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Started By
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Making drilling in the Gulf of Mexico great again
Posted on 3/7/17 at 2:05 pm
Posted on 3/7/17 at 2:05 pm
Boom.
73 million-acre oil, gas lease sale in Gulf of Mexico planned in August
quote:
Some 73 million acres offshore from Louisiana, Texas, Mississippi, Alabama and Florida will be put up for lease in August for oil and gas exploration and development in the Gulf of Mexico. U.S. Secretary of the Interior Ryan Zinke said Monday the Aug. 16 region-wide lease sale will include all available unleased areas in federal waters of the Gulf. The sale, which will be live-streamed online from New Orleans, will be the first under a previously developed 2017-2022 program that combines the western, central and eastern areas of the Gulf into region-wide sales. Ten region-wide lease sales — two each year — are scheduled for the Gulf during the five-year program. Previously, lease sales were held for individual areas of the Gulf, but energy industry interest waned with depressed oil prices. The current 2012-2017 program has one final Gulf lease sale scheduled on March 22 for the central Gulf. That five-year program offered about 73 million acres for lease, netting more than $3 billion in high bids for the country from more than 2,000 leases.
“Opening more federal lands and waters to oil and gas drilling is a pillar of President Trump’s plan to make the United States energy independent,” Zinke said. “The Gulf is a vital part of that strategy to spur economic opportunities for industry, states and local communities to create jobs and home-grown energy and to reduce our dependence on foreign oil.”
73 million-acre oil, gas lease sale in Gulf of Mexico planned in August
9
Posted on 3/7/17 at 2:07 pm to JS87
Posted on 3/7/17 at 2:08 pm to JS87
Posted on 3/7/17 at 2:12 pm to JS87
Moar truck nuts!!!!
Posted on 3/7/17 at 2:14 pm to JS87
quote:
U.S. Secretary of the Interior Ryan Zinke said Monday the Aug. 16 region-wide lease sale will include all available unleased areas in federal waters of the Gulf. “Opening more federal lands and waters to oil and gas drilling is a pillar of President Trump’s plan to make the United States energy independent,” Zinke said. “The Gulf is a vital part of that strategy to spur economic opportunities for industry, states and local communities to create jobs and home-grown energy and to reduce our dependence on foreign oil.”
Posted on 3/7/17 at 2:16 pm to The Pirate King
now we just need to convert more cars and trucks to CNG for transportation.
that will shut up the greenies for a while until solar and battery power can be possible
that will shut up the greenies for a while until solar and battery power can be possible
This post was edited on 3/7/17 at 2:17 pm
Posted on 3/7/17 at 3:15 pm to JS87
Seadrill (SDRL) is down to about a buck. Might have to load up. But we will have to see if they can get by without filing for bankruptcy protection in April. Ops wrong board.
Posted on 3/7/17 at 6:14 pm to JS87
This is really good news for everyone, and especially Louisiana and Texas. Lafayette people are about to be having a ball.
Posted on 3/7/17 at 6:48 pm to Mike da Tigah
Hopefully Texas can get ramped up again. They never hit a down patch in the overall economy but growth slowed a little.
Posted on 3/7/17 at 6:50 pm to JS87
Why did you edit the out the highlighted text:
Regardless, the problem in the Gulf is the new bonding and inspection regs. As it stands nobody will touch the shelf. Pvt Equity won't touch it and the majors and mid-majors are trying to gtfo. Deepwater at this point is pretty much majors only and they got burned by pricing the last round - and I don't know if it's economic at $50/bbl - but I only having a passing familiarity with the economics out there. Will be interesting to see where this all leads as this is the one segment-area of the industry where Trumps roll back of regs could have a tangible affect.
quote:
The sale, which will be live-streamed online from New Orleans, will be the first under a 2017-2022 program finalized last year
Regardless, the problem in the Gulf is the new bonding and inspection regs. As it stands nobody will touch the shelf. Pvt Equity won't touch it and the majors and mid-majors are trying to gtfo. Deepwater at this point is pretty much majors only and they got burned by pricing the last round - and I don't know if it's economic at $50/bbl - but I only having a passing familiarity with the economics out there. Will be interesting to see where this all leads as this is the one segment-area of the industry where Trumps roll back of regs could have a tangible affect.
This post was edited on 3/7/17 at 6:51 pm
Posted on 3/7/17 at 6:52 pm to The Pirate King
quote:
plan to make the United States energy independent,
He's going to make the US economy independent from the world economy?
Posted on 3/7/17 at 6:53 pm to Mudminnow
My husband had 34.2 great years in the oil patch. It was a wonderful job that he had. Kids coming out today deserve the same opportunity to make a fine career for themselves.
Posted on 3/7/17 at 7:30 pm to Mudminnow
ML is very bullish on WTI for the next quarter. It will be interesting if they start drilling what it does for our economy.
I don't mind spending a little extra at the pump.
I don't mind spending a little extra at the pump.
Posted on 3/7/17 at 7:38 pm to Errerrerrwere
quote:
don't mind spending a little extra at the pump.
I used to care until I saw a majority of my friends and family suffer over the last 2 years.
Now, drill baby drill. I'll pay a little more.
Posted on 3/7/17 at 7:42 pm to JS87
Don't you dare stop there
Open up drilling on the Atlantic and pacific coast. Pull back the regulations obama made in Alaska.
Drill baby fricking drill
frick OPEC
Open up drilling on the Atlantic and pacific coast. Pull back the regulations obama made in Alaska.
Drill baby fricking drill
frick OPEC
Posted on 3/7/17 at 8:00 pm to cwill
quote:
He's going to make the US economy independent from the world economy?
Oh look, a lib acting obtuse
Posted on 3/7/17 at 8:16 pm to cwill
As strange as it sounds, it would help the industry if there was less drilling. Due to advances in drilling technology, it is too easy for small independent drilling operators to quickly respond to prices as they increase enough to make a profit. It use to take years for a response to the demand increases and the bigger companies could more easily ride the market conditions. Now every time the price of oil goes up a little, supply is flooded from the independents and the price goes back down. That is why large companies like ExxonMobil are having to borrow money just to pay dividends. I don't think the deep water sites will command nearly the prices as they once would have. Energy is too cheap. I'm all for small companies making money, but the industry needs the giants to be profitable so they can continue to find and develop the difficult sites and to create the advancements to enable future generations to utilize our resources. The larger companies are also the owners of the refineries, chemical plants, pipelines, and terminals. Those downstream facilities and infrastructure provide a lot of business and high paying jobs. Increased drilling and supply result in cheap crude and have a ripple effect that is devastating to the budgets of the downstream businesses.
This post was edited on 3/7/17 at 8:19 pm
Posted on 3/7/17 at 8:40 pm to gthog61
quote:
Oh look, a lib acting obtuse
Yap! Yap! Another uninformed gthog drive-by!
Posted on 3/7/17 at 8:44 pm to Ramblin Wreck
quote:
As strange as it sounds, it would help the industry if there was less drilling.
Agreed. The "Moar truck nuts" commentators don't seem to understand the supply/demand side of the equation.
I disagree with the rest of your comment because the most economic plays win the prize every time. The "more difficult to develop" plays will have their day when the easy stuff is cleared out. Right now, honestly, aside from regs, what's killed the appetite for offshore (shelf and deepwater) is the shale revolution. The numbers from this lease sale will be interesting - may reveal the majors long term view.
Posted on 3/7/17 at 8:47 pm to JS87
I hate to break the bad news to everyone, but until prices go back up, this doesn't mean more drilling.
There are open blocks world wide, and countries are asking bare minimum requirements (drill 1 well a year) to hold the leases, and they still can't sell them. Offshore is too expensive and can't compete with onshore fracking right now. All this does is add more supply (area) which is a high cost to drill and produce. What's more, these new blocks being opened likely don't have pipelines already run, so that's an additional cost.
Edit: I see this has already been said. I can add that from an international perspective, Mexico has opened up a lot of blocks to foreign companies right across the gulf, at invariably cheaper lease prices. They are having some interest, but no actual offers.
The only places that I know of offshore that are doing any expansion is Myanmar, and that is in part because the state owned oil company (MOGE) is basically subsidizing exploration and extraction to get their industry kickstarted.
There are open blocks world wide, and countries are asking bare minimum requirements (drill 1 well a year) to hold the leases, and they still can't sell them. Offshore is too expensive and can't compete with onshore fracking right now. All this does is add more supply (area) which is a high cost to drill and produce. What's more, these new blocks being opened likely don't have pipelines already run, so that's an additional cost.
Edit: I see this has already been said. I can add that from an international perspective, Mexico has opened up a lot of blocks to foreign companies right across the gulf, at invariably cheaper lease prices. They are having some interest, but no actual offers.
The only places that I know of offshore that are doing any expansion is Myanmar, and that is in part because the state owned oil company (MOGE) is basically subsidizing exploration and extraction to get their industry kickstarted.
This post was edited on 3/7/17 at 8:52 pm
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