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Offshore drilling contractor Borr Drilling has secured more work for three premium jack-up rigs, thanks to a new deal and two contract extensions, which increase the company’s firm backlog by approximately 625 days, excluding unexercised optional periods. Borr Drilling disclosed on Monday, 13 February 2023, the award of a new contract for the Ran jack-up rig with Fieldwood... Continue Reading →
(Reuters) - Portuguese oil and gas company Galp Energia (GALP.LS) on Monday reported a record adjusted net profit for 2022, due to soaring oil prices and wider refining margins in the fourth quarter. Galp said its adjusted profit almost doubled to 881 million euros ($940.03 million), surpassing the previous record of 707 million euros set in 2018.... Continue Reading →
By David Boggs, Energy Maritime Associates (OM) The floating production construction market continued to grow in 2022, maintaining a rebound that began in 2021. As we enter a new year, the industry sentiment remains buoyant, with most respondents optimistic about the future. Recently, Energy Maritime Associates conducted its tenth annual Global Floating Production Industry Survey, which... Continue Reading →
(Reuters) ONGC Videsh (OVL) Ltd, the overseas exploration arm of India's Oil and Natural Gas Corp, is looking for exploration and production investment opportunities in Africa and Latin America, such as in Ghana and Surinam, managing director Rajarshi Gupta said. The company already has a presence in both continents through stakes in projects in Mozambique,... Continue Reading →
Despite the global energy crisis, new global oil and gas discoveries in 2022 have driven exploration to the highest value creation in over a decade, reaching a whopping $33 billion at base price, led by major discoveries in Namibia, Guyana, Brazil and Algeria, as outlined by Wood Mackenzie, an energy intelligence group. Wood Mackenzie, a... Continue Reading →
(OET) As rig activity stood out in multiple regions during 2022, Westwood Global Energy, an energy market research and consultancy firm, believes that there is no reason to expect anything different in 2023 while forecasting global marketed offshore rig utilisation to average 95 per cent this year with day rates getting a further increase. Westwood outlined... Continue Reading →
(Reuters) Norway's Equinor has launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from the West African country as they focus on newer and more profitable operations, three industry sources said. The company has hired investment bank Standard Chartered to run the sale process, which could... Continue Reading →
Thanks to the award of a long-term charter contract, Norway’s DOF Group has secured work in Brazil for one of its anchor handling tug supply (AHTS) vessels. DOF disclosed on Wednesday, 25 January 2022, that Petrobras has awarded a four-year firm charter contract to its Brazilian affiliate, Norskan Offshore, for the AHTS Skandi Ipanema to operate as AHTS-TS... Continue Reading →
(Reuters) - West Africa-focused oil producer Tullow (TLW.L) sees its 2022 free cash flow at $267 million, slightly ahead of previous guidance and up from $245 million the previous year, it said in a trading update on Wednesday. It plans to invest $400 million this year, mainly on its flagship fields in Ghana, expecting free cash flow... Continue Reading →
TotalEnergies' offshore oilfield Dalia in Angola will undergo planned maintenance for about 35 days starting Feb. 20, a company spokesperson said on Tuesday. The company added that the maintenance will include inspections of equipment, subsea lines and works relating to flare tips. The field produces more than 200,000 barrels per day. Traders said there may... Continue Reading →
