Post Tagged with: "offshore"

Schematic of Shell's Kaikias project in the US Gulf of Mexico, which is an economically resilient, subsea development with an estimated peak production of 40,000 barrels of oil equivalent per day (boe/d). Kaikias is started production approximately one-year ahead of schedule. (PRNewsfoto/Shell)

Kaikias Starts One Year Early

Shell is projecting estimated peak production of 40 MBOEPD from Kaikias

Shell Offshore, Inc. (ticker: RDS.A) started production early at the first phase of the Kaikias project, a subsea development in the U.S. Gulf of Mexico with estimated peak production …

May 31, 2018 - 5:55 pm
Africa’s Largest non-OPEC Producer is on a Roll

Africa’s Largest non-OPEC Producer is on a Roll

Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power …

May 31, 2018 - 3:42 pm
Talos Energy Updates Production Guidance

Talos Energy Updates Production Guidance

Houston-based Gulf of Mexico producer Talos Energy Inc. (ticker: TALO) outlined the company’s strategy today in a new update.

The company projects 2018 pro forma production sales volumes of 18 – 19.5 MMBOE, or an average daily production 49 – …

May 29, 2018 - 4:26 pm
Giant Jack-Up Rig Sets a Wind Farm Milestone Offshore Ireland

Giant Jack-Up Rig Sets a Wind Farm Milestone Offshore Ireland

Wind takes up some drilling slack

From MarineLog

Wind farm installation specialist Seajacks UK reports that its largest and most advanced installation jack-up vessel, Seajacks Scylla, has successfully completed work on the biggest offshore wind farm project in the Irish …

May 17, 2018 - 6:59 pm
Stena Carron - Daytime

Hess Net Q1 Production: 233 MBOEPD – Bakken 111 MBOEPD

Bakken production up 11% over Q1 2017

Hess Corporation (ticker: HES) reported a net loss of $106 million, or $(0.38) per common share in Q1 2018. This compares to a net loss of $324 million, or $(1.07) per share in …

April 25, 2018 - 5:24 pm
Shell rendering of its Vito deep-water development in the U.S. Gulf of Mexico. Vito will feature a new, simplified host design and associated infrastructure. (PRNewsfoto/Shell Offshore Inc.)

Shell Expects its Deepwater GOM Project Vito will Break Even at Sub-$35 Oil

Royal Dutch Shell’s (ticker: RDS.A) Shell Offshore Inc. finalized its investment decision for the deep-water development, Vito, located in the U.S. Gulf of Mexico.

The company said it estimates a forward-looking, breakeven price to be less than $35 per barrel.…

April 24, 2018 - 3:42 pm
Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession …

April 2, 2018 - 5:00 pm
Navigating the Wind Turbine Channel

Navigating the Wind Turbine Channel

Wind leases could bring 14 GW of wind turbines offshore New York and New Jersey

From WorkBoat

By Kirk Moore

With a few computer commands, a new future takes shape in the maritime approaches to New York Harbor.

Already well …

March 27, 2018 - 6:54 pm
Round 3.1 Overview Map

16 Contracts Awarded to 12 Bidders in Mexico’s Shallow Water Auction Round 3.1

Results of Mexico’s Shallow Water Auction – Round 3.1

18 bidders participated in the event

16 contracts were tendered to 12 bidders

On Tuesday, the opening of bids and awarding of exploration and hydrocarbons production contracts for the First Tender …

March 27, 2018 - 6:19 pm
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 …

March 12, 2018 - 4:12 pm
VAALCO Energy Earns $0.17 Per Share in 2017

VAALCO Energy Earns $0.17 Per Share in 2017

VAALCO Energy, Inc. (ticker: EGY) reported an income of $10.3 million, or $0.17 per diluted share for 2017. In Q4 2017, the company reported an income of $3.5 million, or $0.06 per diluted share.

The company produced an average of …

March 8, 2018 - 5:40 pm
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
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 …

February 6, 2018 - 4:20 pm
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 …

February 5, 2018 - 4:52 pm
Emerson Process Management to Present at EnerCom Dallas 2018

Emerson Process Management to Present at EnerCom Dallas 2018

Emerson Process Management, a subsidiary of Emerson Electric (ticker: EMR), will be a presenter at EnerCom Dallas Feb. 21-22, 2018.

Emerson provides the oil and gas industry with automation products that enable optimal operation including:

  • Well monitoring & Integrity
  • Heater
January 26, 2018 - 3:52 pm
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, …

January 24, 2018 - 3:45 pm
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
Vermilion Energy Inc. Presenting at EnerCom Dallas Feb. 21-22, 2018

Vermilion Energy Inc. Presenting at EnerCom Dallas Feb. 21-22, 2018

Vermilion Energy Inc. (ticker: VET) with headquarters in Calgary, Alberta, is focused on the acquisition, exploration, development and optimization of producing properties in North America, Europe and Australia.

North America

Vermilion owns 90,000 net acres in the West Pembina Cardium …

January 12, 2018 - 5:31 pm
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
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,

January 5, 2018 - 5:58 pm
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 …

January 5, 2018 - 1:43 pm
Photographer: Espen Ronnevik / Woldcam

Norwegian Barents Sea Cools as Oil Companies Look Elsewhere

11 companies applied for licenses

Norway announced the applicants for its 24th licensing sale, showing a significant decrease in interest in the country.

The round offers blocks in the Barents Sea, which is considered the most important area in …

January 2, 2018 - 4:31 pm
Alaska Regional Map

Regulators Reduce Offshore Drilling, Onshore Fracing Rules

Offshore rule amendments would save $228 million – BSEE

The Trump administration is fulfilling its promise to reduce oil and gas regulation, rolling back offshore and onshore rules.

The Bureau of Safety and Environmental Enforcement is considering revising the Production

December 29, 2017 - 4:55 pm
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
November 28, 2017 - 4:32 pm
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

October 30, 2017 - 5:45 pm
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 …

October 13, 2017 - 5:57 pm
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 …

September 11, 2017 - 12:53 pm
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 …

August 1, 2017 - 4:21 pm
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 …

July 25, 2017 - 4:59 pm
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 …

July 18, 2017 - 3:03 pm