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Despite the dry hole and its previously announced plans to sell off stakes in fields in the Gulf of Mexico to focus more on shale plays, Marathon isn’t completely sailing away from the region.
The crude bust has claimed another 245 jobs in the Houston area as two companies announce plans to curtail operations amid waning demand for offshore drilling and oil and gas equipment.
BP is seeking to drill in the Great Australian Bight, a remote region the company has described as “pretty much the last big unexplored basin in the whole world.”
Atwood’s new contract for the rig is 60 percent smaller than a previous three-year contract with Noble.
The Houston oil producer said Monday it is holding onto minority stakes in two Gulf projects.
The world’s largest offshore operator is also cutting back its workforce and consolidating most of its support functions in Houston.
The company has slashed costs to cope with the diminishing demand for offshore services, primarily saving money by operating a smaller fleet.
Offshores drillers such as Transocean Ltd., Seadrill Ltd. and Fred Olsen Energy ASA have been caught in a double whammy of falling demand for their services and a glut of new rigs coming into the market.
The company says it’s walking away from oil exploration in U.S. Arctic waters for the “foreseeable future,” but it’s keeping its options open.
The worker on the Pacific Santa Ana was killed as the drillship prepared to bore a well for Chevron, BP and ConocoPhillips.