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360 Articles

Murphy Oil Goes Big with $1.375-Billion Cash Deal

Murphy Oil Goes Big with $1.375-Billion Cash Deal

Murphy buys seven producing fields, four development projects from LLOG Murphy Oil (ticker: MUR) continues to consolidate its position in the Gulf of Mexico, as the company acquired a major asset in the GOM today. Murphy will acquire 26 different GOM blocks from privately-held LLOG, representing a range of assets. These 26 blocks include seven producing fields, plus four development[Read More…]

Shell to Sell Interest in Gulf of Mexico Caesar-Tonga Asset to Delek for $965 Million

Shell to Sell Interest in Gulf of Mexico Caesar-Tonga Asset to Delek for $965 Million

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, signed an agreement yesterday to sell its 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Delek CT Investment LLC, a subsidiary of Delek Group Ltd (Delek). The total consideration for this deal is $965 million in cash. The field is operated by Anadarko[Read More…]

April 12, 2019 - 5:20 pm 360 Articles, Closing Bell Story, E&P, Offshore
Noble Energy, Marathon Oil Commit to Alen Field Gas Play

Noble Energy, Marathon Oil Commit to Alen Field Gas Play

Marathon calls it the initial step in creating EG gas ‘mega hub’  Startup planned for 1H 2021 Noble Energy, Inc. (NYSE: NBL) has approved the Alen natural gas development offshore Equatorial Guinea (EG). Natural gas from the Alen field will be processed through the existing Alba Plant LLC liquefied petroleum gas processing plant and EG LNG’s liquefied natural gas production facility[Read More…]

Murphy Turns to Eagle Ford, GOM after $2.1 Billion Sale to Depart Malaysia

Murphy Turns to Eagle Ford, GOM after $2.1 Billion Sale to Depart Malaysia

Sale ends Murphy’s 20-year Malaysian history By Richard Rostad, analyst, Oil & Gas 360 Murphy Oil (ticker: MUR) announced a major divestiture today, selling the company’s Malaysian assets to focus on its Eagle Ford development. Murphy will sell its entire Malaysian portfolio, consisting of three offshore fields in the eastern portion of the country. These assets produced 48 MBOEPD in[Read More…]

Latest Federal Lease Sale in the Gulf of Mexico Draws $244.3 Million in High Bids

Latest Federal Lease Sale in the Gulf of Mexico Draws $244.3 Million in High Bids

High bids doubled 2017 sale The Department of Interior announced on March 20 that its region-wide Gulf of Mexico Lease Sale 252 generated $244,299,344 in high bids for 227 tracts covering 1,261,133 acres in federal waters of the Gulf of Mexico. By comparison, Lease Sale 251, the last lease sale before March 20, 2019, generated $178 million in high bids.[Read More…]

March 21, 2019 - 5:46 pm 360 Articles, Closing Bell Story, E&P, Offshore
Texas Gulf Coast: Get Ready for SPOT to Export Up to 2 Million More Barrels a Day of Permian, Eagle Ford Crude Oil

Texas Gulf Coast: Get Ready for SPOT to Export Up to 2 Million More Barrels a Day of Permian, Eagle Ford Crude Oil

Enterprise Products Partners’ SPOT crude oil export project, offshore Texas, officially kicks off permitting phase, targets 2020 for exports By Bevo Beaven, Editor, Oil & Gas 360 The United States Maritime Administration (MARAD) and the United States Coast Guard (USCG) announced on Monday that the agencies received an application from SPOT Terminal Services LLC (SPOT) for federal authorizations required for[Read More…]

Kosmos Turns to the GOM

Kosmos Turns to the GOM

Acquisition of Deep Gulf Energy drives pivot By Richard Rostad, analyst, Oil & Gas 360 Kosmos Energy (ticker: KOS) announced fourth quarter results and reserves today, showing $189 million in net income, or $0.43 per share. This is a far better result than the $122 million loss Kosmos reported in Q4 2017, although when derivatives and other special charges are[Read More…]

February 25, 2019 - 5:52 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Offshore
Up to 1 Billion BOE Discovery

Up to 1 Billion BOE Discovery

New find could contain three times more resources than all South Africa’s previous gas finds to date: Wood Mac By Richard Rostad, analyst, Oil & Gas 360 Total announced a major gas condensate discovery today in an unexpected location: South Africa. The company’s Brulpadda well, targeting prospects located roughly 110 miles off the coast of South Africa, has discovered significant[Read More…]

Pacific Bora drilling rig arrives at Oyo-9 field in
deepwater offshore Nigeria

International Drilling Continues Near Post-Downturn Highs

Overall rig count falls by two By Richard Rostad, analyst, Oil & Gas 360 International drilling activity declined slightly in January, but remains near post-downturn highs, according to Baker Hughes. A net two rigs came offline in January, bringing the international total to 1,023 rigs. Operations shifted significantly in favor of offshore drilling, as nine land-based rigs have shut down[Read More…]

February 7, 2019 - 5:28 pm 360 Articles, Closing Bell Story, International, Offshore
EnerCom Dallas investment conference

Registration is Open for EnerCom Dallas

Institutional investors can meet with management teams, hear 2019 operational plans from the oil and gas industry in Dallas, Texas – Feb. 27-28, 2019 Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy sector may now register for the EnerCom Dallas investment conference, coming to The Tower Club Feb. 27-28 in downtown[Read More…]

BP Identifies 1.4 Billion Barrels of Oil in Gulf

BP Identifies 1.4 Billion Barrels of Oil in Gulf

Atlantis Phase 3 FID announced BP (stock ticker: BP) has big plans for the Gulf of Mexico, as the company announced several new developments in the GOM today. BP has approved Phase 3 development at the Atlantis field, authorizing a new subsea production system that will be tied into the existing platform. The company will drill eight new wells targeting[Read More…]

January 8, 2019 - 5:13 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Offshore
International Offshore Drilling Surged in December

International Offshore Drilling Surged in December

28 offshore rigs come online, 23% of activity International drilling activity rose sharply in December, reaching levels not seen since the beginning of 2016, according to Baker Hughes. A net 34 rigs began drilling internationally last month, meaning there are 1,025 active rigs. This is the largest international rig count since January 2016, when activity was still falling in the[Read More…]

Apache Expects New Well to be ‘Notable Contributor’ to 2019 Cashflow

Apache Expects New Well to be ‘Notable Contributor’ to 2019 Cashflow

Apache’s U.K. North Sea Garten well delivers 16.3 MBOEPD eight months after discovery, 84% oil, 778 feet of net oil pay – Apache has 100% working interest Apache Corporation (NYSE: APA) has placed onto production its Garten discovery well on Block 9/18a Area-W in the United Kingdom sector of the North Sea. The discovery well, which is six kilometers south[Read More…]

December 5, 2018 - 2:47 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Offshore, Popular 1
New GOM Fields Poised to Raise Gas Output

New GOM Fields Poised to Raise Gas Output

GOM ranks 11th in U.S. for gas output, 2nd for oil The Gulf of Mexico was historically one of the most important gas-producing regions in the U.S. From 1997, when the EIA began tracking Gulf gas output, through 2005 the GOM was second only to Texas in gas production in the U.S. The Gulf produced an average of 14.3 Bcf/d[Read More…]

November 28, 2018 - 5:49 pm 360 Articles, Closing Bell Story, Natural Gas News, Offshore
Talos, Hokchi Cross-Assign Offshore Mexico Block Interests

Talos, Hokchi Cross-Assign Offshore Mexico Block Interests

Gulf-based Talos Energy (ticker: TALO) announced today it will cross assign its participating interest (PI) in one of its blocks in offshore Mexico in exchange for PI in another block just south. Talos Energy’s interest (Block 2), located in the Sureste Basin offshore, will be swapped with PI for another block (Block 31), operated by Hokchi Energy.   Talos will[Read More…]

October 18, 2018 - 12:21 pm 360 Articles, Closing Bell Story, E&P, Mexico, Offshore
Aker BP Acquires an Offshore Discovery for $250 Million

Aker BP Acquires an Offshore Discovery for $250 Million

Aker BP (ticker: ARC) has entered into an agreement with Equinor Energy (ticker: EQNR) to acquire its 77.8 percent interest in the King Lear gas/condensate discovery in the Norwegian North Sea for a cash consideration of USD 250 million. CEO of Aker BP, Karl Johnny Hersvik said, “The King Lear discovery is one of the largest undeveloped discoveries on the Norwegian[Read More…]

October 15, 2018 - 3:21 pm 360 Articles, Closing Bell Story, E&P, Offshore
Murphy Oil Creates New Cash Flow Engine for a Bargain Price

Murphy Oil Creates New Cash Flow Engine for a Bargain Price

Murphy-Petrobras JV produces 75 MBOEPD from GOM, opens a lot of doors for Murphy Murphy Oil (ticker: MUR) announced a major deal today, forming an offshore JV with Petrobras (ticker: PBR) that promises to transform the company. Murphy and Petrobras will combine much of their offshore GOM assets into a new joint venture company, which will be owned 80% by[Read More…]

Noble Energy says Leviathan, Tamar Pipeline on Track for 2019

Noble Energy says Leviathan, Tamar Pipeline on Track for 2019

Leviathan anticipated production is at least 350 MMcf/day (gross) Noble Energy (ticker: NBL) gave more updates today regarding its agreements with the Eastern Mediterranean Gas Company S.A.E, the owners of the EMG Pipeline, a 90-kilometer pipeline located mainly offshore of Israel. The agreements will support delivery of natural gas from offshore Israel into Egypt, specifically the offshore Leviathan and Tamar[Read More…]

September 27, 2018 - 2:32 pm 360 Articles, Closing Bell Story, E&P, International, Midstream, Offshore
A First for Mexico

A First for Mexico

Pemex, Talos, Premier Oil, and Sierra Oil and Gas Sign PUA for Zama Pemex, with the Block 7 Consortium – Talos Energy (ticker: TALO), Premier Oil (ticker: PMO), and Sierra Oil and Gas – have just signed a Pre-Unitization Agreement (PUA) for two offshore areas in Mexico’s Southeast Basin: the Amoca-Yaxche-03 allocation and the Block 7 contiguous production sharing contract.[Read More…]

September 21, 2018 - 4:35 pm 360 Articles, Closing Bell Story, E&P, Mexico, Offshore
Will Mexico’s Energy Sector Rise or Fall?

Will Mexico’s Energy Sector Rise or Fall?

Will Mexico’s new president divert Mexico’s energy sector away from successful reform? Reuters reported last week that Mexico’s President-elect Andres Manuel Lopez Obrador (nicknamed ‘AMLO’) told reporters that Mexican oil auctions are suspended pending a review of the contracts awarded to date. “They are suspended right now until the contracts are reviewed,” Lopez Obrador said, according to Reuters. Lopez Obrador[Read More…]

September 6, 2018 - 2:24 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Mexico, Offshore
Talos Energy Acquires GOM Producer Whistler Energy II

Talos Energy Acquires GOM Producer Whistler Energy II

Talos Energy (ticker: TALO) has entered into and completed a transaction to acquire Whistler Energy II, LLC. Year to date gross production from Whistler’s assets is approximately 1,900 BOEPD, or net production after royalties of approximately 1,500 BOEPD, of which 82% is oil. The purchase price was $52 million and, as part of this acquisition, Talos negotiated the release of[Read More…]

September 5, 2018 - 5:34 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions, Offshore
A $2.7 Billion Consolidation Creates a Giant

A $2.7 Billion Consolidation Creates a Giant

Transocean adds 11 existing rigs, two more under construction The offshore drilling sector showed significant life today, with a major M&A deal shaking up the landscape. Transocean (ticker: RIG) has agreed to acquire Ocean Rig (ticker: ORIG) in a transaction valued at $2.7 billion, consolidating the sector. Transocean will primarily be paying for the drillships Ocean Rig owns, which will[Read More…]

September 4, 2018 - 6:55 pm 360 Articles, Closing Bell Story, Crude Oil News, Offshore, Popular 2
Talos Energy High Bidder on 6 Deepwater, 8 Shallow Water GOM Lease Sale Blocks

Talos Energy High Bidder on 6 Deepwater, 8 Shallow Water GOM Lease Sale Blocks

Houston-based Talos Energy Inc. (NYSE: TALO) was a top five bidder in the recent Gulf of Mexico lease sale held by the Bureau of Ocean Energy Management (BOEM) on August 15, 2018. Talos was the high bidder on six deepwater and eight shallow water blocks. Talos Energy was the high bidder on 6 deepwater, 8 shallow water GOM Lease Sale Blocks, Aug.[Read More…]

August 16, 2018 - 6:14 pm 360 Articles, Closing Bell Story, E&P, Offshore, Popular 3, TOGC23
Hess Announces Liza Development on Schedule

Hess Announces Liza Development on Schedule

Bakken production up, drilling accelerating Hess (ticker: HES) reported second quarter results today, showing a net loss of $130 million, or $0.48 per share. This result significantly exceeds the $449 million loss Hess took in Q2 2017, primarily due to higher oil prices and lower operating expenses. Considered in isolation, Hess’ E&P business segment earned $31 million in Q2, compared[Read More…]

Consolidation in the Wind as Offshore Recovery Advances

Consolidation in the Wind as Offshore Recovery Advances

Two offshore maritime providers to become $1.25 billion company Tidewater Inc. (NYSE: TDW) and GulfMark Offshore, Inc. (NYSE: GLF) offshore support vessel companies will combine as recovery gains traction, creating a combined company market value of approximately $1.25 billion, Tidewater said in a press release today. The combined company will provide customers with access to modern, high-specification vessels. Image: GulfMark Offshore[Read More…]

Seadrill Partners Awarded $273 Million in Brit High Court Ruling

Seadrill Partners Awarded $273 Million in Brit High Court Ruling

Seadrill Partners LLC said the English High Court has ruled in favor of its subsidiary Seadrill Ghana Operations Limited relating to the early termination of the West Leo contract by Tullow Ghana Limited. Seadrill Ghana was seeking to recover standby and force majeure rates and early termination fees of $278 million plus interest and legal expenses, Seadrill said in a[Read More…]

Vantage Drilling Awarded $622 Million in Petrobras Arbitration

Vantage Drilling Awarded $622 Million in Petrobras Arbitration

Vantage Drilling International (OTCMKTS: VTGDF) announced today that it was successful in its previously disclosed arbitration with Petróleo Brasileiro S.A (NYSE: PBR). The Tribunal found that Petrobras America, Inc. (PAI) and Petrobras Venezuela Investments & Services, BV (PVIS), both subsidiaries of Petrobras, breached the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009. The[Read More…]

Anadarko’s Mozambique LNG Sees FID in 1H2019

Anadarko’s Mozambique LNG Sees FID in 1H2019

Anadarko EVP Mitch Ingram said that the Mozambique LNG project appears to be in position to take FID (Final Investment Decision) in the first half of 2019. Ingram was speaking at an energy conference this week. He also noted that Anadarko has found there to be roughly $4 billion in cost savings compared to its 2016 estimates. Source: Anadarko Mozambique[Read More…]

June 27, 2018 - 3:59 pm 360 Articles, Closing Bell Story, International, LNG, Offshore
More North Sea Gas: Shell Returns to Overlooked Fram Field with New Plan

More North Sea Gas: Shell Returns to Overlooked Fram Field with New Plan

Downsized development will use tieback Shell’s recent $556 million sale of North Sea properties has not diminished the company’s interest in the basin, as Shell has approved its second North Sea project this year. The Fram field is getting a second chance at life, after Shell abandoned the play as uneconomic in 2013. First appraised in 2009, Shell planned to[Read More…]

Shell Simplifies Portfolio with $1.3 Billion Asset Sales

Shell Simplifies Portfolio with $1.3 Billion Asset Sales

North Sea, Malaysia properties sold Shell (ticker: RDS) continued its divestiture program today, selling assets in the North Sea and Malaysia for a combined $1.3 billion. Shell is simplifying its position in the North Sea, selling its interests in two fields to OKEA, a Norwegian offshore operator. Shell will sell its entire interest in the Draugen field, 44.56%, and 12%[Read More…]