PSW Technology Nets 'Sizable' Deepwater BOP Stack Services Contract
Norwegian offshore services and equipment provider PSW Technology has secured a "sizable" contract for deep-water BOP stack services.Subsea blowout preventer (BOP) is a system used in offshore oil drilling to prevent well blowouts.Under the deal announced Tuesday, PSW Technology, a subsidiary of Oslo-listed Scana, will provide services for the modification, classification, and testing of a deepwater BOP stack, for an unnamed "international subsea customer."The work under the contract will start in the first quarter of 2023. Scana said the contract was a sizable one
Vontobel and Candriam back Belize's barrier reef 'superbond' buyback
the $526.5 million bond with help from U.S.-headquartered, non-profit organization The Nature Conservancy.A key part of the deal is that the government will fund a $23.4 million marine conservation trust that would help protect the world's second-largest barrier reef, damaged in the past by offshore oil drilling and overdevelopment.The buyback offer needs the approval of 75% of the bond's holders. A group holding roughly 50% of the debt, including GMO, ABRDN and Greylock Capital and an unknown number of unnamed funds, has already given its blessing to the plan. read more And other major holders
Government Shutdown: Atlantic Seismic Permitting Blocked by Judge
A federal court judge on Friday ruled that the federal government cannot process seismic testing permits for offshore oil drilling during the ongoing government shutdown, dealing a blow Trump administration's energy agenda.Judge Richard Gergel of the U.S. District Court in South Carolina issued the decision in response to a motion filed by a range of conservation and business groups and coastal cities opposed to the adminstration's efforts to expand U.S. offshore drilling.The Justice Department had sought a delay in the court proceedings arguing that it did not have the resources it needed to
US States Slow Trump Offshore Oil Drilling Expansion Plan
The Trump administration's plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal of "energy dominance." But existing Obama administration lease rules remain in place through 2022 unless the new rules gain approval. The Department of the Interior this year proposed opening vast new acreage in the U.S. outer continental
U.S. Offshore Oil Drilling Rule Planned
The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials. The Interior Department could make the announcement as early as Monday, the paper said. It is timed to coincide with the five-year anniversary of the BP disaster, which killed 11 men and sent millions of barrels of oil spewing into the gulf. The rule is expected to tighten safety requirements on blowout preventers
Offshore Oil Drilling Market to Suffer through 2015
A sluggish offshore drilling market could deteriorate further next year due to weak demand and a flood of new vessels, even though a few places such as Mexico and Brazil remain promising for exploration, industry executives said on Wednesday. Rig rates have fallen sharply over the past 18 months as oil companies cut capital spending, saving cash for dividends, just as dozens of brand new offshore rigs ordered during the boom times hit the seas, creating overcapacity. "The market is going to be bad this year, it is going to be worse next year, then it will be stabilising," Rune Magnus
Hush-Hush Offshore Oil Drilling Technology for W. Africa Zone
West African coastal countries Nigeria and Sao Tome & Principe plan to use non-conventional oil exploration technology in their joint offshore zone and hope to start oil production within 18 months, according to a statement issued by the countries. It gave no details on what technology was envisaged. Sao Tome, a tiny former Portuguese colony in Africa's Gulf of Guinea, is surrounded by oil-rich neighbours but has so far failed to find oil after several years of prospecting. Oil executives say they were not hopeful for major finds in Sao Tome's waters although the northern part of the joint
Shell Adds Ultra-deepwater GofM Block to Perfido
Energy Management (BOEM) recent Lease Sale 233 added a strategically-located block in the Western Gulf of Mexico to Shell's portfolio.The acquisition of this strategic block marks an important step in Shell’s plans for future Perdido development. Perdido is the world’s deepest offshore oil drilling and production platform. Moored in 2,450 metres (8,000 feet) of water in the Gulf of Mexico, it has opened up a new frontier in deep-water oil and gas production. The Perdido spar was constructed by Technip in Pori, Finland and began its 13,200-kilometre (8,202-mile) journey to Texas in
Belize Court Stymies Offshore Drilling Plans
by the Government of Belize (in 2004 and 2007) null and void. The ruling, handed down by Justice Oswell Legall , was in response to a case brought by Oceana, COLA, and the Belize Coalition to Save Our Natural Heritage. It effectively ends the Belizean government's immediate effort to allow offshore oil drilling in the Meso American Reef, the second largest barrier reef in the world. The court overturned the contracts after determining that the government failed to assess the environmental impact on Belize's ocean, as required by law, prior to issuing the contracts. The court also found that contracts
February 2024
