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Month: July 2018

Weatherford clawing back cash with sale of 31 rigs to ADES | OutPut by Rig Lynx

July 12, 2018
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Financially struggling oilfield services firm Weatherford International finally has found a buyer to acquire its Middle East onshore drilling rig business for $287.5 million as part of its long-term divestiture plans. Weatherford, which is based largely out of Houston, has aimed to sell the business since early 2017. ADES International Holding, a company in the United Arab Emirates,

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Egypt signs up 3 new exploration agreements | OutPut by Rig Lynx

July 12, 2018
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Egypt’s Ministry of Petroleum and Mineral Resources yesterday announced the signing of three new agreements for oil and natural gas exploration in the north of the country’s Sinai Peninsula as well as the Gulf of Suez, local media has reported. According to a ministry statement, the first agreement was signed with Britain’s GHP Corporation to drill four new

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First Cobalt Corp adds two rigs to the Iron Creek Project | OutPut by Rig Lynx

July 12, 2018
| Archives

First Cobalt Corp announces that two additional drill rigs have been mobilized at its Iron Creek Cobalt Project in Idaho, USA to accelerate drilling activities. The Company is now drilling both from surface and underground. Highlights: Drilling will test down dip extensions of known cobalt-copper zones to over 300 metres below surface and test lateral strike over one kilometre to

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The reason for the price drop in oil today | OutPut by Rig Lynx

July 12, 2018
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The biggest weekly drop in U.S. crude supplies couldn’t halt the drop in oil prices Wednesday as traders chose to focus on expectations for higher global output. On Wednesday, the Energy Information Administration reported a 12.6 million-barrel drop in U.S. crude supplies for the week ended July 6. That was more than double the 4.8 million-barrel decline expected by analysts

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The “law of interconnected monkey business†| OutPut by Rig Lynx

July 12, 2018
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Despite booming shale oil production in the U.S., expectations of more Russian and Saudi oil, and repeated warnings that a trade war will dampen economic growth and thus demand. In some ways, this is the perfect storm, with production problems in Libya and Venezuela coincidentally occurring at a time of strong demand and stagnant non-OPEC production (excluding U.S.

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Mexico’s Privatization Futures | OutPut by Rig Lynx

July 11, 2018
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Earlier this year, oil and gas statisticians in Mexico marked a historical first, for on 23 March officials at the National Hydrocarbons Commission (CNH) created a buzz in the market by including “251 million barrels of oil equivalent (boe)†in national reserves discovered by private exploration and production companies operating their own prospection blocks. While positive, keen-eyed observers

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China DPG stops import of U.S. crude and turns to Iran | OutPut by Rig Lynx

July 10, 2018
| Archives

An independent Chinese refiner has suspended crude oil purchases from the United States and has now turned to Iran as one of its sources of crude, media reports, citing an official from the refiner, Dongming Petrochemical Group. What’s more, the source said that Beijing is planning to slap tariffs on U.S. crude oil imports and replace them with West

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