Shell has spent about $7 billion on exploration in the waters off Alaska so far and said it could take a hit of up to $4.1 billion for pulling out of the Chukchi Sea for the "foreseeable future".
The major Gulf of Mexico player plans to reduce its capital spending in 2016 by 78% to between $130 million and $150 million, while maintaining production levels.
Oil and gas companies continue looking for cost cuts as $50 oil makes pre-sanctioned projects uneconomic, an energy consultancy says.
With a cookie-cutter model comes marginal price economics, says Thrust Energy CEO Manatt.
Commodity price uncertainty aside, issues raised after Mexico’s Round 1 Phase 1 can be addressed to move the country toward its goal of growing production and strengthening its economy.
The emerging Paleogene play in the US Gulf of Mexico continues to offer increasing encouragement for major deepwater discoveries, with Chevron confirming a significant find.
Shell's CEO Ben van Beurden says, "there is a lot more to do" in its North American deepwater sectors.
Energy Information Administration estimates Mexico has more than 60 billion barrels of shale resources. This would provide more than 35 years of Mexican oil supply at current U.S. production levels.
The multibeam data will be acquired by Fugro using vessels equipped with the latest generation of multibeam sonar equipment, TGS said in a news release.
The auction’s next phase consists of five shallow-water production-sharing contracts that cover blocks containing proven reserves and are set to be awarded on Sept. 30.
Of the 14 blocks up for bid, eight received no bids and four had bids thrown out because they did not meet the government’s minimum requirements.
The July 15 auctions are the first opportunity for private companies to explore for oil and gas in Mexico since the nationalization of the country’s crude industry on March 18, 1938.
Output has dropped by nearly a third since peak production of 3.4MMbbl/d in 2004. Lower oil output this year has weighed on growth in Latin America's second-largest economy, Reuters said.
Shale producers can save 30% of the drilling cost with walking rigs, which can move from one wellbore to another--10 meters in less than an hour, Reuters said.
Total oil and gas output averaged 564,000 barrels oil equivalent per day, down 4% from a year earlier, Apache said.
Mexico’s energy ministry came up with a figure of lost offshore oil output almost 3x higher than Pemex’s, Bloomberg said. An April 1 blast affected the Abkatun fixed platform.
The top 10 frack sand suppliers claim 55% of total business, while more than 40 companies make up the remaining percentage.
The agreement, valued at up to $28 million, encompasses deepwater and complex shallow-water concepts and basic engineering, and owner engineer services.
Requirement that consortia bidding on blocks must have one member as guarantor and $6 billion in shareholder equity to protect Mexico’s interest if major accident occurs will ease, Reuters said.
Carin Knickel served as vice president, human resources, for ConocoPhillips Inc. from 2003 until her retirement in 2012.
The rise in the rig count this week was the biggest increase since April 2014. It was, however, only the third addition over the past 33 weeks, bringing the total rig count up to 659, the highest since late May.
Snyder, Texas-based Patterson-UTI said its margins were improving and its U.S. rig count was stabilizing, while Calgary-based Precision Drilling said it expected its market share to improve due to demand for high-tech rigs.