By Ernest Scheyder (Reuters) Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era … [Read more...]
Riskiest Oil Projects Crushed by Price Collapse
By Joe Carroll (Bloomberg) -- Dangerous and difficult oilfields that looked like goldmines when crude fetched more than $100 a barrel have turned into money pits as oil crashes to multi-year lows. Collapsing oil prices not only shrink profits for producers and imperil dividend payouts prized by investors, they can cripple a company’s future growth by starving it of cash … [Read more...]
Maersk Resolute Extended by Hess
Maersk Drilling reports today its jack-up rig Maersk Resolute will continue to be employed by Hess until April 2016 after four one-well contract options were exercised. The estimated value of the extension is approximately USD $75 million. The rig is currently operating for Hess in the Danish sector of the North Sea at South Arne. Maersk Resolute is the second in a … [Read more...]
Hess and Partners Reach FID for Stampede Development
Hess, along with their joint venture partners Union Oil (Chevron), Statoil and Nexen, all of which have a 25 percent working interest, have reached a final investment decision to proceed with the development of the Stampede Development in the Green Canyon sector of the U.S. Gulf of Mexico. The total project cost is expected to be approximately $6 billion and will be operated by … [Read more...]
MODEC Gets the Green Light for Stampede TLP
Tokyo-based MODEC International has announced the execution of a contract with Hess Corporation to provide Engineering and Management Services for the Stampede tension leg platform (TLP), a production facility which is "targeted for sanction in 2014" according to a statement on Hess' website. These services include project management, engineering, procurement management, and … [Read more...]
Technip Wins Hess SURF Contract for Tubular Bells
Technip was awarded a lump sum contract by Hess Corporation for the development of the Tubular Bells field, located in the Mississippi Canyon area of the Gulf of Mexico at a water depth of approximately 4,500 feet (1,370 meters). Tubular Bells' JV partners include BP (30%) and Chevron (30%). The contract covers the design, engineering, fabrication and subsea installation of … [Read more...]
Hess Plans Development Of Tubular Bells GOM Project
Hess Corp. (NYSE:HES) is planning to proceed with the $2.3 billion development of a deepwater oil and gas project in the U.S. Gulf of Mexico, using a configuration of equipment that will be a first of its kind constructed entirely in the U.S. The project is planned for the Tubular Bells discovery made in 2003 about 135 miles southeast of New Orleans. The field lies in water … [Read more...]