NEW YORK (Dow Jones)–Offshore explorer ATP Oil & Gas Corp. (ATPG) has resumed drilling at its Telemark field in the Gulf of Mexico, one of the first deepwater projects to get back on track since this activity was halted by U.S. regulators in response to BP PLC’S (BP, BP.LN) oil spill.
In an interview with Dow Jones Newswires on the sidelines of an energy conference here, Chief Financial Officer Al Reese Jr. and President Leland Tate said the well, which sits in about 4,000 feet of water, should begin producing this summer.
Houston-based ATP is one of two companies, along with Norway’s Statoil ASA (STO), to receive two deepwater Gulf of Mexico drilling permits since U.S. regulators resumed issuing them in late February.
In addition to the Telemark well, that field’s third, ATP received a permit to complete its Clipper well in the West Green Canyon.
Tate said ATP has also applied for a permit to drill a fourth Telemark well and expects to have regulators approval to begin that project within 60 days. Beyond that, ATP plans to apply for permits to drill three additional deepwater wells through 2012, Tate said.
ATP operates 18 deepwater wells, the fourth most after Royal Dutch Shell PLC (RDSA.L), BP and Anadarko Petroleum Corp. (APC). Tate said that the company has adapted to new regulatory requirements put in place in response to BP’s spill and learned how to navigate a more complex permitting process.
“The process is starting to be understood,” Tate said, though drilling permits won’t come from regulators as easily as they once did.
“It won’t get back to the pace it was at because it’s more difficult,” he said.
Shares of ATP recently traded 0.88% lower at $16.97.
The U.S. Department of the Interior has announced a final rule that modernizes regulations governing offshore wind projects in federal waters, which could help to boost the deployment of the...
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
(Bloomberg) — The Biden administration is taking steps to jump-start the fledgling offshore wind sector, outlining a five-year leasing plan that would include turbines in the far reaches of the...
April 24, 2024
Total Views: 653
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.