Offshore

U.S. Oil, Natural Gas Industry Sounds Alarm as Biden Order Halts Federal Leasing

U.S. Oil, Natural Gas Industry Sounds Alarm as Biden Order Halts Federal Leasing

The U.S. oil and gas industry reacted with dismay and the first of perhaps multiple lawsuits Wednesday ahead of an executive order (EO) by President Biden directing the Department of the Interior (DOI) to pause new oil and natural gas leasing on federal lands and offshore waters. The EO published Wednesday afternoon follows a 60-day…

January 28, 2021
Hess Sees ‘Very Large’ Pent-Up Bakken Potential as Production Beats Expectations

Hess Sees ‘Very Large’ Pent-Up Bakken Potential as Production Beats Expectations

Hess Corp. executives see the Bakken Shale continuing to drive significant cash flow for almost another decade, despite a moratorium on federal oil and natural gas leasing by the Biden administration. CEO John Hess told investors on Wednesday only 2% of the company’s Bakken acreage is on federal lands. The exploration and production (E&P) company…

January 28, 2021
Mexico Ruling on Zama Unitization to be Crucial Decision in 2021, Expert Says

Mexico Ruling on Zama Unitization to be Crucial Decision in 2021, Expert Says

“The Zama case is very important in our eyes and in the eyes of all oil investors, international and domestic, because of the precedents that will be set when the state oil company wants a share of production,” George Baker, Managing Principal of the Houston-based consultancy Baker & Associates and long-time publisher of the Mexico…

December 18, 2020
Equinor, Repsol Offer $12M for Walker Ridge Deepwater Block in Final GOM Lease Sale of Year

Equinor, Repsol Offer $12M for Walker Ridge Deepwater Block in Final GOM Lease Sale of Year

The long prospective Walker Ridge in the deepwater Gulf of Mexico (GOM) drew a bid of nearly $12 million on Wednesday in the final federal oil and gas auction of the year. The bid of $11,999,979 for Walker Ridge Block 365 was made jointly by Repsol E&P USA Inc. and Equinor Gulf of Mexico LLC,…

November 19, 2020
Natural Gas Futures, Cash Back Above $3.00 as LNG Demand Reaches Fresh Highs

Natural Gas Futures, Cash Back Above $3.00 as LNG Demand Reaches Fresh Highs

Natural gas futures moved back above $3.00/MMBtu Monday as export demand reached fresh highs and weather models added back some previously lost demand for the 15-day period. With expiration looming later this week, the November Nymex contract climbed 5.3 cents to $3.024. December edged up 5.8 cents to $3.253. Spot gas prices surged at the…

October 26, 2020
ExxonMobil Green Lights Another Oil-Rich Project Offshore Guyana

ExxonMobil Green Lights Another Oil-Rich Project Offshore Guyana

With government approvals in hand, ExxonMobil and its partners have pulled the trigger to move forward with the Payara field offshore Guyana in the estimable Stabroek Block. Payara, the third project in the abundant region, is estimated to cost $9 billion and is designed to produce up to 220,000 b/d. The project is set to…

October 2, 2020
Natural Gas Futures Jump as LNG Volumes Rise, Hurricane Sally Approaches GOM

Natural Gas Futures Jump as LNG Volumes Rise, Hurricane Sally Approaches GOM

Natural gas futures advanced on Monday as U.S. liquefied natural gas (LNG) demand strengthened and Hurricane Sally barreled to the Gulf of Mexico (GOM), compelling production shut-ins. The October Nymex contract climbed 4.1 cents day/day and settled at $2.310/MMBtu. November, however, declined four-tenths of a cent to $2.740. Spot gas prices jumped as temperatures sizzled…

September 14, 2020
Canada’s Struggling Oil, Gas Developments Drawing Federal and Provincial Support

Canada’s Struggling Oil, Gas Developments Drawing Federal and Provincial Support

The Canadian government is vowing to help salvage a mothballed C$2.2 billion ($1.6 billion) oil project offshore Newfoundland that the coronavirus pandemic threatens to sink. Rescue talks are underway, said Natural Resources Minister Seamus O’Regan, after Husky Energy Inc. teamed up with business and labor supporters to broadcast a group call for help for West…

September 11, 2020
Canada Government, Provinces Step Up to Support Flailing Oil, Gas Projects

Canada Government, Provinces Step Up to Support Flailing Oil, Gas Projects

The Canadian government vowed Wednesday to attempt to salvage a mothballed C$2.2 billion ($1.6 billion) oil project offshore Newfoundland that the coronavirus pandemic threatens to sink. Rescue talks are underway, said Natural Resources Minister Seamus O’Regan, after Husky Energy Inc. teamed up with business and labor supporters to broadcast a group call for help for…

September 10, 2020
October Natural Gas Futures Tread Water Following Modest Storage Injection

October Natural Gas Futures Tread Water Following Modest Storage Injection

Natural gas futures broke even Thursday as markets looked past improved U.S. liquefied natural gas (LNG) export demand and a light storage report to the expected onset of fall weather, eased cooling demand and the likelihood of more robust stockpile injections in coming weeks. The October Nymex contract inched up one-tenth of a cent day/day…

September 3, 2020
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