Gulf oil bidding seen as lackluster

A Gulf of Mexico lease sale this week attracted what some analysts and industry officials describe as weak interest from oil and gas companies amid persistent low crude prices.

Companies offered $121.1 million in high bids on 90 tracts at Wednesday’s federal lease sale, the Bureau of Ocean Energy Management said.

It was the first time since 1983 that the federal government opened every available Gulf tract to offers.

Nonetheless, it attracted fewer bids and less than half the money than the previous sale in March, when only areas off Louisiana, Mississippi and Alabama were opened to leasing, agency figures show. At that sale, companies submitted $247.8 million in high bids on 163 tracts. Of those, the bureau rejected 10 bids as too low and accepted $264 million total…

Click here for remainder of article 




ICYMI: Deep Pockets Treasure Hunt Serves Trial Lawyers, Not Louisiana

A treasure hunt for deep pockets. That pretty much sums up the flawed philosophy behind the ongoing legal attack that some politicians and personal injury attorneys are waging against Louisiana’s oil and gas industry.

They cloak their campaign in green and purport to carry the banner of environmental justice, but make no mistake: this legal scheme is all about targeting deep pockets. It is not about remedying past wrongs, and certainly not about justice.

For proof, we need to look no further than the lawsuit filed by trial lawyers on behalf of the Southeast Louisiana Flood Protection Authority-East in 2013, which has been repeatedly rejected by our courts. The suit sought to cast blame on the energy industry for Louisiana’s coastal land loss problems simply because the levee board wanted more money for flood protection projects and the industry was perceived as most able to pay…

Click here for remainder of article 

 




Gulf of Mexico Region-Wide Oil and Gas Lease Sale Yields $121 Million in High Bids on 508,096 Acres

U.S. Secretary of the Interior Ryan Zinke today announced that the region-wide Gulf of Mexico lease sale generated $121,143,055 in high bids for 90 tracts covering 508,096 acres in federal waters of the Gulf of Mexico. A total of 27 companies participated in the sale, submitting 99 bids totaling $137,006,181. The sale offered the largest amount of acreage in the history of the federal offshore program in the Gulf, including parcels offshore Texas, Louisiana, Mississippi, Alabama, and Florida.

“The path to American energy dominance starts in the Gulf, and the hard work of rig and platform workers, support staff onshore, and the industries that support them cannot go unnoticed,” said Interior Secretary Ryan Zinke.Today’s results will help secure their jobs and create more good paying jobs while generating $121 million in revenue to fund everything from conservation to infrastructure…”

Click here for remainder of article 




Louisiana port project could define ceiling for shale oil demand

A proposed Louisiana port project could define the ceiling for the future of the Texas shale oil boom, according to a new report.

While Houston and Corpus Christi are leading the way in the burgeoning crude oil export industry, they could be surpassed by proposed plans to turn the Louisiana Offshore Oil Port into a “two-way LOOP” that ships out crude as well as receives it.

The LOOP is currently gauging customer interest for major crude exports. If successful, LOOP could make oil exports comparable to the nation’s growing liquefied natural gas export industry. If the interest isn’t there, we’ll know the “ceiling on international demand for shale crude,” argues Sandy Fielden, Morningstar’s director of oil and products research…

Click here for remainder of article 




Gavel pounds for first Gulf of Mexico oil and gas lease under Trump

An offshore trade group said the lower-for-longer climate for oil prices may keep bidders at bay for a lease Wednesday for the Gulf of Mexico.

U.S. Interior Secretary Ryan Zinke unveiled plans in July for an auction for 75.9 million acres off the southern coast for oil and gas exploration and development. Wednesday’s auction is the first time that all territorial waters in the region are on the auction block. The lease includes a reduced royalty rate offered to attract bidders to shallow-water areas…

Click here for remainder of article 




LOGA Drilling Report: Who is King of Drilling?

Two sides of the drilling picture for sure, but who is top dog in Louisiana’s drilling scene.  Watch the latest LOGA Drilling Report to figure it out for yourself.

Click here to view the latest LOGA Drilling Report




ICYMI: LOGA Executive Sees Huge Litigation Costs for O&G Companies

One Louisiana Association executive stated that the total costs could even get into the tens of billions. “If you carry it all the way out and at the end of the day and the industry loses, which we don’t believe we will, the numbers get thrown around are $30, $40, $50 billion,” stated Gifford Briggs, vice president of the Louisiana Oil and Gas Association, according to Platts.

“You start put numbers like that it, it likely signals the end of the industry in Louisiana,” Briggs added on a rather grim note. Briggs’ comments came shortly after Councilman Jason Williams postponed his plans to ask Mayor Mitch Landrieu to sue oil and gas companies on behalf of the city…

Click here for remainder of article 




A friend, an oilman and a Louisianan

Every two years, the Louisiana Gulf Coast Oil Exposition gives a ceremonial golden hardhat, and the recipient of this award is named the LAGCOE Looey.

Originally, a “Looey” was your average Joe who worked in the oilfield: the guy who has everyone on the rig cracking up, stealing your lunch, using your tools and, from time to time, stealing your bed.

While many LAGCOE Looeys still maintain this same sense of humor, the meaning of Looey has evolved over the years.

LAGCOE announced on Aug. 9 that the 2017 Looey is none other than my friend and president of the Louisiana Oil and Gas Association, Don Briggs.

Don and I became quick friends as he started the Louisiana Independent Oil and Gas Association, LIOGA, in 1992…

Click here for remainder of article 

 




St. James Parish Council delays vote on Bayou Bridge Pipeline; parish presidents vows to get alternative evacuation route

St. James Parish President Timmy Roussel pledged Wednesday to “review every possibility” to create an alternative evacuation route for residents worried about industrial development encroaching on the parish’s rural west bank.

The route has come up as major industrial facilities have been proposed for the area in recent years and the last leg of the 162-mile Bayou Bridge pipeline is planned to go through the same area to deliver crude oil to two existing tank farms along the Mississippi River.

Roussel made his commitment before the Parish Council, announcing that he and other parish officials had met recently with Chuck Carr Brown, state Department of Environmental Quality secretary, and some of his staff about an evacuation route….

 

Click Here for Remainder of Article 




Can Don Briggs lift oil industry spirits as LAGCOE Looey?

LAGCOE turns 62 this year, Cring said. It’s not ready for early retirement.

Briggs, the latest in the line of three dozen “LAGCOE Looeys” and president of Louisiana Oil & Gas Association, donned the traditional hardhat that he’ll wear at the show and promised to offer unabashed encouragement. He cited LAGCOE Looeys of the past like J.P. Owen, Frank Harrison and Paul Hilliard, who he said were his industry mentors.

And in the still of the luncheon’s aftermath, he declared he was “proud to be a Christian, proud to be an American and proud to be an oilman”…

Click Here For Remainder of Article