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gulf of mexico

Texas Gov. Greg Abbott (Chris Kleponis/Bloomberg News)

Texas to get $750 million from BP oil spill settlement

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Texas Gov. Greg Abbott said in the statement that the sum would allow Texas “to reinvest in the Gulf community and reinvigorate the economic and environmental health of the region.”
A rendering of Shell's planned oil platform for its Appomattox and Vicksburg discoveries in the deep-water Gulf of Mexico. (Shell)

Shell moves forward on major Gulf of Mexico platform

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Shell said it authorized the major project after finding 20 percent in cost reductions and determining that it will produce a profit as long as the global benchmark for oil prices stays above $55 a barrel.
A jackup rig works on an Energy XXI project in the Main Pass complex of the Gulf of Mexico, located in about 100 feet of water near the mouth of the Mississippi River. (Martin L Vargas / Energy XXI)

Energy XXI sells off oil-rich shallow water field for $21 million

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The Houston firm sold its East Bay Field, about 89 miles southeast of New Orleans, to an undisclosed private buyer for $21 million, the company announced Wednesday.
An LNG tanker (Tomohiro Ohsumi/Bloomberg)

Enbridge takes 5 percent stake in planned offshore LNG project

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Houston’s Fairwood Peninsula Energy Corp. said Wednesday the pipeline company had purchased the small stake and agreed to assist in the development of its Delfin LNG project.
(Eddie Seal/Bloomberg)

Freeport-McMoRan’s offshore drilling firm going public

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Houston-based Freeport-McMoRan Oil & Gas Inc. could be the first U.S. oil producer to launch an initial public offering this year, a sign that investors are figuring out what values to put on private oil and gas companies amid relatively steady $60 crude.
Deepwater Horizon

BP’s Gulf spill toll could run up to $68.2 billion

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The cost estimate means the remaining legal aftermath of the Deepwater Horizon oil spill, which includes impending environmental fines and settlement payments, could run up another $16 billion to $24 billion as the tangle of litigation around the spill unfolds for the next few years.
In this Thursday April 2, 2015, handout photo provided by Petroleos Mexicanos (Pemex), emergency boats works to put out a fire at the Abkatun-A Permanente shallow-water oil platform in the Campeche Sound. Three workers are missing following the huge blaze on the platform in the Gulf of Mexico that killed four workers and burned for hours, Mexico's state oil company said Thursday. (AP Photo/Pemex)

Fire, oil leak reported at Pemex offshore oil rig

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The accident at the Akal-H platform is Pemex’s third since April 1, when seven people died in a fire at the Abkatun A- Permanente platform. Two other workers died last month when a jack-up rig operated by Typhoon Offshore SAPI de CV collapsed in the Campeche Bay.

Energy XXI sells Gulf pipeline system for $245 million in cash

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Energy XXI will sell a subsea pipeline system in the shallow waters of the Gulf of Mexico for $245 million as part of a broader campaign to shed assets and increase cash.
Chevron's massive deep water offshore platform heads to the Gulf of Mexico. The project was slated to start production this year, but that's been delayed after several subsea installation tendons sustained damage. (Chevron)

Big Oil is paying attention to Chevron’s Big Foot troubles

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The equipment failure plaguing Chevron’s massive Big Foot project was an unusual fate for a system that’s been commonly used for years to tether massive oil and gas production platforms to the seafloor.
A group of idle rigs is seen behind James Noe, Senior Vice President, General Counsel and Chief Compliance Officer for Hercules Offshore while aboard the Hercules 251 a shallow water drilling rig owned by on Wednesday, Aug. 11, 2010, near Port Fourchon, La. (Smiley N. Pool /Chronicle)

Hercules Offshore to file for bankruptcy

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Shallow-water driller Hercules Offshore is planning to hand ownership of the company to its creditors in a financial restructuring deal that will require it to seek Chapter 11 bankruptcy protection by early July.