Offshore Oil Drilling

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  1. Norway expects growth in offshore oil spending

    Oil has proven unusually volatile over the recent months as the market attempts to foresee the outcome of the ongoing global debt crisis. But uncertainty in the current market has not discouraged investment in the future, as Bloomberg reports that Norway plans major investments in offshore oil production. Norway and the U.K. share access to the oil and gas-rich North Sea and the country's largest oil producer, Statoil ASA , has already made a major find in the region. With this find, the country will likely add more known resources this year than its annual production for the first time in 14 years, a key threshold for determining the sustainability of energy usage. Current projections suggest that the without further discoveries Norway will not be able to maintain current production after 2020 without opening currently protected reserves. As Statoil looks to explore this new find, offshore oil drilling investment is expected to rise more than 20 percent over the next few years, reaching 185 billion kroner, around $32 billion, in 2014. "Despite world economic uncertainties, the level of activity on the Norwegian continental shelf will be high and rising over the next few years," Gro Braekken, director general of the oil association, said in the statement. The New York Times notes that the U.S. has already opened up further offshore oil exploration, with plans to open 13 new sites in the Mexican Gulf and off the coast of Alaska. For Email Newsletters you can trust

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    Mon, 14 Nov 2011

  2. Offshore production nearly 30% of global crude oil output in 2015

    Global offshore oil production in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global crude oil production.

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    Tue, 25 Oct 2016

  3. Fram C East starts offshore oil production to the Troll C platform

    A simple, smart concept and increased offshore oil drilling efficiency have shaved some NOK 200 million off the capital expenditures of this already resilient development project after the investment decision.

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    Wed, 24 Aug 2016

  4. Malta and Italy strive for offshore oil exploration agreement

    Malta and Italy may soon come to an agreement on a joint exploration plan for offshore oil exploration .

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    Tue, 12 Nov 2013

  1. Oil and Gas: Drill, baby, drill? Election reignites offshore-oil debate

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    Thu, 24 Nov 2016

  2. Offshore oil drilling would bring 55,000 jobs to NC economy

    North Carolina could add 55,000 jobs and nearly $4 billion to its economy with offshore oil drilling , according to a new report from the American Petroleum Institute.

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    Mon, 9 Dec 2013

  3. EIA: Offshore crude oil production hit five-year high in 2015

    Global offshore oil production in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global crude oil production, according to the US Energy Information Administration.

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    Tue, 25 Oct 2016

  4. Gulf seeing returning interest for offshore drilling

    Offshore oil drilling in the Gulf of Mexico took a distinct downturn in the wake of the 2010 explosion of the Deepwater Horizon oil well.

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    Wed, 11 Apr 2012

  5. Maintenance slows Petrobras’ offshore oil production

    Petrobras’ oil production averaged 2.02 MMb/d in March.

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    Mon, 25 Apr 2016

  6. IOOC takes action to improve offshore oil production

    Management at Iranian Offshore Oil Company (IOOC) is planning a series of reconstruction and renovation measures for the company that will cost $3 billion, according to news service reports.

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    Wed, 21 Sep 2016

  7. Republicans oppose new safety rules on offshore oil drilling

    Republican lawmakers criticized an Obama administration move to toughen standards for offshore oil drilling , saying the new rules would be costly for drillers and threaten to shut down oil and gas exploration off the nation's coasts.

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    Wed, 16 Sep 2015

  8. Falkland Islands test well results delayed

    Results from a recent exploratory offshore oil well near the coast of the Falkland Islands are expected to be delayed by several weeks.

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    Mon, 19 Mar 2012

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