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Natural Gas Drilling Boom News

08 Nov 2023

FOCUS-How Shipping More US Natural Gas to Europe Helped Fuel CO2 Pollution

Credit: alexlmx/AdobeStock

Carbon dioxide emissions from U.S. liquefied natural gas facilities have jumped to 18 million tons per year, up 81% since 2019, adding a volume of greenhouse gas to the atmosphere equivalent to that produced by several big coal plants, according to United States government data.They could more than double to 45 million tons per year by the end of the decade as new facilities, encouraged by soaring overseas demand for the super-cooled fuel, come online, according to company projections provided to the U.S.

18 May 2001

GLM's Rose: Dayrates To Hit 3-Year Highs

Global Marine Inc. Chief Executive Bob Rose expects daily rental rates, or dayrates, for offshore oil and gas drilling rigs to surpass their highs of three years ago in 2001. "We will see rates exceed the 1997-98 high levels. That will very definitely be this year," Rose said. Dayrates are currently running at about 74 percent of their 1997/98 highs, Rose said, with the West African and North Sea markets now showing signs of recovery as a longer-established natural gas drilling boom continues in the U.S. Gulf of Mexico. Rose said that as a result of a recent expansion of its fleet of rigs, Global Marine was capable of annual earnings per share of about $3.25 if market conditions matched those of 1997.

19 Jun 2001

Greasing the Skids

Record gas prices, OPEC solidarity and a U.S. administration doling out incentives for exploration and production all add up to good news for those companies conducting business in or profiting from the offshore market. There is little doubt that the international offshore market, led by the Gulf of Mexico, is poised for a record rebound in the second half of 2001 and beyond. The tandem of high crude prices — spurred by OPEC's seeming solidarity on controlling output — combined with the emphasis on expanding offshore production by the new U.S. administration seemingly provides the proverbial "win-win" for all companies that makes its living finding and recovering resources, or those companies that supply vessels, products and services to the offshore oil business.

09 Jul 2001

Local Yards Start to Feel the Impact

The U.S. Gulf of Mexico region is again poised to prosper, spurred by the buzz of activity surrounding the oil patch, and specifically the renewed vigor with which companies will explore and develop deepwater fields for the production of natural resources. Though the resumption of business at "full throttle" has taken perhaps a bit longer than many observers would have initially predicted, particularly given the continued high price of oil and gas and the "pro" oil industry political team occupying the White House, it is a safe bet that, at least for the next several years, the offshore oil business will ensure that the marine business in the GOM region is a prosperous one.

21 Aug 2001

Natural Gas Boom Causes Soft Offshore Rig Demand

Demand for offshore rigs in the U.S. Gulf of Mexico has softened after a natural gas drilling boom in the first half of 2001, but forces that could support a recovery may already be at work, analysts said on Monday. Drilling has slowed down in the waters off the Texas and Louisiana coasts in response to a steep drop in U.S. natural gas prices from record highs of around $10 per thousand cubic feet at the end of last year to levels of around $3 in recent weeks. The number of rigs working in the U.S. Gulf fell to 165 last week from 168 the previous week, bringing the utilization rate for the U.S. Gulf drilling fleet down to 77.8 percent from 90.5 percent in late April, according to Offshore Data Services.