(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...]
Greenpeace Finds North Sea Gas Leak Caused By Offshore Blow-out
Activists on board the Greenpeace ship Esperanza have discovered a large methane leak located in the British exclusive economic zone in the North Sea. Using a Remotely Operated Underwater Vehicle, they were able to film two of the gas-emitting craters at about 100m water depth on the seafloor, which are between 50 and 15 meters in diameter and up to 20 and 9 meters deep, … [Read more...]
Total Sends Oil Rig to South Africa for Rare Frontier Drilling
By Paul Burkhardt (Bloomberg) --Total SA has deployed a rig to South Africa to look for more oil near a massive discovery, in a rare example of exploration in a frontier area. The Odfjell Deepsea Stavanger has left Bergen in Norway for the southern tip of Africa, Africa Energy Corp., Total’s partner in the project, said Thursday. While drilling work has dropped off … [Read more...]
Offshore Drillers Face New Round of Bankruptcies
By Liz Hampton and Nerijus Adomaitis DENVER/OSLO, June 24 (Reuters) - The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers … [Read more...]
VIDEO: How Offshore Oil Rigs Work
https://youtu.be/ABIkWS_YavM Without a doubt, the highest quality, most interesting, maritime and offshore videos of today are produced by Wendover Productions. Seriously, Go subscribe to their channel now and hit that notification button! … [Read more...]