Offshore

Shell Ventures Back Into Solar

Royal Dutch Shell agreed on Jan. 15 to acquire a stake in a U.S. solar company, 12 years after exiting the sector, in the latest in a series of deals to grow beyond its core oil and gas business. The Anglo-Dutch company also gave the green light for its first major new project in the North Sea in si ...

BP Deepwater Horizon Costs Balloon To $65 Billion

BP said on Jan. 16 it would take a new charge over the 2010 Deepwater Horizon spill after again raising estimates for outstanding claims, lifting total costs to around $65 billion. ...

Trump Administration’s Offshore Oil Proposal Could Unlock 65 Billion Barrels Of Oil Equivalent

The Trump administration’s proposal to open up almost all of U.S. offshore waters to oil and gas drilling could unlock up to 65 billion barrels of oil equivalent (Bboe), attracting billions of dollars in investment, consultancy Rystad Energy said on Jan. 10. Last week, U.S. Interior Secretary Ryan ...

Stone Energy Makes Deepwater GoM Oil Discovery In Mt. Providence Well

Stone Energy Corp. (NYSE: SGY) said Jan. 10 it struck an oil discovery in its Gulf of Mexico (GoM) deepwater Mt. Providence development well at Mississippi Canyon Block 28. The Mt. Providence well (the MC 28 #4 well) encountered about 153 net ft of high quality, primarily oil pay in one Miocene inte ...

Analysts Forecast 2018 Comeback For Deepwater GoM

The deepwater U.S. Gulf of Mexico (GoM) is poised for a comeback in 2018 with production set to hit a record high as breakevens and costs fall and efficiency rises. This is according to analysis from Wood Mackenzie, which forecasts deepwater oil and gas production in the GoM will hit about 1.9 MMboe ...

Apache Says Non-US Oil Output Misses Its Forecast For Fourth Quarter

Apache Corp. (NYSE: APA) on Jan. 9 estimated oil production from its international operations missed its forecast for the fourth quarter, partly due to unexpected delays and the underperformance of its projects in the North Sea. The company estimated production from non-U.S. operations was 138,000 t ...

December sees lower crude imports from Iraq, Latin America: In the LOOP

Following a year-end selloff of crude to trim taxes on US Gulf Coast inventories, crude imports at the Louisiana Offshore Oil Port fell 3.235 million barrels month on month to 8.021 million barrels in December, according to US Customs Bureau and Platts Analytics data. Imports of Middle Eastern cr ...

Geopolitical Rivalries Cloud Prospects For Mediterranean Gas Finds

The prospect of a big new source of gas on Europe’s doorstep looks strategically attractive when North Sea reserves are in decline and the region is fretting about its dependence on Russian supplies. Yet development of eastern Mediterranean resources is far from straightforward because of the cock ...

Five oil market myths that need dispelling: Fuel for Thought

The oil market has come to be defined by several narratives over the past couple of years: market rebalancing, OPEC versus shale, Russia’s delicate relationship with OPEC, OPEC’s conformity with production cuts with the latest deal extension running to end of 2018 and shale’s resilience to ...

Iran and Oil Prices in 2018

The turn of the year brought the usual year-end analyses of energy events, along with predictions and issues to watch in the year to come. I tend to focus on tallies of risks and large uncertainties. There's no shortage of those this year, and the current unrest in Iran moves the risks associated ...