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Keyword: offshore

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  • Obama administration delivers big blow to Shell’s Arctic drilling plans

    07/02/2015 5:25:39 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | June 30, 2015 | Jennifer A. Dlouhy
    The Obama administration delivered a major blow to Shell’s Arctic drilling plans on Tuesday, by ruling that wildlife protections bar the company from simultaneously boring two wells into the Chukchi Sea this summer. The decision will force Shell to scale back its hopes of completing two exploratory oil wells in waters north of Alaska this summer and is another setback for the firm that has spent seven years and $7 billion trying to find crude in the Arctic Ocean. At issue is the Fish and Wildlife Service’s decision to allow sound from Shell’s planned drilling to disturb walruses, polar bears...
  • Oil exploration in the U.S. Arctic continues despite current price environment

    06/12/2015 5:49:05 AM PDT · by thackney · 4 replies
    Energy Information Administration ^ | JUNE 12, 2015 | Energy Information Administration
    Alaska's crude oil production has declined from 1.8 million barrels per day (MMb/d) in 1991 to 0.5 MMb/d in 2014, and it is expected to continue declining through 2040. Almost 75% of Alaska's crude oil production from 1990 to 2012 was from the Prudhoe Bay and Kuparuk River fields in the central North Slope, which respectively produced 4.9 billion and 1.7 billion barrels of crude oil over this period. Crude oil production in Alaska is sensitive to the challenging environment—including variable ice conditions and limited time without ice coverage—as well as pipeline economics. However, recent conditional approval granted to Royal...
  • Oil company Pemex has biggest exploration success in 5 years

    06/11/2015 5:32:37 AM PDT · by thackney · 1 replies
    Financial Times ^ | June 11, 2015 | Jude Webber
    Mexican state oil company Pemex announced five new shallow­water discoveries in the Gulf of Mexico in what it said was its biggest exploration success in five years. Emilio Lozoya, Pemex chief, made the announcement at the inauguration of a national oil and gas conference one month before Mexico’s historic first oil and gas tender. The July 15 auction, of 14 shallow­water exploration blocks in the same area as the new discoveries, is expected to signal the start of billions of dollars in private investment flowing into the sector. “The certain prospect of 200,000 extra barrels of production is very good...
  • Offshore oil drilling banned along new stretch of California coast

    06/10/2015 6:39:05 AM PDT · by thackney · 9 replies
    Mercury News ^ | 06/10/2015
    In the largest expansion of national marine sanctuaries in California in 23 years, the Obama administration on Tuesday more than doubled the size of two Northern California marine sanctuaries, extending them by 50 miles up the rugged Sonoma and Mendocino coasts. Under the dramatic move by the National Oceanic and Atmospheric Administration, the boundaries of the Gulf of the Farallones and Cordell Bank national marine sanctuaries expand from Bodega Bay to Point Arena, permanently banning offshore oil drilling along that stretch of coast. "These waters represent an extraordinary marine ecosystem, one of the richest on our planet," said Maria Brown,...
  • State Senate approves McGuire bill to ban oil drilling (off shore)

    06/03/2015 9:11:32 PM PDT · by rey · 13 replies
    Press Democrat ^ | 3 June 2015 | GUY KOVNER
    North Coast state Sen. Mike McGuire’s bill to permanently ban new oil drilling in state waters along the 840-mile California coast was approved by the Senate Wednesday and now moves to the Assembly. Calling the coast a “worldwide wonder,” McGuire, D-Healdsburg, said his bill will protect the natural beauty of the coast, which draws 150 million visitors a year and contributes $40 billion to the state economy. The bill closes a loophole in a 1994 law that banned oil and gas development in state waters, which extend out three miles from shore, but permitted exceptions in cases where state oil...
  • California oil spill company slightly downgrades size of pipeline leak

    05/27/2015 4:10:45 AM PDT · by thackney · 8 replies
    The Guardian ^ | 5/25/2015 | AP
    Plains All American Pipeline, the company which owns the pipeline at the centre of an oil spill off the coast of California, on Monday downgraded the amount of oil it says spilled in a worst-case scenario. The company said the estimate of the worst-case volume of oil released was up to 101,000 gallons – about 4,200 gallons less than previously believed. Plains All American is still cleaning up the spill along the Santa Barbara County coastline and recovering oil from the pipeline, so the calculations are not final.
  • Series of oil spill settlements include BP, Halliburton, Transocean, numerous plaintiffs

    05/20/2015 6:25:28 PM PDT · by Oliviaforever · 1 replies
    Fox News ^ | 5/20/15
    NEW ORLEANS – A committee of lawyers representing businesses and individuals claiming damages from the 2010 Gulf of Mexico oil spill announced a $211 million settlement Wednesday with Transocean Ltd., owner of the ill-fated Deepwater Horizon drilling rig.
  • Oil pipeline spills off California coast

    05/20/2015 4:32:11 AM PDT · by thackney · 8 replies
    Fuel Fix ^ | May 19, 2015 | Associated Press
    An estimated 21,000 gallons of oil dumped into the ocean from a broken pipeline just off the central California coast before it was shut off on Tuesday, creating a spill stretching about 4 miles along the beach, the U.S. Coast Guard said. Santa Barbara County health officials have shut down Refugio State Beach, the central site of the spill, though many had abandoned the site already because of the foul smell. That smell brought county firefighters to the beach earlier in the day to discover the spill. “They found about a half-mile slick of dark, black crude oil in the...
  • Transocean idles three more rigs amid crude slump

    05/19/2015 9:10:37 AM PDT · by thackney · 27 replies
    Fuel Fix ^ | May 19, 2015 | Collin Eaton
    Offshore driller Transocean has idled three more deep water rigs, bringing its number of out-of-work units to 15, it said Monday, as the oil slump continued to hammer the drilling market. The Swiss rig contractor with corporate offices in Houston has idled 10 rigs and stacked five others, and it has said it plans to sell 19 units for scrap. Idle rigs are between contracts; stacked machines are shut down for longer periods, and scrapped rigs are torn apart for their steel hides. Transocean owns or has a stake in 65 offshore rigs around the world. The three Transocean rigs...
  • U.S. Could Go All Out On Offshore Exploration

    05/14/2015 12:06:16 PM PDT · by bananaman22 · 3 replies
    Oilprice.com ^ | 14-05-2015 | Drillbit
    For project developers seeking the next big petro-play, some key news this week. With lawmakers in America moving to open one of the biggest swaths of new acreage in the history of the industry. On Tuesday, the U.S. senate introduced three bills to expand areas accessible for oil and gas drilling -- targeting the eastern Gulf of Mexico, Atlantic Ocean, and the Arctic. The Gulf of Mexico acreage would be the nearest play at hand. With this week's bill contemplating allowing drilling in this area as early as 2017.
  • Deepwater Drilling To Resume In Macondo Reservoir

    05/13/2015 10:17:00 AM PDT · by thackney · 8 replies
    Oil Pro ^ | 5/13/2015 | Luke Hale
    According to US federal records reviewed by the Associated Press, Louisiana-based LLOG Exploration Offshore plans to engage in deepwater drilling in the Macondo reservoir. The AP says Harper's Magazine first reported the drilling plans late Tuesday. The BSEE green-lighted LLOG's permit to drill a new well near the Macondo site on April 13. Last October, the company's exploration plan was approved after the conclusion of an environmental review conducted by the BOEM. Referring to the 2010 Macondo incident which occurred in the same reservoir, LLOG's vice president for deepwater projects, Rick Fowler, told the AP, "Our commitment is not to...
  • A Narrow Opening for Arctic Oil

    05/13/2015 5:30:40 AM PDT · by thackney · 3 replies
    New York Times ^ | MAY 12, 2015 | NYT EDITORIAL BOARD
    ...Shell acquired the lease for just over $2 billion in 2008, and, absent a very good reason, the government felt obliged to approve it. Shell will be bound by safeguards that did not exist seven years ago. Several factors — including lawsuits and vigorous lobbying by environmental groups, widespread public dismay caused by the 2010 BP oil spill, and Shell’s ineptitude in earlier trial runs — have led the government to devise rules that are likely to make this project safer than it would have been. Shell is seeking to drill up to six exploratory wells in the Chukchi Sea...
  • Questions linger for ConocoPhillips on Arctic drilling program following Shell’s OK

    05/13/2015 4:16:42 AM PDT · by thackney
    Fuel Fix ^ | May 12, 2015 | Robert Grattan
    ConocoPhillips CEO Ryan Lance said Tuesday that the Obama administration’s decision to allow a competitor’s Arctic drilling program to move forward has provided some, but not all, of the clarifications they were looking in their own projects in the region. The U.S. government on Monday gave Shell’s $6 billion plan to explore for crude oil in the northern Chukchi Sea a preliminary OK, reviving exploration plans that have faced significant political, engineering and cost challenges. Lance said that the go-ahead given to Shell’s program has not resolved all of ConocoPhillips’ Arctic questions. “A lot of the [regulations] are still subject...
  • Cuba Insists It Has Oil; US Companies Still Uninterested

    05/07/2015 5:45:12 AM PDT · by thackney · 7 replies
    Reuters via Rig Zone ^ | May 06, 2015 | Marc Fran
    Cuba unveiled new data on Wednesday it said confirmed there were billions of barrels of oil beneath its Gulf of Mexico waters but admitted there was little interest in new exploration even with the thaw in U.S. relations. The United States and Cuba have vowed to restore diplomatic relations after more than 50 years of animosity, but the comprehensive U.S. trade embargo remains in place. While U.S. tourism, transportation and agriculture companies position themselves for Cuban business, oil companies have proven less eager since three exploratory wells came up dry in 2012. Low oil prices and new opportunities in Mexico's...
  • Drones take flight at OTC

    05/07/2015 5:04:23 AM PDT · by thackney
    Fuel Fix ^ | May 6, 2015 | Robert Grattan
    HOUSTON — Offshore platforms have a lot of hard-to-reach places, and a first-time exhibitor at the Offshore Technology Conference wants to use flying robots to make those tough corners more accessible. U.K.-based Sky-Futures has built a business using drones to inspect areas such as the underbelly of offshore platforms and burning flare stacks. The company’s co-founder and CEO James Harrison — who spent years working with information-gathering drones in Iraq and Afghanistan — said using the robots to do the inspection work makes it more efficient and safer. Historically, crews of workers inspecting those spots have had to dangle from...
  • Seattle ruling won’t derail Shell’s Arctic quest, executive vows

    05/06/2015 4:55:08 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | May 5, 2015 | Jennifer A. Dlouhy
    A ruling by the city of Seattle may throw a wrench into Shell’s Arctic drilling plans, but it won’t delay the company’s plans to bore two new wells in the Chukchi Sea this summer, a top executive vowed Tuesday. Although “it’s not my preferred approach . . . we have backup plans,” said Ann Pickard, Royal Dutch Shell’s executive vice president for the Arctic. “I don’t think this will delay the program.” At issue is Seattle Mayor Ed Murray’s ruling this week that the city port must obtain a new land-use permit to serve as a home base for Shell’s...
  • 2 workers dead, 10 hurt in Mexico oil rig accident

    05/06/2015 4:41:50 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | May 5, 2015 | Associated Press
    An accident on an oil well-maintenance platform killed two workers and injured 10 off Mexico’s coast on Tuesday, company officials reported, blaming the incident on the collapse of one of the rig’s legs. State oil company Petroleos Mexicanos, or Pemex, said the Troll Solution rig was maneuvering to perform offshore maintenance at the time of the accident in the Bay of Campeche, in the Gulf of Mexico. Pemex blamed a structural failure in the leg. The rig was “listing” but had not sunk, the company said via Twitter.
  • In flood of subsea tools, shale-busting tech draws eyes at OTC

    05/06/2015 4:25:37 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | MAY 5, 2015 | Collin Eaton
    HOUSTON – High-horsepower pumps and big hydraulic fracturing trucks, the primary tools used to bust open U.S. shale rock, have carved out parking spaces of their own at the Offshore Technology Conference. They’re an attraction for foreign onlookers interested in the technology that brought a rush of American oil to market. But more and more, they’re a jumping off point for oil producers looking to break open hard sandstone reservoirs found in deeper offshore fields, like at Chevron’s Jack/St. Malo project in the Gulf of Mexico. Offshore producers have fractured conventional wells for decades, but advances in the landlocked U.S....
  • America, Wake The Hell Up

    05/04/2015 4:49:59 AM PDT · by SatinDoll · 48 replies
    The Market-Ticker ^ | May 5, 2015 | Karl Denninger
    Folks, there is exactly one way you're going to put a stop to this sort of nonsense: At the end of October, IT employees at Walt Disney Parks and Resorts were called, one-by-one, into conference rooms to receive notice of their layoffs. Multiple conference rooms had been set aside for this purpose, and in each room an executive read from a script informing the worker that their last day would be Jan. 30, 2015. Some workers left the rooms crying; others appeared shocked. This went on all day. As each employee received a call to go to a conference room,...
  • How Microbes Helped Clean BP's Oil Spill

    04/29/2015 10:54:20 AM PDT · by thackney · 29 replies
    Scientific American ^ | April 28, 2015 | David Biello
    Like cars, some microbes use oil as fuel. Such microorganisms are a big reason why BP's 2010 oil spill in the Gulf of Mexico was not far worse. "The microbes did a spectacular job of eating a lot of the natural gas," says biogeochemist Chris Reddy of the Woods Hole Oceanographic Institution. The relatively small hydrocarbon molecules in natural gas are the easiest for microorganisms to eat. "The rate and capacity is a mind-boggling testament to microbes," he adds. As Reddy suggests, the microbes got help from the nature of the oil spilled—so-called Louisiana light, sweet crude mixed with natural...
  • OFFSHORE VS. SHALE, Which will prevail in the long-term?

    04/28/2015 5:04:30 AM PDT · by thackney · 12 replies
    Rystad Energy via Oil Gas Financial Journal ^ | April 9, 2015 | Per Magnus Nysveen and Leslie Wei
    As a response to lower oil prices, E&P companies have guided considerable cuts in their 2015 investment budgets. Preliminary budgets indicate a ~20% drop in global E&P investments this year, with shale declining the most. Observing historical trends, Figure 1 shows global investments for offshore and shale oil and gas. During the past decade, offshore investments have increased from ~ US$150 billion in 2005 to ~ US$360 billion in 2014. The growth in offshore investments is a combination of higher activity and higher unit costs (i.e., rig rates). Also over the last 10 years, shale activity accelerated as horizontal hydraulic...
  • 5 years after BP spill: What's changed in offshore drilling

    04/20/2015 12:53:05 PM PDT · by Citizen Zed · 3 replies
    eaglefordtexas.com ^ | 4-20-2015 | Cain Burdeau | The Associated Press
    NEW ORLEANS — As oil gushed from BP’s ruptured well five years ago and public outrage built by the day, the Obama administration issued a six-month moratorium on drilling in the Gulf of Mexico. When the well was finally capped after nearly three months, political and industry pressure mounted on the White House to lift the ban, which it did about a month earlier than planned. Since then, oil and gas drilling Gulf has bounced back strongly and the number of deep-water drilling rigs has actually increased from 35 to about 48. Drillers are pushing into even deeper water and...
  • Shell exec: U.S. risks losing drilling dollars to Brazil, Canada and Mexico

    04/16/2015 5:14:34 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | April 15, 2015 | Jennifer A. Dlouhy
    The Obama administration is eyeing an auction of offshore oil drilling leases along the East Coast in 2021, but that’s not enough to keep the United States competitive with other Atlantic nations, a Shell executive told Congress on Wednesday. “The Gulf of Mexico has kept the United States globally competitive for decades,” Mark Shuster, Shell’s executive vice president of upstream Americas exploration, told a House Natural Resources subcommittee. “The U.S. stands to lose a lot if we don’t make new acreage available.” At issue is the Interior Department’s draft plan for selling oil and gas leases on the U.S. outer...
  • Industry Not Expected To Fight Live Offshore Viewing

    04/15/2015 5:07:03 AM PDT · by thackney · 3 replies
    Rig Zone ^ | April 14, 2015 | Deon Daugherty
    Access to images perhaps similar to those that captivated viewers in real time around the world during the Deepwater Horizon disaster would be standard procedure under a new set of proposed federal offshore guidelines. These include the live monitoring of deepwater and high-temperature/high pressure drilling activities, similar to what is currently used onshore. “The real-time monitoring requirement ensures that the operator has access to onshore technical expertise if needed and that there is ‘another set of eyes’ available during critical operations,” according to the statement. Houston personal injury lawyer Charles Herd, a partner at The Lanier Law Firm, which represented...
  • Fire Reported On Bay Of Campeche Dwelling Platform

    04/01/2015 9:56:45 AM PDT · by thackney · 21 replies
    Oil Pro ^ | 4/1/2015 | Melanie Smith
    Wednesday morning, social network users reported a fire on the dwelling platform Abkatun Alfa located in Mexico's oil-rich Bay of Campeche. According to local media reports, the Abkatun Alpha is a dwelling platform purposed for housing personnel working offshore in the Bay of Campeche. Early reports also indicate it is owned by a private firm subcontracted by Pemex. Preliminary information indicates a failure in operation processes caused the fire. The incident prompted the evacuation of the platform. Some injuries were also reported. The injured were transported via helicopter from the rig to hospitals in Ciudad del Carmen. One death, 48...
  • Exxon Mobil starts production at its new deepwater project in the Gulf

    04/01/2015 4:11:54 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | March 31, 2015 | Robert Grattan
    Exxon Mobil Corp. said Monday it had begun producing from its Hadrian South Gulf of Mexico project. Total production of the project is expected to reach about 300 million cubic feet of gas and 3,000 barrels of liquids per day from two wells. The well is located about 230 miles offshore and in about 7,650 feet of water. First production comes after a discovery well was drilled in 2008 and an appraisal well was completed in 2009. Exxon operates the Hadrian South project with a 46.7 percent interest while Brazil’s Petrobras and Italy’s Eni hold a 23.3 percent and 30...
  • Advanced Drillships Become Burden For Owners As Business Dries Up

    03/31/2015 5:34:51 AM PDT · by thackney · 9 replies
    Reuters via Rig Zone ^ | March 27, 2015 | Sneha Banerjee & Swetha Gopinath
    Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June, many have become a burden on their owners as drilling activity slows. Drillship operators face a more brutal hit to margins than they did after the oil-price crash of 2008 because of the huge cost of maintaining the more than $10 billion worth of state-of-the-art vessels that have been idled at sea, analysts say. Noble Corp Plc, Ensco Plc and Transocean Ltd are...
  • Oil industry to Obama: Stop excluding Atlantic drilling leases

    03/31/2015 4:58:56 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | March 30, 2015 | Jennifer A. Dlouhy
    As the Obama administration weighs where to sell offshore drilling leases from 2017 to 2022, the oil industry has a single plea: Stop ruling out potential prospects. Eight industry trade groups are delivering that message in comments set to be filed with the administration on Monday, ahead of a midnight deadline for the public to weigh in on the Interior Department’s draft proposed offshore leasing program for 2017 to 2022. “Considerable acreage has already been excluded at this early stage of the planning process, especially in the Atlantic, eastern Gulf of Mexico and Alaska outer continental shelf,” said the groups,...
  • Seattle's Silly War On Oil Rigs (title shortened)

    03/21/2015 2:25:27 PM PDT · by Lorianne · 14 replies
    Forbes ^ | 16 March 2015
    Reminder, The City Is Also Home To Boeing, The World's Largest Jet Maker If a plane flies over Seattle, does anyone hear it? Probably not, because they’re all down at the docks protesting the parking of drilling rigs used in the Arctic. When the port of Seattle agreed to allow Shell to park drill ships on the city’s waterfront, a “kind of civic call to arms” erupted, according to the New York Times. “A unanimous City Council lined up alongside the mayor to question the legality of the agreement with the Port of Seattle, a court challenge was filed by...
  • Jeb Bush, anti-drilling crusader

    03/10/2015 6:10:59 AM PDT · by cotton1706 · 11 replies
    politico.com ^ | 3/10/15 | Andrew Restuccia
    For years before “drill, baby, drill” became a Republican rallying cry, Jeb Bush was one of Florida’s staunchest opponents of offshore drilling. As the governor of the tourist mecca, Bush fought to maintain Florida’s status as the only Gulf Coast state with no offshore oil and gas production — opposing even the administration of his brother, President George W. Bush, when it sought to open new waters to drilling. The governor and his administration boasted of being Florida’s firewall against the rigs, citing it as one of his top environmental accomplishments and taunting both Al Gore and John Kerry for...
  • New timeline for Johan Castberg and Snorre 2040 {delay offshore oil projects, Norway}

    03/09/2015 5:22:18 AM PDT · by thackney · 1 replies
    Statoil ^ | 2015-03-06 | Statoil
    The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio, and it is important that we find sound and robust development solutions for them,” says Ivar Aasheim, Statoil’s senior vice president for field development on the NCS. Statoil and its partners have put in an extensive effort to develop cost-effective solutions for the projects. “We see that our efforts have yielded results, and we are focused on reaping the full benefits of this in a way that ensures...
  • Obama Administration Should Abide By 'All of the Above' Approach to Energy

    03/04/2015 5:10:06 AM PST · by thackney · 14 replies
    IAGC via Rig Zone ^ | March 03, 2015 | Ken Wells
    The administration released in late January its draft five-year plan for offshore oil and gas leasing, the game plan for what areas will be open for exploration and how they will be managed. By no small coincidence, opponents of offshore exploration are now beating the drum to close off areas to oil and gas and put the emphasis entirely on wind power. As a country, we cannot take an either/or approach to our energy needs by picking just one source, whether it is wind or hydrocarbons. That is why the Administration’s stated goals of an “all of the above” energy...
  • Reality Check on the Deepwater Horizon Oil Spill Impacts

    02/21/2015 7:17:15 AM PST · by rktman · 9 replies
    americanthinker.com ^ | 2/21/2015 | Sierra Rayne
    As the litigation for the Deepwater Horizon (DWH) oil spill lurches through the legal system, the case has become a magnet for those seeking to take advantage of the deep-pockets oil industry defendant. In addition to those looking to prosper directly from the spill, the environmentalists and their mainstream media allies have exploited the situation to make their case against the use of oil in general -- and more specifically, against offshore drilling and oil production. If you restrict your reading on the topic to what appears in the mainstream media, you may be convinced that the science shows the...
  • As Deepwater Contracts Fail, Offshore Driller Strikes 6 Rig Years And $1 Billion From Backlog

    02/13/2015 10:22:41 AM PST · by thackney · 2 replies
    Oil Pro ^ | 2/13/2015 | Joseph Triepke
    Seadrill disclosed this morning that two of its three-year contracts for ultra-deepwater rigs with Petrobras in Brazil have failed. Seadrill had booked $1.1bn into its backlog associated with the contracts last quarter. That backlog, and the six rig years of work it represents, is now being written off as the contracts are no longer expected to be honored as signed. While there has been a sprinkling of offshore rig contract terminations here and there since oil prices started falling, most have been for contracts well underway and most have been related to a single operator, Statoil, that has been right-sizing...
  • BW Confirms Five Deaths, Four Missing in FPSO Explosion Offshore Brazil

    02/13/2015 4:39:49 AM PST · by thackney · 7 replies
    Rig Zone ^ | February 12, 2015 | BW Offshore |
    Norway's BW Offshore confirmed Thursday that of the 74 persons onboard the Cidade de Sao Mateus FPSO, there have been five fatalities, with four crew still missing. The remaining crew are all accounted for and receiving medical care where needed, with two in critical condition and for safety reasons, have all been taken off the unit. The next of kin have been informed and all personnel are being attended to by a special support team established by BW Offshore Brazil. Search and rescue operations continued into the night following the explosion onboard the Floating Production Storage and Offloading (FPSO) unit...
  • Hercules Offshore lays off 30 percent of workforce

    02/13/2015 4:29:49 AM PST · by thackney · 4 replies
    Fuel Fix ^ | Ryan Holeywell | Ryan Holeywell
    Offshore driller Hercules Offshore has laid off 30 percent of its workforce since October, company officials said on a conference call with analysts Thursday. The Houston-based company had about 2,200 employees, according to its most recent annual report. A company executive said Hercules has shed 672 workers in several rounds of layoffs in recent months. That would be just about double the number of employees Hercules said it would lay off by the end of December in a similar announcement last year. John Rynd, the company’s CEO, also said the company may consider cutting its contribution to workers’ 401K plans...
  • BSEE to Investigate Damage to Unmanned Platform off Louisiana Coast

    01/25/2015 8:10:39 AM PST · by thackney · 11 replies
    Rig Zone ^ | anuary 23, 2015 | Gene Lockard
    The Bureau of Safety and Environmental Enforcement (BSEE) and the U.S. Coast Guard are preparing to investigate an unmanned platform off the coast of Louisiana that has been damaged, BSEE said in a statement. The platform is operated by Energy XXI, GOM, LLC, and is located in 50 feet of water in South Timbalier (ST) Block 27 in the Gulf of Mexico, about 5 miles south of port Fourchon, Louisiana. Energy XXI reported to BSEE at approximately 4:30 a.m. that the ST 27 IA platform had been damaged, and that the damage was possibly caused by a vessel. There was...
  • Video: Anadarko turns massive Gulf spar into marine habitat

    01/25/2015 7:46:15 AM PST · by thackney · 5 replies
    Fuel Fix ^ | January 23, 2015 | Collin Eaton
    Anadarko Petroleum Corp. has turned a 7,200-ton cell spar hull into a dark cave-like habitat for fish, sea anemones and other deep-sea creatures 200 miles off the coast of Louisiana. The Red Hawk spar facility, which began its operations in the Gulf of Mexico a decade ago, is a series of 560-feet-long steel cylinders used to keep Anadarko’s deep-water natural gas production equipment afloat. The Woodlands oil explorer hopes its $30 million investment to transform it into an artificial reef in late September will be a boon to the fishing industry that supports local economies along the Gulf Coast, said...
  • Anadarko pumps first oil at Lucius field in the Gulf

    01/19/2015 9:55:31 AM PST · by thackney · 35 replies
    Fuel Fix ^ | January 19, 2015 | Collin Eaton
    Anadarko Petroleum Corp. has harvested the first barrels of petroleum at its deep-water Lucius project in the Gulf of Mexico, one of the biggest startups expected in the U.S. offshore region this year. The Woodlands-based oil explorer’s massive Lucius production facility includes a 23,000-ton truss spar, which is a 110-foot-diameter floating cylindrical hull that can handle up to 80,000 barrels of oil and 450 million cubic feet of natural gas a day. The Lucius field, named after an heir to the Roman throne, houses 300 million barrels of oil equivalent about 230 miles offshore in 7,200 feet of water. The...
  • China's Yards Brace for Leaner Times as Oil Slump Sours Rig Building Spree

    01/19/2015 8:20:16 AM PST · by thackney · 2 replies
    Reuters via Rig Zone ^ | January 19, 2015 | Brenda Goh & Rujun Shen
    For China's shipyards, the oil rig market that was supposed to be a blessing is in danger of becoming a curse. As crude prices slide, oil producers are slashing new project spending. With a near 40 percent slice of a global market worth tens of billions of dollars, Chinese rig builders that offered juicy financing terms and discounts to leapfrog Asian rivals in recent years are now the most exposed to a slowdown. Diversifying to pull out of a downturn in traditional shipbuilding, China's state and privately owned yards have lured orders away from regional peers, building scores of rigs...
  • A fifth undersea communications cable damaged (Whats going on?)

    02/06/2008 10:34:16 AM PST · by maquiladora · 135 replies · 648+ views
    Digital Silence ^ | February 6, 2008, 9:21 am
    What is going on?? It appears that a fifth undersea communications cable has been damaged. The latest...an estimated 1.7 million Internet users in the UAE have been affected by the recent undersea cable damage. A total of five cables being operated by two submarine cable operators have been damaged with a fault in each. These are SeaMeWe-4 (South East Asia-Middle East-Western Europe-4) near Penang, Malaysia, the FLAG Europe-Asia near Alexandria, FLAG near the Dubai coast, FALCON near Bandar Abbas in Iran and SeaMeWe-4, also near Alexandria.
  • Don't expect a Cuban oil bonanza

    12/19/2014 4:48:35 AM PST · by thackney · 9 replies
    Politico ^ | 12/17/14 | MATT DAILY and ELANA SCHOR
    More U.S. travelers may soon start flocking to Cuba, but don’t expect oil executives to follow them. Cuba is believed to hold sizable oil and gas resources off its northwest coast, in the eastern Gulf of Mexico — raising speculation that the Communist nation could become an attractive target for energy companies if Wednesday’s diplomatic thaw eventually leads to the end of the five-decade-old U.S. trade embargo. But exploration by Brazilian, Malaysian and Spanish companies in the past few years has failed to produce any gushers — and the current worldwide glut of cheap oil is not going to encourage...
  • Exxon and ConocoPhillips make record-breaking bid for offshore exploration rights

    12/18/2014 7:07:14 AM PST · by thackney · 18 replies
    Houston Business Journal ^ | Dec 17, 2014 | Olivia Pulsinelli
    Exxon Mobil Corp., ConocoPhillips and Canada-based Suncor Energy Inc. The parcel is in the Flemish Pass offshore Newfoundland in northeast Canada. That's where Norway-based Statoil ASA (NYSE: STO) last year made a major oil discovery, its third in the Flemish Pass Basin. The record-breaking bid comes as oil prices have fallen to their lowest levels in years, though production is still going strong, Houston Business Journal previously reported. The news helped boost ConocoPhillips' stock on Dec. 16, when it reached $64.94 per share, up nearly 6 percent, before closing at $63.24, up 2.5 percent. Similarly, Exxon's stock jumped to $89.14...
  • Obama shift on Cuba won’t mean big oil boom in Gulf of Mexico

    12/18/2014 4:46:59 AM PST · by thackney · 6 replies
    Fuel Fix ^ | December 17, 2014 | Jennifer A. Dlouhy
    President Barack Obama’s decision to normalize relations between the United States and Cuba may lead to more commercial opportunities for Americans within the island nation. But don’t expect U.S. oil producers to move swiftly to take advantage of them. Although geologists believe billions of barrels of crude may be lurking off Cuba’s coast in the Gulf of Mexico, oil companies have had a hard time finding that black gold. When Repsol, Petronas and other oil companies bored exploratory wells in 2012 and 2013, they turned up dry. In some cases, oil wasn’t found, and in others, the discovery was not...
  • Companies announce first oil from deep-water Gulf fields

    12/02/2014 8:40:55 AM PST · by thackney · 4 replies
    Fuel Fix ^ | December 2, 2014 | Don Mason
    Oil and gas production has begun at the Jack/St. Malo project in the deep-water Gulf of Mexico, companies involved in the project announced. Chevron Corp. and Statoil said the fields are located about 25 miles apart in 7,000 feet of water 280 south of New Orleans. Chevron said the fields, discovered a decade ago, eventually will reach daily production of 94,000 barrels of oil and 21 million cubic feet of natural gas. Chevron has a 50 percent working interest in the Jack field, with Statoil and Maersk splitting the remaning half. Chevron holds a 51 percent working interest in the...
  • Statoil Defers Decision on $5.7B Oil Recovery Project

    12/01/2014 8:40:52 AM PST · by thackney · 7 replies
    Rig Zone ^ | December 01, 2014 | Reuters
    Norway's Statoil said it has postponed a decision to invest 40 billion crowns ($5.74 billion) in a mature field, saying that it needed more time to refine the project as its profitability was under threat. Statoil said it would decide in October next year instead of March whether to go ahead with a new platform at the Snorre field in the Norwegian Sea as it hoped to cut costs and get more precise cost estimates. The project, which could squeeze another 240 million barrels of oil out of the field, has been in doubt due to high costs, and uncertainty...
  • Feds announce largest-ever competitive lease sale for offshore wind

    11/24/2014 11:42:10 AM PST · by thackney · 50 replies
    Fuel Fix ^ | November 24, 2014 | Ryan Holeywell
    The federal government today announced that it will hold its largest-ever competitive lease sale for offshore wind development in January. The feds will allow a dozen developers to bid on access to more than 742,000 acres off the coast of Massachusetts (map) starting Jan. 29, the Interior Department said Monday. The sale would triple the amount of federal offshore acreage available for commercial-scale offshore wind development, the department said. That area — if fully developed — could support as much as five gigawatts of commercial wind generation, enough to power more than 1.4 million homes, according to the U.S. Department...
  • Statoil Scuttles Ultra-deepwater Rig Contract; Pays $350mm To Back Away

    11/21/2014 10:10:17 AM PST · by thackney · 6 replies
    Oil Pro ^ | 11/21/2014 | Joseph Triepke
    Statoil announced this morning that effective today it is cancelling its contract for the Stena Carron, an ultra-deepwater drillship constructed in 2008. The Stena Carron was under contract to Statoil for a 3-year term, and is only about a half-a-year in. The 2.5 year contract cancellation will cost Statoil $350 million. Statoil signed the contract for the Stena Carron back in March 2013, and was paying a dayrate of around $630,000 per day for the rig. The total contract value remaining was about $585mm for the rig, and ancillary costs mean the total spread cost here likely would have run...
  • Researchers, Ahoy! Should Futurist Science Move… Offshore?

    11/20/2014 11:06:48 AM PST · by Mellonkronos · 13 replies
    Transhumanity.net ^ | November 9, 2014 | Nikki Olson
    Interesting here to see transhumanists again talking about moving offshore—literally!—to avoid government regulations. -- Mellonkronos “Researchers, Ahoy! Should Futurist Science Move… Offshore?" By Nikki Olson November 9, 2014 http://transhumanity.net/researchers-ahoy-should-futurist-science-move-offshore/ What is the likelihood of seeing research vessels devoted to scientific research outside the bounds of national jurisdiction? The idea of relocating for the sake of circumventing law, in particular the notion of establishing new nations in international waters, is an idea typically initiated with liberty in mind. The Principality of Sealand, for instance, established in 1967, was founded with the intention of creating a space free from “oppressive laws and...
  • Shocking Video Shows Spanish Navy Attacking Greenpeace Protesters Off Canary Islands

    11/16/2014 3:16:11 PM PST · by artichokegrower · 46 replies
    gCaptain ^ | November 16, 2014 | Rob Almeida
    In a bold move of aggression on Saturday morning, Spanish Navy rigid-hulled inflatable boats repeatedly slammed into Greenpeace protesters off the Canary Islands. The activists were protesting against an offshore drilling campaign headed up by Repsol utilizing the Rowan Renaissance drillship.