Borr Drilling Aims to Expand Fleet, Keep Costs Low
of the startup. "We are looking to become an exclusive provider of rigs (for Schlumberger), we are looking to become a captive drilling contractor," Johnson told Reuters. This could help to shorten offshore oilfield development times, increasing their competitiveness relative to onshore shale oil, Johnson said. Borr Drilling shares were trading at 29.8 Norwegian crowns ($3.83) by 1155 GMT. Reporting by Nerijus Adomaiti
BP Doubles Down on Deepwater
of the four Gulf of Mexico platforms on which BP has staked its future in U.S. oil production. Seven years after its Deepwater Horizon explosion and oil spill, BP is betting tens of billions of dollars on the prospect that it can slash the costs of offshore drilling by half or more - just as shale oil producers have done onshore. The firm says it can do that while it continues to pay an estimated $61 billion in total costs and damages from the worst spill in history - and without compromising safety. BP's Gulf platforms are key to a global strategy calling for up to $17 billion
Obama Bans New Drilling off Alaska, Part of Atlantic Shore
Chukchi and Beaufort Seas, as well as the mid- and south Atlantic. A Trump representative did not immediately comment on the announcement. Even if Trump tries to fight the move, few energy companies have expressed a desire to drill anytime soon off the coasts thanks to abundant cheap shale oil in North Dakota and Texas. Exploratory drilling in the Arctic is expensive and risky. Shell Oil ended its quest to explore in harsh Arctic waters in 2015, after a vessel it was using suffered a gash and environmentalists uncovered a law that limited its drilling. The American
MTR100: Venture into the Norwegian Subsea Valley
business exponentially in a decade. Analysis is now broken down into modules for custom offshore market breakdowns. Much of it appears in the Norwegian government’s budget deliberations. Rystad forecasts have become a soothing read for suppliers anxious about demand: “A clear reduction in shale (oil)” production and refined products to 2016, yet “constant shale” to 2018, when an industry-wide upturn will nevertheless be underway for all but subsea services (equipment bought recently will be installed later). By 2019, Rystad sees a surge in subsea revenues. By 2020, the
U.S. Oil Rig Count Hits Lowest Since April 2011
from a record high of 1,609 in October. Texas, the state with the most rigs, again lost the most this week, shedding 32 to 537, the lowest since 2010, Baker Hughes said. The shale play with the biggest losses was Permian in West Texas and New Mexico, the nation's biggest and fastest growing shale oil play. The Permian lost 24 oil rigs to 328, the least since 2011, according to data going back to 2011. Horizontal rigs, the most efficient type of rig most often used to extract oil or gas from shale, fell by 51 to 895, the lowest since 2010. Less efficient vertical and directional rigs
What's New in Floating Production Systems?
shale/tight oil and gas projects are competing for investment funds constraints in the supply chain are creating delays and overruns cost escalation is impacting the viability of deepwater projects In the unknown category are how competitive will deepwater be with shale oil supply will a black swan event impact the sector The result is a forecast of orders that reflects the growing number of projects in the planning pipeline and a future pace of ordering that reflects the uncertainty about underlying business conditions in which investment decisions are
SGS Fishing for Marine Acquisition as Growth Slows
Kirk said should enable margins to improve later this year. The firm was also expanding market share with new testing laboratories at existing mine sites, which were not reliant on new exploration expenditure, he said. SGS is investing 50 million francs to expand into opportunities from the U.S. shale oil boom, and has about 100-150 people working in the Bakken field and in West Texas. "We're putting a lot more in there," Kirk said. But the switch from coal to gas was eroding SGS's U.S. coal business and causing a worldwide slowdown in coal exploration. Another potential boon
Excelerate Energy & the Year of LNG
, for example, that South America was not an LNG consuming region seven years ago. In 2014, more than 100 cargoes will be sold there. As floating technologies gain acceptance, there will continue to be a big shift in the market demographics and dynamic on both the supplier and consumer side. The shale oil and gas revolution obviously has changed a lot in the energy sector. Can you put in perspective for me how the U.S. domestic production of oil and gas has inherently changed your business? It is a story we tell quite often, and it created a fundamental shift in our business
Weir & MTU to Jointly Develop Fracturing Power Systems
to develop power systems specifically engineered for hydraulic fracturing. Weir is the leading manufacturer of hydraulic fracturing pumps and MTU is a market leader in heavy-duty industrial diesel engines. The system will be used for hydraulic fracturing operations during the well completion stage of shale oil and gas projects. The agreement was announced at the current Offshore Technology Conference in Houston, Texas, with the fully integrated power system expected to be available to customers in the first half of 2015. The agreement outlines the companies’ plans to work together to address
February 2024
