This past weekend, Shell's Olympus tension leg platform (TLP) left Kiewit shipyard in Ingleside, Texas, and is now making its way to its future home in the Gulf of Mexico, 209 kilometres (130 miles) south of New Orleans. Olympus is Shell’s sixth and largest TLP in the Gulf of Mexico. The Olympus TLP will be installed at the Mars Field in approximately 914 meters … [Read more...]
Tanker Glut Worsening as OPEC Makes Huge Cut in Oil Production
(Bloomberg) -- OPEC’s deepest output cut since the global recession in 2008 is creating the biggest surplus of oil tankers in the Persian Gulf in at least three years and lowering earnings for Frontline Ltd. and other ship owners. The Organization of Petroleum Exporting Countries reduced daily supply by almost 1 million barrels in the four months through December, … [Read more...]
Oil Reserves Build as US East Coast Refineries Halt Production
(Bloomberg) -- Oil fell for a second day in New York and headed for the biggest monthly decline since May after refiners reduced operations on the U.S. East Coast because of Hurricane Sandy. Futures slid as much as 0.5 percent after dropping 0.9 percent yesterday. Phillips 66, Hess Corp., NuStar Energy LP and PBF Energy Inc. shut or lowered output prior to Sandy making … [Read more...]
Drilling in the Gulf of Mexico is Rebounding, Operators Put the Hammer Down
HOUSTON--The U.S. Gulf of Mexico is on track to surpass by 2019 the peak production levels last seen before the 2010 Deepwater Horizon disaster, analysts at energy consulting firm Wood Mackenzie said Wednesday. With operators working full time to expand oil and gas production, Wood Mackenzie expects commercial deepwater production in the gulf will reach 2 million barrels of … [Read more...]
Maersk Oil CEO: “We Have to Get More Out of Our Existing Assets”
Maersk Oil, the oil and gas-producing arm of Danish industrial conglomerate A.P. Moller-Maersk A/S (MAERSK-B.KO), is well on track to surpass its daily output target of 400,000 barrels of oil equivalent a day in coming years, its chief executive said Thursday. Existing projects under way will bring it up to the targeted figure from the current daily output of around 265,000 … [Read more...]