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The Knarr oil field was discovered in 2008, and BG Group estimaes it has 80 million barrels of oil equivalent in gross recoverable reserves.
Just 35 companies are participating in the government auction of Gulf of Mexico drilling rights — down from 50 a year ago and 56 in a similar March 2013 auction — suggesting that lower oil prices may be dampening enthusiasm for the offshore acreage.
The government’s top offshore energy overseers on Tuesday defended the Obama administration’s approach to oil and gas drilling along the nation’s coastlines, insisting that market forces — not federal regulations — were discouraging the activity.
The picture for North Sea today is grim. Production is less than half its peak in the 1990s, when the U.K. was a leading oil and gas exporter, giving the government billions in taxes to spend.
Apache said the platform has been shut down but there hasn’t been any leak of oil or gas. It’s unclear when production will resume.
With the finishing touches complete, Big Foot shipped out from Corpus Christi on Saturday morning en route to the Gulf of Mexico where it will float in the Walker Ridge area, 225 miles south of New Orleans.
Western Europe’s biggest crude producer is facing what central bank Governor Oeystein Olsen calls a “period of restructuring” amid plunging oil prices.
CGG has lost more than half its market value in the past year as oil majors including Total SA slash spending on exploration.
Sixty-five lawmakers told the Obama administration to reconsider a plan to sell oil and gas drilling leases along the East Coast.
The British oil giant’s new gas discovery contains more than 5 trillion cubic feet of natural gas equivalent.