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360 Articles

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…]

Cheniere Energy to Acquire Cheniere Partners; Charters an LNG Carrier

Cheniere Energy to Acquire Cheniere Partners; Charters an LNG Carrier

Cheniere Energy, Inc. (NYSE American: LNG) announced today that it has reached a definitive agreement to acquire all of the publicly-held shares of Cheniere Partners Holdings (NYSE American: CQH). Cheniere Partners Holdings shareholders will receive a fixed ratio of 0.475 Cheniere Energy shares for each outstanding publicly-held share. The transaction is currently valued at $30.93 per common share of Cheniere[Read More…]

Energy XXI Gulf Coast to be Acquired by Cox Oil for Approximately $9.10 per Share

Energy XXI Gulf Coast to be Acquired by Cox Oil for Approximately $9.10 per Share

Energy XXI Gulf Coast, Inc. (NASDAQ: EGC) has signed a definitive agreement to be acquired by a privately held Cox Oil affiliate that owns and operates assets in the Gulf of Mexico. Cox will acquire all the outstanding shares of EGC common stock for $9.10 per fully diluted share in cash, for a total consideration of approximately $322 million, representing[Read More…]

LUKOIL Completes a 22,857 BOPD Well in the Caspian

LUKOIL Completes a 22,857 BOPD Well in the Caspian

LUKOIL commissioned the third well at the second development stage of the Vladimir Filanovsky field in the Caspian Sea. The third well is a bilateral horizontal oil producing well with main wellbore length of 3,795 meters and a lateral of 3,762 meters. The well’s initial flow rate exceeded 3.2 thousand tonnes of oil per day, or 22,857 BOPD. The field’s average[Read More…]

June 18, 2018 - 11:20 am 360 Articles, Closing Bell Story, Crude Oil News, E&P, Offshore
Big Projects Return to the Scene: Exxon Accelerates Liza Phase 1

Big Projects Return to the Scene: Exxon Accelerates Liza Phase 1

Stabroek play offers an estimated 3.2 billion BOE Liza Phase 1 Project The Liza phase 1 development is approximately 120 miles offshore of Guyana in water depths of 5000-6200 feet. The play being developed is the Starbroek Block, which is estimated to hold more than 3.2 billion oil-equivalent barrels within its 6.6 million acres. Drilling began in May for the[Read More…]

June 12, 2018 - 2:26 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Schlumberger Exits Fortuna LNG Project

Schlumberger Exits Fortuna LNG Project

Exit puts deepwater FLNG plans in jeopardy One of the largest LNG projects in Africa was put in peril today, as the largest backer of the Fortuna project pulled out. Targeting deepwater LNG in Equatorial Guinea, Fortuna is expected to be the first deepwater LNG in West Africa. With water depths from 3,000 to 6,000 feet, current plans call for[Read More…]

Schematic of Shell's Kaikias project in the US Gulf of Mexico, which is an economically resilient, subsea development with an estimated peak production of 40,000 barrels of oil equivalent per day (boe/d). Kaikias is started production approximately one-year ahead of schedule. (PRNewsfoto/Shell)

Kaikias Starts One Year Early

Shell is projecting estimated peak production of 40 MBOEPD from Kaikias Shell Offshore, Inc. (ticker: RDS.A) started production early at the first phase of the Kaikias project, a subsea development in the U.S. Gulf of Mexico with estimated peak production of 40,000 BOEPD. Shell has reduced costs by around 30% at this deep-water project since taking the investment decision in[Read More…]

May 31, 2018 - 5:55 pm 360 Articles, Closing Bell Story, E&P, Mexico, Offshore
Africa’s Largest non-OPEC Producer is on a Roll

Africa’s Largest non-OPEC Producer is on a Roll

Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power demand and a recovering energy industry. Natural gas supply shortages often cause frequent blackouts in Egypt – and 2011’s political[Read More…]

Talos Energy Updates Production Guidance

Talos Energy Updates Production Guidance

Houston-based Gulf of Mexico producer Talos Energy Inc. (ticker: TALO) outlined the company’s strategy today in a new update. The company projects 2018 pro forma production sales volumes of 18 – 19.5 MMBOE, or an average daily production 49 – 53 MBOEPD. Capital expenditures are expected to be $430 – $450 million, funded by cash on hand and cash flows[Read More…]

Energy XXI Gulf Coast Divests Non-Core Assets

Energy XXI Gulf Coast Divests Non-Core Assets

Company will pay to eliminate significant P&A commitments Energy XXI Gulf Coast (ticker: EGC) announced a unique deal today, divesting much of the company’s non-core assets to privately held Orinoco Natural Resources. The properties eliminated are currently producing about 3 MBOPD and 9.5 MMcf/d, with 6.7 MMBOE of proved reserves. EGC will not receive any proceeds from the transaction, and[Read More…]

Shell rendering of its Vito deep-water development in the U.S. Gulf of Mexico. Vito will feature a new, simplified host design and associated infrastructure. (PRNewsfoto/Shell Offshore Inc.)

Shell Expects its Deepwater GOM Project Vito will Break Even at Sub-$35 Oil

Royal Dutch Shell’s (ticker: RDS.A) Shell Offshore Inc. finalized its investment decision for the deep-water development, Vito, located in the U.S. Gulf of Mexico. The company said it estimates a forward-looking, breakeven price to be less than $35 per barrel. Vito will be Shell’s 11th deep-water host in the Gulf of Mexico and it is currently scheduled to begin producing[Read More…]

April 24, 2018 - 3:42 pm 360 Articles, Closing Bell Story, E&P, Mexico, Offshore
Gulf Oil Production Hit Record Levels in 2017, More to Come

Gulf Oil Production Hit Record Levels in 2017, More to Come

1.9 MMBOPD expected in 2019 The Permian is setting new records for basin production, but it is far from the only location achieving all-time high oil output. The EIA reports the Gulf of Mexico produced an average of 1.65 MMBOPD, the highest yearly level on record. This was achieved despite the disruptions caused by hurricanes in the fall and pipeline[Read More…]

April 19, 2018 - 5:47 pm 360 Articles, Closing Bell Story, Crude Oil News, Offshore
Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession contracts alone. Brazil said that 22 offshore blocks were acquired out of the 47 offered. However, there were no offers[Read More…]

Energy XXI Gulf Coast Names New Chairman

Energy XXI Gulf Coast Names New Chairman

Energy XXI Gulf Coast, Inc. (ticker: EGC) appointed Gary C. Hanna as chairman of its board of directors, effective March 29, 2018. EGC CEO and President Douglas E. Brooks pointed to Hanna’s extensive senior executive and board experience at exploration and production companies operating offshore and onshore, and with the plugging and abandonment sector of the oil field services industry. “Gary’s service[Read More…]

April 2, 2018 - 2:47 pm 360 Articles, Closing Bell Story, Offshore, People
Apache Discovers Over 700 feet of Net Pay in Garten Prospect – North Sea

Apache Discovers Over 700 feet of Net Pay in Garten Prospect – North Sea

Earlier today Apache Corporation (Ticker: APA) announced an oil discovery on Block 9/18a Area-W in the United Kingdom sector of the North Sea. Garten is located 6 kilometers south of the Beryl Alpha Platform. The Garten discovery well targeted a downthrown structural closure and encountered more than 700 feet of net oil pay in stacked, high quality Jurassic-aged sandstone reservoirs.[Read More…]

March 23, 2018 - 5:54 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Offshore
Largest-Ever U.S. Gulf of Mexico Offshore Sale Earns Only $125 Million

Largest-Ever U.S. Gulf of Mexico Offshore Sale Earns Only $125 Million

148 blocks receive bids of the 77 million acres the federal government offered The Bureau of Ocean Energy Management announced the successful sale of available blocks in the GOM, with final bids totaling almost $125 million. The area offered in this sale was the largest in history, with 14,431 blocks up for bidding. This is essentially the vast majority of[Read More…]

March 22, 2018 - 5:28 pm 360 Articles, Closing Bell Story, Crude Oil News, Offshore
Energean Cleared to Start $1.6 Billion Gas Project – Offshore Israel

Energean Cleared to Start $1.6 Billion Gas Project – Offshore Israel

Energean raised $460 Million in Yesterday’s IPO  The day following its London IPO, the Energean Oil & Gas PLC (ticker: ENOG) board approved the Final Investment Decision for the $1.6 billion Karish & Tanin development project, offshore Israel. Financing the project Energean said $405 million of the $460 million raised from the IPO of its shares will be used to[Read More…]

March 22, 2018 - 12:54 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Johan Sverdrup

Source: Total

Totally Bought: Maersk Oil/Total Deal Closed – Makes Total 2nd Largest North Sea Operator

Total S.A. (ticker: TOT) closed the acquisition signed on August 21, 2017, adding around one billion BOE 2P reserves, mainly in OECD countries. The acquisition also increases Total’s production by 160 MBOEPD in 2018, and the company expects to ramp up production to 200 MBOEPD by early 2020. According to Total, this deal makes the company the second-largest operator in[Read More…]

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

Energy XXI Prepares 2018 CapEx of $145-$175 Million

Energy XXI Gulf Coast, Inc. (ticker: EXXI) has approved a 2018 capital expenditure budget in the range of $145-$175 million, which includes funding of EGC’s most active drilling program since 2014, as well as recompletions, facilities improvements, plugging and abandonment (P&A) expenditures and other capital investments. CEO and President Douglas E. Brooks said, “We have contracted a rig that is[Read More…]

February 20, 2018 - 1:03 pm 360 Articles, Closing Bell Story, Mexico, Offshore
Unique Restructuring in the Gulf: Noble Energy and Fieldwood Energy Announce $710 Million Deepwater Gulf Deal

Unique Restructuring in the Gulf: Noble Energy and Fieldwood Energy Announce $710 Million Deepwater Gulf Deal

Fieldwood announces prepackaged Chapter 11 with restructure plan that depends on acquiring Noble’s GOM assets; expects to emerge in 60 days Noble Energy, Inc. (ticker: NBL) said it has executed an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy LLC for a total value of $710 million. As Noble announced the deal, Fieldwood simultaneously announced that it filed a prepackaged Chapter 11 bankruptcy[Read More…]

February 15, 2018 - 6:21 pm 360 Articles, A&D Transactions, Closing Bell Story, Offshore
Anadarko Petroleum Rakes in $976 Million in Q4

Anadarko Petroleum Rakes in $976 Million in Q4

Anadarko Petroleum Corporation (ticker: APC) reported fourth quarter of 2017 net income attributable to common stockholders of $976 million, or $1.80 per share (diluted). Net cash provided by operating activities in the fourth quarter of 2017 was $1.4 billion. For the year ended December 31, 2017, Anadarko reported a net loss attributable to common stockholders of $456 million, or ($0.85)[Read More…]

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC Limited (ticker: CEO) plans to target 470-480 MMBOE for its net production goal in 2018. The geographic production areas are split between China (64%) and overseas (36%). The company’s net production for 2017 stood at approximately 469 MMBOE. As for 2019 and 2020, projected numbers are 485 MMBOE and 500 MMBOE, respectively. CNOOC Dongfang 13-2 Gas Fields, Feb. 2018[Read More…]

February 6, 2018 - 4:20 pm 360 Articles, China, Closing Bell Story, E&P, International, Offshore
Valhall Drilling Platform, Norway

Hess Corporation Replaced 351% of Production for ~$5 F&D per Barrel

Hess Corporation (ticker: HES) reported a net loss of $2.677 billion, ($8.57) per share, in the fourth quarter of 2017. For reference, the company had a net loss of $4.892 billion in the fourth quarter of 2016. Fourth quarter 2017 results reflect net after-tax charges totaling $2.373 billion, including a non-cash accounting charge of $1.7 billion, the company said. This[Read More…]