Offshore

Worldwide Oil, Natural Gas Discoveries in 2021 Said Lowest in Decades

Worldwide Oil, Natural Gas Discoveries in 2021 Said Lowest in Decades

Global oil and natural gas discoveries in 2021 were tracking to hit their lowest full-year level in 75 years and decline considerably from 2020. Total discovered volumes through November were calculated at 4.7 billion boe, according to an analysis by Rystad Energy. No major discoveries had been announced through the first three weeks of December,…

December 28, 2021
Activist Groups Seeking to Nullify November’s GOM Oil, Gas Lease Sale

Activist Groups Seeking to Nullify November’s GOM Oil, Gas Lease Sale

The federal oil and gas auction held last month for tracts in the Gulf of Mexico (GOM) is being challenged by activist groups that are seeking “any and all communications” regarding the sale since President Biden took office in January. Lease Sale 257, the eighth offshore auction and first in a year, was overseen last…

December 20, 2021
Private Sector E&Ps Unearthing Mexico Oil and Gas as Commercial Phases Advance

Private Sector E&Ps Unearthing Mexico Oil and Gas as Commercial Phases Advance

New oil and gas auctions are stalled in Mexico, but that hasn’t stopped private sector companies from continuing to find success with their exploration and production (E&P) projects. The Ichalkil and Pokoch shallow water fields in Campeche Bay operated by Fieldwood Energy E&P México have officially begun commercial operations, the company said Monday. The fields…

November 23, 2021
‘Compelling Industry Logic’ Leads Noble, Maersk to Tie Knot, Merge Offshore Drilling Fleets

‘Compelling Industry Logic’ Leads Noble, Maersk to Tie Knot, Merge Offshore Drilling Fleets

Houston-based Noble Corp. and Denmark’s Maersk Drilling Co. on Wednesday agreed to merge their estimable offshore fleet, comprised of 20 floaters and 19 jackup rigs, in an all-stock merger valued at $3.4 billion.  Offshore drilling is an expensive undertaking because developments often take years to complete before production is flowing. In addition, moving equipment and…

November 10, 2021
ExxonMobil Boosts Potential for Guyana’s Offshore Stabroek Oil, Gas Block to 10 Billion Boe

ExxonMobil Boosts Potential for Guyana’s Offshore Stabroek Oil, Gas Block to 10 Billion Boe

The Stabroek block offshore Guyana holds substantially more discovered oil and natural gas recoverable resource potential, with ExxonMobil notching it 1 billion boe higher from June to 10 billion boe. The updated resource estimate includes a discovery at the Cataback-1 well, the supermajor said. That brings the total significant discoveries in Stabroek to more than…

October 12, 2021
Shell Forecasting Lower LNG Volumes for 3Q, with Ida Hitting Upstream Output

Shell Forecasting Lower LNG Volumes for 3Q, with Ida Hitting Upstream Output

Big swings in natural gas and electricity prices, along with the devastating impact from Hurricane Ida, will impact Royal Dutch Shell plc’s bottom line in the third quarter, the integrated major said Thursday. In a preview of its quarterly results, the Anglo-Dutch producer said the Integrated Gas segment, which includes its substantial liquefied natural gas…

October 7, 2021
BP Riding to Higher Offshore Oil, Gas Output with Thunder Horse Expansion

BP Riding to Higher Offshore Oil, Gas Output with Thunder Horse Expansion

BP plc’s largest production and drilling platform in the Gulf of Mexico (GOM), Thunder Horse, has ramped up an expansion project to boost deepwater output by up to 25,000 boe/d. The Thunder Horse South Expansion Phase 2 project, with an initial two-well tie-back, added a subsea drill center roughly two miles from the main platform,…

October 1, 2021
Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum

Pemex Fire, Hurricane Ida Dent OPEC Supply Forecast as Oil Demand Gathers Momentum

Two events in the Gulf of Mexico have dented the latest 2021 supply forecast by the Organization of the Petroleum Exporting Countries (OPEC). In the cartel’s latest Monthly Oil Market Report (MOMR), oil supply outside of the OPEC countries for 2021 was revised lower by 0.17 million b/d from the previous forecast because of a…

September 20, 2021
Shell Says ‘Significant’ Damage from Ida Pummels Oil, Gas Services in Deepwater GOM

Shell Says ‘Significant’ Damage from Ida Pummels Oil, Gas Services in Deepwater GOM

An offshore oil and natural gas complex in the deepwater Gulf of Mexico (GOM) is likely to be offline for repairs for months because of damage inflicted by Hurricane Ida, Royal Dutch Shell plc said Monday. A “comprehensive damage assessment” was conducted by Shell Offshore Inc. following Ida, which stormed through the GOM at the…

September 20, 2021
Cenovus, Murphy and Suncor Look to Revive Production Offshore Newfoundland

Cenovus, Murphy and Suncor Look to Revive Production Offshore Newfoundland

The Canadian oil and gas industry recovery gained steam in Newfoundland Wednesday with a commitment to restart a mothballed Grand Banks production platform and the revival of an expansion for a second North Atlantic site. Cenovus Energy Inc., Murphy Oil Corp. and Suncor Energy Inc. are planning an ownership overhaul to begin a 10-year asset…

September 14, 2021
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