By Kevin Crowley and David Wethe (Bloomberg) — Big Oil is giving up looking for singles and doubles in the Gulf of Mexico: Now it’s home runs or bust. Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest oil companies, have put a slew of assets in the Gulf up for sale […]
offshore oil and gas
Chevron Quits Norway as Wider Retreat Looms From Aging North Sea
By Mikael Holter (Bloomberg) — Chevron Corp. is selling its last remaining oil exploration license in Norway, putting it one step closer to a full retreat from the aging North Sea basin as the U.S. major seeks higher returns elsewhere. Chevron’s activity off Norway has been limited for years, but...
After Lean Years, Big Oil is Under Pressure to Spend
By Ron Bousso LONDON, Oct 3 (Reuters) – Executives at the world’s biggest oil and gas companies are under growing pressure to loosen the purse strings to replenish reserves, halt output declines and take advantage of a crude price rally after years of austerity. With oil at a four-year high of $85...
Exxon Exploring Sale of U.S. Gulf of Mexico Assets. Sources Say
By David French and Jessica Resnick-Ault Oct 2 (Reuters) – Exxon Mobil Corp is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher prices prompt the world’s largest publicly traded oil company to review its portfolio, people familiar with the matter said on Tuesday. Major oil...
China’s Nexen Plans Gulf of Mexico Oil Exit Amid Trade War -Sources
By Jessica Resnick-Ault and Ron Bousso NEW YORK/LONDON, Sept 26 (Reuters) – Nexen Petroleum, a unit of China’s CNOOC Ltd, plans to exit the United States, divesting its stake in giant oil and gas developments in the Gulf of Mexico as trade tensions between two countries mount, three people familiar...
Deepwater Oil Rigs on Brink of Recovery After Years in Doldrums
By David Wethe (Bloomberg) — Deep-sea oil drillers are once again riding the wave of investor enthusiasm that next year will be better for profits. But this time there seems to be a bigger chance it will actually happen, according to analysts at Credit Suisse Group AG and Morgan Stanley. Some of...