U.S. Offshore ///
The Interior Department is proposing rules to strengthen the issuance criteria after companies have filed for Chapter 11 and escaped financial obligations to cap their non-producing wells, said Walter Cruickshank, acting director of the department’s Bureau of Ocean Energy Management.
In this week's podcast, World Oil editors discuss how legislative activities, a smaller labor pool, and harsh economic realities are impacting options for oil and gas sector growth in North America's post-coronavirus economy.
BP will receive a 50% stake in the Empire Wind and Beacon Wind developments off New York and Massachusetts, respectively. Equinor will retain 50% in both, and continue to be the operator, the companies said in two separate statements on Thursday.
President Donald Trump endorsed an extended ban on offshore oil development on Florida’s western coast as he courts voters worried that drilling imperils the state’s beaches and tourism-based economy.
Aramco is reviewing a decision last year to buy 25% of Sempra Energy’s liquefied natural gas terminal in Texas -- which would cost several billion dollars -- and has already taken some staff off the project, according to someone familiar with the matter, who asked not to be identified because they aren’t authorized to speak to the media.
Along with millions of Americans, much of the Gulf Coast’s energy infrastructure is at risk from Hurricane Laura’s “unsurvivable storm surge” that could inflict more than $15 billion in insured losses.
Oil edged lower from a five-month high as Hurricane Laura bore down on key refining facilities on the U.S. Gulf Coast, with forecasts saying it will strengthen rapidly into a “potentially catastrophic” Category 4 storm.
The tropical threat has prompted more than 84% of oil output and nearly 61% of natural gas production in the Gulf of Mexico to be shut, according to the Interior Department’s Bureau of Safety and Environmental Enforcement.
Laura’s winds will likely peak at 115 miles (185 kilometers) per hour as it comes ashore early Thursday, the National Hurricane Center said. Laura has disrupted offshore oil and natural gas production, shuttered refineries and export terminals and prompted mandatory evacuations.
Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday Sunday. The storms Marco and Laura -- the latter of which is forecast to become a hurricane -- are coming from different directions and have the potential to cause billions of dollars in damage.
Firms including Transocean, Seadrill and Pacific Drilling are exploring strategic options as they seek to stave off default, leaving more than $30 billion of debt at risk. The industry’s turmoil has sparked the biggest wave of restructurings since 2017, when the effects of the last oil price downturn reverberated through the industry.
Erik Milito, NOIA
Calls to ban offshore oil and natural gas lease sales, or permitting, would devastate America’s economic and energy future.
Jared Ciferno, Kelly Rose, NETL
NETL’s ORM suite comprises tools that can be used individually, or coupled together, to provide a full scope of data to evaluate, explore and ultimately prevent different spill scenarios.
The United States has an opportunity to accelerate offshore wind energy growth, and benefit from 28 new gigawatts of clean energy and $1.7 billion in U.S. Treasury revenue by 2022, a new study released today from research group Wood Mackenzie finds.
Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day, the largest monthly decrease since at least January 1980, according to the U.S. Energy Information Administration’s (EIA) Monthly Crude Oil and Natural Gas Production Report.
A disconnect between drilling activity and supermajors' earnings may reveal a shift in industry leadership, as evidence that the oil and gas industry is reaching a bottom emerges.
From OPEC stalwarts down to individual producing companies, oil price and demand projections are dividing into two separate camps. World Oil's editors review some of these key differences, and what they mean for crude production plans.
BSEE is publishing its inaugural report that summarizes the key lessons learned from 2018 and 2019 government initiated unannounced exercises.
Houston-based Zupt LLC has been completing metrologies remotely, without offshore survey personnel, since 2017 and is believed to be only company with the end-to-end ability to complete spool/jumper metrologies in this way.
Refiners in the top crude-importing region have been forced to accept big reductions in their regular contracted volumes from producers including Saudi Arabia and Iraq in the past couple of months. They’ve also been taken aback by sharp swings in official selling prices.