Oil Price Refineries that had to dial down operations ahead of Hurricane Francine’s landfall are starting to reopen, with significant damages unlikely, according to a Reuters report. Exxon, which had cut operation rates at its Baton Rouge refinery to just a fifth of capacity, had now brought the refinery back online. “Our Baton Rouge area facilities are operating as normal. We
World Oil (WO) – The American Petroleum Institute is raising concerns over the recent decision by the U.S. District Court for the District of Maryland to vacate the National Marine Fisheries Services’ (NMFS) Biological Opinion in the Gulf of Mexico. In a letter from President and CEO Mike Sommers to Secretary of Commerce Gina Raimondo, Sommers highlighted how the lack
World Oil (Bloomberg) – A fight over Gulf of Mexico oil production is looming in Washington as U.S. regulators race to redo guidance on how to protect endangered species ahead of a deadline that could ultimately threaten about 15% of the nation’s crude output. The standoff stems from a scientific assessment that underpins oil and gas operations in the Gulf.
Oil and Gas 360 HOUSTON, Sept. 5, 2024 /PRNewswire/ — Talos Energy Inc. (“Talos”) (NYSE: TALO) today announced that its Ewing Bank 953 well (“EW 953 well”) successfully discovered commercial quantities of oil and natural gas. Separately, Talos entered into an agreement to participate in the Sebastian prospect, currently drilling in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.
World Oil (Bloomberg) — Petroleos Mexicanos has reached a deal with an oilfield-services provider to drill in the Gulf of Mexico as the heavily indebted state energy company turns to the private sector to boost crude production. Pemex reached an agreement with Mexico-based CME Oil and Gas to revive the Bacab and Lum fields, mature deposits that are part of
World Oil (Bloomberg) – Occidental Petroleum Corp. raised its production and capital spending plans for this year after closing its $10.8 billion acquisition of CrownRock LP earlier this month. The deal will increase Occidental’s production 5% to about 1.32 MMboed in 2024, with the extra coming from the Permian basin, the Houston-based company said in a statement Wednesday. Capital spending
Oil Price BP (NYSE: BP) raised its dividend by 10% and extended its buyback program as it booked better-than-expected earnings for the second quarter of the year. The UK-based supermajor reported on Tuesday $2.8 billion in underlying replacement cost profit – the metric closest to net profit – for April to June, up from $2.7 billion for the previous quarter. The earnings
World Oil (Bloomberg) – A company controlled by Mexico’s richest person, Carlos Slim, is investing $1.2 billion to develop a vast field in the Gulf of Mexico that is expected to produce gas around 2026, a potential model for how Mexico’s state oil company will work with private enterprise. Slim’s Grupo Carso SAB agreed to a deal with Mexico’s state-run
Oil Price Shell announced on Wednesday that it had safely paused some drilling operations in the Gulf of Mexico as Hurricane Beryl was preparing to deliver a massive blow to Jamaica, Reuters reported, noting that so far no impact on GOM production had been noted. On Wednesday, Shell said it had begun evacuating non-essential crew at its Perdido asset in
Oil Price The Winterfell development in the U.S. Gulf of Mexico has started up oil production, one of the partners in the oilfield, Kosmos Energy, said on Wednesday. Winterfell, located in the Green Canyon area in the Gulf of Mexico, was discovered in 2021 at a water depth of approximately 5,400 feet (about 1,600 meters). The field has been developed via a
World Oil (WO) – Texas, Louisiana, and Mississippi have sued the U.S. government to block a proposed rule by the Biden administration that would require offshore oil and gas companies to provide nearly $7 billion in financial assurances for decommissioning old infrastructure. The decommissioning rule, targeting smaller companies lacking investment-grade ratings or sufficient proven reserves, supposedly “protects” taxpayers from covering
Yahoo Finance HOUSTON – As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia. In April, Enterprise Products Partners’ SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could
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