Category: Offshore

Obama withdraws Alaska’s Bristol Bay from drilling

Obama says in a video announcement that the natural resource is too precious to be put out to the highest bidder.  More »

BP sees $1 billion in restructuring charges as oil falls

The British oil giant is gearing up to weather at least two years of lower oil prices and the contraction in the oil industry that goes with it.  More »

Chevron subsidiary granted rights to explore offshore New Zealand

The license covers more than 6.26 million acres in a frontier basin with water depths from 2,600 to 9,800 feet.  More »

Schlumberger to retire seismic vessels, take $800M impairment

Oil field service giant Schlumberger will probably take an $800 million impairment charge in the fourth quarter as it retires some units in its marine seismic fleet, the company said Tuesday.  More »

Noble, partners eye $2 billion upgrade to Israel gas field

The disclosures were made in a report Thursday to the Tel Aviv Stock Exchange.  More »

Transocean idles three more rigs, stock falls

Transocean’s fleet of deep-water drilling machines has been under pricing pressure and has faced lower demand amid falling oil prices and a glut in equipment.  More »

Hess, Chevron see first oil flow at Tubular Bells

Hess Corp.’s quest to harvest crude from its Tubular Bells field in deep Gulf of Mexico waters has culminated in oil now flowing at a massive production facility 45 miles from shore.  More »

BP asks judge to cap spill penalties at $12 billion

BP wants a federal judge to cap its potential oil-spill pollution fines at a maximum of $12.3 billion, a move that would cut away nearly a third of the penalties U.S. prosecutors are seeking for the Deepwater Horizon disaster.  More »

Endeavour International boss to relinquish CEO post

Endeavour International, a Houston oil explorer that has filed for bankruptcy protection, says its top boss William Transier will relinquish his role as CEO and president next month.  More »

Production starts at natural gas development in Malaysia

Startups in Malaysia are expected to add about 60,000 barrels of oil equivalent per day to ConocoPhillips production volumes by 2017.  More »

Transocean to retire more rigs, execs say

Transocean lost billions of dollars in the third quarter as it faced sinking demand for offshore rigs and as it wrote down the value of its drilling business.  More »

Transocean expects $2.76 billion in writedowns

Swiss drilling contractor Transocean has written off $2.76 billion in book value for its offshore rigs as it faces falling day rates and weaker demand for deep-water drilling.  More »

North Carolina officials host closed meeting on oil drilling

Among those in attendance were top officials from the U.S. Bureau of Ocean Energy Management, which regulates drilling operations and handles the sale and lease of off-shore drilling rights in federal waters.  More »

Statoil suspends two North Sea oil rigs

Statoil won’t use the Transocean Spitsbergen and Songa Trym rigs from mid-November through at least the year-end because of overcapacity.  More »

Statoil projects big returns from massive North Sea oil field

The Norwegian oil conglomerate estimates the field could generate as much as 650,000 barrels of oil per day.  More »