U.S. Offshore ///
President Donald Trump has told aides he doesn’t support a broad plan to temporarily stop charging energy companies royalties for oil and gas produced on federal lands and waters, according to two people familiar with the matter.
In response to the coronavirus outbreak, offshore operators have stepped up screening and cleaning, lengthened job assignments and subjected workers to isolation periods. Some officials have even gamed out hypothetical scenarios that include shutting down operations if the pandemic spreads.
Talos Energy announced updated full year 2020 financial guidance, inclusive of $170.0 million of reductions in capital, operating and G&A expenses.
Aker Solutions has entered a master agreement to provide umbilicals for Chevron-operated oil and gas fields in the US Gulf of Mexico.
Weatherford announced a success in an ultra-deepwater Gulf of Mexico operation that saved a major international oil company 14 rig days valued at approximately $14 million.
Tracerco has been awarded a deep-water subsea inspection project to assess the integrity of a new pipelay in the Gulf of Mexico.
BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment.
U.S. oil companies battered by the crude price war between Saudi Arabia and Russia are encouraging the Trump administration to waive a law that mandates only American vessels can be used to transport goods among U.S. ports.
The world’s biggest oil producer will see a drop in output next year as a result of the dramatic collapse in prices that’s already forcing drillers to cut back on capital spending.
Exchange-traded fund investors are piling into the U.S. oil and gas industry, despite the recent collapse in prices, partly on bets that the government may bail out producers as part of a stimulus package.
America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.
Wood is delivering a multi-million-dollar engineering design project for Chevron’s Anchor deepwater development in the Gulf of Mexico.
Roy Shilling, Chuck White, Vamsee Achanta, Paul Hyatt, Howard Day, Frontier Deepwater Appraisal Solutions LLC
To solve complex issues related to developing deepwater reserves in the GOM, a common-sense approach utilizing appropriate technology enables operators to profitably capture critical dynamic reservoir data and increase ultimate recovery.
In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014. This increase in production, despite the decline in the number of wells, reflects advances in technology and drilling techniques.
EIA forecasts production will continue to grow as rig efficiency and well-level productivity rise, offsetting the decline in the number of rigs until drilling activity accelerates in 2021.
The U.S. Energy Information Administration forecasts that U.S. natural gas exports will exceed natural gas imports by an average 7.3 Bcfd in 2020 (2.0 Bcfd higher than in 2019) and 8.9 Bcfd in 2021.
The North Platte Development forms part of Total’s reentry, as an operator, into Gulf of Mexico operations with oil production expected to average 75,000 bpd at plateau level.
Jim Redden, Contributing Editor
Into the brink
William (Bill) Head, Contributing Editor
Let’s talk mud
Prices briefly dipped below $2 /MMbtu on Friday for the first time since 2016, yet the industry is powerless to stop a wave of additional gas hitting the market as a byproduct of rising shale oil output.