Wednesday, January 22, 2020

Gulf Of Mexico News

Oxy Slashing Jobs 'Significantly'

© supakitmod / Adobe Stock

Occidental Petroleum Corp said on Wednesday it would begin dismissing workers in a new cost-cutting move following its $38 billion acquisition of Anadarko Petroleum.The company has already "significantly" cut staff through a voluntary program, spokeswoman Melissa Schoeb said in an email. She did not respond to requests for information…

Gould Elected to Oxy Board of Directors

(File photo: Anadarko)

US based oil and gas company Occidental Petroleum announced on Thursday that former Schlumberger Chairman and Chief Executive Officer Andrew Gould has been elected to its Board of Directors effective March 1, 2020.Gould has more than 40 years of experience in the oil and gas industry. He started his career at Schlumberger in 1975…

Chevron: GoM Anchor Project Needs $5.7 bln

© Andrei / Adobe Stock

Chevron Corp said on Thursday its Anchor project in the Gulf of Mexico would need an investment of about $5.7 billion.Announcing its final investment decision on the planned facility, the oil major said first oil from the field is expected in 2024.The Anchor field is located about 140 miles off the coast of Louisiana and is in water depths of 5…

Enbridge, Enterprise to Develop GoM Crude Export Terminal

© artitcom / Adobe Stock

Enbridge Inc and Enterprise Products Partners LP on Monday signed an agreement to jointly develop a deepwater offshore crude oil export terminal in the Gulf of Mexico capable of loading Very Large Crude Carriers.Both pipeline operators will work to finalize an equity participation agreement that would provide Enbridge an option to purchase ownership interest in Enterprise's Sea Port Oil Terminal (SPOT)…

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is…

U.S. Needs to Revive Shallow-Water GoM E&P

Image: Bureau of Safety and Environmental Enforcement (BSEE)

The US should define the Gulf of Mexico Shallow Water Province as a distinct entity to avoid stranding more than $20 billion of its oil and gas resource, said a new research.According to a research from the Bureau of Safety and Environmental Enforcement (BSEE) and Bureau of Ocean Energy Management (BOEM) the GOM Shallow Water Province…

GoM Oil Output Set for Record Year

Graph: Rystad Energy

The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, despite massive cuts in investment.According to Rystad Energy, most of this growth coming from deep water projects.“2020 is expected to be another record year with average production above 1.9 million barrels per day,” says Joachim Milling Gregersen…

Oil Majors to Raise $27Bln in Selling Spree

Pic: Rystad Energy

Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added…

Equinor Sells Eagle Ford Asset for $325 Mln

Eagle Ford production site in Texas. (All photos: Ole Jørgen Bratland)

Norwegan energy company Equinor said it  has signed an agreement to divest to Repsol its 63% interest in, and operatorship of, its onshore business in the Eagle Ford in the US state of Texas.The transaction is effective October 1, 2019, and covers all of Equinor’s interests in the Eagle Ford Joint Venture with Repsol, covering 69 000 net acres.

RWE Delivers its First LNG to Britain

Image: RWE

German utility RWE has delivered its first liquefied natural gas (LNG) cargo to Great Britain.The cargo, comprised of approximately 150 000 m3 of LNG, was regasified through a Milford Haven LNG Terminal, located close to RWE’s 2000 MW Pembroke B gas-fired combined cycle gas power plant (CCGT).The cargo has been sourced from the portfolio of RWE Supply & Trading…

Delfin Delays Final Louisiana FLNG Project

File Image: a typical FLNG underway on its way to deployment (CREDIT: shell)

Delfin Midstream Inc has delayed its plan to make a final investment decision on its proposed Delfin Floating Liquefied Natural Gas (FLNG) export terminal in the Gulf of Mexico off Louisiana to 2020 from 2019.Delfin said in a release on Tuesday it entered into new agreements for front-end design and engineering work on a newbuild FLNG vessel with units of Samsung Heavy Industries Co Ltd and Black & Veatch.

OP/ED: Offshore Wind

Nicolette Nye, Vice President of Communications and Member Development of the National Ocean Industries Association (NOIA) in Washington, DC.

Set to Soar, Taking Offshore Support Industry With it.Offshore energy development is opening a new front in the United States -- the Atlantic seaboard, with strong winds, a shallow continental shelf and a proximity to dense population centers is driving strong interest in offshore wind development. The offshore oil and gas supply chain stands to benefit in a big way from billions in coming investment.

BP Profits Fall 40%

(Photo: BP)

BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.BP, like other big energy companies, has been hit by a sharp drop in oil prices as trade tensions between the United…

Equinor Eyes Brazil Natural Gas Infrastructure

Peregrino A platform , with FPSO in the background offshore Brazil (Photo: Øyvind Hagen / Equinor)

Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil. The Latin American oil powerhouse…

Wood Names Cox as Americas CEO

Stephanie Cox is the new CEO of Wood’s Americas business (Photo: Wood)

Energy services company Wood said Stephanie Cox  will take over as CEO of its Americas business, succeeding Andrew Stewart who has been appointed executive president of strategy and development for the global business.Responsible for the firm’s $4 billion asset solutions business which employs around 20,000 people working across the US…

BP Spurs $10 Bln Divestment Target

(File photo: BP)

BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by the end of 2019, a year ahead of schedule.In a statement, London-based BP said it expects to agree asset sales of $10 billion by end-year after its $5.6 billion sale of its Alaskan business to Hilcorp and divestments in U.S.

BOEM Announces New GoM Lease Sale

Image: BOEM

The US Department of the Interior's Bureau of Ocean Energy Management (BOEM) plans to offer about 78 million acres in a region-wide Gulf of Mexico lease sale scheduled for March 2020.Lease Sale 254, which would include all unleased areas in federal waters in the gulf that are not subject to congressional moratorium, will be the sixth held under the 2017-22 federal OCS leasing program…

FERC Approves Plaquemines LNG Facility

Map courtesy: Venture Global LNG

The US Federal Energy Regulatory Commission has approved the construction of Venture Global's proposed $8.5 billion Plaquemines liquefied natural gas export facility in Louisiana. Venture Global LNG to build an LNG Plaquemines export terminal and a gas pipeline between the terminal and the interstate gas network.PGNiG will receive…

BP Names Bernard Looney as Next CEO

Bernard Looney (Photo; BP)

Bernard Looney, who will replace Bob Dudley as chief executive of BP when he retires next year, faces the tricky task of navigating the energy major through a rising tide of environmentalism and the move to a low-carbon economy.BP on Friday appointed Looney, head of upstream, to succeed Dudley, who led the oil and gas company back to growth from near collapse in 2010.As CEO…

BP CEO Dudley Planning to Step Down

BP Chief Executive Officer Bob Dudley (Photo: BP)

BP Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday.BP's first American CEO has indicated several times in closed discussions in recent years that he would like to retire at the age of 65…