“After four years of cutbacks, oil companies are poised to open their purses again and develop new offshore fields, although the benefits won’t be spread equally across the companies who provide them everything from seismic surveys to pumps and turbines,” Bloomberg reports.

“The long-awaited spending rebound will re-energize oil-services providers that have survived the deepest crisis in a generation thanks to cost cuts, mergers and sometimes painful debt restructuring. But for some debt-laden suppliers, the investment pickup may come too late.” 

A joint venture consisting of Enbridge, Kinder Morgan and German company Oiltanking “is proposing to build an offshore export terminal that will be capable of receiving supertankers in the Gulf of Mexico just south of Freeport,” The Houston Chronicle reports.

“The proposed terminal will require approval by federal regulators, but early plans show that the facility will be supported by an underwater pipeline. If approved and completed, the terminal will be able to receive and fully load Very Large Crude Carriers, or VLCCs, which can carry up to 2 million barrels of oil.” 

According to EIA’s latest inventory of electric generators, 23.7 gigawatts (GW) of new capacity additions and 8.3 GW of capacity retirements are expected for the U.S. electric power sector in 2019. The utility-scale capacity additions consist primarily of wind (46%), natural gas (34%), and solar photovoltaics (18%), with the remaining 2% consisting primarily of other renewables and battery storage capacity. 

BP has approved a major expansion at the Atlantis field in the U.S. Gulf of Mexico and has also identified significant additional oil resources that could create further development opportunities around the production hubs it operates in the region.

The approval for this latest development comes after recent BP breakthroughs in advanced seismic imaging and reservoir characterization revealed an additional 400 million barrels of oil in place at the Atlantis field. Application of this technology and reservoir characterization has now identified a further 1 billion barrels of oil in place at the Thunder Horse field.