By Michael Carr - Each of American Salvor’s four 6,000 lb. anchors were attached to its own huge winch by hundreds of feet of 1.5-inch diameter wire cable. Each drum was powered by a large noisy diesel engine equipped with pneumatic controls. Paying out anchor wire and pulling wire in was noisy and dangerous. With all four winches running the decibels were … [Read more...]
Nigeria Heads to Deep Water in Search of Future for Oil Producers
By Elisha Bala-Gbogbo (Bloomberg) -- When it comes to the future of its oil industry, Nigeria is looking miles out to sea. By early next year, the largest offshore production vessel ever delivered to Nigeria will start pumping crude from a deposit deep beneath the seabed, boosting the West African country’s oil output by about 10 percent. The project, viewed as the … [Read more...]
Brazil’s New President Set for Offshore Oil Windfall
By Sabrina Valle (Bloomberg) -- Brazil’s President-elect Jair Bolsonaro is staring at an oil windfall. After a decade of stagnant production, Brazil’s offshore mega-projects are about to deliver a double whammy with exports set to surge and Brent prices comfortably above $70 a barrel. This means more revenue for a country beset with fiscal deficits, and more activity in a … [Read more...]
U.S. Approves First Oil Production Facility from Manmade Island Offshore Alaska
By Jennifer A. Dlouhy (Bloomberg) -- The Trump administration has authorized Hilcorp Energy Co.’s plan to build an artificial gravel island in the Beaufort Sea north of Alaska and use it to extract crude -- marking the first approval of an oil production facility in federal Arctic waters. The Interior Department’s conditional approval -- subject to seasonal restrictions and … [Read more...]
Exxon Makes Major Bet on Brazil as Petrobras Eases Its Grip
By Sabrina Valle and Kevin Crowley (Bloomberg) -- In a single year, Exxon Mobil Corp. has gone from being a tiny bit player in Brazil to the second-largest holder of oil exploration acreage, trailing only state-controlled Petroleo Brasileiro SA. The last 24 concessions the U.S. giant bought with its partners may hold 41 billion barrels, based on preliminary … [Read more...]