Wednesday, June 26, 2019

Gulf Of Mexico News

Pemex Steering Clear of Deepwater

© Denys / Adobe Stock

Petroleos Mexicanos will focus on shallow water projects and onshore plays, and avoid investing in its deepwater riches for now, as the ailing Mexican state-run oil company seeks to turn around a 14-year slide in crude production, a top official said on Thursday.Chief Financial Officer Alberto Velazquez outlined the approach the…

Total Launches New Supercomputer

(Photo: Total)

Energy major Total said its new supercomputer - which has propelled it to a world ranking as the most powerful computer in the sector - will enable its geologists to find oil faster, cheaper and with a better success rate.The Pangea III computer build by IBM will help process complex seismic data in the search for hydrocarbons 10 times faster that before…

US Oil Output Heads for More Records in 2019

Graph: Rystad Energy

U.S. total oil production, which is already off to an amazing start in 2019,  is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence company is raising its forecast for US crude output to 13.4 million barrels per day (bpd) by December 2019.

W&T Strikes Oil in US Gulf of Mexico

Image: Kosmos Energy

Oil and natural gas producer W&T Offshore has discovered oil at the Gladden Deep prospect in Mississippi Canyon block 800 in the deepwater Gulf of Mexico.W&T is operator of the well, which is one of 14 planned for the drilling program under the Monza JV. The company owns a 17.25% interest in the discovery.Gladden Deep is located in approximately 3…

Natural Gas Flaring Hits Record High

Graph: Rystad Energy

As spot prices in the region have remained near or below zero, natural gas flaring and venting in the Permian Basin in Texas and New Mexico reached a new all-time high in the first quarter of 2019, averaging as much as 661 million cubic feet per day (MMcfd).According to research conducted by Rystad Energy,  this widespread waste of a valuable commodity is the result of persistent infrastructure challenges…

Record Number of VLCC Liftings at LOOP

Image: AdobeStock / © Jose Gill

Medium-sour crudes from the U.S. Gulf of Mexico are being snapped up by overseas buyers, paving way for a record six supertankers to load at the Louisiana Offshore Oil Port (LOOP) in a matter of weeks, according to people familiar with the matter.The six scheduled loadings in late May and early June would double the record of Very Large Crude Carriers (VLCCs) reached in December.

Lower oil prices start to rebalance the market

© zhu difeng / Adobe Stock

Lower oil prices are starting to rebalance the oil market by slowing the rise in U.S. crude output and encouraging Saudi Arabia and its allies to extend production cuts through the end of 2019.U.S. crude production rose 241,000 barrels per day (bpd) to 11.905 million bpd in March from February, according to the U.S. Energy Information Administration (“Petroleum Supply Monthly”, EIA, May 2019).U.S.

Gulf of Mexico Oil Production Hits Record

Graph: Rystad Energy

Oil production in the US Gulf of Mexico (GoM) is poised to set new records in the imminent future, said Rystad Energy.Royal Dutch Shell started producing oil and gas this month at its Appomattox platform in the deepwater GoM several months ahead of its expected startup in 3Q 2019, the energy research and business intelligence company said.“With earlier than planned production…

OPITO Appoints VP for Americas

Pic: OPITO

OPITO, the global, not-for-profit skills body for the energy industry, has appointed Brandon Grosvenor to the new role of vice president of strategic development for the Americas region.He had previously spent more than a decade with National Oilwell Varco in Houston, most recently as a global business development manager. Mr Grosvenor…

Ithaca Buys Chevron's UK North Sea Fields

(Photo: Chevron)

Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016, major oil and gas companies in the North Sea have been forced to sell assets…

Oxy Plans to Sell Parts of Anadarko

Deal-makers say most likely sale prospects are Anadarko's offshore assets in the Gulf of Mexico and its pipeline business. (Photo: Anadarko)

Occidental Petroleum snatched up some of the richest shale oilfields in Texas when it beat out rival Chevron Corp in a bidding war to acquire Anadarko Petroleum.It also quadrupled its debt - to $40 billion - at a time when investors are calling for spending cuts and higher dividends.That means the acquisition's success will depend…

Environmental Activists Block BP London HQ

Activists blockade entrances to the BP headquarters in London, demanding an end to new oil and gas exploration. The campaigners arrived at 3 a.m. on Monday and encased themselves in heavy containers before the oil company’s annual general meeting on Tuesday. Other activists are also climbing the building to hang signs from the windows. (© Chris J Ratcliffe / Greenpeace)

Greenpeace activists blocked the entrance to BP's London headquarters on Monday, demanding one of the world's biggest energy companies ends all new oil and gas exploration or goes out of business.Greenpeace activists arrived at the building in St James' Square in central London at 0200 GMT and encased themselves in specially designed…

Investors Push BP to Fight Climate Change

(Photo: BP)

BP will face pressure at a meeting next week to set tougher targets to combat climate change, the latest signal from investors that they want the oil and gas industry to do more to clean up its act.After BP's 2018 carbon emissions rose to their highest in six years, the London-based major is being lobbied by activists and an increasing…

'We Are the Rightful Owners' of Anadarko -Oxy CEO

Occidental Petroleum Chief Executive Vicki Hollub (Photo: Occidental Petroleum)

Occidental Petroleum Chief Executive Vicki Hollub on Friday touted her $38 billion deal for Anadarko Petroleum Corp and defended the pricey terms she negotiated in a 90-minute session with billionaire investor Warren Buffett to secure the deal without seeking shareholder approval.Hollub, 59, beat out larger rival Chevron Corp with…

Trump Administration to Revise Offshore Safety Rules

© Lukasz Z / Adobe Stock

The Trump administration will unveil on Thursday its final plan to roll back offshore drilling safety measures put in place by the Obama administration after the fatal 2010 BP Deepwater Horizon oil spill, the worst in U.S. history, raising concerns by some groups over potential risks to workers and the environment.The Interior…

Repsol, LLOG to Partner on Deepwater US Gulf Developments

Image: Repsol

The U.S.-based exploration and production company LLOG Exploration Offshore and  Spanish oil company Repsol announced the signing of an Asset Exchange and Joint Participation Agreement in the deepwater Gulf of Mexico.The agreement provides for the drilling of a delineation well at Repsol’s Leon discovery and covers Keathley Canyon blocks 642, 643, 686 and 687.

Gulf of Mexico Output Lifts Hess Profits

(Photo: Hess Corp)

Hess Corp reported a surprise profit on Thursday, supported by higher production at the U.S. oil and gas producer's oilfields in the Bakken shale and Gulf of Mexico regions.The company said production from Bakken rose 17 percent to 130,000 barrels of oil equivalent per day (boe/d), while output from its offshore Gulf of Mexico operations rose nearly 71 percent to 70,000 boe/d.Shale production in major U.S.

Delek Nearing Deal for Chevron's North Sea Fields

(Photo: Chevron)

Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.Delek, via its North Sea oil and gas operator Ithaca Energy, could reach an agreement within days, two of five sources said.U.S. oil major Chevron Corp kicked off the sale of its central North Sea oil and gas fields Alba…

Danos Hires Rousse in VP Role

Daryl Rousse (Photo: Danos)

Oilfield services company Danos said it has named Daryl Rousse as vice president of production services.The announcement follows Danos’ recent acquisition of Shamrock Energy Solutions, where Rousse served as chief operating officer for three years.Prior to joining Shamrock, Rousse spent 26 years with Royal Dutch Shell, where he…

Chevron Buys Anadarko for $50Bln

Pic: Chevron Corporation

Chevron, the second-largest US oil and gas company, has agreed a $50bn deal to buy Anadarko Petroleum (APC)  in a massive deal that will bolster its natural gas and shale operations.The cash and stock deal announced Friday values Anadarko at $65 per share, 39% higher than the oil company's closing stock price on Thursday. Based on Chevron’s closing price on April 11…