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Displaying items by tag: Tullow Oil

#NewOilboat -A new floating production, storage and off-loading (FPSO) vessel, which will produce and store oil coming from Tullow Oil’ s Tweneboa-Enyenra-Ntomme (Ten) offshore oil fields, according to The Irish Times set off for Ghana last weekend.

The massive FPSO (for photo, click link to newspaper) has been under construction in Singapore since October 2013. The boat’s on-schedule departure is an important milestone for the Ten Project which is over 80 per cent complete and on track to start producing oil this July or August.

The FPSO has a nominal production capacity of 80,000 barrels of oil a day and a capacity of 1.7 million barrels. She is 350m long and can accommodate 120 people. The FPSO is expected to arrive in Ghanaian waters in March. She will be stationed above the Ten fields, around 60km from the coast of west Ghana.

Tullow has an interest of just over 47 per cent in the oilfield offshore Ghana.

Published in Power From the Sea

#Oil - Tullow Oil's shares dropped more than 6% in London trading early last week with the news that its prospect in the Atlantic off French Guiana is dry, according to The Irish Times.

The Irish-founded oil exploration firm says it encountered a number of oil shows in reservoir quality sands at its Zaedyus-2 well in the waters north of Brazil, but it "did not encounter commercial hydrocarbons".

The result was described as "very disappointing" by Investec Securities analyst Stuart Joyner - though better signs have been seen at the nearby Zaedyus-1 well, drilled by Tullow with partners Royal Dutch Shell and Total at a cost of $250 million.

And as previously reported on Afloat.ie, the UK-based company's prospects off the Ivory Coast and Ghana have proven encouraging for future exploration.

Published in News Update

#DEEPWATER OIL - Tullow Oil has struck oil off the Ivory Coast in an encouraging development for the Irish-founded oil exploration company, Bloomberg reports.

The UK-based firm says its Paon-1X deepwater exploration well encountered 31 metres of net oil in a gross interval of 74 metres of turbidite sands, suggesting that the well is a continuous column of light oil.

The discovery, which extends recent finds made in nearby Ghana, is "encouraging for our future exploration efforts" says Tullow Oil's Angus McCoss.

Tullow's shares rose 2.1% on the London stock exchange at the news earlier this month. Bloomberg has more on the story HERE.

The firm's successes in West Africa have been reflected closer to home by competing oil exploration business Providence Resources, which recently struck it lucky off the south coast of Cork with an oil flow that could be worth billions of euro to the Irish economy.

As previously reported on Afloat.ie, oil started to flow successfully from the company's Barryroe structure in the north Celtic Sea one month after confirming the presence of light oil with its first appraisal well.

Published in News Update

Ferry & Car Ferry News The ferry industry on the Irish Sea, is just like any other sector of the shipping industry, in that it is made up of a myriad of ship operators, owners, managers, charterers all contributing to providing a network of routes carried out by a variety of ships designed for different albeit similar purposes.

All this ferry activity involves conventional ferry tonnage, 'ro-pax', where the vessel's primary design is to carry more freight capacity rather than passengers. This is in some cases though, is in complete variance to the fast ferry craft where they carry many more passengers and charging a premium.

In reporting the ferry scene, we examine the constantly changing trends of this sector, as rival ferry operators are competing in an intensive environment, battling out for market share following the fallout of the economic crisis. All this has consequences some immediately felt, while at times, the effects can be drawn out over time, leading to the expense of others, through reduced competition or takeover or even face complete removal from the marketplace, as witnessed in recent years.

Arising from these challenging times, there are of course winners and losers, as exemplified in the trend to run high-speed ferry craft only during the peak-season summer months and on shorter distance routes. In addition, where fastcraft had once dominated the ferry scene, during the heady days from the mid-90's onwards, they have been replaced by recent newcomers in the form of the 'fast ferry' and with increased levels of luxury, yet seeming to form as a cost-effective alternative.

Irish Sea Ferry Routes

Irrespective of the type of vessel deployed on Irish Sea routes (between 2-9 hours), it is the ferry companies that keep the wheels of industry moving as freight vehicles literally (roll-on and roll-off) ships coupled with motoring tourists and the humble 'foot' passenger transported 363 days a year.

As such the exclusive freight-only operators provide important trading routes between Ireland and the UK, where the freight haulage customer is 'king' to generating year-round revenue to the ferry operator. However, custom built tonnage entering service in recent years has exceeded the level of capacity of the Irish Sea in certain quarters of the freight market.

A prime example of the necessity for trade in which we consumers often expect daily, though arguably question how it reached our shores, is the delivery of just in time perishable products to fill our supermarket shelves.

A visual manifestation of this is the arrival every morning and evening into our main ports, where a combination of ferries, ro-pax vessels and fast-craft all descend at the same time. In essence this a marine version to our road-based rush hour traffic going in and out along the commuter belts.

Across the Celtic Sea, the ferry scene coverage is also about those overnight direct ferry routes from Ireland connecting the north-western French ports in Brittany and Normandy.

Due to the seasonality of these routes to Europe, the ferry scene may be in the majority running between February to November, however by no means does this lessen operator competition.

Noting there have been plans over the years to run a direct Irish –Iberian ferry service, which would open up existing and develop new freight markets. Should a direct service open, it would bring new opportunities also for holidaymakers, where Spain is the most visited country in the EU visited by Irish holidaymakers ... heading for the sun!