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...Better known in the US for its petrol stations, offshore drilling and the Deepwater Horizon oil spill, BP last year pledged to begin reducing crude production, cutting emissions — including rampant flaring...
...Smart reads A Shell of itself The European oil company believes that intensive deepwater drilling is the way it’ll be able to fuel its transition into shale and renewables....
...Difficult at times, surely, yet spare a thought for those running the listed companies that operate deepwater drilling rigs....
...In December, Vantage Drilling in the US, which has three deepwater drillships, filed for bankruptcy protection....
...Although offshore and especially deepwater oil is expensive, the fields found can be very large....
...Just compare an offshore well at $170m with a vertical shale well that costs under $5m, with a five-year payout for a successful deepwater well versus a mere five-month payout for a shale play....
...For example, Transocean’s Deepwater Champion rig is under contract to ExxonMobil to work in the Gulf of Mexico at a rate of $395,000 per day from November to January, down 41 per cent compared to its previous...
...Energy majors have slashed investments in future production, while the number of rigs drilling for oil in the US has fallen by more than half....
...If Fossil is threatened by the imminent entry of a big competitor, Transocean, one of the world’s largest offshore drilling contractors, faced further pain from the weaker oil price....
...BG Group – like Royal Dutch Shell, Chevron and other international oil companies – is eyeing deepwater drilling opportunities in the Gulf of Mexico, which is one of the world’s largest unexplored reserves...
...Few oil majors are under greater pressure than BG Group, with its debt-funded commitments to expensive deepwater drilling 150 miles off Brazil and its vast LNG plant in Australia....
...Leviathan is one of the industry’s largest deepwater offshore fields found in recent years, with estimated reserves of 22tn cubic feet....
...Israel’s Delek Drilling and Avner Oil Exploration own 45 per cent of Leviathan, Noble Energy of the US owns 40 per cent and another Israeli company, Ratio Oil Exploration, has a 15 per cent stake....
...Encana said it would ramp up drilling activity this year after the acquisition closes....
...Day rates for drilling rigs have started to fall, even for advanced deepwater rigs....
...“The oil spill involving the Deepwater Horizon drilling unit suggests that current industry safety policies and procedures may not prevent a major environmental disaster and may call into question the effectiveness...
...The Tamar deepwater natural gas platform rises 290m from the seabed off Ashdod, in southern Israel, emerging above the waterline only for the last 50 metres or so....
...(Financial Times) Shell faces probe over Alaska accident, when a drilling rig that had been working for Royal Dutch Shell in the Arctic ran aground off Alaska on New Year’s eve 2012....
...(Wall Street Journal) London gains low-tax reputation: Noble Corp, a deepwater drilling rig specialist, ‘is part of a wave of overseas companies moving head offices to London, lured in part by the country...
...But Mr Dudley insisted on Tuesday that BP, still emerging from a divestment programme prompted by the Deepwater Horizon disaster, was emerging as a more “shareholder-friendly company”....
...Kosmos partnered with Tullow Oil to develop the Jubilee field off the coast of Ghana – one of Africa’s largest deepwater discoveries in the past decade....
...moratorium following the 2010 Deepwater Horizon disaster....
...As with the arrival of deepwater drilling in the early 1980s, says Mr Diamandis, the potential returns from asteroid mining will come to be seen as so great that the resources needed to overcome the technical...
...Rowan Companies is a leading player in the “jackup” oil and gas drilling rig market....
...Acquiring key technologies is another goal of the acquisitions, particularly for deepwater drilling and extraction of shale gas and oil sands deposits....
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