Eni and Total are in a consortium for one of the blocks and ExxonMobil and Qatar Petroleum have joined up for another. Eni will be on its own in a third block. The blocks were offered in the third licensing round held by Cyprus, Reuters reported.
ExxonMobil Corp. has agreed to pay Italy’s Eni $2.8 billion for a 25% stake in a giant Mozambique gas field to strengthen its position supplying rich Asian markets.
Statoil plans to drill five to seven wells in the Barents Sea in 2017 and will continue its campaign in 2018. A final decision on the company's U.S. GoM plans will come within a few weeks.
The sector has benefited from OPEC’s production cut, analysts say, but declining demand remains.
Shell is seeking to sell its stake in Denmark's offshore oil and gas consortium for around $1 billion in what would mark the company's effective exit from the country, three banking sources said Feb. 6.
"This exercise aims to create a major integrated offshore service provider with diversified earnings through exposure in the upstream and downstream segment of the oil and gas industry," said Rohaizad Darus, UMW-OG's president.
Athens tendered 20 offshore blocks in 2015 in the Ionian Sea and south of the island of Crete for deepsea oil and gas drilling, and unsealed the offers in February, Reuters reported.
The three refineries in Texas City, Texas, with a combined crude oil refining capacity equal to 4% of the national total, are located south of the blocked section of the channel, Reuters reported.
Rowan will supply two more rigs in late 2018 and Saudi Aramco will make a matching cash contribution, Reuters reported.
Fierce winds and frigid waters make the Arctic treacherous for drilling equipment. After spending billions of dollars to explore the Alaskan Arctic, Royal Dutch Shell retreated in 2015 after suffering a gash in one of its ships, Reuters reported.