News Archive for Defence News, Northrop Grumman News

Northrop Grumman awarded contract for LITENING Advanced Targeting Systems

Friday, Feb 01, 2008

ROLLING MEADOWS, Ill., Jan. 31, 2008 (PRIME NEWSWIRE) — Northrop Grumman Corporation (NYSE:NOC) has received a contract to deliver LITENING Advanced Targeting (AT) systems to the Finnish Air Force (FiAF) for its F-18 Mid-life Update 2 Program.

Under the terms of the $30 million contract, Northrop Grumman’s Defensive Systems Division will deliver 10 LITENING AT systems to the FiAF under the U.S. Government Foreign Military Sales program beginning in late 2008 and continuing through 2009.

“With this contract award, Finland joins a growing number of international allies who have procured the LITENING AT system after a comprehensive, in-depth competitive analysis that reviewed applicable targeting pods in use by the U.S. armed forces. We welcome the addition of the FiAF to the expanding global community of LITENING AT users,” said Mike Lennon, vice president of Targeting and Surveillance programs for Northrop Grumman’s Defensive Systems Division. “LITENING AT offers advanced technology, unique features, high reliability and proven worldwide support, coupled with a demonstrated ability to easily integrate emerging technologies, all at a very competitive price and delivery schedule.”

To date, almost 500 LITENING pods have been ordered by the FiAF, U.S. Air Force, U.S. Marine Corps, Royal Australian Air Force, Royal Netherlands Air Force, Israeli Air Force, and Italian and Spanish Navies. More than 440 systems have been fielded, the largest number of any advanced targeting and sensor system. LITENING AT is combat proven on the AV-8B, A-10, B-52, F-15E, F-16 and F/A-18 aircraft. Together, all variants of the LITENING pod have amassed more than 780,000 flight hours, with over 380,000 hours logged under deployed or combat conditions.

Northrop Grumman’s LITENING AT pod is a self-contained, multi-sensor weapon-aiming system that enables fighter pilots to detect, acquire, auto-track and identify targets for highly accurate delivery of both conventional and precision-guided weapons. Fully integrated to support both air-to-air and air-to-ground engagements, LITENING AT currently features advanced image processing for target identification; coordinate generation for GPS weapons; a 640 x 512 pixel forward-looking infrared sensor for effective day and night operations; a 1,024 x 1,024 pixel charge-coupled device television sensor; a dual waveband infrared laser designator and eye-safe laser range finder; a laser spot tracker; an infrared laser marker; and optional air-to-ground video data link and digital video recorder.

Northrop Grumman Corporation is a $32 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.

CONTACT: Ellen Hamilton
Northrop Grumman Electronic Systems
(224) 625-4693
Ellen.hamilton@ngc.com

Ken Beedle (London)
+44 207 747 1910
+44 7787 174092
Ken.beedle@euro.ngc.com

For more Northrop Grumman press releases go to www.yourdefencenews.com

USD 130 million drilling equipment contract to Aker Kvaerner

Friday, Feb 01, 2008

1 February 2008Aker Kvaerner has been awarded a drilling equipment contract by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) in Korea for an ultradeep drillship. The total contract value for Aker Kvaerner is approximately USD 130 million.  

The scope of work is to deliver a complete drilling equipment package including installation and commissioning supervision. The contracts will be executed by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand, Norway which is recognised for its field-proven drilling equipment.

“We are very pleased to have been awarded this drilling equipment contract. This confirms our excellent relations with DSME and our ability to execute projects on schedule”, says Roald Amundsen, President of Aker Kvaerner MH.

The drillship is scheduled for delivery third quarter of 2011.

ENDS

For further information, please contact:

Media:
Siw Anett Enerud, Communications manager, Aker Kvaerner Products & Technologies. Tel: +47 95 19 34 15

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39

Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact Richard Reynolds, vice president global supply chain. Tel.: +44 1224 424868

Career opportunities:
Visit http://www.akerkvaerner.com/Internet/CareerCentre

AKER KVÆRNER ASA, through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 24 000 people in about 30 countries.

Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.27 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.

Aker Kvaerner MH is a market leader in designing drilling equipment and drilling facilities. The company is recognised for developing new technology for deepwater drilling based on field-proven drilling equipment. Aker Kvaerner MH provides the international onshore and offshore industry with complete drilling equipment packages/modules (drilling and/or mud related systems, RamRig or conventional), full range of itemised drilling equipment, well intervention packages, drilling support modules, drilling control system, and monitoring systems as well as land rigs packages, workover rigs and products. Aker Kvaerner MH’s competitiveness is based on a unique combination of equipment deliveries, project execution capabilities and excellent after sales service.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com

Expro installs subsea fibres

Friday, Feb 01, 2008

Expro has completed the first installation of its Tronic subsea fibre optic connectors on an oil and gas development.

The connectors have been installed for a BP pump project in the King field in the Gulf of Mexico to assist with increasing the recovery of oil. Connectors were supplied for the subsea umbilical termination assemblies and control pods on the subsea pump stations, providing a means of communication in deepwater.

The installation has set a new world record by applying this multiphase pumping technology in deep water at 1,800m and an offset of 27km. It follows five years product and technology development.

‘This contract has allowed Expro to become deepwater solution providers. This is a challenge that we relished.’ said Mike Marklove, Tronic products business manager. ‘We have been working on this technology for five years and we now have the experience to provide fibre optic products to the market.’

Expro is now working on a field extension on King South, which is also in the Gulf of Mexico.

For more Expro press releases got to www.yoursubseanews.com

FMC Technologies to supply subsea systems for Gumusut-Kakap project offshore Malaysia

Friday, Feb 01, 2008

HOUSTON, Jan 31, 2008 (BUSINESS WIRE) — FMC Technologies, Inc. (NYSE:FTI) announced today that it has been awarded a contract by Sabah Shell Petroleum Company Limited for the supply of deepwater subsea systems for the Gumusut-Kakap project.

The Gumusut-Kakap project is located offshore East Malaysia, Sabah, Blocks J & K, in water depths of approximately 4,000 feet (1,250 meters). The scope of supply for phase one of the project includes 15 subsea trees, five manifolds, subsea drilling systems, control systems, flowline connections and related subsea equipment and life-of-field support. Deliveries are expected to commence in late 2008.

The Gumusut-Kakap project becomes the first Malaysian subsea project to be engineered and manufactured at FMC Technologies’ facilities in Kuala Lumpur and Nusajaya, Malaysia. Constructed in 2006, both of these facilities were designed to establish local manufacturing and service capabilities. As part of its technology transfer commitment and Malaysian license agreement, FMC will utilize its deepwater technology, project management and manufacturing processes that have been implemented at the company’s Malaysian facilities during the past two years.

“We are pleased to be a part of the Gumusut-Kakap project,” said John Gremp, executive vice president of FMC Technologies. “We have longstanding relationships throughout the region and we look forward to leveraging our local operations to support this project.”

FMC Technologies, Inc. (NYSE:FTI) is a leading global provider of technology solutions for the energy industry and other industrial markets. The Company designs, manufactures and services technologically sophisticated systems and products such as subsea production and processing systems, surface wellhead systems, high pressure fluid control equipment, measurement solutions, and marine loading systems for the oil and gas industry. The Company also produces food processing equipment for the food industry and specialized equipment to service the aviation industry. Twice named as the Most Admired Oil and Gas, Equipment Service Company by FORTUNE magazine, FMC Technologies employs approximately 12,000 people and operates 33 manufacturing facilities in 19 countries. For more information visit www.fmctechnologies.com.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. These risks and uncertainties are described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and may be modified in subsequent quarterly reports filed by the Company with the Securities and Exchange Commission that may be accessed on the Company’s website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.

For more FMC Technologies press releases got to www.yoursubseanews.com

Foster Wheeler wins project management contract for new hydroprocessing complex in Russia

Friday, Feb 01, 2008

HAMILTON, Bermuda–Jan. 31, 2008–Foster Wheeler Ltd. (Nasdaq:FWLT) announced that its UK-headquartered subsidiary, Foster Wheeler Energy Limited, part of its Global Engineering and Construction Group, has been awarded a project management consultancy (PMC) contract by OJSC “Khabarovsk Oil Processing Refinery,” a 100% subsidiary of OJSC “Oil Company Alliance” (Alliance), for a new hydroprocessing complex at its Khabarovsk refinery in Russia.

The Foster Wheeler contract value for this project was not disclosed and will be included in the company’s fourth-quarter 2007 bookings.

Foster Wheeler will execute the project from its Glasgow operation in the UK. The company will manage the selected engineering, procurement and construction contractor and will provide ongoing advice and assistance to Alliance on commercial matters.

“We are delighted to continue our involvement in this project,”

said Stephen Culshaw, managing director, commercial operations, Foster Wheeler Energy Limited. “We have already completed the front-end engineering design for the entire hydroprocessing complex, and have undertaken the basic design for the hydrogen production facility. This latest award confirms the quality of our technical and project management expertise and allows us to build upon our already excellent working relationship with Alliance.”

The new hydroprocessing complex comprises a hydrocracker, hydrotreater, hydrogen unit, amine regeneration unit, sour water stripper and sulfur recovery unit. The hydrogen plant is based on Foster Wheeler’s own proprietary TERRACE-WALL(TM) steam methane reforming technology.

The capacity of the complex, which is scheduled for completion in early 2011, will be as follows: the diesel fuel and kerosene hydrotreater unit – 1.18 million tons per year, and the hydrocracker unit – 0.5 million tons per year.

“Alliance has established an excellent relationship with Foster Wheeler, and we are pleased to continue the cooperation with this company. I am confident that Foster Wheeler will deliver high quality technical and project management services, and the project will be completed successfully,” said D. V. Shekera, vice president, OJSC “Oil Company Alliance.”

Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The company is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.

Safe Harbor Statement

Foster Wheeler news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations regarding revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims, and the costs of current and future asbestos claims, and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in Part II, Item 1A “Risk Factors” of the Company’s most recent quarterly report on Form 10-Q and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: changes in the rate of economic growth in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power industries, changes in the financial condition of its customers, changes in regulatory environment, changes in project design or schedules, contract cancellations, changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to our global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned or where equipment or services are or may be provided, interruptions to shipping lanes or other methods of transport, outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by foreign and domestic companies, compliance with its debt covenants, recoverability of claims against its customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

CONTACT: Foster Wheeler Ltd.

         Media:

         United States

         Maureen Bingert, 908-730-4444

         maureen_bingert@fwc.com

         or

         United Kingdom

         Anne Chong, +44 (0)118 913 2106

         anne_chong@fwuk.fwc.com

         or

         Other Inquiries

         908-730-4000

         fw@fwc.com

For more Foster Wheeler press releases got to www.yourpetrochemicalnews.com

Allegiance says Zinifex offer does not stack up against other transactions

Friday, Feb 01, 2008

SYDNEY, Australia, Feb. 1 /PRNewswire-FirstCall/ — Allegiance Mining NL today repeated its advice to shareholders to reject the takeover offer by Zinifex, stating that the implied premium offered by Zinifex is significantly less than for recent transactions in the mining sector.

“Allegiance Directors have not accepted the $1.00 a share offer, nor has our major shareholder, Jinchuan Group Limited,” Allegiance Chairman Tony Howland-Rose said. “It remains unsolicited, opportunistic and inadequate.”

Allegiance said that analysis of other recent transactions in the mining sector showed that the Zinifex offer did not stack up. Allegiance found that the average premia in recent pending and completed Australian mid-sized base metal mining transactions is 78% to the closing price of the target company on the day prior to announcement of the takeover offer, significantly in excess of the implied premium of 41% Zinifex is offering.

Further, Allegiance has undertaken a benchmarking exercise based on Xstrata’s offer for Jubilee Mines. Allegiance believes that applying the enterprise value/resources multiples implicit in this benchmarking comparison to the Allegiance resource base gives an implied range per Allegiance share of $1.29 to $1.65 per share, which is substantially in excess of the Zinifex offer. This benchmarking data has been provided to shareholders to assist them in further understanding the Board’s deliberations and recommendation.

  Mr. Howland-Rose also noted that:
  * Allegiance shares continue to trade above the Zinifex offer price

* In the four weeks since Zinifex’s offer has been open it has only received acceptances of 0.03% (which equates to approximately 207,500 shares out of a total undiluted share register of approximately 774.9 million shares), showing the offer had not been well received by shareholders

* Recent exciting drilling results vindicate directors’ optimism regarding likely continued growth in the Avebury resource base

* Allegiance has received approaches from a number of third parties and discussions are continuing. No proposal has yet been reached that is capable of being put forward to shareholders.

“We believe we have an excellent year ahead,” Mr. Howland-Rose said. “Allegiance is now well positioned to deliver long term benefits in terms of revenue and further discovery in the Nickel Province. We believe our shareholders will hold tight.”

For more Allegiance and Ziniflex press releases got to www.yourminingnews.com

BHP Billiton reduces power demand at aluminium smelters

Friday, Feb 01, 2008

On instruction from the South African government and electricity utility supplier Eskom, and in an effort to stabilise the power situation in South Africa, BHP Billiton has begun reducing power demand at the Hillside, Bayside and Mozal aluminium smelters by approximately 10 percent.

The three smelters have begun taking a certain number of pots out of production in a controlled manner. We expect the 10 percent reduction in demand to be reached in the next five days.

We believe this situation will remain for the next few months. The impact on production for the current financial year ending 30 June 2008 will depend on how long the tight power supply continues.

For more BHP Billiton press releases got to www.yourmetalnews.com

Fujitsu Siemens Computers reveals a green and sustainable future

Friday, Feb 01, 2008

MUNICH, Germany, January 31/PRNewswire/ –

- Company First to Offer Complete Product Range Balancing Business Performance With Environmental Care

Fujitsu Siemens Computers executives outlined the company’s strategic commitment to environmental sustainability in a podcast released today and available at http://www.prnewswire.com/mnr/fujitsu-siemens/31527/.

Bernd Bischoff, chief executive officer, said: “I’m proud we’re the first IT vendor with a complete range of environmentally sound products for the data centre, in the office, on the move and at home.”

Green at heart

Environmental care has been central to Fujitsu Siemens Computers’ corporate philosophy and product development strategy for 20 years, and the company has a track record of firsts. Today, its ESPRIMO ProGreen Professional PCs consume 50% less power than comparable models, while the SCALEO L is the first green Consumer PC. Meanwhile, several LIFEBOOK notebook models have achieved rigorous Nordic Swan certification – the only notebooks in the world to do so – and, with its power savings of 40%, the PRIMERGY TX120 server is the most energy efficient in the world. Furthermore, the efficiencies of the company’s Dynamic Data Centre can reduce the number of servers in a data centre by 60% and cut energy costs by an equal percentage.

Strategic direction supports customer demands

Fujitsu Siemens Computers’ dedication to environmental care has come at a time when more of its customers are demanding it. Gartner says that Green IT is number one on the CIO agenda for 2008 – something Fujitsu Siemens Computers’ Chief Marketing Officer Barbara Schädler agrees with: “Since last year we’ve noticed more users asking for green solutions.” This isn’t surprising given recent findings such as a single server rack consumes energy equivalent to 20 households per year (source: Fujitsu Siemens Computers); or IT contributes two percent of the world’s CO2 emissions – equivalent to all the planes in the world (source: Gartner).

“If not addressed power consumption and emissions will create serious problems for the planet,” said Joseph Reger, chief technical officer. “At Fujitsu Siemens Computers we’re seeking to change the fundamentals of IT by embedding values that will help save the environment.”

Striking a balance

Commenting on Fujitsu Siemens Computers’ product development ethos, Thomas Sieber, executive vice president sales EMEA, said: “We offer a balance between business and environmental benefits. Businesses cannot sacrifice efficiency and we’ve worked hard to create solutions which are both environmentally friendly and offer world-class performance.”

For more Fujitsu Siemens press releases got to www.yourcommunicationnews.com

BP makes a significant deep gas discovery in Egypt’s Nile Delta

Friday, Feb 01, 2008

BP Egypt today announced that it has made a significant gas discovery at record depths in the Nile Delta

The Satis discovery is Located in the North El Burg Offshore, Nile Delta concession, some 50 kilometres north of Damietta. The well was drilled to a Nile Delta record depth of more than 6,500 metres and is the first significant high-pressure, high-temperature, offshore Oligocene discovery.

Satis is a major technical achievement that demonstrates the great potential of the deeper reservoirs within the Nile Delta and will require further appraisal.

The parties to the North El Burg offshore concession agreement are: BP, operator (50 per cent) and IEOC, the affiliate of Italy’s ENI in Egypt (50 per cent). Satis was drilled by the Constellation II jack-up rig, in a water depth of 90 metres.

Andy Inglis, BP’s chief executive of Exploration & Production said: “This is a significant discovery, which will underscore our position as a major producer in the growing Egyptian gas market for many years to come.”

Notes to editors:

  • BP has been operating in Egypt for over 40 years, primarily in oil and gas exploration and production. To date BP Egypt has produced almost 40 per cent of Egypt’s entire oil production and close to 30 per cent of gas demand with its partners.
  • Egypt’s offshore Nile Delta is an important part of the company’s upstream portfolio. BP has interests in four exploration concessions, with operatorship of three.
  • Satis is BP’s third deep gas discovery in the Nile Delta. BP made its first discovery at Raven in 2003, followed by the more recent Taurus Deep find in 2007.
  • Satis is in the North El Burg offshore concession; Raven and Taurus Deep are both within the North Alexandria A concession: BP, operator (60 per cent) and partner RWE Dea (40 per cent). Operatorship of the North El Burg Offshore Concession was awarded to BP Exploration (Delta) Limited in June 2005. The concession lies in water depths of 60 to 100 metres. The concession lies between the Ras El Barr BP-operated development concession and Offshore Baltim development concession operated by IEOC.
  • EGPC/ EGAS has an entitlement under the concession’s production-sharing arrangements.

Further enquiries:

Name: Mohamed Emara
Location: BP Egypt office
Phone: +202 706 2259

Name: BP press office
Location: London
Phone: +44 (0) 20 7496 4076

For more BP press releases go to www.youroilandgasnews.com

BP’s US$900 million Libya gas explorationd deal ratified

Friday, Feb 01, 2008

A $900 million-plus gas exploration deal for BP PLC (BP) in Libya has been ratified by lawmakers in the past few days and it comes into immediate effect, the head of the country’s oil policy said Thursday.

The “BP deal was ratified earlier this week, about two days ago and it goes immediately into effect,” Shokri Ghanem, head of Libya’s oil policy and the chief executive of its National Oil Co., told Dow Jones Newswires in an interview.

In May last year, BP signed a seven-year agreement, committing to invest at least $900 million which officials indicated may evolve into $25 billion in the coming years.

Elsewhere, the sale of a 65% stake in Libya’s European refining and marketing company, Tamoil, to U.S. private equity firm Colony Capital LLC appears to have hit a speed bump, after it was due to be wrapped up at the end of last year.

“We are discussing the details, but there are a lot of devils in the details,” Ghanem said, without giving further explanation.

For more BP press releases got to www.youroilandgasnews.com

Chevron Initiates Production from Tengiz expansion projects

Friday, Feb 01, 2008

SAN RAMON, Calif., Jan 29, 2008 – Chevron Corporation (NYSE:CVX) announced today that its affiliate Tengizchevroil LLP has started up new facilities as part of the first phase of its expansion at the Tengiz Field in Kazakhstan.

This initial expansion of 90,000 barrels per day brings Tengizchevroil’s current capacity to a total of approximately 400,000 barrels per day. Included in the startup is the Sour Gas Injection (SGI) project and the front end of the Second Generation Plant (SGP). SGI reinjects produced sour gas into the reservoir at very high pressures to boost production. SGP was brought up to about one-third of its full capacity and is currently separating the natural gas for injection while also stabilizing and sweetening the crude oil. Once fully operational, SGP is designed to also process sour gas into gas products and elemental sulfur.

The addition of full facilities is projected to further increase daily crude production capacity at Tengiz to 540,000 barrels. Start-up of full facilities is expected during the second half of 2008.

“The successful startup of the first phase of the expansion is a state-of-the-art technological achievement and a demonstration of our ability to execute next-generation, highly complex projects,” said Guy Hollingsworth, president of Chevron Europe, Eurasia and Middle East Exploration and Production. Once at full operating capacity, approximately one-third of the sour gas produced from the expansion is planned to be injected into the reservoir. The remaining volumes will be processed as commercial gas, propane, butane and sulfur.

“This multibillion-dollar SGI/SGP expansion of the world’s deepest producing supergiant oil field is another step forward in partnering with Kazakhstan to develop the full potential of the country’s vast energy resources,” said Jay Johnson, managing director of Chevron’s Eurasia business unit. “We will continue to grow and modernize the country’s energy sector and generate economic prosperity.” Chevron has a 50 percent interest in Tengizchevroil. Other partners are KazMunaiGas, 20 percent; ExxonMobil Kazakhstan Ventures Inc., 25 percent; and LUKArco, 5 percent.

Chevron Corporation is one of the world’s leading integrated energy companies. We have approximately 58,000 employees and conduct business across the entire energy spectrum – exploring for, producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995.

Some of the items discussed in this press release are forward-looking statements about Chevron’s activities in Kazakhstan. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “projects,” “believes,” “seeks,” “estimates,” “budgets” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management’s current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company’s control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in demand for and supply of crude oil and natural gas; successful completion of the planned SGP and SGI projects; actions of competitors; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest, severe weather or crude-oil production quotas that might be imposed by OPEC (Organization of Petroleum Exporting Countries); government-mandated changes in fiscal terms or restrictions on scope of company operations; general economic and political conditions; and the factors set forth under the heading “Risk Factors” on pages 31 and 32 of the company’s 2006 Annual Report on Form 10-K. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

For more Chevron press releases got to www.youroilandgasnews.com

BP makes fifteenth oil discovery in the ultra-deep water block 31 Angola

Friday, Feb 01, 2008

Sociedade Nacional de Combustíveis de Angola (Sonangol EP) and BP Exploration (Angola) Limited today announced the Portia oil discovery in ultra-deepwater Block 31, offshore Angola

Portia is the fifteenth discovery that BP has drilled in Block 31. The well is located approximately 7 kilometres to the north of the Titania discovery and 10.5 km south west of the Plutao field.

Portia was drilled in a water depth of 2,012 metres, some 386 km northwest of Luanda and reached a total depth of 5,678 metres TVD below sea level. This is the fourth discovery in Block 31 where the exploration well has been drilled through salt to access the oil bearing sandstone reservoir beneath.

The well test results confirmed the capacity of the reservoir to flow in excess of 5,000 barrels per day under production conditions.

Sonangol is the concessionaire of Block 31. BP Exploration (Angola) Limited as Operator holds 26.67 percent. The other interest owners in Block 31 are Esso Exploration and Production Angola (Block 31) Limited (25 percent), Sonangol EP (20 percent), Statoil Angola A.S. (13.33 percent), Marathon International Petroleum Angola Block 31 Limited (10 percent) and TEPA (BLOCK 31) LIMITED, (a subsidiary of the Total Group) with 5 percent.

Notes to Editors

  • BP’s involvement with Angola goes back to the mid 1970s. During the 1990s, BP made very substantial investments in Angola’s offshore oil and it is now an important part of the company’s upstream portfolio.
  • Operatorship of Block 31 was awarded to BP Exploration (Angola) Limited in May 1999. The block covers an area of 5,349 square kilometres and lies in water depths of between 1,500 and 2,500 metres.
  • BP also has operated interests (BP 50 percent equity) in Block 18 where the Greater Plutonio Project started production on October 1, 2007.
  • BP has non-operated interests in Block 15, operated by Esso Exploration Angola (Block 15) Limited (BP 26.67 percent), in Block 17 operated by Total (BP 16.67 percent) and in the planned Angola LNG project (13 percent).
  • Oil deposits are commonly associated with salt throughout the world; Angola is no exception. Salt distorts the seismic image and as a consequence salt-affected areas require significant amounts of additional seismic processing and interpretation prior to drilling.

Further enquiries:

Name: Robert Wine
Office: BP Press Office
Location: London
Phone: +44 (0) 20 7496 4827

Name: Amilcar da Costa
Office: BP Angola
Location: Luanda
Phone: +244 2 22637408

For more BP press releases got to www.youroilandgasnews.com

Drilling equipment contract to Aker Kvaerner

Aker Kvaerner has been awarded a drilling equipment contract by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) in Korea for an ultradeep drillship. The total contract value for Aker Kvaerner is approximately USD 130 millionThe scope of work is to deliver a complete drilling equipment package including installation and commissioning supervision. The contracts will be executed by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand, Norway which is recognised for its field-proven drilling equipment.

“We are very pleased to have been awarded this drilling equipment contract. This confirms our excellent relations with DSME and our ability to execute projects on schedule”, says Roald Amundsen, President of Aker Kvaerner MH. The drillship is scheduled for delivery third quarter of 2011.

For further information, please contact Siw Anett Enerud, Communications manager, Aker Kvaerner Products & Technologies. Tel: +47 95 19 34 15

Lasse Torkildsen, SVP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39

For further information about sourcing and potential subcontracts for this project, please contact Richard Reynolds, vice president global supply chain. Tel.: +44 1224 424868

AKER KVÆRNER ASA through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 24 000 people in about 30 countries.Aker Kvaerner is part of Aker, a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.27 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings. Aker Kvaerner MH is a market leader in designing drilling equipment and drilling facilities. The company is recognised for developing new technology for deepwater drilling based on field-proven drilling equipment. Aker Kvaerner MH provides the international onshore and offshore industry with complete drilling equipment packages/modules (drilling and/or mud related systems, RamRig or conventional), full range of itemised drilling equipment, well intervention packages, drilling support modules, drilling control system, and monitoring systems as well as land rigs packages, workover rigs and products. Aker Kvaerner MH’s competitiveness is based on a unique combination of equipment deliveries, project execution capabilities and excellent after sales service.

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