On Aug. 27, 14,585 offshore tracts spanning 77.8 million acres in the Gulf of Mexico will be offered by the federal government at an oil and gas lease sale. The blocks are situated in waters as little as nine feet deep to up to over two miles deep.
A unit of Baker Hughes, a General Electric oil-servicing subsidiary, will be sold to private equity firm Arcline Investment Management. Arcline is purchasing Baker Hughes' reciprocating comprehension division, in which it intends to "aggressively invest."
Though the oil refining industry has rebounded some, some experts believe a new product surplus is likely for the second half of 2019 and first portion of 2020. Key factors include a dip in global manufacturing activity.
Halliburton has been working on new 3D drilling technology that it says improves how geologists' analysis of a formation as drilling occurs. The process will simultaneously illustrate underground structures and formations.
A magnitude 5.1 earthquake knocked items off shelves in Athens, Greece, today, although there were no immediate reports of severe injuries or damage. Seven aftershocks followed the quake, which was centered 23 kilometers northwest of the Grecian capital city, reported the Athens Institute of Geodynamics.
Equinor has kicked off production at the Norwegian Sea's Trestakk field, which reportedly contains the equivalent of 76 million recoverable oil barrels, the Norway-based company says. Equinor, which has a 59.1% stake in the field, estimates it will last for a dozen years and produce 44,000 oil barrels per day at its peak.
If Italy's Campi Flegrei volcano erupts in the Pozzuoli Bay and cause a tsunami that affects populated areas, scientists say. The researchers, who want the Italian government to update the National Emergency Plan for Campi Flegrei to address the potential hazard, say changes at the volcanic complex indicate it may be getting closer to eruption.
US Geological Survey geophysicist Sarah Minson is working on a quake warning system, and the recent temblors in Ridgecrest, Calif., gave her a chance to get feedback from people who experienced the shaking. Minson says the system worked, but it still has limitations, noting "[t]here's always going to be a region that is not warnable and that's from right where the earthquake begins to the nearest seismometer."
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