We hope everyone had a wonderful Thanksgiving and ate far too much yesterday… PetroChina has agreed to buy 25% of the West Qurna oil field in Iraq from ExxonMobil for an undisclosed sum. An analyst at Sanford Bernstein previously estimated the value of ExxonMobil’s 60% interest in the field at $3 billion. [Bloomberg] An easing… Keep reading →
Activists across the world rally to support 30 Greenpeace protesters detained in Russia after sailing toward a Barents Sea oil drilling operation. The incident blew up into a geopolitical game of chicken between Moscow and several Western countries native to the jailed activists. [Agence France Presse] Energy Intelligence ranked the world’s top 100 greenest utilities… Keep reading →
Europe will require considerable volumes of Russian natural gas for the foreseeable future, but EU members are increasingly unhappy with paying oil-linked prices for the fuel. In the latest attempt at loosening the old Soviet energy yolk from Central and Eastern Europe, EU regulators yesterday filed an antitrust suit against Gazprom that could total $15… Keep reading →
An offshore natural gas well blew out yesterday in the Gulf of Mexico about 150 miles south of the Louisiana coast. All personnel were safely evacuated and no injuries were reported. Environmental group Natural Resources Defense Council took the opportunity to comment on risk associated with petroleum development and suggested that risk is too great… Keep reading →
Shell can confirm its Arctic-class drillship, The Kulluk, grounded on the southeast shoreline of Sitkalidak Island, Alaska, at approximately 9 p.m. local time on December 31, 2012, while under tow in heavy seas from Alaska to the U.S. port of Seattle, Washington State. There has been no loss of life and no significant injuries as a result of this incident and Shell is working hard with the relevant authorities to protect the maritime environment in the vicinity of the grounded vessel.
The global fleet of ultra-deepwater oil rigs was increasing steadily until April 2010, when regulatory aftershocks from BP’s Macondo disaster slowed its overall growth rate. But now, two years after the Gulf spill, there are indications that drilling in the ultra-deep could be poised for a long-term surge.
One of the key indicators is rig demand. And a Barclays equity research report says oil companies are clamoring for rigs designed to operate in water depths of 7,500 feet or more – the generally accepted threshold for the ultra-deep space. Keep reading →
The campaign for presumed Republican presidential nominee Mitt Romney laid out a plan Wednesday for America to be energy independent by 2020.
