Waters

Updating its estimates for undiscovered technically recoverable resources (UTTR) underlying offshore waters on the Outer Continental Shelf (OCS), the Minerals Management Service (MMS) said last week that new exploration activities in the Gulf of Mexico and in the Scotian Basin offshore Canada have revealed that there is 12% more recoverable gas than estimated in 2000. The MMS now estimates that there are 76 billion barrels of oil and 406.1 Tcf of recoverable natural gas in federal offshore areas.

Updating its estimates for undiscovered technically recoverable resources (UTTR) underlying offshore waters on the Outer Continental Shelf (OCS), the Minerals Management Service (MMS) said Tuesday that new exploration activities in the Gulf of Mexico and in the Scotian Basin offshore Canada has revealed that 76 billion barrels of oil and 406.1 Tcf of natural gas are technically recoverable from federal offshore areas.

Houston Exploration Co. said Friday it has completed its purchase of producing properties in the shallow waters of the Gulf of Mexico (GOM) from Orca Energy LP and BP Exploration & Production Inc. The combined purchase price of the properties was $145 million for 79 Bcfe. The assets are more than 80% natural gas and encompass 14 fields that are near existing operations in the GOM, the company said. Houston Exploration funded the transactions with a combination of cash on hand at the time of closing and debt from its revolving bank credit facility. In addition, as a result of the acquisitions, the company’s banking group has increased the available borrowing capacity for the organization to $400 million from $340 million.

Houston Exploration Co. said Friday it has completed its purchase of producing properties in the shallow waters of the Gulf of Mexico (GOM) from Orca Energy LP and BP Exploration & Production Inc. The combined purchase price of the properties was $145 million for 79 Bcfe. The assets are more than 80% natural gas and encompass 14 fields that are near existing operations in the GOM, the company said. Houston Exploration funded the transactions with a combination of cash on hand at the time of closing and debt from its revolving bank credit facility. In addition, as a result of the acquisitions, the company’s banking group has increased the available borrowing capacity for the organization to $400 million from $340 million.

Taking over where FERC left off, the Minerals Management Service (MMS) is testing the waters for possibly putting a new regulatory framework in place to ensure non-discriminatory open access to offshore gas and oil pipeline systems.

For the first time, a record 12 rigs are drilling for oil and natural gas in Gulf of Mexico (GOM) waters that are 5,000 feet or deeper, the Minerals Management Service (MMS) reported Thursday. Director Johnnie Burton called the record ultra deepwater drilling a “very important milestone, which demonstrates how industry continues to focus on new frontiers.”

For the first time, a record 12 rigs are drilling for oil and natural gas in Gulf of Mexico (GOM) waters that are 5,000 feet or deeper, the Minerals Management Service (MMS) reported Thursday. Director Johnnie Burton called the record ultra deepwater drilling a “very important milestone, which demonstrates how industry continues to focus on new frontiers.”

A sharp upward trend in unit operating costs in the shallow waters of the Gulf of Mexico (GOM) has added urgency to operators’ quests to effectively monitor and manage operating costs, according to Ziff Energy Group’s latest benchmarking study.

A sharp upward trend in unit operating costs in the shallow waters of the Gulf of Mexico (GOM) has added urgency to operators’ quests to effectively monitor and manage operating costs, according to Ziff Energy Group’s latest benchmarking study.