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360 Articles

BOEM Issues Delay for New Financial Assurance Requirements for Offshore Operators

BOEM Issues Delay for New Financial Assurance Requirements for Offshore Operators

Government prioritizing implementation of new OCS financial assurance rule On January 6, 2017, the Bureau of Ocean Energy Management (BOEM) announced a six-month delay in the implementation of the rigorous financial assurances required by Notice to Lessees and Operators NTL No. 2016-N01, Haynes and Boone attorneys Robert Thibault and  Christopher J. Reagen announced in a notice to clients yesterday. “Although the[Read More…]

January 12, 2017 - 5:56 pm 360 Articles, Closing Bell Story, Offshore, Regulatory
VAALCO Energy Announces Successful Workover of Avouma 2-H Well, Producing 2,700 BOPD Gross

VAALCO Energy Announces Successful Workover of Avouma 2-H Well, Producing 2,700 BOPD Gross

Company Net Production is Averaging 4,600 BOEPD VAALCO Energy, Inc. (ticker: EGY) announced today that the Avouma 2-H well on the Avouma Platform offshore Gabon is back on production after utilizing a hydraulic workover unit to replace a failed Electric Submersible Pump (ESP) system.  The well is currently producing at a stabilized rate of 2,700 barrels of oil per day[Read More…]

January 5, 2017 - 4:49 pm 360 Articles, Closing Bell Story, E&P, Offshore
ExxonMobil Announces New Gas Discovery Offshore Papua New Guinea

ExxonMobil Announces New Gas Discovery Offshore Papua New Guinea

ExxonMobil says the Muruk-1 well has encountered “high-quality” sandstone similar to the Hides field ExxonMobil (ticker: XOM) announced a new natural gas find Wednesday off the coast of Papua New Guinea. The Muruk-1 well encountered “high-quality” sandstone reservoirs similar to those at Hides field. The Muruk-1 was drilled to a depth of 10,630 feet 13 miles northwest of the Hides Gas[Read More…]

December 28, 2016 - 4:17 pm 360 Articles, Closing Bell Story, E&P, LNG, Offshore
U.S. to offer 48 Million Acres in its Last Central Gulf of Mexico Oil & Gas Lease Sale

U.S. to offer 48 Million Acres in its Last Central Gulf of Mexico Oil & Gas Lease Sale

Final Notice of Sale announces lease terms for available acreage offshore Louisiana, Mississippi and Alabama – Lease Sale Number 247 is Mar. 22, 2017 Two days after President Obama used his pen to indefinitely ban most of the Arctic and some of the Atlantic to oil and gas drilling, the Bureau of Ocean Energy Management (BOEM) announced its Notice of[Read More…]

December 22, 2016 - 3:47 pm 360 Articles, Closing Bell Story, E&P, Offshore, Regulatory
Anadarko Sees Oil Production Growth with Freeport-McMoRan Deepwater Assets

Anadarko Sees Oil Production Growth with Freeport-McMoRan Deepwater Assets

Anadarko closes $2 billion Freeport-McMoRan Gulf of Mexico asset acquisition, ramps up Permian activity, announces GOM oil discoveries Houston-based Anadarko Petroleum Corp. (ticker: APC) announced Thursday that the company has closed on its acquisition of Freeport-McMoRan’s (ticker: FCX) Gulf of Mexico (GOM) assets. The company announced in September that it would pay $2 billion for FCX’s offshore assets, a move[Read More…]

December 16, 2016 - 6:02 pm 360 Articles, Closing Bell Story, E&P, Offshore
Calif. Governor Asks for Permanent Offshore Drilling Ban

Calif. Governor Asks for Permanent Offshore Drilling Ban

California Gov. asks president to permanently ban new offshore drilling in his state At a conference this week in his state, California Governor Edmund G. Brown doubled down on his actions to affect climate change. “Today, California is taking additional steps to … boost renewable energy and prevent further coastal oil and gas drilling.” Brown sent a letter to President Obama on[Read More…]

December 16, 2016 - 1:47 pm 360 Articles, Closing Bell Story, E&P, Offshore
Shell Targets Growth from Deep-Water Production, Starts Oil Production from Malikai Tension-Leg Platform in Malaysia

Shell Targets Growth from Deep-Water Production, Starts Oil Production from Malikai Tension-Leg Platform in Malaysia

Shell’s first TLP outside the Gulf of Mexico Malikai employs a tension leg platform (TLP), a vertically floating structure moored by groups of tethers (tendons) at each corner. The groups of tendons are held upright in tension, giving the platform its name. Production wellheads on deck (connected directly to the subsea wells by rigid risers), instead of on the seafloor,[Read More…]

December 14, 2016 - 12:37 pm 360 Articles, Closing Bell Story, E&P, Offshore
Mexico's deepwater Gulf of Mexico oil and gas auction, Round 1.4, resulted in eight of the 10 deepwater blocks in the Gulf being awarded to bidders outside of Mexico

Mexico Successfully Completes its First Deepwater GOM Auction

BHP Billiton wins Trion farmout  Mexico’s deepwater Gulf of Mexico oil and gas auction, Round 1.4, resulted in eight of the 10 deepwater blocks in the Gulf being awarded to bidders outside of Mexico—a first for a country that has been determined to successfully draw outside companies to help overhaul its energy sector. Mexico’s National Hydrocarbon’s Commission (CNH) said that[Read More…]

December 6, 2016 - 5:49 pm 360 Articles, Closing Bell Story, E&P, International, Mexico, Offshore
Alaska will have No Arctic Offshore Federal Lease Sales: BOEM

Alaska will have No Arctic Offshore Federal Lease Sales: BOEM

Alaska reels as BOEM Announces Federal OCS Lease Schedule for 2017-2022 The U.S. government released its final list of federal lands offshore that it will open for lease sales for oil and gas development on the outer continental shelf (OCS). Excluded from the lease sales are the highly prospective areas offshore Alaska in the Arctic—the Chukchi Sea and the Beaufort Sea.[Read More…]

November 18, 2016 - 6:56 pm 360 Articles, Arctic, Closing Bell Story, E&P, Offshore
Norway Offshore Increases Production as Exploration Investment Decreases

Norway Offshore Increases Production as Exploration Investment Decreases

Key European Oil and Gas Provider Doing More with Less Norwegian oil and gas production has increased steadily since 2013 as ongoing cost efficiencies counteract declining exploration and production investments, according to a recent EIA analysis. Production bottomed out early in 2013 and rose 29% to 1,704 BOEPD by September. Norway was the third-largest exporter of natural gas in the[Read More…]

November 9, 2016 - 12:58 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Exxon Continues to Focus on the Long-term

Exxon Continues to Focus on the Long-term

Records 3Q production of 3.8 million boe/d, $2.7 billion earnings The world’s largest publicly-traded oil company gave its 3Q 2016 earnings call this morning. Jeff Woodbury, Vice President of Investor Relations, was on the call while CEO Rex Tillerson was not present. The company logged earnings of $2.7 billion, a 38% decline from 3Q 2015, as well as capital and[Read More…]

Total Outperforms Peers, Upstream Buoyed by LNG Business

Total Outperforms Peers, Upstream Buoyed by LNG Business

Total: “positioned to be the most profitable European major oil company” French oil major Total (ticker: TOT) reported its third quarter earnings today. The company has continued to send the same message every quarter, focusing on increasing production and declining operational costs and capital spending. “We expect the environment to remain volatile but based on our 2015 and first half[Read More…]

Is Wind Giant DONG Energy Selling its Oil & Gas Segment, or Not?

Is Wind Giant DONG Energy Selling its Oil & Gas Segment, or Not?

DONG says oil & gas segment is “not considered a long-term strategic commitment” – DONG engages J.P. Morgan to conduct a market assessment Denmark-based wind energy developer DONG Energy (ticker: DENERG) successfully launched Europe’s biggest 2016 IPO in June. Besides its robust offshore wind development business in Europe, bioenergy, thermal power and energy distribution segments, the company runs a healthy oil and gas business.[Read More…]

Hess Moves Guyana Resource Estimate Closer to 1.4 Billion BOE

Hess Moves Guyana Resource Estimate Closer to 1.4 Billion BOE

Hess’ Liza-3 well offshore Guyana confirms a major oil discovery with breakeven below $40 per barrel Hess Corporation (ticker: HES) released its third-quarter earnings Wednesday, reporting a loss of $1.12 per share, but the company also updated the markets on its offshore Guyana project, saying that the company now believes recoverable resources are on the high-end of the company’s previous[Read More…]

October 26, 2016 - 4:11 pm 360 Articles, Closing Bell Story, E&P, Offshore
Offshore Oil Provided 30% of Global Production in 2015

Offshore Oil Provided 30% of Global Production in 2015

Global Offshore Production Continues to Develop According to new data from the EIA, global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013.[Read More…]

October 25, 2016 - 6:56 pm 360 Articles, Closing Bell Story, International, Offshore, OPEC
PEMEX Hopes to Attract Capital to Ultra-Deep Projects through Farm Outs

PEMEX Hopes to Attract Capital to Ultra-Deep Projects through Farm Outs

PEMEX hopes to attract its first consortium of international majors,  for Trion farm out As Mexico continues the privatization of its oil and gas sector, state-run PEMEX is seeking international oil majors to help develop the country’s more technically challenging offshore assets. Among the first that PEMEX is looking to develop in cooperation with other companies is the Trion light[Read More…]

October 12, 2016 - 5:41 pm 360 Articles, Closing Bell Story, Offshore
Noble Energy and Delek Sign 15-Year Natural Gas Contract Worth $10 Billion

Noble Energy and Delek Sign 15-Year Natural Gas Contract Worth $10 Billion

The Leviathan field partners agreed to supply up to 45 Bcm of natural gas to Jordan Houston-based Noble Energy (ticker: NE) announced last week that it has reached an agreement with the National Electric Power Company of Jordan (NEPCO) to supply natural gas from the Leviathan field. Leviathan is Israel’s largest gas field. The field is being jointly developed by[Read More…]

October 3, 2016 - 5:00 pm 360 Articles, Closing Bell Story, International, Offshore
Surety Industry Weighs In on New OCS Supplemental Bonding Requirements

Surety Industry Weighs In on New OCS Supplemental Bonding Requirements

Examining new BOEM supplemental bonding requirements for OCS decommissioning obligations: Part 4 In context of the Bureau of Ocean Energy Management’s new NTL 2016-N01, the recently in force Notice to Lessees and Operators in the outer continental shelf (OCS) laying out strict new financial demands of operators and leaseholders to cover decommissioning liability on the OCS, Oil & Gas 360® took[Read More…]

September 28, 2016 - 6:58 pm 360 Articles, Closing Bell Story, Offshore, Regulatory
Gulf of Mexico Operators: Prepare to Present the U.S. Government with Financial Assurance Covering 100% of Decommissioning Liability for your OCS Leases

Gulf of Mexico Operators: Prepare to Present the U.S. Government with Financial Assurance Covering 100% of Decommissioning Liability for your OCS Leases

Notices from BOEM to Gulf of Mexico operators will hit mail boxes starting in November: an Oil & Gas 360® Exclusive Interview with BOEM GOM Regional Director Michael Celata – Part 3 of a Series New, much more stringent financial demands for decommissioning liability are about to hit the offshore oil and gas operators and leaseholders hard. Oil and gas[Read More…]

September 23, 2016 - 10:55 am 360 Articles, Closing Bell Story, E&P, Feature Stories, Offshore, Regulatory
Experts Predict Trouble Ahead for Gulf of Mexico Oil & Gas Operators

Experts Predict Trouble Ahead for Gulf of Mexico Oil & Gas Operators

New supplemental collateral requirements could severely damage independent Gulf of Mexico drillers, producers – Part 2 On Sept. 12, 2016, the federal government initiated big changes to its bonding requirements for the financial liability for decommissioning oil and gas assets on the U.S. outer continental shelf (OCS). The new requirements are game-changing, according to some experts who predict that the[Read More…]

Statoil Celebrates 5 Billion Barrels from Statfjord

Statoil Celebrates 5 Billion Barrels from Statfjord

On Monday minister of petroleum and energy Tord Lien together with Statoil (ticker: STO), Centrica (ticker: CNA) and ExxonMobil (ticker: XOM) celebrated the 5 billion barrels of oil equivalent delivered by Statfjord since first oil in 1979. The minister got the honor of filling the barrel, which was decorated in golden color for the occasion. “The spin-offs created by Statfjord[Read More…]

September 20, 2016 - 5:21 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Anadarko to Buy All of Freeport McMoRan’s Gulf of Mexico Deepwater Assets for $2 Billion

Anadarko to Buy All of Freeport McMoRan’s Gulf of Mexico Deepwater Assets for $2 Billion

Anadarko Deepwater GOM cash flow will fund Delaware, DJ growth In exchange for production of 80,000 net barrels of oil equivalent per day (BOEPD), Anadarko Petroleum (ticker: APC) will give Freeport McMoRan Oil & Gas Company (ticker: FCX) $2 billon in a deal that Anadarko calculates could deliver $3 billion of incremental free cash flow over the next five years to Anadarko[Read More…]

September 14, 2016 - 12:36 pm 360 Articles, A&D Transactions, Closing Bell Story, E&P, Offshore
U.S. Offshore Drilling Changes Drastically on Sept. 12, 2016

U.S. Offshore Drilling Changes Drastically on Sept. 12, 2016

Part 1: What is NTL No. 2016-N01? In July an agency under the executive branch of the U.S. government delivered what might be a killshot for a portion of the leaseholders and operators working to extract oil and natural gas from the deepwater U.S. outer continental shelf (OCS). It looks innocuous enough. A memo entitled “Requiring Additional Security” that was[Read More…]

September 9, 2016 - 10:30 am 360 Articles, Closing Bell Story, E&P, Feature Stories, Law, Offshore, Regulatory
Two Caspian Sea Projects Could Add 200 MBOPD by Year-End

Two Caspian Sea Projects Could Add 200 MBOPD by Year-End

Even as Russia discusses a production freeze with Saudi Arabia, Caspian Sea projects could add to the glut Oil prices have improved this week in part thanks to renewed talks amongst Saudi Arabia and Russia to stabilize global oil prices. In a joint statement Monday, the energy ministries of both countries agreed to work together to “mitigate excessive volatility” in[Read More…]

September 8, 2016 - 5:27 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Did a White House Appointee just Kill Deepwater Drilling in the Gulf of Mexico?

Did a White House Appointee just Kill Deepwater Drilling in the Gulf of Mexico?

U.S. Offshore Drilling Changes Drastically after Sept. 12, 2016 – Part 1 In July an agency under the executive branch of the U.S. government delivered what might be a killshot for a portion of the leaseholders and operators working to extract oil and natural gas from the U.S. outer continental shelf (OCS). It looks innocuous enough. A memo entitled “Requiring Additional[Read More…]

September 6, 2016 - 6:59 pm 360 Articles, Closing Bell Story, E&P, Feature Stories, Law, Offshore, Regulatory
VAALCO Energy Increases Share in Flagship Asset by 11%

VAALCO Energy Increases Share in Flagship Asset by 11%

VAALCO finances purchase of 3.23% participating interest with $5 million loan and cash on hand Houston—based VAALCO Energy (ticker: EGY) announced today that the company purchased an additional 3.23% interest in its flagship Etame asset located offshore of the Republic of Gabon. The interest was purchased from Sojitz Etame Limited, and represented the company’s total interest in the offshore project.[Read More…]

Shell Announces 125 MMBOE Discovery in the Deep Water Gulf of Mexico

Shell Announces 125 MMBOE Discovery in the Deep Water Gulf of Mexico

Shell’s Fort Sumter discover in the Gulf of Mexico will help the company reach 900 MBOEPD of offshore production by the end of the decade Royal Dutch Shell (ticker: RDSA) announced the discovery in the Mississippi Canyon Block 566, 73 miles offshore, southeast of New Orleans in the Gulf of Mexico. The discovery, called Fort Sumter, has initial estimated recoverable[Read More…]

July 29, 2016 - 2:30 pm 360 Articles, Closing Bell Story, E&P, Offshore
Zohr Gas Field Ramps Up: Saipem Lands $1.6 Billion in E&C Contracts

Zohr Gas Field Ramps Up: Saipem Lands $1.6 Billion in E&C Contracts

Italian drilling services firm Saipem (ticker: SPM) has been awarded more than $1.6 billion in contracts for offshore engineering and construction; the most significant contract relates to the field development project for the supergiant Zohr gas field, off the Egyptian coast in the Mediterranean sea. Petrobel has awarded Saipem an Engineering, Procurement, Construction & Installation (EPCI) contract for the accelerated[Read More…]

Offshore Alaska: DOI Adds More Drilling Regulations

Offshore Alaska: DOI Adds More Drilling Regulations

President Obama ‘turning his back on the livelihoods of Alaskans who depend on resource development’ Today, the United States Department of the Interior and the Bureau of Ocean Energy Management released 348 pages of new Requirements for Exploratory Drilling on the Arctic Outer Continental Shelf. Today’s rule addresses certain key factors associated with conducting offshore oil and gas activities on the Arctic[Read More…]

July 7, 2016 - 5:16 pm 360 Articles, Arctic, Closing Bell Story, E&P, Offshore, Regulatory
Noble Sells 3% Interest in Tamar for $369 Million, Plans to Drill New Well

Noble Sells 3% Interest in Tamar for $369 Million, Plans to Drill New Well

Noble sells down its working interest in Tamar field as part of Israel’s approved natural gas regulatory framework Noble Energy (ticker: NBL) announced the sale of a 3% working interest in the Tamar field offshore Israel today for $369 million, which gives Tamar a gross pre-tax valuation of approximately $12 billion. Noble sold the working interest in the project to[Read More…]