Gulf of Mexico’s 14-Year Oil Leak Finally Contained

A team of contractors has finally contained an oil spill in the Gulf of Mexico that has been spewing from the site of a damaged platform for more than 14 years. The U.S. Coast Guard confirmed Thursday that teams successfully deployed a subsea system that is able to contain and collect oil being discharged from the site of a toppled platform approximately 11 miles south of … [Read more...]

Deep-Water Oil Explorers Push Ahead in Mexico

By Amy Stillman (Bloomberg) -- International oil companies including Malaysia’s Petronas, U.S. independent Murphy Oil Corp. and Spain’s Repsol SA are pushing ahead with plans to develop Mexico’s deep-water fields, as they face criticism from the government that they aren’t moving fast enough. “We’re not out there just sitting on acreage and waiting,’’ said Adam Seitchik, … [Read more...]

Low Prices Spark Interest in Latest U.S. Gulf Lease Sale

By Nichola Groom March 20 (Reuters) - The Trump administration's fourth major auction for oil and gas leases in the U.S. Gulf of Mexico received $244 million in high bids on Wednesday, reflecting an uptick in interest from drillers attracted to the region's low prices. Of the 78.5 million acres (31.77 million hectares) offered, companies submitted bids on 1.26 million acres, … [Read more...]

U.S. Coast Guard to Tackle 14-Year-Old Oil Leak in the Gulf of Mexico

The U.S. Coast Guard has partially assumed federal control over the operation to contain an oil dishcarge from the site of MC20 platform in the U.S. Gulf of Mexico that has likely been leaking since the platform toppled back in 2004. The platform, owned by Taylor Energy, LLC, was located in Mississippi Canyon Block 20, approximately 11 miles south of the mouth of the … [Read more...]

Oil Majors Offload Gulf of Mexico Fields to Hunt Bigger Finds

By Kevin Crowley and David Wethe (Bloomberg) -- Big Oil is giving up looking for singles and doubles in the Gulf of Mexico: Now it’s home runs or bust. Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest oil companies, have put a slew of assets in the Gulf up for sale in recent weeks, while Brazil’s state-run Petrobras this week sold the bulk of its … [Read more...]