US GoM Oil Production Off 32% from Storm
U.S. Gulf of Mexico producers have cut oil output by 32 percent and natural gas production by 13 percent as a result of the lingering effects of Hurricane Michael, the Bureau of Safety and Environmental Enforcement (BSEE) said on Friday, citing reports from 27 companies.The reductions continued as oil and gas companies moved more workers back to production platforms that were evacuated earlier in the week.
Equinor Evacuates GoM Platform Ahead of Storm
Norweigan state-oil company Equinor on Monday evacuated personnel from its Titan oil platform in the U.S.
GoM Offshore Platforms Evacuated Ahead of Hurricane
Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 10 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. part of the Gulf.BHP Billiton, BP, Equinor and Exxon Mobil Corp were evacuating personnel from oil and gas platforms in the Gulf as forecasters…
Oil Prices Rise as Iranian Crude Exports Fall
Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael.Benchmark Brent crude jumped by $1.13 a barrel to a high of $85.04 before easing back to $84.56, up 65 cents, by 1330 GMT.
U.S. Crude Rises as One-fifth of Oil Production Lost Ahead of hurricane
U.S. crude prices were modestly higher on Tuesday as nearly one-fifth of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.Oil producers including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp have evacuated personnel from 13 platforms as the storm made its way through the central…
New Book Release: Why Only Two FPSOs in the U.S. Gulf of Mexico?
The Late Start and Twenty Year Saga.More than 40 years have passed since the trailblazing Shell Castellon started operation as the first floating production storage and offloading (FPSO) unit in 1977. Ever since, hundreds of these vessels have operated worldwide, and the oil industry has reaped their benefits. Despite continued international popularity and dominance…
Pemex to Announce Light Crude Finds in Gulf of Mexico
Mexican state oil firm Pemex will on Tuesday announce findings of light crude in seven fields in the Gulf of Mexico, two people familiar with the matter told Reuters.Carlos Trevino, chief executive officer of Pemex told Mexican radio late on Monday that the company would be delivering "good news" at a news conference later on Tuesday.(Reporting by Ana Isabel Martinez; editing by Dave Graham)
Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery
Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel, in the western part of the U.S. Gulf, to complement an existing eastern Gulf refinery in Mississippi that makes lubricants and other materials…
Storm Shuts Nearly 40% of US GoM Oil Output
Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday due to platform evacuations and shut-ins ahead of Hurricane Michael.Since Monday, oil producers, including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp , have evacuated personnel from 75 platforms as the storm…
Pemex Announces 7 New Crude Finds
Mexican state oil firm Pemex said on Tuesday it has made seven new crude discoveries in the shallow waters of the Gulf of Mexico and said it could invest upward of $10 billion to develop six oil and gas fields.Pemex, which has been struggling with declining output for over a decade, said the seven finds at its Manik and Mulach fields could have proven, probable and possible reserves of 180 million barrels o
Offshore Drillers Eye Recovery by 2020
Battered oil and gas drilling companies are finally seeing piecemeal signs that the prices they charge for offshore rigs are bottoming out with Brent crude selling for more than $80 a barrel and some are forecasting a full turn in the market by 2020.At the depths of a global slide that took oil below $27 a barrel in early 2016…
Michael Shuts Nearly 40% of U.S. Gulf of Mexico Oil Output
Nearly 40 percent of daily crude oil production and more than one-third of natural gas output was lost from offshore U.S. Gulf of Mexico wells on Wednesday because of platform evacuations and shut-ins ahead of Hurricane Michael.Michael is a Category 4 storm expected to hit the Florida Panhandle later Wednesday with maximum sustained…
Rowan Sells Two Jack-up Rigs to ARO Drilling
Texas-based offshore drilling contractor Rowan Companies announced that it has concluded the sale of two LeTourneau TARZAN Class jack-up rigs, the Scooter Yeargain and the Hank Boswell, to ARO Drilling.The net economic impact of this transaction was that Rowan received approximately $90 million in cash and $176 million in shareholder…
U.S. Oil Firms Restoring Operations in Storm-tossed Gulf of Mexico
Oil producers on Thursday were checking Gulf of Mexico production platforms and beginning to return crews to more than 90 offshore facilities evacuated this week as Hurricane Michael moved through the Gulf.Production shut-ins that temporarily halted 42 percent of Gulf oil output and nearly a third of natural gas production was…
Petrobras Forms JV with Murphy in Gulf of Mexico
Brazil's state-controlled oil company Petroleo Brasileiro SA is forming a joint venture with Murphy Oil Company to explore oil and gas fields in the Gulf of Mexico, the Brazilian company said on Wednesday in a securities filing.According to the filing, Petrobras, as the Brazilian company is known, will have a 20 percent stake in the joint venture, and Murphy will have 80 percent.
Several US States Likely Withheld from Offshore Drilling Plan
Interior Secretary Ryan Zinke has hinted to at least six coastal states that he will keep their waters out of a looming plan to expand U.S. offshore drilling, telling some they lack enough oil to be included anyway, according to state officials and transcripts from public hearings.Zinke's comments are the clearest indication to date that the Trump administration’s initial proposal to open nearly all U.S.
Exxon Mobil Pulls Staff From Gulf Platform Ahead of Tropical Storm Michael
Exxon Mobil said on Monday it was evacuating personnel from a Gulf of Mexico platform as Tropical Storm Michael approached the U.S. Gulf of Mexico.The world's largest publicly traded oil producer does not currently expect the staff reduction at its Lena production platform to impact output, spokeswoman Julie King said. Reporting by Gary McWilliams
LOOP Resumes Normal Operations After Storm
The Louisiana Offshore Oil Port (LOOP), the largest privately-owned crude terminal in the United States, said it resumed normal operations at its Marine Terminal on Thursday after operations were suspended ahead of Hurricane Michael.Major oil producers and drillers began returning workers and restoring output at U.S.
Oil Rebounds Towards $81 but Weaker Demand View Weighs
Oil rebounded towards $81 a barrel on Friday as an equities rally lent support, though prices pared gains after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in U.S. inventories and fading concerns for now about looming U.S.
BMT Wins Marine Monitoring Contract with BP
BMT has won a contract to provide multiple marine monitoring systems for BP’s new Mad Dog Phase 2 semi-submersible floating production facility in the Gulf of Mexico. These systems will play an important role in ensuring the day to day operations of the facility are conducted safely.The Mad Dog Field is one of BP’s largest discoveries in the Gulf of Mexico to date.