Archive for the ‘Production Operations’ Category
An affiliate of ExxonMobil Corp. let contracts for the next phase of the Liza project offshore Guyana to SBM Offshore, which will construct, install, lease, and operate for up to 2 years the Liza Unity floating production, storage, and offloading vessel.
In its latest monthly Short-Term Energy Outlook, the US Energy Information Administration forecasts Brent spot prices will average $70/bbl in 2019 and $67/bbl in 2020, both about $5/bbl higher than in last month’s STEO. This compares with an average of…
Light, sweet crude oil fell to settle below $62/bbl on the New York market May 7 while Brent crude oil fell by more than $1 to settle below $70/bbl in London after US officials suggested China was reneging on its commitment to a US-China trade agreement.
Future advances in technology will help offshore oil and gas development compete with US shale plays, said one of two oil-company keynote speakers May 6 at the Offshore Technology Conference in Houston.
BP PLC has let an integrated engineering, procurement, construction, and installation contract to TechnipFMC for the Thunder Horse South expansion Phase 2 project in the deepwater Gulf of Mexico. The contract, valued by TechnipFMC at $75-250 million, i…
BP PLC has sanctioned development of Phase 2 of the Thunder Horse South expansion project in the deepwater Gulf of Mexico. The project—which at peak is expected to add 50,000 boe/d gross of production from the existing Thunder Horse platform—is due for…
Light, sweet crude oil for June delivery gained 13¢ to settle at $61.94/bbl on the New York market May 3 while the July contract added 14¢ to settle at $62.04/bbl. Despite the slight rise for the trading session, US oil futures prices fell for the we…
ExxonMobil Corp. has financed the Liza Phase 2 development offshore Guyana after receiving government and regulatory approvals. Liza Phase 2 will produce as much as 220,000 b/d, and ExxonMobil forecasts the Stabroek block will produce more than 750,000…
Light, sweet crude oil for June delivery dropped by nearly $1.80 to $61.81/bbl on the New York market May 2 while the Brent contract for July dropped by more than $1.40 to settle at $70.75/bbl in London. Crude on the New York market fell to the lowest …
The US Bureau of Safety and Environmental Enforcement issued revised offshore blowout preventer (BOP) and well control regulations on May 2. The changes remove unnecessary regulatory burdens while maintaining safety and environmental protections, US De…