NEW ORLEANS (Reuters) – Growing demand for new offshore oil rigs, partly driven by the Gulf of Mexico spill last year, has led to a spurt of building in shipyards and raised tough questions about what to do with the old rigs.
The average offshore drilling rig is now about a quarter of a century old and, despite having been upgraded, many of the older ones look more obsolete by the year.
NEW ORLEANS, March 28 (Reuters) – The prospect of a wave of
new work in Saudi Arabia drove up the shares of Schlumberger
Ltd (SLB.N: Quote, Profile, Research, Stock Buzz), the world’s largest oilfield services company, on
Monday, although the company said turmoil in the Middle East
and Africa would trim short-term profits.
Saudi Arabian state oil company Aramco “issued the clarion
call to increase its productive capacity given the tightness in
the global energy markets,” Simmons & Co International analyst
Bill Herbert said in a note to investors. [ID:nN28213196]
NEW ORLEANS, March 28 (Reuters) – Leading energy companies
expect the nuclear disaster in Japan to underpin a shift toward
the increased use of natural gas worldwide, executives said at
a U.S. industry conference on Monday.
That would work well with the plans of U.S. producer Apache
Corp (APA.N: Quote, Profile, Research, Stock Buzz), which with partners aims to build an export
terminal for liquefied natural gas in western Canada to serve
NEW YORK/SAN FRANCISCO (Reuters) – After being jilted in its half-decade-long courtship of offshore oil driller Pride International Inc (PDE.N: Quote, Profile, Research, Stock Buzz), Seadrill Ltd (SDRL.N: Quote, Profile, Research, Stock Buzz) should not have any trouble finding a new partner.
Seadrill was still trying to woo Pride when that company agreed in February to a $7.3 billion union with Ensco Plc (ESV.N: Quote, Profile, Research, Stock Buzz), according to a recent filing by Ensco with U.S. regulators.
NEW YORK/SAN FRANCISCO, March 14 (Reuters) – Chevron Corp
(CVX.N: Quote, Profile, Research, Stock Buzz) is investing heavily in two huge Australian natural gas
projects to ignite growth at the second-largest U.S. oil
company even as it carves costs out of its refining division.
Mike Wirth, who runs the downstream division, expects
margins to stay soft this year, and told the yearly session
with analysts that refining costs would be down $700 million
next year versus 2008, with $500 million already achieved.
SAN FRANCISCO, March 7 (Reuters) – A U.S. judge on Monday
halted enforcement of an $18 billion award against Chevron Corp
(CVX.N: Quote, Profile, Research, Stock Buzz), siding with the oil company against Ecuadorean
plaintiffs in a long-running dispute over Amazon rain forest
The move comes three weeks after an Ecuadorean court’s
ruling against Chevron in what has become an international test
case, watched closely by private-sector oil companies wary of
potential damages claims elsewhere. [ID:nN1495039]
SAN FRANCISCO, Feb 24 (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz)
expects a much-delayed Nigerian plant that will convert natural
gas to liquids (GTL) to cost $8.4 billion, or $2.5 billion more
than its last estimate.
South Africa’s Sasol (SOLJ.J: Quote, Profile, Research, Stock Buzz), a 10 percent owner of the
GTL plant that had originally expected completion in 2010 at a
cost of about $3 billion, said last May it would would not
start up until 2013. [ID:nLDE644197]
SAN FRANCISCO, Feb 24 (Reuters) – Leading offshore drilling
contractors expect deepwater demand to improve this year as an
impending hiring move by Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz) is likely to
prompt other oil executives to secure rigs while they can.
Transocean Ltd (RIGN.VX: Quote, Profile, Research, Stock Buzz)(RIG.N: Quote, Profile, Research, Stock Buzz), the largest offshore
drilling contractor, expects a marked improvement in rig demand
in the next few months on the belief that Brazil’s state oil
company will hire between four and eight of them.
SAN FRANCISCO, Feb 17 (Reuters) – Plaintiffs in the Ecuador
pollution case against Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) will get to
question the man they call the “ringleader” of a sting
operation that is key to Chevron’s efforts to avoid paying a
The deposition of Diego Borja will be the first chance for
the plaintiffs to use the same kind of U.S. legal device
extensively used by the oil company in building its extortion
case against them. [ID:nN01133100]
SAN FRANCISCO (Reuters) – No one close to the Chevron Corp pollution lawsuit in Ecuador expects to see a quick resolution, even after a much-anticipated ruling on Monday that follows 17 years of litigation.
An Ecuadorean judge ordered the U.S. oil company to pay $8 billion in damages in a case brought by plaintiffs who accused Texaco, bought by Chevron in 2001, of damaging the forest and their health after two decades of drilling.