By Erwin Seba HOUSTON, Aug 24 (Reuters) - Energy companies are moving to cut production at U.S. Gulf Coast oil refineries after shutting half the area's offshore crude oil output ahead of back-to-back storms aiming for the coast this week. Tropical Storms Marco and Laura, a rare double-team approach to the U.S. Gulf Coast, threaten days of heavy rains and strong winds this … [Read more...]
Drillship Fatih Makes Huge Black Sea Discovery
By Selcan Hacaoglu (Bloomberg) President Recep Tayyip Erdogan said Turkey has found 320 billion cubic meters of natural gas in the biggest ever discovery in the Black Sea, and hopes to begin production by 2023. The lira and benchmark share index both gave up gains, though, possibly reflecting disappointment among investors over the size of the deposit. ”We have conducted … [Read more...]
Offshore Drilling Is ‘Structurally Damaged’ And Help Is Not Coming
(Bloomberg) - President Donald Trump helped to clinch an unprecedented deal among the world’s largest crude producers, but the pact hasn’t stopped America’s oil industry from bleeding. “Offshore drilling is structurally damaged, and recovery is not imminent,” Bernstein analyst Nicholas Green wrote Wednesday in a note to investors. “New contract tenders are few, highly … [Read more...]
Offshore Crisis: Recent Failures Have Created A Massive $30 Billion Financial Risk
By David Wethe and Allison McNeely (Bloomberg) Offshore oil servicers are going bust at the fastest pace in three years as explorers spurn high-cost drilling to deal with a worldwide slump in commodity prices. The debacle, triggered by the pandemic-driven drop in oil prices, has already claimed some of the biggest companies that supply rigs, transportation and other support … [Read more...]
Turkey Discovers Energy In Black Sea
By Cagan Koc and Selcan Hacaoglu (Bloomberg) Turkey has made an energy discovery in the Black Sea, most likely natural gas, two people with direct knowledge of the matter said Wednesday. The two officials spoke after President Recep Tayyip Erdogan promised to deliver Turks some “good news” on Friday that would usher in a new era for the nation. He has also vowed to pursue … [Read more...]