FMC Technologies executives say its joint venture with another subsea oil-equipment maker has been welcomed by operators but it will have to continue to cut its workforce in coming quarters as activity stagnates.
More than a dozen oil companies and drilling contractors joined leading industry trade groups in pushing back against proposed federal mandates for offshore wells they say would make some impossible to drill. The proposed requirements were spurred by the Deepwater Horizon disaster.
U.S. crude’s recent fall to $51 a barrel is making a widely anticipated recovery in domestic drilling much more tenuous, bringing lower profits and probably even more job cuts to oil field service companies, analysts say.
The deal will send 1,100 miles of crude oil pipeline, 1,200 miles of natural gas pipeline and interest in six offshore hub platforms from Houston’s Enterprise to Genesis, which is also based in Houston.
Exxon Mobil Corp., Chevron Corp. and Total SA all passed on the first 14 shallow-water oil blocks auctioned by Mexico today in the country’s first-ever sale of territory in the Gulf of Mexico. Only one of Mexico’s first five oil blocks auctioned received a qualifying bid.
Preserving the 50-year-old Land and Water Conservation Fund that pays for parks and public spaces requires a “bold fight” by the Obama administration, the Center for American Progress argues. The program, which is mostly funded by offshore oil and gas revenue, is set to expire in September.
The Retirement Systems of Alabama, a public pension system that already owned a minority of the company and was a lender, has agreed to buy the company and lend it money while in bankruptcy. Signal says it has agreed to settle the Indian workers’ claims for $20 million as part of the bankruptcy.
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