Category: Offshore

There’s more to Seahawk story than the drilling ban

The Houston-based drilling company’s bankruptcy has ignited an outcry from the offshore industry and its supporters as the latest example of the Gulf drilling moratorium’s economic fallout. But Loren Steffy writes that Seahawk’s problems may have less to do with the moratorium than with its own history.  More »

Is the anger over offshore oil permits misplaced?

With capital flowing away from the Gulf of Mexico, Loren Steffy writes, the nation’s top drilling regulator said he doesn’t understand the industry’s fears about offshore oversight, nor does he believe the new rules are too onerous or difficult to understand.  More »

Rice University forum looks at future of U.S. offshore drilling

The BP oil spill exposed weaknesses in the way the deep-water drilling is practiced and should be a wake up call for change on a variety of fronts, speakers at a Rice University conference said today, but reforms need be flexible enough to accommodate a fast-evolving industry that is vital to the nation’s energy future and economy.  More »

Get ready to drill: Deepwater permits likely in “next several weeks” says Bromwich

Some of the five deep-water drilling permits in line for federal approval could begin to move forward in a matter of weeks, said the head of the Bureau of Ocean Energy Management, Regulation and Enforcement.  More »

Rice conference: Moving forward on offshore exploration

A daylong event at the Baker Institute is digging into the details of energy policy in the U.S. in the post-Macondo era.  More »

Time to Revisit Offshore Drilling

European oil markets were incredibly jittery this past week based on fears of continued instability in the Middle East. Reports of worker strikes at the Suez Canal caused an upswing in European refined products markets which would bear the brunt of any closure of the canal to oil traffic. Jet fuel cargoes from the Middle […]  More »

Administration fights back on drilling allegations

The Obama administration is fighting back against allegations that it is blocking new oil and gas production in the Gulf of Mexico and is content to rely on crude from the Mideast.  More »

Agency launches environmental study for five-year drilling plan

The federal government is launching an environmental impact statement for proposed oil and gas lease sales in the Gulf of Mexico — one step in the long process of planning offshore drilling decisions from 2012 through 2015.  More »

GOP lawmaker to White House: Spur offshore oil development, not just wind

The Obama administration plans to speed up offshore wind projects along the Atlantic Coast. Rep. Doc Hastings, R-Wash., wants oil and gas to get similar treatment.  More »

Ensco to acquire Pride in $7.3B deal

The newly combined company, now smaller only than rival Transocean, will have 74 drilling rigs spread across the globe and have a presence in emerging offshore hot spots in Brazil and West Africa.  More »

Transocean to book $1B charge in fourth quarter

The world’s largest offshore driller said it recorded a $1.01 billion after-tax charge for its 2010 fourth quarter as the value of its shallow-water fleet plunged amid slackening demand.  More »

Is the Gulf Area an environmental sacrifice zone?

One of the more interesting factoids I have picked up from the fallout over the Macondo Well blowout is that when the Outer Continental Shelf Lands Act was originally passed, all well operating permits were to go through a full Environmental Impact Statement (EIS) process under the National Environmental Policy Act.   However, in a separate […]  More »

Atwood Oceanics sees daily rig rate drop offshore Egypt

Analyst: Other rig owners operating in the region, such as Swiss-based Transocean and Diamond Offshore Drilling, based in Houston, may see similar force majeure claims as long as unrest persists in Egypt.  More »

*Updated* Transocean, Shell, BP, other majors halt Egypt operations amid unrest

For Egypt, home to Africa’s sixth-biggest oil reserves, crude and natural gas are the biggest source of export income, accounting for about 12 percent of gross domestic product.  More »

Noble may sell $1.1B in debt as cash flow slows

The owner of the world’s second-largest fleet of offshore drilling rigs said last week fourth-quarter profit fell after the worst U.S. offshore oil spill led to a drilling moratorium and cut rental revenue for some of the most expensive drill ships.  More »