Oil Price BP (NYSE: BP) raised its dividend by 10% and extended its buyback program as it booked better-than-expected earnings for the second quarter of the year. The UK-based supermajor reported on Tuesday $2.8 billion in underlying replacement cost profit – the metric closest to net profit – for April to June, up from $2.7 billion for the previous quarter. The earnings
World Oil (Bloomberg) – A company controlled by Mexico’s richest person, Carlos Slim, is investing $1.2 billion to develop a vast field in the Gulf of Mexico that is expected to produce gas around 2026, a potential model for how Mexico’s state oil company will work with private enterprise. Slim’s Grupo Carso SAB agreed to a deal with Mexico’s state-run
Oil Price Shell announced on Wednesday that it had safely paused some drilling operations in the Gulf of Mexico as Hurricane Beryl was preparing to deliver a massive blow to Jamaica, Reuters reported, noting that so far no impact on GOM production had been noted. On Wednesday, Shell said it had begun evacuating non-essential crew at its Perdido asset in
Oil Price The Winterfell development in the U.S. Gulf of Mexico has started up oil production, one of the partners in the oilfield, Kosmos Energy, said on Wednesday. Winterfell, located in the Green Canyon area in the Gulf of Mexico, was discovered in 2021 at a water depth of approximately 5,400 feet (about 1,600 meters). The field has been developed via a
World Oil (WO) – Texas, Louisiana, and Mississippi have sued the U.S. government to block a proposed rule by the Biden administration that would require offshore oil and gas companies to provide nearly $7 billion in financial assurances for decommissioning old infrastructure. The decommissioning rule, targeting smaller companies lacking investment-grade ratings or sufficient proven reserves, supposedly “protects” taxpayers from covering
Yahoo Finance HOUSTON – As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia. In April, Enterprise Products Partners’ SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could
World Oil (WO) – Transocean Ltd. announced a 365-day contract extension for the Deepwater Asgard with an independent operator in the U.S. Gulf of Mexico. The program is expected to commence in June 2024 in direct continuation of the rig’s current program and includes additional services. The total contract value of approximately $195 million includes a $10.9 million lump sum payment, which
World Oil (WO) — The Department of the Interior announced its proposal for a second offshore wind energy auction in the Gulf of Mexico. The proposed lease sale includes four areas offshore Louisiana and Texas, totaling 410,060 acres, which the department claims has the potential to power 1.2 million homes. With the proposed sale, BOEM is seeking feedback on various
Oil and Gas 360 HOUSTON, Jan. 22, 2024 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has completed the accretive acquisition of six fields in shallow waters of the Gulf of Mexico. W&T was the successful bidder for certain synergistic assets in the Gulf of Mexico offered by MLCJR LLC, Cox
World Oil (WO) – Danos has secured a contract with bp to renew its comprehensive drilling logistical services for the integrated energy company’s Gulf of Mexico assets, building on a relationship that began in 2017. Leveraging the company’s 76 years of expertise, Danos will oversee the coordination of materials and personnel to and from multiple bp locations, ensuring streamlined and
World Oil (Bloomberg) — Hess Corp. was the high bidder in a U.S. auction for drilling rights in the Gulf of Mexico, which raised a total of $382 million from oil giants before the Biden administration imposes a two-year hiatus for future sales. The sale, held by the Interior Department Wednesday, brought in more than any federal offshore oil and
World Oil (WO) — In a pivotal moment for American energy policy, National Ocean Industries Association (NOIA) President Erik Milito emphasizes the urgency of Congressional intervention following the conclusion of Gulf of Mexico Lease Sale 261. Milito issued the following statement: “Today signifies a critical point in American energy policy. The U.S. offshore oil and gas industry is stepping up
