Posts Tagged ‘Gulf of Mexico’

Petrodollars: Chinese investors second-guess Canadian oil projects

The trans-Pacific partnership of China and Canada promises to diversify product access for one of the biggest oil consumers in the world, but it also comes with problems, as Ashok Dutta explains in this week’s Oilgram News column, Petrodollars.

Read the rest of this entry »

Has US oil production peaked? An EIA report argues both sides

Want to dazzle party guests this holiday season with a data-backed argument that the US oil boom may have peaked? Well, the US Energy Information Administration has a report you should probably read.

Want to shut up that obnoxious blowhard who keeps using EIA data to support his argument that the glory days of US oil may have gone by? Want some government data of your own to defend your claim that we have yet to see the peak of US oil production?

I have good news: You can use the same report.

Read the rest of this entry »

New Frontiers: Tapping Mexico’s Gulf of Mexico oil reserves

The opening of Mexico’s oil industry will give a company, or several companies, an opportunity to develop reserves in the Gulf of Mexico that aren’t on the US side of the border. It’s been a frustrating task so far but the possibilities are significant, as Robert Perkins reviews in this week’s Oilgram News column, New Frontiers.

Read the rest of this entry »

BOEM chief leaves an agency much changed since he arrived

When Tommy Beaudreau arrived at the US Interior Department to oversee the reorganization of the Minerals Management Service in the wake of the Macondo disaster, he found an agency more focused on revenue than safety.

Offshore leasing in federal waters was bringing MMS more than $10 billion each year in rents and royalties, and Congress seemed to judge an MMS director’s job performance strictly on how much revenue new oil and gas leasing could bring in to government coffers, said Beaudreau.

Read the rest of this entry »

New Frontiers: New life for once-spurned Gulf of Mexico oil and gas leases

Starr Spencer attended last week’s Gulf of Mexico lease sale in New Orleans. She noticed something about the bidding: old, abandoned leases have gotten renewed interest. She reviews the trend in this week’s Oilgram News column, New Frontiers.

Read the rest of this entry »

Ruminations on latest US Gulf of Mexico lease sale… not too shabby

The US Central Gulf of Mexico Lease Sale 231, held this week in New Orleans, wasn’t a barn-burner — but its results held up relatively well, pulling into sixth place among the last 10 Central sales. With nearly $851 million in total high bids, it didn’t carry the cachet of the billion-dollar high-bid sale club that has prevailed in recent years, but it was nothing to sneeze at.

Read the rest of this entry »

BP’s past casts a long shadow over its future in the US

Documents filed as part of a legal battle between BP and the US Environmental Protection Agency reveal just how far apart the two are when it comes to restoring BP’s ability to compete for lucrative government contracts or obtain offshore leases.

Read the rest of this entry »

Apache Corp’s pending exit from the Gulf of Mexico Shelf: a case of “musical properties”

An unusual twist in the pending exit of Apache Corp from the shallow waters of the Gulf of Mexico is that the independent years ago bought properties from sellers whose CEOs at the time now head up the entity with a subsidiary that will buy Apache’s shallow-water operation.

If you didn’t follow that, it’s admittedly complicated.  Just think of it as an oil-industry version of the children’s game of “musical chairs,” where players continuously shuffle between seats — or, in this case, between offshore lease blocks.

Read the rest of this entry »

Phobos-phobia on Anadarko ultra-deepwater find seems unmerited

After hopeful talk for much of the past year about its Phobos prospect in the ultra-deep waters of the Gulf of Mexico, Anadarko Petroleum finally revealed an oil discovery there this week.

And even though much-watched Phobos–sited in in 8,553 feet of water near the marine border with Mexico–turned up a respectable 250 net feet of high-quality oil pay in the Gulf’s emerging Lower Tertiary trend, Wall Street appeared crestfallen that the pay size wasn’t bigger.

Read the rest of this entry »

New Frontiers: another round of change, and M&A, may be looming

No one could argue that major changes haven’t jolted the oil industry in the last several years, which have galvanized upstream companies and demanded major changes. Between the so-called “shale gale” of frenzied drilling for unconventional gas and later oil, the Macondo oil spill in the Gulf of Mexico that raised safety standards for offshore drilling, and the severest economic recession since the 1930s, operators have been forced to adapt. They have pared down balance sheets, merged, partnered up in joint ventures and found ways to shave costs from projects through continually improving technology.

In this week’s Oilgram News column, “New Frontiers,” Starr Spencer, senior editor for oil, looks at where E&P companies have been and how they are transforming and re-positioning for the years ahead.

Read the rest of this entry »