OSLO, April 20 (Reuters) - Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry. After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some … [Read more...]
U.S. Interior Secretary Sees “Little” Demand for New Offshore Drilling
PRINCETON, NJ, April 6 (Reuters) - U.S. Interior Secretary Ryan Zinke said on Friday that he sees little demand from oil and gas companies for new offshore drilling leases, which could pose problems for his plan to ramp up output from federal waters. The comments come just three months after Zinke had proposed opening nearly all U.S. ocean coastlines to drilling, in a bid to … [Read more...]
Offshore Oil Recovery Beginning in World’s Harshest Environments
By David Wethe (Bloomberg) -- Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year, Jeremy Thigpen, Transocean’s Chief Executive officer told … [Read more...]
Cyprus to Pursue Exploratory Drilling in Mediterranean Amid Standoff with Turkey
ATHENS, Feb 21 (Reuters) - Cyprus said on Wednesday it would press ahead with oil and gas exploration, signalling resolve in a standoff with Turkey over access to potential energy riches after Ankara extended military exercises in the eastern Mediterranean to early March. Cyprus has accused Turkey of obstructing a drill ship exploring for natural gas off the ethnically-split … [Read more...]
Maersk Energy Boss Sees Uptick in Offshore Oil Drilling But Profit Still Squeezed
By Stine Jacobsen COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said. Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices, lifted by their cost-cutting … [Read more...]