Energy Business Roundup: Potential Gulf Output Boom, Union Drilling Shares Pop
The United States’ part of the Gulf of Mexico is poised for a boom in energy production, subsequent to the notable slump in output following the Deepwater Horizon disaster. Estimates by the consulting firm Bentek Energy have Gulf oil flows jumping by around 28 percent by 2022 to 1.8 million barrels per day, says the Wall Street Journal. Meanwhile, Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) and others are spending billions of dollars in a new wave of deepwater projects, as they learn to adjust to an increased regulatory environment. BP’s (NYSE:BP) Gulf drilling is now nearing pre-Macondo levels.
Shares of Union Drilling, Inc. (NASDAQ:UDRL) gained a tenth of their value to six-month highs, on no apparent news. The firm supplies contract land drilling services and equipment mostly to independent oil and natural gas producers in the United States.
Sino Clean Energy Inc. (NASDAQ:SCEI) has been suspended by the Nasdaq, effective September 25, due to a final determination through which the firm was delisted. However, the shares may now be eligible to resume trading in the over the counter market, having been halted since May 21st.
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