Offshore

Core Lab Q4 Conference Call: Industry Bottomed in Q3

Core Lab Q4 Conference Call: Industry Bottomed in Q3

Q3 2016 marked the bottom of the V-shaped recovery which is now under way

In the company’s Q4 conference call this morning’s , Core Laboratories (ticker: CLB) CEO David Demshur and other members of the CLB executive team laid out …

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 …

Ithaca Energy Delivers 2017 Outlook

2017 production forecast: 19 MBOEPD-22 MBOEPD

UK North Sea oil and gas operator Ithaca Energy Inc. (ticker: IAE) delivered an operations update and guidance for 2017.

  • 2016 average production totalled approximately 9,300 boepd – exceeding full year guidance of 9,000
January 12, 2017 - 11:21 am Closing Bell Story‎, Energy News, Offshore
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 …

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 …

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 …

Alaska Lawmakers Mull Legislation to Block Obama OCS Drill Ban

From The Hill

Congressional Republicans and their oil industry allies are gearing up to fight President Obama’s new bans on oil drilling in parts of the Arctic and Atlantic oceans.

Two Alaska lawmakers are exploring whether they should propose legislation …

December 22, 2016 - 10:57 am Closing Bell Story‎, Energy News, Offshore
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 …

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 …

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
Mexico Successfully Completes its First Deepwater GOM Auction

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 …

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). …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

October 12, 2016 - 5:41 pm Closing Bell Story‎, Offshore, Oil and Gas 360 Articles

Alaska’s Golden Offshore Opportunity

Marine Link Op-Ed by Brigham A. McCown

From Marine Link

Offshore energy presents a golden opportunity for Alaska and the United States.

As we enter the final quarter of the year, one of the last and most pressing pieces of …

October 5, 2016 - 4:32 pm Closing Bell Story‎, Energy News, 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 …

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 …

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 …

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 …

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

VAALCO provides Gabon Operations Update

HOUSTON – SEPTEMBER 15, 2016 – VAALCO Energy, Inc. (NYSE: EGY) today provided an operational update relating to its activities in Gabon.

As previously disclosed, in late July the primary electrical submersible pump (ESP) failed in the Avouma 2-H well …

September 15, 2016 - 10:54 am Closing Bell Story‎, Energy News, 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 …

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 …

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. …

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 …