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Keyword: offshore

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  • Trump Opens Doors on Oil Exploration, but Deeper Reforms Still Needed

    05/03/2017 8:56:11 PM PDT · by Tolerance Sucks Rocks · 11 replies
    The Daily Signal ^ | April 28, 2017 | Nicolas Loris
    In another move to free up domestic energy supplies, President Donald Trump signed an executive order Friday aimed at lifting the Obama administration’s offshore drilling restrictions.For decades, bad policies have blocked access to America’s abundance of domestic resources, yet America has still managed to be a global energy leader. Trump’s executive order, “Implementing an America-First Offshore Energy Strategy,” could unleash further success in the energy sector.The economic potential sitting just off America’s coasts is enormous. The Outer Continental Shelf is awash with natural resources, containing an estimated 86 billion barrels of oil and 420 trillion cubic feet of natural gas.Realizing...
  • Donald Trump Warns of 35% Tariff For Companies That Move Abroad

    12/04/2016 11:27:46 AM PST · by E. Pluribus Unum · 86 replies
    Fortune.com ^ | 2016-12-04 | Mahita Gajanan
    Trump warned companies of retribution or consequences for leaving the U.S. Donald Trump warned U.S. companies of retribution or consequences, such as a massive tariff, if they leave the country. In a series of early morning tweets Sunday, Trump said companies with offshore factories would face a 35% tax on products they want to sell back in the U.S. The U.S. is going to substantialy [sic] reduce taxes and regulations on businesses, but any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will...
  • 90% Off Sale On Offshore Drilling Rigs?

    05/11/2016 2:56:12 PM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 11-05-2016 | offshore
    It might not be a great time to start offshore drilling, with oil prices as depressed as they are, but it might just be a great time to buy an offshore drilling rig for a cut-rate pricein fact, you might be able to get one for only one tenth of what they cost in 2011. This is the cost coup recently pulled off by Ocean Rig, a company controlled by shipping billionaire George Economou, who has landed a drillshipthe Cerradofor only US$65 million at auction, which represents less than 10 percent of the estimated price when it was built over...
  • 'Harry Potter' star Emma Watson named in latest Panama Papers leak

    05/11/2016 8:06:28 AM PDT · by C19fan · 30 replies
    Fox News ^ | May 11, 2016 | Staff
    What would Hermione Granger say? Actress Emma Watson has been named in the so-called "Panama Papers" as having used a company based in a Caribbean tax haven to handle her money, it was revealed Tuesday. The 26-year-old, who is taking a break from acting to work as a United Nations goodwill ambassador and women's rights campaigner, is a shareholder in one of approximately 200,000 offshore corporations whose information was published online Monday by the International Consortium of Investigative Journalists (ICIJ).
  • SecState Kerry and his wife have millions invested in offshore tax haven hedge funds

    04/26/2016 10:47:58 AM PDT · by SeekAndFind · 7 replies
    American Thinker ^ | 04/26/2016 | Thomas Lifson
    Bernie Sanders loves to denounce the tax dodges of the wealthy (even as he pays 13.4% income tax on a $200K+ income), so it would be interesting to hear what he has to say about John Kerry, the current secretary of state and former Democratic Party nominee for president.  An analysis of public documents by the Daily Caller News Foundation indicates that Kerry and his wife liberally use offshore tax havens.  Richard Pollock writes: … a DCNF investigation has confirmed that the former Massachusetts Democratic senator and his billionaire wife, using an elaborate set of Heinz family trusts, have...
  • U.S. Oil Industry Fears That New Regulation Could Cost $25B

    04/14/2016 1:43:40 PM PDT · by bananaman22 · 6 replies
    Oilprice.com ^ | 14-04-2016 | Charly
    The Obama administration unveiled new regulations on offshore drilling on Thursday, rules that were several years in the making. The regulations stem from the 2010 Deepwater Horizon disaster in the Gulf of Mexico, a well blowout that resulted in the death of 11 workers and one of the worst environmental disasters in U.S. history. The regulations call for new well-control measures, limits the volume of fluids that can be injected into wells, and requires heightened well monitoring. ExxonMobil and other companies say the rules will impose costs as high as $25 billion over the next decade, pushing many offshore projects...
  • Panama Papers Scandal Brings Down Icelands Prime Minister

    04/05/2016 11:44:20 AM PDT · by C19fan · 8 replies
    NY Times ^ | April 5, 2016 | Steven Erlanger and Stephen Castle
    he prime minister of Iceland resigned on Tuesday, succumbing to political pressure two days after an enormous leak of documents from a secretive Panamanian law firm about offshore shell companies and tax shelters. The resignation of the prime minister, Sigmundur David Gunnlaugsson, was the first prominent political fallout from the document leaks known as the Panama Papers, which have shed a harsh light on the private financial activities of many rich and powerful people.
  • Revealed: the $2bn offshore trail that leads to Vladimir Putin

    04/04/2016 5:51:42 AM PDT · by tlozo · 12 replies
    The Guardian ^ | April 3 2016 | Luke Harding
    A network of secret offshore deals and vast loans worth $2bn has laid a trail to Russias president, Vladimir Putin. An unprecedented leak of documents shows how this money has made members of Putins close circle fabulously wealthy. Though the presidents name does not appear in any of the records, the data reveals a pattern...The documents suggest Putins family has benefited from this money his friends fortunes appear his to spend.. The Panama Papers disclose that Kovalchuk and Bank Rossiya achieved the transfer of at least $1bn to a specially created offshore entity called Sandalwood Continental. These funds came...
  • Israels Game Changing Gas Discovery Dealt Another Blow

    03/28/2016 2:48:14 PM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 28-03-2016
    The massive Leviathan gas field was discovered in Israels offshore Levant Basin over six years ago, and while it theoretically puts Israel on the global energy map for the first time and could change the geopolitical dynamics of the entire Middle East, the Israelis themselves seem to be doing everything in their power to keep it from coming online. Its ownersU.S.-based Noble Energy and Israeli partner Delek Groupalong with their shareholders are probably wondering if gas is ever going to come out of this giant of giants. At stake is a massive gas field worth $5-$6 billion and believed to...
  • ConocoPhillips to exit deep-water exploration by 2017

    10/29/2015 10:59:51 AM PDT · by thackney · 5 replies
    Fuel Fix ^ | October 29, 2015 | Collin Eaton
    ConocoPhillips officials say the company will stop searching for oil and gas in deep-water fields by 2017, and it plans to sell the offshore leases it doesn’t intend to drill. Its exit from deep-water exploration would free up roughly $800 million in capital, the amount it has budgeted for exploration next year. Plus, it will save on costs on that side of the business, Matt Fox, ConocoPhillips' executive vice president of exploration and production, told investors on Thursday. “It’s a strategic decision to exit deep-water exploration,” Fox said. It is part of the company’s plan to sell $1 billion to...
  • McDermott CEO sees Saudi contract as step in turnaround

    08/27/2015 12:50:13 PM PDT · by thackney
    Fuel Fix ^ | August 27, 2015 | Robert Grattan
    Offshore engineering company McDermott Internationals stock shot up by more than 30 percent Wednesday after the company said it had landed a $1.5 billion-plus contract with Saudi Aramco. McDermott CEO David Dickson called the contract an important step in a turnaround for the Houston-based company, which as recently as 2013 had been struggling to build offshore platforms and support structures profitably. Investors sent the companys shares up $1.03 to $4.49 in midday trading Thursday. We had a tough time through the end of 2013; 2014 was a real turnaround, Dickson said in an interview with FuelFix. He joined McDermott in...
  • Why Native Alaskans Support Shells Arctic Drilling

    08/07/2015 7:22:34 AM PDT · by artichokegrower · 11 replies
    gCaptain ^ | August 6, 2015 | Paul Barrett
    Activists trying to stop Shells offshore oil drilling in the U.S.s Arctic Ocean region invoke the interests of native Alaskans. These communities depend on this environment for food and resources and have stewarded it for centuries, Greenpeace says, as part of its The People vs. Shell campaignwhat the group describes as possibly the most important fight in environmental history. A lot of native Alaskans, including many who live along the states North Slope, would prefer that Greenpeace mind its own business.
  • R.I. offshore wind farm starts construction

    07/28/2015 9:25:06 AM PDT · by thackney · 18 replies
    The Hill ^ | 07/27/15 | Timothy Cama
    The developer of the nations first commercial-scale offshore wind farm installed the first steel foundation for the project off Rhode Islands coast. The Sunday installation of Deepwater Wind Block Island Wind Farm came just in time for a Monday tour of the site that will include Obama administration officials, lawmakers and Rhode Islands governor, among others. ADVERTISEMENT It was a very big moment, Jeffrey Grybowski, Chief Executive Officer of Deepwater Wind, told the Providence Journal shortly after watching the first foundations installation from a boat. The company had hoped to install the foundation on Thursday, but the weather did not...
  • Ridgewood launches huge deep-water Gulf fund, says it can find oil for $20 per barrel or less

    07/22/2015 5:23:50 AM PDT · by thackney · 15 replies
    Fuel Fix ^ | July 21, 2015 | Jordan Blum
    Ridgewood Energy is not letting $50 oil shift its aim. The energy company focused on the deep-water Gulf of Mexico closed a nearly $2 billion private equity fund that it contends will still prove profitable. Houston- and New Jersey-based Ridgewood said its new $1.94 billion, Ridgewood Energy Oil & Gas Fund III is its biggest yet and exceeded its initial $1.5 billion target. As other companies slow down their expensive deep-water Gulf investments, Ridgewood says it can find and develop oil there for $20 a barrel or less, although the break even is closer to $35 a barrel with other...
  • Obama administration delivers big blow to Shells 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 Shells 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 Services decision to allow sound from Shells 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 environmentincluding variable ice conditions and limited time without ice coverageas 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 Mexicos 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 McGuires 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.