Oil Price BP is considering selling 49% of its oil and gas pipeline network on the U.S. Gulf Coast, eyeing proceeds of $1 billion, Reuters has reported, citing unnamed sources. The supermajor has already organized its pipeline stakes into a separate company, in which it plans to keep 51% and sell the rest to fund future dividend payouts and pay down debt,
BOE Report The Biden administration will hold an auction of oil leases in the U.S. Gulf of Mexico on Wednesday, the first test of demand for new investment in the region since the Russian invasion of Ukraine tightened energy supplies and sent prices soaring. The auction fulfills a provision in President Joe Biden’s 2022 climate change law, the Inflation
World Oil (Bloomberg) — Woodside Energy Group Ltd., Australia’s biggest oil and gas producer, says it will review potential acquisitions in the Gulf of Mexico after reporting its highest-ever profit. Underlying earnings more than tripled to $5.2 billion in 2022 on soaring energy prices and output that jumped more than 70% after the purchase of BHP Group Ltd.’s
World Oil (WO) — Williams and Chevron U.S.A have agreed to support natural gas development in the prolific Haynesville basin as well as the deepwater Gulf of Mexico. Williams will provide natural gas gathering services to Chevron’s 26,000-acre Haynesville dedication. Chevron has agreed to a long-term capacity commitment on Williams’ Louisiana Energy Gateway (LEG) project. Additionally, Williams has agreed to
World Oil (WO) — Shell Offshore Inc., a subsidiary of Shell plc (Shell), announced has begun oil production at the Shell-operated Vito floating production facility in the U.S. Gulf of Mexico (GoM). With an estimated peak production of 100,000 boed, Vito is the company’s first deep-water platform in the GoM to employ a simplified, cost-efficient host design. “Vito is an
World Oil (WO) — Carbon-Zero US LLC, Cox Operating LLC, Crescent Midstream and Repsol announced a partnership to develop one of the Gulf Coast’s largest offshore hubs for the permanent storage of carbon dioxide. Cox is among the largest owners of energy infrastructure in the offshore Gulf of Mexico and intends to repurpose facilities and equipment to lower the
World Oil (Bloomberg) — The Biden administration is scrapping planned auctions of drilling rights in the Gulf of Mexico and Alaska’s Cook Inlet — a move that deepens uncertainty over the future of the U.S. government’s offshore oil leasing program. The Interior Department said in an emailed statement it “will not move forward” with two Gulf lease auctions that were
World Oil (Bloomberg) — The Biden administration doesn’t anticipate selling offshore drilling rights in the Gulf of Mexico through at least October 2023, effectively stretching a delay in that activity to a third year, according to economic projections included in its newly released budget proposal. The numbers show expected revenues from offshore oil auction bids and annual rental payments on existing leases
World Oil TDI-Brooks recently completed a Geotechnical Site Investigation for Beacon Exploration & Production LLC in the deepwater Gulf of Mexico. The project consisted of ‘heavy’ geotechnical coring/cone penetration testing (“CPT”) with TDI-Brooks’ research vessel, the R/V GYRE. T he project included the acquisition of 20-m Jumbo Piston coring, 40 meter CPT-Stinger samples and 40 meter Shelby-tube Stinger samples. Other
World Oil HOUSTON (Bloomberg) – Exxon Mobil Corp. submitted bids for 94 drilling leases in shallow waters near the Texas coastline, an apparent step forward for a giant proposed carbon-capture project close to Houston’s industrial corridor. The oil explorer faced no competition for the leases across underwater hills and valleys with names such as Brazos and High Island during a
World Oil Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc, has safely and successfully re-started production at its Mars and Ursa platforms in the US Gulf of Mexico and began exporting oil and gas through the West Delta-143 (WD-143) “A” facility. “Our Hurricane Ida recovery efforts are the latest example of how our people come together with great
World Oil WASHINGTON (Bloomberg) –The Biden administration moved Tuesday to resume selling oil and gas drilling rights in the Gulf of Mexico and throughout the western U.S., after a judge ruled the president’s leasing pause was unlawful. The Interior Department said it planned to issue a formal notice in September to reschedule a Gulf lease auction and would take steps
