boe for the 15 months to December 2017. Full commodity price upside exposure has been retained on 50% of the volumes hedged and upside exposure to $60/boe has been retained on a further 20%. Operating Expenditure Over the course of 2016 operating costs have continued the downward trend established in 2015, with the business delivering a YTD-2016 unit operating expenditure of $23/boe. This is under the previously lowered full year guidance for the existing producing asset base of $25/boe and represents a substantial 23% saving on the $30/boe level originally forecast for the existing producing asset base at the start of the year. Following the start-up of production from the Stella field this cost is forecast to reduce to under $20/boe, reflecting the lower unit operating costs associated with the field. Capital Expenditure Total capital expenditure in 2016 is now forecast to increase from $50 million to $60 million. This increase is a result of the accelerated GSA oil export pipeline installation operations, the total project cost of which remains unchanged. Of the total 2016 expenditure approximately $50 million is expected to be paid this year, with the balance due in 2017. Net Debt The Company has continued to delever the business ahead of first hydrocarbons from the Stella field, with net debt reduced to $598 million at 30 September 2016; down $67 million since the start of the year and over $200 million since its peak in the first half of 2015. During October 2016 the Company completed its semi-annual reserves based lending ("RBL") facilities review, resulting in an available RBL borrowing capacity of over $410 million. When combined with the $300 million senior unsecured notes that are in place, the business has a total debt capacity of over $710 million. Tax The Company had a UK tax allowances pool of over $1,750 million at 30 September 2016. At current commodity prices the pool is forecast to shelter the Company from the payment of corporation tax over the medium term. During the year the UK government reduced Corporation Tax rates levied on E&P companies by 10% and effectively abolished Petroleum Revenue Tax charges. As a result of these changes, the last of which was enacted during the Quarter, a one-off non-cash deferred tax charge of $61.7 million is reflected in the YTD-2016 Income Statement. Q3-2016 Financial Results Conference Call A conference call and webcast for investors and analysts will be held today at 12.00 GMT (07.00 EST). Listen to the call live via the Company's website (www.ithacaenergy.com) or alternatively dial-in on one of the following telephone numbers and request access to the Ithaca Energy conference call: UK +44 203 059 8125; Canada +1 855 287 9927; US +1 855 442 0877. A short presentation to accompany the results will be available on the Company's website prior to the call. Glossary boe Barrels of oil equivalent boepd Barrels of oil equivalent per day RBL Reserves Based Lending facility The unaudited consolidated financial statements of the Company for the three and nine month periods ended 30 September 2016 and the related Management Discussion and Analysis are available on the Company's website (www.ithacaenergy.com) and on SEDAR (www.sedar.com). All values in this release and the Company's financial disclosures are in US dollars, unless otherwise stated. 1. Year to date earnings loss of $64.4 million adjusted by the total loss on financial instruments of $25.3 million (less tax at 40%) and one-off non-cash deferred tax charges of $61.7 million arising from changes in UK tax rates during the year. 2. The Vorlich field interest reflects assumed unitisation across licences P1588 and P363. In accordance with AIM Guidelines, John Horsburgh, BSc (Hons) Geophysics (Edinburgh), MSc Petroleum Geology (Aberdeen) and Subsurface Manager at Ithaca is the qualified person that has reviewed the technical information contained in this press release. Mr Horsburgh has over 15 years operating experience in the upstream oil and gas industry. References herein to barrels of oil equivalent ("boe") are derived by converting gas to oil in the ratio of six thousand cubic feet ("Mcf") of gas to one barrel ("bbl") of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilising a conversion ratio at 6 Mcf: 1 bbl may be misleading as an indication of value. About Ithaca Energy Ithaca Energy Inc. (TSX: IAE) (LSE AIM: IAE) is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing asset portfolio. Ithaca's strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company. For further information please consult the Company's website www.ithacaenergy.com. Non-IFRS Measures "Cashflow from operations" and "cashflow per share" referred to in this press release are not prescribed by IFRS. These non-IFRS financial measures do not have any standardised meanings and therefore are unlikely to be comparable to similar measures presented by other companies. The Company uses these measures to help evaluate its performance. As an indicator of the Company's performance, cashflow from operations should not be considered as an alternative to, or more meaningful than, net cash from operating activities as determined in accordance with IFRS. The Company considers cashflow from operations to be a key measure as it demonstrates the Company's underlying ability to generate the cash necessary to fund operations and support activities related to its major assets. Cashflow from operations is determined by adding back changes in non-cash operating working capital to cash from operating activities. "Net debt" referred to in this press release is not prescribed by IFRS. The Company uses net drawn debt as a measure to assess its financial position. Net drawn debt includes amounts outstanding under the Company's debt facilities and senior notes, less cash and cash equivalents. Forward-looking Statements Some of the statements and information in this press release are forward-looking. Forward-looking statements and forward-looking information (collectively, "forward-looking statements") are based on the Company's internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things, assumptions with respect to production, drilling, construction and maintenance times, well completion times, risks associated with operations, required regulatory, partner and other third party approvals, commodity prices, future capital expenditures, continued availability of financing for future capital expenditures, future acquisitions and dispositions and cash flow. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. When used in this press release, the words and phrases like "anticipate", "continue", "estimate", "expect", "may", "will", "project", "plan", "should", "believe", "could", "target", "in the process of", "on track","set to" and similar expressions, and the negatives thereof, whether used in connection with operational activities, the planned activities and durations associated with the FPF-1 offshore commissioning and hook-up programme, the anticipated timing of Stella first hydrocarbons, production forecasts, projected operating costs, anticipated capital expenditures and capital programme, anticipated effects of securing access to the GSA oil export pipeline and the expected timing of securing such access, the anticipated timing of completion of the Austen license acquisition, assumed unitisation across licences P1588 and P363 containing the Vorlich discovery, portfolio investment opportunities, expected tax horizon of the Company, planned maintenance shutdowns and the effects thereof, or otherwise, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations, or the assumptions underlying these expectations, will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These forward-looking statements speak only as of the date of this press release. Ithaca Energy Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based except as required by applicable securities laws. Additional information on these and other factors that could affect Ithaca's operations and financial results are included in the Company's Management Discussion and Analysis for the three and nine month periods ended 30 September 2016 and the Company's Annual Information Form for the year ended 31 December 2015 and in reports which are on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
News Article | November 2, 2016
“Mærsk Gruppen leverede et underliggende resultat på USD 426m i tredje kvartal 2016. Resultatet er ikke tilfredsstillende men er påvirket af lave priser. Generelt leverer vi stærke resultater på omkostningerne og volumenerne på tværs af virksomheden. For andet kvartal i træk rapporterede Maersk Line et tab på grund af fortsat svage fragtrater, 16% under samme kvartal sidste år. For første gang siden Q3 2015 steg fragraterne dog, med 5,5% sammenlignet med sidste kvartal. Maersk Line opnåede et godt resultat på volumener og enhedsomkostninger. APM Terminals leverede et lavere resultat end sidste år, da vi fortsat er udfordret af lav vækst på direkte sammenlignelige volumener. For andet kvartal i træk leverede Maersk Oil et positivt resultat i kraft af stærke resultater på omkostningssiden og effektivitet i produktionen. Maersk Drilling leverede også et solidt overskud, grundet en indtægt fra tidligt kontraktophør og gode resultater på omkostningssiden. Implementeringen af den nye strategiske retning og restrukturering af Gruppen forløber efter planen og vi ser frem til at give flere detaljer, når vi afholder vores Kapitalmarkedsdag d. 13. december,” siger Mærsk Gruppens CEO Søren Skou.
News Article | November 2, 2016
The Interim Report Q3 2016 for A.P. Møller - Mærsk A/S is hereby enclosed. “The Maersk Group delivered an underlying profit of USD 426m in the third quarter of 2016. The result is unsatisfactory, but driven by low prices. We generally perform strongly on cost and volume across businesses. Maersk Line for the second quarter in a row reported a loss due to continued low freight rates, down 16% y-o-y. Freight rates were however up 5.5% q-o-q, for the first time since Q3 2014. Maersk Line performed strongly on volume and unit cost. APM Terminals delivered a result below last year, as we continued to be challenged by low volume growth on a like–for-like basis. For the second quarter in a row Maersk Oil delivered a positive result driven by strong cost performance and production efficiency. Also Maersk Drilling delivered strong profits, driven by termination fees and good cost performance. The implementation of the new strategic direction and the restructuring of the Group is progressing, and we look forward to sharing further details at the Capital Markets Day on 13th of December,” says Maersk Group CEO Søren Skou.
News Article | October 28, 2016
IRVING, TX--(Marketwired - Oct 26, 2016) - Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company") today announced that the Company has appointed Michael R. Koy as Executive Vice President and Chief Financial Officer effective October 31, 2016. Mr. Koy, age 46, brings more than 20 years of experience in the oil and gas industry to the Company. "I am very excited to join Magnum Hunter," said Mr. Koy. "The Company has a wealth of options and opportunities to capitalize on its acreage position in the Marcellus and Utica unconventional plays and is well positioned from a midstream perspective with its substantial equity ownership in Eureka Midstream Pipeline, LLC." Prior to joining Magnum Hunter, Mr. Koy served as Chief Executive Officer of Denali Energy, LLC since 2014. Prior to his service at Denali Energy, Mr. Koy held several positions at EdgeMarc Energy, LLC, a private equity backed Marcellus Shale and Utica Shale focused company. Mr. Koy served in various midstream and business development leadership roles at EdgeMarc Energy, prior to his appointment as its Chief Executive Officer. Mr. Koy began his career at BP in 1995, where he held numerous positions in strategy and planning, operations, finance, mergers and acquisitions and business development, while working in Houston, Alaska, Melbourne, Moscow and BP's head office in London. After a brief time with Maersk Oil in Copenhagen, Denmark, Mr. Koy joined Talisman Energy Inc. in 2009 as Vice President - Commercial for the North America Organization. As a member of Talisman Energy's North America leadership team, Mr. Koy helped lead that company's entry into several unconventional resource plays, including the Marcellus Shale, Eagle Ford Shale and Duvernay Shale. Mr. Koy holds a bachelor's degree in mechanical engineering from Purdue University and a master's degree in mineral economics from the Colorado School of Mines. John Reinhart, President and Chief Executive Officer of Magnum Hunter, commented: "We are very pleased to have Mike join the Magnum Hunter team. His leadership and background is an ideal fit as we continue our work to position the Company for growth and value creation in the premier gas plays in the United States." Magnum Hunter and subsidiaries are an Irving, Texas based independent exploration and production company engaged in the acquisition, development and production of natural gas, natural gas liquids and crude oil, primarily in the states of West Virginia and Ohio. The Company is presently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio.
News Article | October 25, 2016
Maersk Oil, a wholly owned subsidiary of AP Moller-Maersk AS of Copenhagen, started drilling the first production well on Sept. 28 in the company-operated Culzean field in the UK North Sea.
News Article | December 22, 2016
NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”) announced today that the joint venture with Euronav NV (NYSE: EURN & Euronext: EURN) has received a letter of award in relation to a contract for five years for the service of the FSO Africa and FSO Asia in direct continuation of the current contractual service. The letter of award was received from North Oil Company, the future operator of the Al Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. This award is subject to successful negotiation and documentation of the services contracts. The intent is that the new contracts for these custom-made floating storage and offloading (FSO) service vessels, each having a capacity of three million barrels, that have been serving the Al Shaheen field without interruption since 2010, will have a duration of five years starting at the expiry of the existing contracts with Maersk Oil Qatar. The existing contracts will remain in force until their expiry in the third quarter of 2017. If negotiations and documentation are successfully concluded, the new contracts are expected over their full duration to generate revenues for the joint venture in excess of $360 million, excluding reimbursement for agreed operating expenses, which will be dealt with on an open book basis. The signing of definitive services contracts remains subject to the resolution of substantive business terms and conditions, and no assurance can be given that such resolution will be achieved. International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 55 vessels, including one ULCC, eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com. This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of each of the Companies. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to each of the Company’s plans to issue dividends, its prospects, including statements regarding trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on each of the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Registration Statement on Form 10 and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
News Article | November 9, 2015
Maersk Oil, a wholly owned subsidiary of AP Moller-Maersk AS of Copenhagen, has agreed to acquire interest in three onshore exploration licenses in Kenya and two more in Ethiopia from Africa Oil Corp.
News Article | March 31, 2016
Maersk Oil, a wholly owned subsidiary of AP Moller-Maersk AS of Copenhagen, reported that it will cut about 100 staff positions, reflecting the closure of its Houston office and reduction of its Luanda team.
Maersk Oil | Date: 2010-09-14
The invention relates to a device for examining a tubular channel, the device comprising a three-way valve, buoyancy means, pressure means, a vent line, at least one sensor and computation means; wherein the three-way valve controls the fluid flow between the pressure means and the buoyancy means and between the buoyancy means and the vent line; the computation means is communicatively coupled to the at least one sensor and adapted to generate a control signal based on data received from the at least one sensor; and wherein the pressure means is fluidly coupled to the buoyancy means via the three-way valve such that a fluid may flow from the pressure means to the buoyancy means or from the buoyancy means to the surroundings of the device via the vent line; and wherein the computation means is communicatively coupled to the three-way valve and controls said three-way valve via the control signal. Thereby, the invention is able to examine e.g. oil wells containing obstructions such as wash-outs and/or side tracks and/or non-linear parts in open hole completions of the well.