HOUSTON (Reuters) – LLOG Exploration, a privately-held oil
and gas company focused on deepwater in the Gulf of Mexico,
plans to drill a well into the block near where BP Plc’s Macondo
well ruptured in 2010, causing the worst offshore oil spill in
LLOG Exploration, which has backers including Blackstone
Energy Partners, received approval to drill a well in Blocks 252
and 253 in the Mississippi Canyon area of the Gulf from
regulators on April 13, according to records filed with the U.S.
Bureau of Safety and Environmental Enforcement.
HOUSTON, Mar 12 (Reuters) – Shrinking crude exports from Venezuela to its neighbors has allowed African oil producers to gain a foothold among Latin American buyers, according to traders and data, and sales to one of the world’s few regions with strong demand will keep growing.
Only months ago, African producers were scrambling to find new clients in the Western Hemisphere, having largely been pushed out of the U.S. market by the onshore shale oil revolution.
HOUSTON/WASHINGTON, March 9 (Reuters) – The U.S. Federal
Reserve should promptly end its easy monetary policy and press
ahead with an interest rate hike, followed by a set of gradual
moves higher, the head of the Dallas Fed said on Monday in his
final speech as a policymaker.
Richard Fisher, president of the Dallas Federal Reserve
Bank, shrugged off stagnate wage growth, calling it a lagging
indicator, and said inflation will bounce back once energy
HOUSTON (Reuters) – Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals.
About a dozen chief executives who talked to Reuters or who spoke publicly, acknowledged they were taken aback by the scale and speed of the cutbacks, noting how this oil price downturn was different from several previous episodes in their careers.
HOUSTON, Feb 23 (Reuters) – Shale oil producers are
throttling back so quickly on drilling that U.S. crude output
could fall sooner than expected, within months, executives say
as they slash costs to cope with tumbling crude prices and
compete with Persian Gulf rivals.
About a dozen chief executives who talked to Reuters or who
spoke publicly, acknowledged they were taken aback by the scale
and speed of the cutbacks, noting how this oil price downturn
was different from several previous episodes in their careers.
HOUSTON, Feb 20 (Reuters) – Barely two months into his new
job as the head of the world’s largest offshore driller, Steven
Newman was steering Transocean through the 2010 Gulf of
Mexico oil spill, quickly earning a reputation as a CEO with a
Too steady, perhaps.
Since Sunday Newman, 50, is out of work. People inside and
outside the company say his abrupt departure reflected in part
the board’s view that the 20-year company veteran was too
conservative and lacked a bold vision for a period of dramatic
industry change that began at the end of the last decade.
HOUSTON, Jan 28 (Reuters) – Continental Resources Inc
Chief Executive Harold Hamm predicted on Wednesday that
signs of a rebalancing of the crude oil market would emerge by
the middle of this year.
He said lenders and capital markets were “forcing” U.S. oil
producers to scale back drilling plans, shut in old wells and
defer well completions.
HOUSTON (Reuters) – Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn.
As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans.
By Terry Wade
(Reuters) – Bankruptcy filings in the oil and gas sector are
widely expected to increase in the coming months following a
slide of more than 50 percent in crude oil prices since June, to
about $50 per barrel.
The price decline has put acute pressure on small companies
with weak balance sheets and hurt sales for related services
companies that sell everything from sand to drilling rigs to
HOUSTON (Reuters) – Major global oil companies have moved to cut pay for contract engineers by 15 percent as they grapple with crude prices down by half since June, the chief executive of Swift Worldwide Resources, a top energy staffing firm, said in an interview.
Tobias Read said the hardest hit areas in the industry would be U.S. and Canadian unconventional onshore oil operations, which tend to have higher operating costs than conventional fields.