New Offshore Oil Investments Needed to Avoid Shortages -Hess
projected demand increases in the next few years, U.S. oil producer Hess Corp said on Thursday. The past four years of low oil prices have major producers pulling back on needed offshore investment, and the gap between supply and demand should help prices rebound, Hess Chief Operating Officer Greg Hill said at an energy conference at Rice University's Baker Institute. "The world is going to have to invest in more than shale," said Hill, whose company has projects in offshore Guyana, Gulf of Mexico, and Gulf of Thailand. Expanded offshore production "will play a critical
Hess Seeks $30-40 Mln from Schlumberger in Well Valve Dispute
and parts provided. Oil producers such as Hess have been battling with Schlumberger and other oilfield service providers over price and other financial matters at a time when depressed crude prices have eroded profits for the entire industry. "It's extremely disappointing," Greg Hill, chief operating officer at Hess, said on the earnings call of the alleged defective valve. Schlumberger representatives were not immediately available to comment. Hess claims it is owed between $30 million and $40 million in remediation fees, attorney fees and lost profit from