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Tag Archives: gulf of mexico

OPEC is winning its battle with U.S. shale: Kemp

John Kemp is a Reuters market analyst. The views expressed are his own. LONDON – U.S. shale producers are falling behind in the Red Queen’s Race as the downturn in drilling means that new oil production is failing to offset falling output from existing wells. The famous race is named after the scene from Lewis Carroll’s novel “Through the Looking-Glass,” ...

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Hercules takes another hit in oil glut

The global oil glut has hit Hercules Offshore, Inc. hard, but circumstances seem unwilling to relent for the company. Hercules announced today that Saudi Aramco is terminating its drilling contract for the Hercules 261 effective March 27, 2015. Discussions between Hercules Offshore and Saudi Aramco were already underway regarding Hercules 262 and Hercules 266. The two companies were discussing the ...

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Public hearings set for upcoming offshore lease sales

The Bureau of Ocean Energy Management (BOEM) is opening a public comment period on the Draft Supplemental Environmental Impact Statement (EIS) for upcoming lease sales, according to a press release. BOEM is arranging for lease sales throughout the Gulf of Mexico in upcoming years. Central Planning Area (CPA) Lease Sale 241 is set tentatively for March 2016, while CPA Lease ...

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What does Obama’s budget mean for Gulf revenue sharing?

Despite defeating her in last December’s runoff election, Sen. Bill Cassidy (R-Louisiana) is attempting to defend former senator Mary Landrieu’s revenue sharing legislation, reports the Times-Picayune. Passed in 2006, the Gulf of Mexico Energy Security Act (GOMESA) was set to start allocating offshore oil and gas production revenue to Louisiana, Alabama, Mississippi and Texas in 2017, according to the Washington ...

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This new service vessel is making waves in the Gulf

A brand new vessel just hit the water in the Gulf of Mexico, and its makers are calling it the first of its kind in the United States. The Harvey Energy, built by Harvey Gulf International Marine, is engineered to run on liquefied natural gas (LNG) and will service deepwater oil and gas platforms, according to Fox 8 News.  The ...

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Exxon Mobil reports higher petroleum reserves in 2014

The numbers are in, and Exxon Mobil says they’ve surpassed 2013 oil and gas reserve amounts in 2014, according to FuelFix. Exxon Mobile, based in Irving, Texas, reported 25.3 billion barrels of oil equivalent in reserves at the end of 2014, up slightly from 25.3 billion the company reported for 2013. The slightly higher numbers in 2014 are being attributed ...

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NC man charged with making false BP oil spill relief claims

WILMINGTON, N.C. — A North Carolina man has been charged with filing $2.3 million in false compensation claims following the 2010 Deepwater Horizon oil spill. Michael R. Rosella of Wilmington was arrested by federal authorities Monday and charged with one count of mail fraud, three counts of wire fraud and two counts of money laundering. Prosecutors say the 45-year-old Rosella ...

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Offshore projects safe from slowdown, for now

While low oil prices are causing rig stacking nationwide, offshore rig counts in the Gulf of Mexico are actually expected to rise this year. In many ways, the increase in drilling rigs predicted by Wood Mackenzie is no surprise. Offshore projects require extensive planning—a process which takes years—and billions of dollars in investments. These projects also produce much more oil, ...

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