Arctic Holds Over 113 Bboe, Report Says
Infield Systems has published a new report on prospects for the offshore Arctic oil and gas sector through 2017. Infield has identified over 130 Bboe in discovered oil, gas, and condensate reserves throughout the offshore Arctic/sub-arctic regions. Around 114 Bboe, or 86% of the total, are gas reserves, with around 16 Bbbl of oil, according to the report. (Source: Offshore Magazine)
GOM Oil Production to Reach Record High
According to a report from the Offshore Magazine, Gulf of Mexico oil production is forecast to increase substantially over the next few years, possibly reaching 1.9 MMb/d in 2013 which would be a record high. This is MMS’ best-case scenario, which factors in industry-announced discoveries and undiscovered resources. (Source: Offshore Magazine)
Is More Drilling on the Way?
There has been a steady stream of bad news recently in the marine press regarding the health of the oil and gas industry in the Gulf of Mexico. Much of this bad "press" is fueled by boat operators who are trying to do a "Rope-a-dope" on their competitors. That is by "talking the industry down" they are trying to convince competition that "better days" may be years out, hoping they may not be ready when the turnaround comes. All indications are that the industry will indeed drill itself out of the current malaise - sooner than later. And the indicators for such a turnaround are right in front of your face if you know where to look. In general, people who follow intensely the oil and gas industry all agree that a significant rebound is on the way.
Feature: Boston Tug Muster 2003 Classic Powerhouses and Modern Behemoths
There was a tense moment at the Boston Tug Muster, held this year on the last day of May. At 10 A.M. sharp, the official opening moment of this 19th annual event, there were no tugs at the rallying point, Pier 4, Charlestown. At 10:05, still no tugs. By 10:10, only Innovator, possibly the shortest tug in town, had cruised by. It passed along the pier as if looking for old friends, and finding none, performed its trademark about-face and seemed to be departing. Maybe the gents aboard had got the date wrong? Last year's Muster, after all, was in August. On the pier itself, among Muster officials, a nasty question was starting to form: What if you gave a Muster, and nobody came?
