Pioneering Spirit Sets New Offshore Lifting Record at Johan Sverdrup

A new offshore lifting world record has been set with the installation of the final topsides in first phase of the Johan Sverdrup field development project in the North Sea. The final two platform topsides were installed using none other than the heavy lift vessel Pioneering Spirit, which installed the topsides utilizing the vessel’s unique single-lift … [Read more...]

Trump Has a Plan to Preserve Benefits for Oil Drillers in Future

By Jennifer A. Dlouhy (Bloomberg) -- A top Interior Department official told oil industry leaders the Trump administration is seeking to sign contracts leasing new coastal waters for oil drilling under favorable terms that will be difficult for future presidents to revoke or rewrite. Joe Balash, the assistant secretary for land and minerals management, outlined that approach … [Read more...]

Low Prices Spark Interest in Latest U.S. Gulf Lease Sale

By Nichola Groom March 20 (Reuters) - The Trump administration's fourth major auction for oil and gas leases in the U.S. Gulf of Mexico received $244 million in high bids on Wednesday, reflecting an uptick in interest from drillers attracted to the region's low prices. Of the 78.5 million acres (31.77 million hectares) offered, companies submitted bids on 1.26 million acres, … [Read more...]

Norway Fund to Sell Stakes in Oil Exploration and Production Firms, But Its Keeping Integrated Energy Stocks

By Gwladys Fouche and Terje Solsvik OSLO, March 8 (Reuters) - Norway's trillion-dollar sovereign wealth fund, the world's biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan. The proposal announced on Friday said the fund's stakes in … [Read more...]

Trump Administration’s Five-Year Offshore Drilling Plan Expected ‘In Coming Weeks’

By Valerie Volcovici WASHINGTON, March 6 (Reuters) - The Trump administration's revised five-year program to expand offshore drilling in most federal waters will be released "in the coming weeks," an Interior Department official said on Wednesday, after months of opposition from coastal state lawmakers opposed to exposing their shorelines to oil and gas exploration. Walter … [Read more...]