The recent uptick in oil prices to above the $50 range was certainly not enough to help yesterday’s central Gulf of Mexico lease sale come anywhere near last March's.
Winning bids plummeted about 80 percent from this time last year, when 85 energy companies submitted 1,057 bids totalling a whopping $3.67 billion. Yesterday the 406 bids 70 companies placed brought only $703,000.
The fall comes on the heels of roughly $7 billion netted in the last three Gulf lease sales, including two that broke records, says Mid-Continent Oil and Gas Association President Chris John, who characterized yesterday's mood of companies as “very subdued.”
“All the deep water players were there,” John says, “but there was not near the level of excitement [of the past three sales].” He blames the uncertainty of the political climate in Washington, D.C., in particular a proposal to increase fees on Gulf drilling, along with the global economic slowdown and low commodities prices. “When you package all of them in, you see the result of that,” he says.
Frank’s Casing Crew, now doing business as Frank’s International, will make its final appearance on ABiz’s list of the Top 50 Privately Held Companies in Acadiana this year, and once again it will likely be at the top with more than $1 billion in annual revenues. The 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry plans to offer shares of its stock to the public for the first time.
The defeat, or rather highjacking of House Bill 420 in the final days of this year's Legislative Session, say Reps. Vincent Pierre and Terry Landry, is the result of the propaganda spread by one unidentified local media outlet and an unnamed former state Representative, but nothing to do with the original legislation's lack of checks, balances or details.
He’s a singer. A songwriter. A piano man. A family man. He’s even got his own Wikipedia entry. He’s David Egan. And he knows ancient secrets about the monolithic stones of Stonehenge that he’s not willing to share.