All articles tagged with #offshore drilling
Originally Published 2 months ago — by Bloomberg.com
The Trump administration is preparing a proposal to open nearly all US coastal waters to offshore oil drilling, including areas near sensitive ecosystems and states that oppose such development, despite environmental concerns and political opposition, as part of a broader effort to expand energy production.
Originally Published 3 months ago — by AP News
A Texas-based company supported by the Trump administration is pushing to restart offshore oil drilling off California's coast, despite legal challenges and environmental concerns following a major oil spill in 2015. The project aims to increase U.S. energy production, but critics warn of potential environmental disasters and oppose the plan, which involves legal disputes and regulatory hurdles.
Originally Published 2 years ago — by The Washington Post
An oil spill in the Gulf of Mexico off the coast of Louisiana has reached at least 1.1 million gallons, threatening the local wildlife. The spill, known as the "MPOG11015 incident," is believed to have originated from a pipeline operated by Main Pass Oil Gathering Co. Skimming vessels are working to contain and recover the oil, while remotely operated vehicles continue to survey the pipeline for the source of the contamination. The Gulf of Mexico has experienced several major oil disasters in the past, including the Deepwater Horizon incident in 2010. Environmental groups are concerned about the potential consequences for marine life.
Originally Published 2 years ago — by KTRK-TV
Former President Donald Trump will be visiting the Tomball area in Texas to visit an offshore drilling company, causing traffic congestion and closures in the area. The Harris County Sheriff's Office has warned of closures at specific exits and advised finding alternate routes. Trump's visit coincides with his son Eric testifying in his civil fraud case, where he is accused of inflating his net worth. Trump is also facing other criminal cases related to the 2020 election and handling of classified documents. The event is ticketed, but no more tickets are available.
Originally Published 2 years ago — by The New York Times
The Biden administration has announced plans to lease only three spots in the Gulf of Mexico for offshore drilling over the next five years, the fewest number of lease sales offered since the federal drilling program began. This move has drawn criticism from Republicans, the fossil fuel industry, and climate activists. The administration aims to prioritize the development of wind farms in federal waters to reduce fossil fuel pollution and combat climate change. The oil industry warns that limiting drilling opportunities could lead to higher gas prices and increased oil imports. Environmental groups argue that new leasing should be completely halted to prevent the catastrophic impacts of global warming.
Originally Published 2 years ago — by MarketWatch
The oil services sector, particularly offshore drilling, is experiencing significant returns as demand increases and supply is limited due to the ESG movement. Companies like Weatherford International, Transocean, and Tidewater have seen their stock prices surge over the past year. Rupert Mitchell, author of the Blind Squirrel Macro blog, highlights the high utilization rates and climbing day rates in the offshore drilling industry. Additionally, these companies are trading at a significant discount to their replacement cost, preventing new equipment from being built. As a result, oilfield equipment and services players with low average age fleets are becoming price-makers in the market.
Originally Published 2 years ago — by The Times of Israel
An offshore drilling rig has arrived in Lebanese waters near the border with Israel to begin operations in the coming weeks, following a maritime border agreement between the two countries. Lebanon, facing a severe economic crisis, hopes that potential gas discoveries will help alleviate its financial woes. The drilling results are expected in two to three months. In 2017, Lebanon approved licenses for an international consortium, including TotalEnergies, ENI, and Novatek, to develop offshore oil and gas. Under a US-mediated deal, the disputed waters will be divided, with gas production based on the Lebanese side and compensation for gas extracted from Israel's side.