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Month: June 2018

Transocean takes 4 ships to the junkyard | OutPut by Rig Lynx

June 16, 2018
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Transocean (RIG) has just announced its decision to retire four rigs: Deepwater Discovery, Deepwater Frontier, Deepwater Millennium, and Songa Trym. The company expects that its second-quarter results will include a non-cash charge of approximately $520 million due to this decision. Transocean added that as the company continued to evaluate the long-term competitiveness of the fleet, additional rigs could be

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Utah Hitting the Geothermal Funding |OutPut by Rig Lynx

June 15, 2018
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  A river of federal funding will power a large-scale experiment in rural Utah intended to develop new ways to extract geothermal energy from less-than-ideal locations. If it proves successful, this renewable resource could become a major power source throughout the nation. “This is a once-in-a-lifetime opportunity for our research,†said John McLennan, associate professor of chemical engineering at

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What 2023 will look like in the Permian | OutPut by Rig Lynx

June 15, 2018
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The Permian Basin, already considered a major force among the world’s oil producers, will double its output to reach 5.4 million barrels per day (mbd) by 2023, according to a report released Wednesday. The IHS Markit Permian outlook forecasts a “stunning†level of growth for the energy-rich region located in West Texas and southeastern New Mexico. It anticipates the

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Future LNG Price Doubling ? | OutPut by Rig Lynx

June 15, 2018
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  (Bloomberg) — American gas prices could double by 2040 as the U.S. exports more liquefied natural gas, but consumers will be shielded as production of the fuel increases and trade balances improve. That’s the conclusion from a study commissioned by the U.S. Department of Energy that found an almost 50 percent chance of gas reaching $5 to $6.50

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This Driller has been approved for development in the Arctic Waters of the Barents Sea | OutPut by Rig Lynx

June 14, 2018
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  The Norwegian Parliament has approved the development plan for the Johan Castberg oil project in Arctic waters of the Barents Sea, which will cost US$6.1 billion (49 billion Norwegian crowns) and is scheduled for first oil in 2022, project operator Equinor said on Tuesday. Recoverable resources at Johan Castberg are estimated at 450-650 million barrels of oil equivalent, Equinor (formerly

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Permian is larger than all OPEC nations except one? | OutPut by Rig Lynx

June 14, 2018
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  Oil production from West Texas’ booming Permian Basin will more than double from 2017 to 2023, soon surpassing the crude oil volumes of every OPEC nation except Saudi Arabia, according to a new report from the research and consulting firm IHS Markit. Even with pipeline constraints and labor shortages in West Texas and New Mexico, IHS Markit still

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“Coordinate with the military to avoid interference on the part of oil companies†on US Atlantic Coast | OutPut by Rig Lynx

June 14, 2018
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  WASHINGTON – With southern politicians lining up against oil drilling off the Atlantic coastline, oil lobbyists are making another push to change their minds. The American Petroleum Institute has recruited Jim Webb, the former secretary of the navy and Democratic senator from Virginia, and Jim Nicholson, the former Secretary of Veterans Affairs under the George W. Bush administration,

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Shelf Expanding the Fleet? | OutPut by Rig Lynx

June 13, 2018
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OSLO, June 12 – Shelf Drilling, the world’s largest contractor of shallow water rigs, plans to add one or two premium rigs to its fleet after announcing plans for an initial public offering on the Oslo bourse, the firm said on Tuesday. The Dubai-headquartered company plans to raise $200-250 million via a new offer, pricing its new shares

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Exploration Hungry for Super-Spec Rigs | OutPut by Rig Lynx

June 13, 2018
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  Oil drillers added more rigs in the U.S. this week, undaunted by pipeline bottlenecks that are hindering efforts to ship crude from the nation’s busiest field. U.S. working oil rigs rose by one this week to 862, the highest since March 2015, according to data from Baker Hughes. The American rig fleet has expanded on an almost-uninterrupted streak

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