Hess Corp.’s 2016 exploration and production capital and exploratory budget has been reduced 40% compared to 2015, with the bulk of it going to offshore production, developments, exploration, and appraisals. Tubular Bells in the Gulf of Mexico…
New York-headquartered Hess says it is cutting its 2015 capital and exploration budget by 16%, compared to 2014, to US$4.7 billion. While the firm said most of the cash (45%/$2.1 billion) would be spent on its unconventional shale resources…
Repsol encountered high quality oil at the ultra deepwater well León, in the Keathley Canyon 642 block located in the US Gulf of Mexico. Map from Repsol. At León, located 352km from the Louisiana coast…
Melbourne-based mining and petroleum giant BHP Billiton and Mexican national Petroleos Mexicanos (Pemex) signed a memorandum of understanding (MOU) to exchange oil and gas-related technical knowledge and expertise. In April, Pemex announced…
Efforts surrounding the research and development of technologies for oil recovery are currently being centralized in order to ensure continued production of crucial sources of hydrocarbons worldwide. As a result, it is expected that enhanced…
Burdened by high drilling costs, lower success rates and smaller discoveries relative to other regions, not to mention post-Macondo regulatory changes, the deepwater Gulf of Mexico will nevertheless draw $70 billion in investment over the next two decades…
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