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(Reuters) Angola has accumulated around $1 billion in debt to western oil companies operating its oilfields, with the bill prompting the African country’s recently launched sale of stakes in its flagship offshore blocs, three industry sources told Reuters. The magnitude of the debt, built up over several years, is a sign of deepening financial woes... Continue Reading →
Jack-up drilling contractor Shelf Drilling has been awarded a one-year contract for the Shelf Drilling Tenacious jack-up rig with Chevron's Angola subsidiary Cabinda Gulf Oil Company. The contract in Angola is expected to start in January 2022, and, according to the offshore drilling rig owner, includes multiple option periods.David Mullen, Chief Executive Officer, Shelf Drilling,... Continue Reading →
Oil and gas company Tullow Oil has completed the sale of its Dussafu Marin permit asset in Gabon to Oslo-listed Panoro Energy. Tullow Oil said on Wednesday that it had already received a payment of $39 million for the Dussafu asset earlier in the day as well as a $5 million contingent consideration relating to... Continue Reading →
Malaysian FPSO specialist Yinson has been selected by TotalEnergies, to conduct preliminary Front-End Engineering Design (“pre-FEED”) for two FPSOs to be installed in Block 20/21 in Angola and Block 58 in Suriname. The Angola project FPSO is planned to be installed at a water depth of around 1400 meters, some 160 kilometers offshore Luanda. The... Continue Reading →
Offshore drilling contractor Valaris has been awarded a one-well contract for a drillship with Total for operations offshore Ivory Coast. Valaris said on Tuesday that the contract has been awarded to the drillship Valaris DS-12. The contract is expected to start in the third quarter of 2021. No further information about the contract have been... Continue Reading →
Offshore drilling contractor Borr Drilling is optimistic and encouraged by signs of shallow water rig market recovery amid strong tendering and contracting activity, clearly visible in the rig owner’s latest contract wins and extensions. The company and its Drilling JVs have been awarded 17 new contracts, extensions, exercised options, and LOAs/ LOIs from the start... Continue Reading →
The Nigerian National Petroleum Corp renewed Oil Mining Lease 118 [Bonga] with the local subsidiaries of Shell, Total, Exxon, and Eni for another 20 years, the West African country’s state oil firm said in a statement on Tuesday. The deal signals the end of “long-standing disputes over the interpretation of the fiscal terms of the... Continue Reading →
Danish offshore drilling company Maersk Drilling on Wednesday upgraded its financial guidance for the year 2021, on the back of improved contracting performance. "Maersk Drilling continues to demonstrate strong commercial and operational performance. Over the past months, Maersk Drilling has secured several new drilling contracts for execution in 2021, and further, Maersk Drilling has successfully - and... Continue Reading →
(Reuters) BP (BP.L) and Eni (ENI.MI) said on Wednesday they had entered into talks to merge their oil and gas operations in Angola to form one of Africa's largest energy companies. The two companies have signed a non-binding memorandum of understanding and are in discussions on a joint venture that will include their liquefied natural gas (LNG) facilities, they... Continue Reading →
The opening months of 2021 have witnessed markedly positive trends in the global subsea market, as evidenced by recent increases of up to 35% in day rates for some vessel types and a doubling of vessel fixtures between January and April compared to the corresponding period last year – much of which pre-dated the Covid-19... Continue Reading →
Brazil Energy Insight 