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Big Oil Wants to Develop Its Own Maritime Fleet

Due to the costs of gathering natural gas from the ocean's depths and transporting it to processing centers on land, big oil companies are starting to develop facilities that will perform these actions out at sea. Royal Dutch Shell (NYSE: RDS-A  ) was the first to announce that it had begun construction back in October 2012, but its larger rival ExxonMobil (NYSE: XOM  ) is not to be outdone.

Partnering with Exxon will be BHP Billiton (NYSE: BHP  ) . Together, these two companies hope to begin processing millions of tons of liquids, LNG, and condensate by 2020 at the earliest. With that long time horizon, both companies are hoping that such a large investment will still be worth it.

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Read/Post Comments (2) | Recommend This Article (5)

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  • Report this Comment On April 03, 2013, at 10:43 AM, Freddbe wrote:

    Keep pulling out the earth and wonder why strange things are going on in this world. Pulling billion of barrel of oil , gas and coal, you have to wonder what is replacing this space. To think it is replace with water, has to be a wet dream. The tide is going up with all the stuff that is suck out this planet. It doesn't add up. The million sink holes does add up with way more to come. Wake up world, renewable energy are we all will be living in a life boats.

  • Report this Comment On April 03, 2013, at 1:28 PM, cdkeli wrote:

    We are utterly opposed to the Keystone pipeline project::

    1.Devastates the pristine lands and native homes of Canadians and American citizens alike;

    2.Distillation of low-grade, transport, and use of such foul material will contribute to climate change;

    3.Delay critical development of clean, green energy innovation and implementation;

    4.Construction of pipeline by demonstrably technically incompetent, indifferent companies with atrocious safety histories notable for outstanding fines and continuing and long-term failure to properly clean and dispose of numerous existing toxic spills;

    5.Pipe planned for use is of cheap substandard steal and will not weld correctly or safely;

    6.Monitoring of pipeline is provably unreliable by current and proposed technologies. Period;

    7.The technology to build this large of a pipleline is unprecedented as are the challenges. The technology simply does not exist at the present time to insure the safety of all those in the impact zone of this project;

    8.the sole motivation for this project is the obscene profit to be made by a few while many may toil to build this edifice to hubris, their jobs will be short-lived (6-months) and a sad testimony to man's greed and arrogant hubris.

    9.TransCanada has publicaly admitted to falsifying the number of jobs this project will require (20,000 vs 5,000) and sundry other details about the work involved.

    Many other reasons remain, just as consequential as the above and details can be provided if requested. Please do not make the mistake of passing this devestating project which poses a dire threat to the safety and health of this nation and ultimately the world. Â This is far more than some jobs program and throw-away to the republicans in congress - passage of this bill will stain the Obama presidency for years to come and will rival the success of the Healthcare Act. Please dare to act in the planet's best interests.

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9/28/2016 4:02 PM
BHP $34.10 Up +1.48 +4.54%
BHP Billiton CAPS Rating: ***
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XOM $86.90 Up +3.66 +4.40%
ExxonMobil CAPS Rating: ****