Offshore Drillers Eye Market Recovery by 2020

By John Benny Oct 15 (Reuters) - Battered oil and gas drilling companies are finally seeing piecemeal signs that the prices they charge for offshore rigs are bottoming out with Brent crude selling for more than $80 a barrel and some are forecasting a full turn in the market by 2020. At the depths of a global slide that took oil below $27 a barrel in early 2016, daily rates … [Read more...]

Equinor Acquires a 40% Stake in Undeveloped Rosebank Project in UK Waters

Norwegian energy giant Equinor has signed an agreement to acquire Chevron’s 40% operated interest in the Rosebank project, one of the largest undeveloped fields on the UK Continental Shelf (UKCS). The Rosebank field was discovered in 2004 and is located about 130 km northwest of the Shetland Islands in water depths of approximately 1,110m. The other partners in the field are … [Read more...]

Mexico Oil Auction Winners Stay Positive as Industry Slows Down

By Amy Stillman (Bloomberg) -- Mexico’s oil auction winners BHP Billiton Ltd and DEA Deutsche Erdoel AG are hopeful that the slowdown in bid rounds is a feature of the country’s political transition and won’t be permanent. "We have expectations that things will pick up again and continue,” said DEA Deutsche chief executive officer Maria Moraeus Hanssen. The company expects … [Read more...]

U.S. Interior Department Relaxes Offshore Drilling Safety Rules

WASHINGTON, Sept 27 (Reuters) - The Trump administration on Thursday eased safety rules on offshore oil and gas production put in place after the deadly 2010 BP Plc Deepwater Horizon disaster, as part of its effort to slash regulations and boost the energy industry. The Interior Department revised the 2016 oil and gas production safety systems rule, part of a series of … [Read more...]

Deepwater Oil Rigs on Brink of Recovery After Years in Doldrums

By David Wethe (Bloomberg) -- Deep-sea oil drillers are once again riding the wave of investor enthusiasm that next year will be better for profits. But this time there seems to be a bigger chance it will actually happen, according to analysts at Credit Suisse Group AG and Morgan Stanley. Some of the world’s biggest owners of rigs that drill oil wells in more … [Read more...]