U.S. oil major ExxonMobil has recently awarded a contract extension to Seadrill for the use of the West Saturn drillship in Brazil. Seadrill revealed the news in its fourth-quarter 2020 presentation on Thursday. The offshore drilling contractor, which said it expected the 2021 rig demand to be bleak, said ExxonMobil earlier this year exercised the... Continue Reading →
Is This The World’s Next Big Offshore Oil Region?
The COVID-19 pandemic, 2020 crude oil price crash and ongoing global petroleum supply glut have done little to slow the growth of South America’s massive offshore oil boom. The colossal oil boom underway in the tiny South American nation of Guyana is gaining momentum, while Suriname is on the cusp of experiencing its own and... Continue Reading →
Seismic Data Firm CGG Expects Marginal 2021 Revenue Growth
French oil services group CGG said on Friday it expects its 2021 segment revenue to increase by low single digits from the previous year, mainly driven by growth in its equipment business and a gradual recovery in geoscience from the second-half of the year. The group, which provides geophysical services and equipment to oil and... Continue Reading →
Artificial intelligence could reduce reservoir modeling step by 80%
Petrobras has developed an innovative data analysis platform, whose objective is to map the production potential of areas recently acquired by the company and portions of fields under development. Named the Analog Panel, the platform integrates a large volume of data obtained from oil reservoirs, enabling comparative analysis and information sharing. The tool is part... Continue Reading →
Oil Prices Near 14-month High on OPEC+ Decision to Extend Output Cuts
Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Brent crude futures for May rose to as high as $68 a... Continue Reading →
Falkand Islands Gov’t Gives More Time to Sea Lion Field Partners
The Falkland Islands government has agreed to extend the terms of several offshore oil and gas licenses, including the one containing the undeveloped Sea Lion field, oil and gas company Rockhopper has informed. To remind, Premier Oil, the operator of the Sea Lion development, in May last year suspended work on the $1.8 billion Sea Lion offshore... Continue Reading →
Colombia: Oil and Gas Licensing Round Results Expected in November
Colombia will launch this month the schedule for its 2021 licensing round offering 32 blocks for oil and gas exploration and production, with results expected in November, the head of the nation's oil regulator told Reuters on Thursday. Last year, Colombia awarded three areas to Canada-based companies Parex Resources and Canacol Energy despite a collapse... Continue Reading →
YPF reports swing to profit in fourth-quarter, ending dire year on brighter note
(Reuters) - Argentine state-owned oil company YPF on Thursday reported a 2020 fourth quarter net profit that reversed a trend of quarterly losses over the last year as the coronavirus pandemic hit the oil price. The company, which is spearheading development of the South American nation’s huge Vaca Muerta shale fields, reported a net profit... Continue Reading →
Libor Moves to Its ‘Final Chapter’ as U.K. Sets End Dates
(Bloomberg) U.K. regulators kicked off the final countdown for Libor, ordering banks to be ready for the end date of a much maligned benchmark that’s been at the heart of the international financial system for decades. The U.K. Financial Conduct Authority confirmed Friday that the final readings for most rates will take place at end of... Continue Reading →
Valaris gets court approval for Chapter 11 plan, delays drillship deliveries
Offshore drilling contractor Valaris has obtained court approval for its Chapter 11 plan of reorganization and agreed with a South Korean shipyard to delay the delivery of two drillships. To remind, Valaris filed for bankruptcy protection in an attempt to restructure its debt back in August 2020. In late September 2020, the rig owner executed a new term... Continue Reading →
