Energy & OilEnergy & Oil
This week Houston based Noble Energy, one of the several oil companies operating in the Falkland Islands made the official opening of the temporary dock facility (TDF) in Stanley, an essential piece for the logistics of the industry which is scheduled to begin another round of exploratory drilling in the first quarter of next year.
As November draws to a close, there are two major events that could profoundly change the oil markets. With the clock ticking, the 5 permanent members of the UN Security Council plus Germany (P5 plus 1) are negotiating down to the wire with Iran over its nuclear program.
Two new studies released by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) show significant potential added energy and economic benefits to the United States if the Eastern Gulf of Mexico and the Pacific outer continental shelf (OCS) were opened to offshore oil and natural gas development.
Chevron Corporation announced on Tuesday that the Hess Corporation-operated Tubular Bells deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. The field is located 217 km southeast of New Orleans, in approximately 1,310 m of water in the Mississippi Canyon area.
Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades.
Something stinks in Petrobras: former director and leading contractors CEOs arrested on bribery charges
Brazilian police arrested a former Petrobras executive on Friday, sending the state-run oil company's shares and bonds down after a widening corruption scandal forced it to delay the release of its financial results.
The Falkland Islands Government said on Thursday it took notice of the announcement by Premier Oil of their revised proposal for commercial oil production in the Falkland Islands, which “it is considered represents a realistic solution to progress development in the current international oil price environment”.
With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30% since summer highs, raising fears among producers across the globe.
West Texas Intermediate, WTI crude closed at a three-year low on Wednesday with prices under pressure from the growing oil glut created by the U.S. shale boom and the restart of Libya's largest operational oilfield.
Transocean Ltd, the owner of the world's largest offshore drilling fleet, said it was likely to retire additional rigs as the company continued to face pressure due to slowdown in an oversupplied rig market.