Offshore

Total Divests Martin Linge, Garantiana Fields

Total Divests Martin Linge, Garantiana Fields

Total (ticker: TOT) announced two significant developments today, selling Norwegian assets and bringing a Brazilian field online.

Total will sell its interests in the Martin Linge field and the Garantiana discovery to Statoil for a total of $1.45 billion. Total …

BP Unloads $400 Million In North Sea Gas Fields

BP Unloads $400 Million In North Sea Gas Fields

Rhum, Bruce and Keith fields divested

BP (ticker: BP) announced the sale of several fields to Serica Energy (ticker: SQZ) today, in a deal worth around $400 million.

BP will sell its shares of the Bruce, Keith and Rhum fields …

Murphy Oil Corporation Enters the Permain, Gulf of Mexico, and Explores Offshore Brazil

Murphy Oil Corporation Enters the Permain, Gulf of Mexico, and Explores Offshore Brazil

On November 1, 2017 Murphy Oil Corporation (Ticker: MUR) announced its entry into the Permian basin along with its financial and operating results for third quarter of 2017, included a net loss of $66 million, or $0.38 per diluted share.…

Shell Collects its First $3.0 Billion from Asset Sale

Shell Collects its First $3.0 Billion from Asset Sale

Shell completes sale of North Sea blocks to Chrysaor

Shell (ticker: RDSA) has completed the sale of a package of UK North Sea assets to Chrysaor for a total of up to $3.8 billion, including an initial consideration of $3.0 …

Oil Majors Move on Brazil

Oil Majors Move on Brazil

Pre-Salt rounds 2 and 3 offer more potential oil than Bakken-Three Forks

Brazil’s President Temer believes development of the blocks could bring $160 billion to the country

Major oil producers are currently looking to Brazil, where one of the last …

Diamond Offshore's Ocean Endeavor

Gen-6 Drillship Finishes Well 47 Days Ahead of Schedule: Diamond Offshore Reports Profitable Quarter

Diamond Offshore Drilling (ticker: DO) Q3 highlights:

  • Net income of $11 million, or $0.08 per diluted share
  • Adjusted net income of $34 million, or $0.25 per diluted share, excluding costs associated with the redemption of our 2019 senior notes

Diamond

2018 to Deliver Largest Oil & Gas Lease Sale in U.S. History

2018 to Deliver Largest Oil & Gas Lease Sale in U.S. History

March 2018 BOEM sale offers 76.9 million acres for lease – oil & gas development in the Gulf of Mexico

U.S. Secretary of the Interior Ryan Zinke has announced the nation’s largest ever federal lease sale—almost 77 million acres in …

Hess Announces $2.6 Billion Offshore Asset Sales

Hess Announces $2.6 Billion Offshore Asset Sales

Equatorial Guinea, Norway blocks depart Hess

Despite the current focus on onshore operations, offshore A&D activity is not dead. Hess (ticker: HES) recently announced two major offshore sales, totaling over $2.6 billion.

The first transaction, announced Monday, involves Hess interest …

Oil Release in the Gulf of Mexico Triggers BSEE Panel Investigation

Oil Release in the Gulf of Mexico Triggers BSEE Panel Investigation

BSEE Gulf of Mexico Region Director Lars Herbst initiated a Panel Investigation Monday into an oil release from subsea infrastructure located about 40 miles southeast of Venice, Louisiana in water 4,463 feet deep.

The flowline release, which began Wednesday morning …

Chevron Australia Pulls Plug on Bight Exploration

Chevron Australia Pulls Plug on Bight Exploration

Chevron no-go decision for offshore project was a commercial decision

Chevron Corporation’s (ticker: CVX) Australia subsidiary Chevron Australia has announced the decision to discontinue the Great Australian Bight exploration program.

Chevron Australia’s affiliates acquired two deepwater exploration blocks in the …

ExxonMobil Makes Fifth Discovery Offshore Guyana

ExxonMobil Makes Fifth Discovery Offshore Guyana

Turbo-1 encounters a reservoir of 75 feet of high-quality, oil-bearing sandstone approximately 30 miles from Liza phase one

Exxon Mobil Corporation (ticker: XOM) said it has made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana. Turbot …

BP Chief says North Sea Costs are $15 per Barrel

BP Chief says North Sea Costs are $15 per Barrel

Dudley credits standardization, simplification

In a talk he gave last week at the Society of Petroleum Engineers Offshore Europe conference in Aberdeen, BP CEO Bob Dudley said his company has cut production costs by half in the North Sea.

“This …

Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Exclusive Video Interview with Erin Energy Chairman Frank Ingriselli

Erin Energy: Oyo-9 to double company’s production by the end of 2017; subsequent exploration wells have potential to unlock a one billion barrel reserve opportunity

At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted …

Statoil Korpfjell Well Finds Insufficient Gas for Development

Statoil Korpfjell Well Finds Insufficient Gas for Development

210-420 Bcf recoverable not enough in Barents Sea

Statoil (ticker: STO) reported the results of its first well in the Korpfjell prospect, an exploratory well in the Barents Sea.

The Korpfjell prospect is a large structure in the Norwegian section …

Hurricane Harvey Likely to Reduce U.S. Refinery Output: Baird

Hurricane Harvey Likely to Reduce U.S. Refinery Output: Baird

Hurricane Harvey, which is expected to make landfall around one o’clock in the morning on Saturday, August 26, may have an impact on the near-term energy outlook for the U.S.

As of now, Harvey is classified as a Category-2 storm …

Diamond Offshore Drilling Earns Q2 Net Income of $16 Million

Diamond Offshore Drilling Earns Q2 Net Income of $16 Million

CEO sees utilization, pricing power returning in 2H 2019

Diamond Offshore (ticker: DO) produced a net income of $15.9 million for Q2. Diamond’s president and CEO Marc Edwards noted that the company “secured two new contracts” despite the fact that …

With Big Players Come Big Rig Counts: XOM, COP, CVX Report Q2

With Big Players Come Big Rig Counts: XOM, COP, CVX Report Q2

In the past two days ExxonMobil Corporation (ticker: XOM), Chevron Corporation (ticker: CVX), and ConocoPhillips (ticker: COP) all reported second quarter earnings and gave operational updates.

ExxonMobil

ExxonMobil earned $3.4 billion in Q2, which brought the company’s earnings for the …

Gulf of Mexico Will Grow by 344 MBOPD through 2018: EIA

Gulf of Mexico Will Grow by 344 MBOPD through 2018: EIA

GOM growth second only to Permian

Big projects are coming back, according to the U.S. government’s energy data compiler. Gulf of Mexico oil production is projected to have the second-largest growth among U.S. oil plays through 2018, according to a …

Louisiana Offshore Oil Port Looks to Begin Exporting U.S. Crude

Louisiana Offshore Oil Port Looks to Begin Exporting U.S. Crude

Port would be able to load massive supertankers with Permian, Eagle Ford  oil

The country’s largest oil port wants to begin exporting crude, becoming a part of the growing U.S. oil export business.

The Louisiana Offshore Oil Port (LOOP) is …

Exxon Discovers More Oil at Offshore Guyana Block

Exxon Discovers More Oil at Offshore Guyana Block

In its Payara reservoir, offshore of Guyana, ExxonMobil Corp. (ticker: XOM) discovered an additional accumulation of oil. The discovery increased ExxonMobil’s estimated oil in the Payara reservoir to 500 MMBOE, and the total estimated gross recoverable resource in the Stabroek …

Don’t Miss Earnings Calls During Q2 Reporting Season

Don’t Miss Earnings Calls During Q2 Reporting Season

Oil & Gas 360® has brought its Industry Events Calendar tab back to life—along with the daily notification email of tomorrow’s earnings calls

With the tidal wave of oil and gas earnings hitting the industry in the coming days …

Pan Petroleum Approves Development in Offshore Gabon

Pan Petroleum Approves Development in Offshore Gabon

Pan Petroleum Gabon B.V., a subsidiary of Panoro Energy (ticker: PEN), approved a development program for the development of the Dussafu oilfields in offshore Gabon. Panoro expects that the first phase of development will cost approximately $150 million.

The development …

BOEM Offers GOM Leases at Reduced Royalty Rate for Shallow Water Leases

BOEM Offers GOM Leases at Reduced Royalty Rate for Shallow Water Leases

In a step towards fulfilling the Five-Year National Outer Continental Shelf (OCS) Oil and Gas Leasing Program, U.S. Secretary of the Interior Ryan Zinke made known on July 13th the availability of 75.9 million acres in the Gulf of …

Onshore Mexico Bid Round 2.3 Will Yield $2 Billion in Investment

Onshore Mexico Bid Round 2.3 Will Yield $2 Billion in Investment

Mexico’s continuing oil and gas reform:  21 of 24 onshore oil and gas blocks auctioned off in Round 2.3

The winners of the Mexican Energy Reform Onshore Bid Round 2.3 were announced today. Of the 24 blocks available through the …

Shell Exits Upstream Ireland with $1.23 Billion Sale

Shell Exits Upstream Ireland with $1.23 Billion Sale

Vermilion Energy will become operator when transaction closes

Shell (ticker: RDS.A) announced today the sale of its share of the Corrib gas venture, marking its exit from the upstream business in Ireland. Including conditional payments, the transaction is valued at …

Going Private: Mexico’s First Private Offshore Well in 80 Years Pays Off Big

Going Private: Mexico’s First Private Offshore Well in 80 Years Pays Off Big

1.4 billion barrel discovery at 11,000 feet – en route to 14,000

Sierra Oil & Gas, Talos Energy and Premier Oil (ticker: PMO) have announced the discovery of a massive oil field in offshore Mexico, with more than 1 billion …

Erin Energy Corporation: Drilling to Double Production

Erin Energy Corporation: Drilling to Double Production

Erin Energy Corp. (ticker: ERN), a Houston-headquartered international oil producer, has assets based entirely in sub-Saharan Africa. The company operates in Nigeria, Kenya, Ghana, and Gambia—from approximately 5 million acres.

Erin Energy’s Nigeria operations are offshore with a 100% working …

CorEnergy Has a Grasp on Stable Energy Infrastructure in GOM, Mid-Continent, NW

CorEnergy Has a Grasp on Stable Energy Infrastructure in GOM, Mid-Continent, NW

CorEnergy Infrastructure Trust, Inc. (ticker: CORR) holds the unique position of being the first publicly listed Real Estate Investment Trust that has a focus specifically in energy infrastructure. The company owns midstream and downstream assets, including pipelines, storage terminals, and …

President Trump, Secretary Zinke Begin Comment Period for 5-Year Offshore Oil and Gas Lease Program

President Trump, Secretary Zinke Begin Comment Period for 5-Year Offshore Oil and Gas Lease Program

“This is a truly amazing moment in the energy sector…” – Secs. Perry, Zinke and Pruitt

At an event on Thursday, June 29, 2017, in order to help kick off what the Trump Administration has dubbed “Energy Week,” …

BOEM Extends its Review of Financial Assurance Requirements for OCS Decommissioning

BOEM Extends its Review of Financial Assurance Requirements for OCS Decommissioning

Secretary’s mandated review of NTL No. 2016-N01 will get more time 

In an announcement on June 22, 2017, BOEM reiterated that Secretary’s Order 3350, issued on May 1, 2017, directed BOEM to “promptly complete a review of Notice to Lessees …