Offshore

The U.S. offshore oil and natural gas industry, from unmanned platforms to massive production facilities, is facing higher federal financial assurance rules to cover the cost of decommissioning a well or infrastructure. Under a proposal by the Biden administration, the Bureau of Ocean Energy Management (BOEM) said the proposed rule would “modernize financial assurance requirements…to…

Delfin Midstream Inc. has finalized an investment agreement with shipping giant Mitsui O.S.K. Lines Ltd. (MOL) for its Delfin LNG export project ahead of a possible final investment decision (FID) later this year. Delfin disclosed MOL has agreed to take an undisclosed stake in the proposed Louisiana offshore liquefied natural gas project and will be…

A consortium led by Norway’s Equinor ASA has sanctioned development of an offshore natural gas and oil project targeting Brazil’s pre-salt layer, with plans to process about 500 MMcf/d of gas. Start-up of the BM-C-33 project in the Santos Basin is slated for 2028, Equinor said Monday, with investment expected to total about $9 billion.…

Languishing U.S. natural gas prices have led SLB Ltd. to revise the North American outlook for 2023, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company is “primed” for growth and margin expansion this year, but the gains are likely to be led by a “very solid international outlook,” Le Peuch said…

Qatar’s state-owned energy producer is looking to Eastern Canada to build exploration prospects after taking sizable stakes in ExxonMobil’s Newfoundland and Canada offshore acreage. QatarEnergy agreed to join ExxonMobil Canada in developing exploration licenses (EL) 1162 and 1167, both in the deep waters offshore Eastern Canada. While Eastern Canada is not known as a natural…

Thirty-two companies participated in the first U.S. offshore natural gas and oil auction in almost two years on Wednesday, with producers vying for several deepwater blocks. ExxonMobil also bolted on more shallow water tracts, signaling that a $10 billion carbon capture project may be proceeding.Gulf of Mexico (GOM) Lease Sale 259 bids encompassed high bids…

The global offshore is in the early innings of a multi-year upcycle, with deepwater natural gas production forecast to account for 25%-plus of total output by 2040. Natural gas and oil development is being lifted by several deepwater discoveries, according to analysts. Evercore ISI analysts said a Brent oil price “above $50/bbl is economic for…

Expect more natural gas output from Latin American nations, according to recent earnings calls and presentations from regional government officials and executives. Management at Brazil’s state oil company Petrobras SA said they were working to employ more of the natural gas from the prolific offshore pre-salt deposits. “We will search for new segments for our…

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…