A sale of federal oil and natural gas leases for the Western Gulf of Mexico attracted $115,466,321 million in high bids, Secretary of the Interior Ken Salazar announced. To date this year, the department has offered 55 million acres of U.S. public land – onshore and offshore – for oil and gas development, generating more than $875m in revenues. “The responsible development of oil and gas resources on U.S. public lands is an integral part of President Obama’s comprehensive energy strategy for the nation,” Secretary Salazar said. “A domestic energy plan that balances the development of conventional and renewable energy resources – both onshore and offshore – is essential to reducing our country’s dependence on foreign oil, building a clean-energy economy, and addressing the challenges of climate change.” Western Gulf of Mexico Oil and Gas Lease Sale 210, held in New Orleans by Interior’s Minerals Management Service, received 189 bids on 162 federal Outer Continental Shelf tracts from 27 companies. The sum of all bids received totaled $145,186,365.00. The highest bid received on a tract was $28,133,843 for Keathley Canyon, Block 96 submitted by BP Exploration & Production Inc. The high bid for each block will go through a strict evaluation process to ensure the public receives fair market value before a lease is awarded.
BOEM Will Hold Public Hearing in New Orleans on Proposed Oil and Gas Leasing Program. The Bureau of Ocean Energy Management (BOEM) will hold a public hearing in New Orleans on Jan. 11, 2012, to provide an opportunity for the public to comment on the Draft Environmental Impact Statement (DEIS) for the Proposed Outer Continental Shelf (OCS) oil and gas lease sales offshore Texas, Louisiana, Mississippi and Alabama
The Department of the Interior's Minerals Management Service (MMS) published a final rule regarding the use of electronic funds transfer (EFT) by oil and natural gas companies bidding on Outer Continental Shelf federal leases. The final rule provides additional administrative flexibility to allow the agency to require EFT payment methods when appropriate. The rule will save time and money for the oil and natural gas industry and the Federal government.
The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) released a Final Supplemental Environmental Impact Statement (SEIS) for proposed oil and gas Lease Sale 218 in the Western Planning Area in the Gulf of Mexico. The SEIS updates the findings in several previously published environmental reviews covering the Gulf of Mexico. It also incorporates the latest available information pertaining to the Western Gulf of Mexico Planning Area following the Deepwater Horizon explosion
Obama Administration Announces Proposed Central Gulf of Mexico Oil and Gas Lease Sale; sale Will Make Nearly 38 million Acres Available as Part of the President’s Blueprint for a Secure Energy Future. The Obama administration has announced that the Department of the Interior’s Bureau of Ocean Energy Management (BOEM) will hold the consolidated Central Gulf of Mexico Lease Sale 216/222 in New Orleans on June 20, 2012
BOEM's 'Final Environmental Impact Statement (FEIS)' will aid decision-making on Gulf of Mexico oil & gas lease sales The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has completed the Final Environmental Impact Statement (FEIS), with environmental analysis that will support decision-making concerning oil and gas lease sales scheduled in the Gulf of Mexico over the next five years.
Husky Energy Inc. announced that it has signed petroleum contracts for two additional exploration leases in the South China Sea. Both are located in the Beibu Gulf, north of Hainan Island and within 80 kilometres of the Weizhou oil fields. The agreement includes exploration lease 23/15, which is 1,327 sq. kilometres, and exploration lease 23/20, which is 1,543-sq. kilometres. A single exploration well is required in each contract area in the first three years of the contract.
The Gulf of Mexico's offshore petroleum industry is far from recovering from hurricanes Katrina and Rita, and at least one-sixth of the region's normal daily oil production will still be offline at the start of next storm season, the AP reported. Katrina and Rita destroyed 115 of the Gulf's 4,000 production platforms and damaged another 52, according to a report released last week by the Minerals Management Service, which manages federal offshore leases
The Department of the Interior proposed leasing drilling rights in waters south of the Florida Panhandle in the Gulf of Mexico in a new five-year drilling plan that also would open waters off Virginia. The plan will cover the years 2007 to 2012. If given final approval next spring after a public comment period, the plan would be more restrictive than some drilling advocates want but not restrictive enough for some Florida lawmakers
The U.S. Minerals Management Service, which manages federal offshore leases, said a record number of drilling rig are working in ultra-deepwater in the Gulf of Mexico. Fifteen rigs are currently drilling for oil and natural gas in the ultra-deepwater of the Gulf at depths of 5,000 feet or greater. MMS officials say the record is the result of a decade-long trend of exploration companies looking to deeper regions of the Gulf.
A recent WSJ article and BIS permits raise questions and highlight the debate as to what constitutes processing, or refining, or manufacturing, which would make certain hydrocarbon streams to be eligible for export. Poten & Partners explore further in their latest 'Poten Tanker Opinion' as
FPSOs play a key role in deepwater oil and gas production. A 'DW Monday' analysis of FPSO projects found cost overruns of nearly 40% and average project delays exceeding one year for some. In response to this DW recently brought together 20 companies from across the FPSO supply chain in a round
The Obama administration on Friday approved a plan that would allow companies to assess oil resources off the Atlantic Coast, angering environmental groups that worried the plan will harm marine life and open the door to offshore drilling.
ICBC Financial Leasing Company Limited signed a leasing project with Schahin of two ultra-deepwater drilling rigs during China-Brazil Business Council-Annual Meeting 2014 on 17th July 2014. The contract values $1.08bn and eventually serves for Petrobras
Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over. Jules Melancon, the last remaining oyster fisherman on an island dotted with colourful
BP pays billions in compensation but some claims still unpaid; Oil still appearing on beaches in Gulf of Mexico. Company says claims process is flawed, not all oil from spill. Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana
China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money. Japan's Mitsui O.S.K. Lines Ltd paid about $29 million for the release of a ship seized by
1806 - Spring pole cable drilling developed in US. 1844 - Fluid circulating rotary well drilling patented in England. 1845 - Circulated fluid used to remove drill cuttings for first time. 1860 - Fluid circulation rotary diamond coring drill developed in France.
A planned change in the way Britain taxes North Sea drillers exposes the loophole in a system that allowed an industry with annual revenues of 2 billion pounds to pay almost no corporation tax for two decades, prompting accusations that the UK tax authority is falling down on the job.
Singapore-based First Ship Lease Trust (“FSL Trust”) informs in its Q1 2014 financial report that its loss for the quarter was reduced by nearly 30% to US$4.9 million from US$7.0 million posted the year before. The reduced loss was partly due to the impairment loss on financial
McDermott International, Inc. (NYSE: MDR) said that one of its subsidiaries has signed a lease agreement with the Mississippi Development Authority and the Mississippi State Port Authority for the exclusive right to operate a spoolbase and marine operations base in the Port of Gulfport
Marathon Petroleum Corp is poised to expand its growing Midwest and Gulf Coast fuel trading operation to the East Coast with Thursday's deal to buy Hess Corp's retail network and transport contracts. The purchase will give Marathon control of Hess's gasoline stations and access to pipelines
As part of the Obama Administration's Climate Action Plan to create American jobs, develop domestic clean energy sources and cut carbon pollution, the Bureau of Ocean Energy Management (BOEM) announced today that it is seeking public comment as it prepares an Environmental Assessment (EA)
The U.S. Department of the Interior took its first steps on Friday to develop the next five-year schedule of potential offshore oil and gas lease sales. Interior issued a request for information and comments on the oil and gas leasing program for U.S
Milestone cleared for first marine hydrokinetic research lease offshore the west coast; step in efforts to explore new frontier of wave energy offshore Oregon As part of President Obama’s Climate Action Plan to create American jobs, cut carbon pollution and develop domestic energy sources