Expands Caesar Tonga interest By Richard Rostad, analyst, Oil & Gas 360 Equinor (ticker: EQNR), formerly Statoil, announced several moves this week, expanding its offshore activities in both the GOM and North Sea. On Monday Equinor announced it has exercised its option to expand its interest in the Caesar Tonga oil field, a major oil play located in offshore Louisiana.
Targets range from small privates to supermajor-owned assets By Richard Rostad, analyst, Oil & Gas 360 Talos Energy (ticker: TALO) announced fourth quarter results and reserves today, showing $306.3 million in net income, or $5.66 per share. While most of this result is due to the company’s derivatives, even if these and other special charges are excluded Talos earned an
Shell is projecting estimated peak production of 40 MBOEPD from Kaikias Shell Offshore, Inc. (ticker: RDS.A) started production early at the first phase of the Kaikias project, a subsea development in the U.S. Gulf of Mexico with estimated peak production of 40,000 BOEPD. Shell has reduced costs by around 30% at this deep-water project since taking the investment decision in
Houston-based Gulf of Mexico producer Talos Energy Inc. (ticker: TALO) outlined the company’s strategy today in a new update. The company projects 2018 pro forma production sales volumes of 18 – 19.5 MMBOE, or an average daily production 49 – 53 MBOEPD. Capital expenditures are expected to be $430 – $450 million, funded by cash on hand and cash flows
Energy XXI Gulf Coast, Inc. (ticker: EXXI) has approved a 2018 capital expenditure budget in the range of $145-$175 million, which includes funding of EGC’s most active drilling program since 2014, as well as recompletions, facilities improvements, plugging and abandonment (P&A) expenditures and other capital investments. CEO and President Douglas E. Brooks said, “We have contracted a rig that is
Hess Corporation (ticker: HES) reported a net loss of $2.677 billion, ($8.57) per share, in the fourth quarter of 2017. For reference, the company had a net loss of $4.892 billion in the fourth quarter of 2016. Fourth quarter 2017 results reflect net after-tax charges totaling $2.373 billion, including a non-cash accounting charge of $1.7 billion, the company said. This
Anadarko Petroleum (ticker: APC) announced several high-level changes at the corporate management level this week, consolidating some management responsibility areas and shrinking its senior leadership team. Investing focus is on U.S. onshore and tiebacks in the GOM: executive management team needed to contract accordingly – Walker Anadarko Chairman and CEO Al Walker offered some detail as explanation of the management
In a step towards fulfilling the Five-Year National Outer Continental Shelf (OCS) Oil and Gas Leasing Program, U.S. Secretary of the Interior Ryan Zinke made known on July 13th the availability of 75.9 million acres in the Gulf of Mexico for lease for the purpose of oil and gas exploration. The acreage lies off the coast of Texas, Louisiana, Mississippi,
BHP Billiton wins Trion farmout Mexico’s deepwater Gulf of Mexico oil and gas auction, Round 1.4, resulted in eight of the 10 deepwater blocks in the Gulf being awarded to bidders outside of Mexico—a first for a country that has been determined to successfully draw outside companies to help overhaul its energy sector. Mexico’s National Hydrocarbon’s Commission (CNH) said that
Notices from BOEM to Gulf of Mexico operators will hit mail boxes starting in November: an Oil & Gas 360® Exclusive Interview with BOEM GOM Regional Director Michael Celata – Part 3 of a Series New, much more stringent financial demands for decommissioning liability are about to hit the offshore oil and gas operators and leaseholders hard. Oil and gas
New supplemental collateral requirements could severely damage independent Gulf of Mexico drillers, producers – Part 2 On Sept. 12, 2016, the federal government initiated big changes to its bonding requirements for the financial liability for decommissioning oil and gas assets on the U.S. outer continental shelf (OCS). The new requirements are game-changing, according to some experts who predict that the
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