As 2021 draws to a close, there are many reasons to be both optimistic and cautious about our industry in 2022 and beyond. While there have been positive trends in market drivers for OSV demand, we are still faced with the threat of COVID and the impact it may have on oil and gas demand. Overall,…
Back in August, I touched on the growing sentiment among Super Major and Major energy companies that the US Gulf of Mexico will remain a critical offshore oil and gas basin for years to come. In that same month, during the annuals Offshore Technology Conference in Houston, Shell announced as part of its long-term energy…
NEW ORLEANS — Jackson Offshore Operators, LLC (JOO) is pleased to announce that it is growing its Platform Supply Vessel (PSV) fleet with the acquisition of the M/V STORM. Once it has completed regulatory requirements, the M/V STORM will commence a five-year contract with a Super Major in the U.S. Gulf of Mexico. Built in…
As oil prices continue their steady march upward, there is yet to be a meaningful increase in floating rig activity in the US Gulf of Mexico. Some may see this as a negative sign for offshore activity, but I disagree. It was widely believed that once oil eclipsed the mid-$60 threshold for a sustained period,…
Currently, offshore activity in the US Gulf of Mexico is still struggling to get back to pre-Hurricane Ida levels. It has now been almost a month since Ida made landfall directly over Port Fourchon where repairing the damaged infrastructure is proving to be a major hurdle. Luckily, the amount of offshore damaged is not as bad as…
Over the past few years, I’ve commented that the projected demise of oil and gas as fuels (as a result of renewables) was greatly exaggerated. The very aggressive goals to achieve net-zero carbon emissions within the next few decades has seemed unsustainable ever since those goals were first announced by major oil and energy companies….
Deepwater drilling activity in the US GOM is a topic I tend to cover frequently and, more often than not, it is the total number of active rigs that guides my industry position. The count is very much still a focus and currently remains steady with 14 active deepwater rigs in the GOM. However, another interesting…
Back in April, I discussed the Biden administration’s imposed moratorium on new federal leases in the Gulf of Mexico and the uncertainty that it would create. I’ve stated before that prior to this moratorium, I fully expected deepwater drilling activity to increase into the latter half of 2021 with a further increases into 2022 and 2023….
Oil prices have continued to rally due to increasing demand and markets are forecasting for continued demand growth. These price increases have been driven almost entirely by progress by the U.S., Europe, and Britain in reopening their economies as the pandemic comes under control with mass vaccinations. West Texas Intermediate (WTI) crude prices have recently stabilized…
The Biden Administration’s temporary moratorium on new federal leases in the Gulf of Mexico has created some uncertainty about the future of drilling activity our region. It’s impossible to know what will happen, but it’s very hard to believe that the moratorium will persist up to the 2022 midterm elections. However, we can make some…