By Justin Sink, Josh Wingrove and Jennifer A. Dlouhy (Bloomberg) -- President Barack Obama and Canadian Prime Minister Justin Trudeau announced steps to limit methane emissions from existing oil and natural gas wells, a move intended to underscore their commitment to combat climate change. Canada and the U.S. are agreeing to reduce methane emissions from oil and gas by as … [Read more...]
Oil Bust of 1986 Reminds U.S. Drillers of Price War Risk
By Asjylyn Loder Nov. 26 (Bloomberg) -- The last time that U.S. oil drillers got caught up in a price war orchestrated by Saudi Arabia, it ended badly for the Americans. In 1986, the Saudis opened the spigot and sparked a four- month, 67 percent plunge that left oil just above $10 a barrel. The U.S. industry collapsed, triggering almost a quarter-century of production … [Read more...]
China’s Deepwater Drilling Rig Finds Oil Off Vietnam
By John Ruwitch and Nguyen Phuong Linh SHANGHAI/HANOI, July 16 (Reuters) - A Chinese oil rig has finished drilling near the disputed Paracel islands in the South China Sea after finding signs of oil and gas and is being moved away from the area, more than two months after its deployment damaged relations with Hanoi. The Vietnamese coastguard said the $1-billion rig had … [Read more...]
Hat Trick for Transocean Arctic Offshore Norway, More Drilling Planned
Transocean Arctic, a harsh environment semi-submersible on contract to VNG Norge AS via Rig Management Norway has discovered more oil while drilling on the Norwegian continental shelf about 33 kilometers south-west of the Njord field and its associated production facilities. VNG Norge AS, operator of the PL 586 license, along with their partners Rocksource ASA, Spike … [Read more...]
Deepwater Nautilus Drops Traveling Block [INCIDENT PHOTOS]
On June 9 2014, technicians on board the semi-submersible drilling rig Deepwater Nautilus were troubleshooting an alarm that was preventing the top drive from breaking its connection from the top of the drillstring. The rig was pulling out of the hole and the traveling block was at the top position in the draw works. A miscommunication between the technicians and the … [Read more...]