BP Pulls Trigger on $9B Mad Dog Expansion in Deepwater GOM

BP plc on Thursday sanctioned a “leaner” $9 billion Mad Dog Phase 2 project for the Gulf of Mexico, which it said highlighted its long-term commitment to the country “despite the current low oil price environment.”

December 1, 2016
Global Offshore Oil Production Climbing, With Strong Contribution from U.S., Says EIA

Global Offshore Oil Production Climbing, With Strong Contribution from U.S., Says EIA

Global offshore oil production, including lease condensate and hydrocarbon natural gas liquids, last year reached its highest level in 16 years and accounted for almost 30% of worldwide output, with the United States one of the leaders, according to the U.S. Energy Information Administration (EIA).

October 26, 2016

Most North American Basin Pricing Still ‘Unsustainable,’ Says Schlumberger Exec

The global oil supply is tightening, and markets should move closer to balance by the end of this year, but it’s too early for “any improvement in price” to affect exploration investments because operator confidence and balance sheets still need to be repaired, Schlumberger Ltd.’s operations chief said Tuesday.

August 31, 2016

Shell’s Brutus/Glider Properties in GOM Sold to EnVen for $425M

Royal Dutch Shell plc agreed Monday to take $425 million from EnVen Energy Corp. for the Brutus platform and Glider production system in the deepwater Gulf of Mexico (GOM).

August 29, 2016

GOM Oil and Gas Discoveries Go Deep, With Facilities to Match

With 54% of the natural gas and 82% of the oil production in the Gulf of Mexico (GOM) coming from wells drilled in 1,000 feet (305 meters) of water or more, offshore operators are honing their techniques in the deepwater, according to an analysis by the Department of Interior’s Bureau of Ocean Energy Management (BOEM).

August 18, 2016
Offshore Drilling Contractors Mapping More Rough Seas Ahead

Offshore Drilling Contractors Mapping More Rough Seas Ahead

Diamond Offshore Drilling Inc., mirroring recent comments by Noble Corp. plc and Ensco plc, is expecting volatility “for some time to come” for the offshore oil and gas industry, regardless of whether commodity prices have stabilized, CEO Marc Edwards said Monday.

August 1, 2016

BP Pegs Macondo’s Total Costs Higher at $61.6B

The ultimate costs from the Macondo well blowout in the deepwater Gulf of Mexico six years ago, already considered the costliest environmental disaster in history, have reached $61.6 billion, BP plc said Thursday.

July 15, 2016

Deepwater Spending Forecast to Decline to 2020 as FIDs Delayed, Projects Canceled

Global deepwater spending is forecast to total $137 billion between 2016 and 2020, down 35% from a year-ago forecast for 2015-2019, Douglas-Westwood Ltd. (DW) analysts said.

March 29, 2016

Low Prices Brutalizing E&P Plans as 68 Major Projects Hit the Skids

Producers that in late 2014 began to carefully prune discretionary spending now are cutting all nonessential expenditures, which in 2015 upended at least 68 major oil and natural gas projects worldwide worth a total of $380 billion, Wood Mackenzie Ltd. said.

January 15, 2016

‘Full Surgical Operation’ Underway to Defer Worldwide Oil, NatGas Capex

At least 68 major oil and natural gas projects worldwide, worth a total of $380 billion and holding an estimated 27 billion boe of commercial reserves, have been shelved since late 2014, with deferred U.S. oil projects accounting for most of the losses, according to Wood Mackenzie Ltd.

January 14, 2016
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