Worldwide

Across all of its upstream projects worldwide, Chevron Corp. has taken on an ambitious project to reverse its base business decline rates, which have routinely been around 4-5%, the producer’s upstream chief said Friday.

Across all of its upstream projects worldwide, Chevron Corp. has taken on an ambitious task to reverse its base business decline rates, which have routinely been around 4-5%, the producer’s upstream chief said Friday.

Worldwide offshore oil production has risen by just over a third since 1991 and will continue to rise at about the same rate, reaching 35 million b/d in 2011. However, offshore natural gas production more than doubled between 1991 and 2006 to 867 billion cubic meters (30.6 Tcf), and gas is forecast to almost double again by 2011, Douglas-Westwood Ltd. stated in a new report.

Worldwide offshore oil production has risen by just over a third since 1991 and will continue to rise at about the same rate, reaching 35 million b/d in 2011. However, offshore natural gas production more than doubled between 1991 and 2006 to 867 billion cubic meters (30.6 Tcf), and gas is forecast to almost double again by 2011, Douglas-Westwood Ltd. stated in a new report.

In addition to announcing its second operational liquefied natural gas (LNG) port worldwide, The Woodlands, TX-based Excelerate Energy said last week that after numerous ship-to-ship transfer test runs in the Gulf of Mexico (see NGI, March 6, 2006), it has conducted the first-ever commercial transfer of LNG from one ship to another, which could revolutionize the way LNG is delivered.

In addition to announcing its second operational liquefied natural gas (LNG) port worldwide, The Woodlands, TX-based Excelerate Energy said Monday that after numerous ship-to-ship transfer test runs in the Gulf of Mexico, it has conducted the first-ever commercial transfer of LNG from one ship to another, which could revolutionize the way LNG is delivered.

Calgary-based Sea NG Corp. said last week that it has formed an alliance with Marubeni Corp. and Teekay Shipping Corp. for the worldwide commercial deployment of Sea NG’s Coselle system for transporting compressed natural gas (CNG) by ship.

Calgary-based Sea NG Corp. said Tuesday that it has formed an alliance with Marubeni Corp. and Teekay Shipping Corp. for the worldwide commercial deployment of Sea NG’s Coselle system for transporting compressed natural gas (CNG) by ship.

The upward pressure on energy and other commodity prices worldwide has been because of the “sluggish response of production to rising demand, particularly for energy and metals and minerals,” according to a United Nations report. However, the influx over the last three years of a large number of speculators with no interest in the commodity itself “may have distorted” near term and futures prices.