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 …

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

Valhall Drilling Platform, Norway

New Investment Revives North Sea

From the Financial Times

Up to 16 developments expected to receive go-ahead in next 12 months

Energy companies are preparing to invest £5bn in new capital projects in the North Sea this year, according to the industry’s trade body, in …

March 21, 2018 - 12:51 pm Closing Bell Story‎, International, Offshore
$1.8 Billion Eni-Abu Dhabi Deal Signed

$1.8 Billion Eni-Abu Dhabi Deal Signed

From Arabian Business

Abu Dhabi’s Mubadala Investment agreed to pay Eni $934 million for a 10% stake in the Shorouk concession

Italian energy company Eni SpA won rights to pump oil at two blocks off the coast of Abu Dhabi …

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 …

Rig Order Surprises Industry

Rig Order Surprises Industry

From Workboat

In the world of energy, where everything seems to be in surplus, the announcement by Awilco Drilling PLC of an order for a new, harsh-environment semisubmersible drilling rig caught everyone by surprise.

You mean there is a shortage …

March 6, 2018 - 6:29 pm Closing Bell Story‎, Energy News, Offshore
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 …

February 20, 2018 - 1:03 pm Closing Bell Story‎, Mexico, Offshore, Oil and Gas 360 Articles
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 …

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 …

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 …

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 …

Erin Energy Discovers Multiple Stacked Sands at Oyo-NW Well Offshore Nigeria

Erin Energy Discovers Multiple Stacked Sands at Oyo-NW Well Offshore Nigeria

Houston-based Erin Energy Corporation (ticker: ERN) completed the drilling of the Oyo-NW well, concluding it has discovered hydrocarbons in the Miocene formation.

The well is located approximately 9.5 kilometers northwest of the Oyo Central field on the company’s offshore Nigeria …

Edelman - LNG 17 Shell speakers, participants, booths and displays, Wednesday, April 17, 2013.

Shell Earned $4.3 Billion for Q4, $15.8 Billion for 2017

Royal Dutch Shell (ticker: RDS.A) CEO Ben van Beurden had some things to celebrate in his company’s year-end reporting today.

“We were able to deliver $39 billion of cash flow from operations excluding working capital movements from our upgraded portfolio. …

Shell Sweeps Nine of 19 Blocks Awarded in Mexico Offshore Gulf Oil Auction

Shell Sweeps Nine of 19 Blocks Awarded in Mexico Offshore Gulf Oil Auction

From Reuters

MEXICO CITY (Reuters) – Royal Dutch Shell (RDSa.L) snapped up nine of 19 Gulf of Mexico oil and gas blocks awarded in a Mexican auction on Wednesday, as the global oil major raised its big bet …

Chevron Announces Gulf of Mexico Discovery

Chevron Announces Gulf of Mexico Discovery

Chevron (ticker: CVX) announced a major oil discovery in the Gulf of Mexico today, at the Ballymore prospect.

Ballymore is located in the Mississippi Canyon area of the Gulf, about three miles from Chevron’s Blind Faith platform. Located in over …

Noble Sells 7.5% of Tamar Field

Noble Sells 7.5% of Tamar Field

Sale values Tamar at $10.7 billion

Noble Energy announced the sale of part of its interest in the Tamar field yesterday. It is the company’s second Tamar divestment. Tamar is located in the Mediterranean Sea, east of the Leviathan field, …

BP Names New President of U.S. Gulf of Mexico and Canada

BP Names New President of U.S. Gulf of Mexico and Canada

BP appointed Starlee Sykes as its regional president for the Gulf of Mexico and Canada, effective Feb. 1, 2018. Sykes, who will continue to be based in Houston, currently serves as vice president for BP’s global projects organization for offshore …

Major BP Projects for 2018

Major BP Projects for 2018

Production from the full five-field West Nile Delta development, the Giza-Fayoum-Raven project, is expected to represent about 30% of Egypt’s current production

BP p.l.c. (ticker: BP) will bring five major upstream projects online in 2018. The projects span the globe, …

Mexico Faces Test in Upcoming Deepwater Oil Auction

Mexico Faces Test in Upcoming Deepwater Oil Auction

Mexico’s July presidential election, uncertain fate of NAFTA and competition for capital from U.S., Brazil, Argentina and Guyana offshore projects cast a shadows on future of Mexico’s energy reform

From Reuters

MEXICO CITY (Reuters) – An auction of deepwater oil …

January 22, 2018 - 1:00 pm Closing Bell Story‎, Energy News, Mexico, Offshore
INEOS Launches Six Oil and Gas Businesses

INEOS Launches Six Oil and Gas Businesses

Operations will run INEOS’s 95 MBOEPD

INEOS, Britain’s largest closely held company, announced the formation of six new oil and gas related businesses today as it follows up on its expansion in the oil and gas E&P sector.

INEOS has …

Florida Removed From OCS Offshore Drilling Plan

Florida Removed From OCS Offshore Drilling Plan

From UPI

The Trump administration reversed plans to include Florida in an offshore drilling proposal announced last week.

Interior Secretary Zinke held a press conference at the Tallahassee airport announcing the Trump administration will not be drilling off the coast …

January 10, 2018 - 1:33 pm Closing Bell Story‎, Offshore
Delek, GulfSlope and Texas South Partner to Drill Shallow Gulf of Mexico

Delek, GulfSlope and Texas South Partner to Drill Shallow Gulf of Mexico

Israeli oil and gas company Delek Group Ltd. (ticker: DK), GulfSlope Energy, Inc. (ticker: GSPE) and Texas South Energy, Inc. (ticker: TXSO) have entered into a strategic partnership to pursue oil and natural gas opportunities in the Gulf of Mexico.…

U.S. Offers Drillers Nearly All Offshore Waters, but Focus Is on Eastern Gulf

U.S. Offers Drillers Nearly All Offshore Waters, but Focus Is on Eastern Gulf

From Reuters

HOUSTON/WASHINGTON (Reuters) – President Donald Trump’s administration has proposed opening up nearly all of America’s offshore waters to oil and gas drilling, but the industry says it is mainly interested in one part of it, now cordoned off …

January 8, 2018 - 11:55 am Closing Bell Story‎, Offshore
Petrobras, Diamond Offshore Settle Lawsuit

Petrobras, Diamond Offshore Settle Lawsuit

Diamond Offshore Drilling, Inc. (ticker: DO) and Petróleo Brasileiro S.A.-Petrobras (ticker: PBR) agreed on Thursday, January 4, 2018 to settle a pending lawsuit and amend the Ocean Valor drilling contract.

In August 2016, a subsidiary of Diamond Offshore Drilling,

Source: Hess

Exxon Mobil Makes Sixth Oil Discovery Offshore Guyana

Exxon Mobil Corporation (ticker: XOM) has discovered its sixth oil reservoir in offshore Guyana since 2015, resulting from the Ranger-1 exploration well.

The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which …

U.S. Dept. of Interior Opens Up Vast Portions of OCS with Historic Lease Program

U.S. Dept. of Interior Opens Up Vast Portions of OCS with Historic Lease Program

Proposed OCS lease sale would open Atlantic, Pacific, Eastern GOM – all have been closed since early 1980s

 

U.S. Secretary of the Interior Ryan Zinke announced the next step for development of the National Outer Continental Shelf Oil and …

Eni’s Lightning-Fast, 30-Tcf Egyptian Gas Development is Now Producing

Eni’s Lightning-Fast, 30-Tcf Egyptian Gas Development is Now Producing

30 Tcf offshore gas play went from discovery to production in 28 months: “a historic day”-Eni CEO

Eni announced first gas from the Zohr field today, marking one of the fastest development processes of an offshore field in recent years.…

Statoil Greenlights Largest Offshore Project This Year

Statoil Greenlights Largest Offshore Project This Year

Johan Castberg will cost $6 billion

Norway’s Statoil (ticker: STO) approved the largest offshore development this year today, approving the Johan Castberg project in the arctic Barents Sea.

Discovered in 2011, Johan Castberg is farther north than Prudhoe Bay in …

Maersk Oil, Shell Invest $3.4 Billion in Offshore Denmark

Maersk Oil, Shell Invest $3.4 Billion in Offshore Denmark

Production over many years has caused the ground to subside

Maersk Oil announced the largest-ever investment in the Danish portion of the North Sea today, redeveloping the country’s largest gas condensate field.

The Danish Underground Consortium, made up of Maersk …

ExxonMobil Starts Production Offshore Newfoundland/Labrador

ExxonMobil Starts Production Offshore Newfoundland/Labrador

Hebron field project expected to produce 150 MBOPD at peak

  • Project expects to produce up to 150,000 barrels of oil per day at peak
  • Project had more than 40 million hours without a lost-time injury
  • Project completed ahead of schedule