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Scoop.it!
With the Trump administration proposing to open California waters to drilling on an unprecedented scale, state lawmakers are trying to close one more loophole to fight a threat that for decades had not seemed possible. 
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From
thehill
A federal advisory panel voted Wednesday to recommend that the Trump administration cut royalty rates for offshore drillers by one third.
PIRatE Lab's insight:
Wow! Now we are reducing the revenues we would get from drilling (if this passes)?!? Just ask Louisiana how well that is working out for them.
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Interior has given no reason for halting the study aimed at improving safety inspections of offshore oil and gas operations.
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Surrounded by some of the world’s most productive seas, the U.K. generates more electricity from offshore wind than any other country.
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Royal Dutch Shell has abandoned its Arctic search for oil after failing to find enough crude in a move that will appease environmental…
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In a remarkable comeback story, oil production in the Gulf of Mexico is ramping up once again. These three companies have staked their claim in Gulf deep-water production; here's why investors stand to win big.
PIRatE Lab's curator insight,
December 1, 2013 1:23 AM
What seemed impossible just a few years ago is turning into reality. The Gulf of Mexico is once again one of the top oil-producing regions in the United States. Good for big oil and short term profits...bad for our coastal ecosystems. |
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Drillers seek to gain from an easing of Obama-era safety and environmental regulations that were adopted after the Deepwater Horizon disaster killed 11 people.
PIRatE Lab's insight:
"It is classic swamp behavior."
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Big oil companies are resuming ambitious offshore projects, but this time they are keeping spending in check, as investors urge them to avoid a repeat of their overspending in the last oil rally.
PIRatE Lab's insight:
Big oil companies are returning to ambitious offshore projects that languished during the slump in crude prices, but they are working on tighter budgets as investors urge them to rein in spending. About 30 major new projects are expected to launch in 2018, more than double the average annual number approved in the global oil industry for 2014 through 2016, according to Wood Mackenzie, the Scottish energy consultancy. They are likely to include multibillion-dollar developments off the coasts of the U.S., Brazil and Nigeria, as well as newer oil frontiers like Guyana. A similar number of projects got a green light from management in 2017, with a flurry of approvals coming in December, the consultancy said. The trend marks a turnaround for the oil industry, which spent three years delaying major investment after the steepest oil-price crash in decades. Yet it isn’t expected to mark a return to the over-budget megaprojects that characterized the years of $100-a-barrel prices before the downturn began in 2014. New projects must be able to compete with shale developments in the U.S., whose costs dropped faster than elsewhere in the industry and which have lured many companies with the promise of swift returns. In a sign of the attraction of high-quality shale acreage, along with business-friendly policies in the U.S., Exxon Mobil Corp. XOM -5.77% said Monday it plans to spend $50 billion to expand its U.S. business over the next five years. Investing Again The oil industry is returning to major offshoreprojects, but with spending in check. Average capital spending per major* project Source: Wood Mackenzie *More than 50 million barrels of commercial reserves.†Estimate. 2010-13 2014-16 2017 2018† $0 billion $2 $4 $6 $8 $10 Some other oil companies remain more circumspect about their spending on exploration and production.
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President Trump is expected to sign an order that could open up vast swaths of U.S. coastline to oil and gas drilling.
PIRatE Lab's insight:
We seem to have returned to the "drill baby, drill" mentality.
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NOIA President Randall Luthi today released the following statement on the election of Donald Trump as the next U.S. “On…
PIRatE Lab's insight:
Wasting no time with the efforts to lobby for a continuation of the "all of the above" energy policy of the United States. To be clear, this has been the policy for the past several decades, regardless of the name.
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BP closes out 2013 with deepwater finds in Gulf of Mexico and offshore Angola; new activity offshore Brazil. 1 January 2014. BP said that 2013 had been its most successful year for new field exploration for almost a decade.
PIRatE Lab's insight:
My how little has changed from 2010. It is almost like we never had the first deepwater spill in history. While my colleagues in the oil and gas industry would disagree, I see very little substantial change in the actual day to day hunt/exploitation of offshore oil reserves.
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