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 →
BP, Eni in talks to merge Angolan oil and gas businesses
(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 →
Don’t Miss the Boat in the Subsea Market
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 →
Sonadrill Nets 12-well Drillship Contract in Angola
Angolan offshore drilling firm Sonadrill, the 50:50 joint venture between Seadrill and an affiliate of Sonangol, has secured a twelve-well contract in Angola for the Sonangol Quenguela drillship. The contract includes one option for nine wells and eleven one well options, Seadrill said Friday. Total contract value for the firm portion of the contract for... Continue Reading →
Tullow Oil Emerges from Overhaul with $1.8B Bond. No More Asset Sales Planned, CEO Says
Tullow Oil's $1.8 billion bond, which was launched to help it manage a $2.4 billion debt pile, drew more interest from investors than expected after the Africa-focused producer's financial overhaul, the chief executive said on Friday. Rahul Dhir also told Reuters the firm did not plan to sell more oil and gas fields after disposing... Continue Reading →
No Oil at BW Energy’s Appraisal Well Offshore Gabon
BW Energy, an Oslo-listed oil firm, said Thursday that the drilling of the Hibiscus Extension appraisal well DHIBM-2 in the Dussafu Marin license in Gabon had fallen short of expectations, hitting water instead of oil. "The primary objective of the well was to test the northern extension of the Gamba Sandstone reservoir of the Hibiscus... Continue Reading →
Total Brings Online Zinia Phase 2 Offshore Angola
French oil major Total has started oil production from the Zinia Phase 2 project offshore Angola, connected to the existing Pazflor FPSO. The Zinia Phase 2 project includes the drilling of nine wells and is expected to reach a production of 40,000 barrels of oil per day by mid-2022. Located in water depths from 600... Continue Reading →
Subsea 7 S.A. Announces First Quarter 2021 Results
Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the first quarter which ended 31 March 2021. First quarter highlights First quarter 2021 revenue up 33% year-on-year to $1.0 billionAdjusted EBITDA up 50% to $102 million after incurring net Covid-19 costs of approximately $9 millionOrder intake of $0.8... Continue Reading →
Saipem Warns on Outlook After Mozambique Uncertainty
Italian energy service group Saipem said it was unable to update its outlook for the year due to uncertainty over a project in Mozambique as it missed first-quarter expectations. Earlier this week French energy group Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique following insurgent attacks. "Evaluations in... Continue Reading →
PetroNor closes Guinea-Bissau offshore blocks buy
Independent oil and gas exploration and production company PetroNor has received the necessary approvals for the acquisition of high potential acreage offshore Guinea-Bissau through the buy of SPE Guinea Bissau AB. PetroNor said on Monday that approvals were a condition necessary to complete the transaction. Consequently, the transaction will complete as per the terms of... Continue Reading →
