+1(833) 396-4204 info@riglynx.com
Menu

Month: October 2018

For the 3rd week in a row the U.S. Rig count is up!

October 27, 2018
| Weekly Rig Count

  The US drilling rig count was up 1 unit to 1,068 rigs working for the week ended Oct. 26, according to Baker Hughes data. The count is up 159 units from the 909 rigs working this time a year ago. Land-based rigs rose 2 units to 1,046 for the week. Offshore units fell by 1 to 19 rigs working, while

Read More...

Gabon to Offer New Offshore Blocks

October 26, 2018
| Archives

The Republic of Gabon has announced that it plans to open its highly-anticipated 12th Shallow and Deep Water Licensing Round of open blocks at the 25th Africa Oil Week, Cape Town in November 2018. H.E. Pascal HOUANGNI AMBOUROUE, Minister of Oil and Hydrocarbons, will make the announcement during a special session within the main auditorium of the Africa

Read More...

Long-Awaited First Oil Production Facility Offshore Alaska- Approved

October 26, 2018
| Archives

WASHINGTON –  U.S. Secretary of the Interior Ryan Zinke today announced a long-awaited development for oil and gas energy production offshore the state of Alaska. Interior’s Bureau of Ocean Energy Management (BOEM) issued conditional approval to Hilcorp Alaska LLC for its Liberty Project oil and gas development and production plan. If developed, the facility would be the first

Read More...

Oil Executives Guilty of Scheme to Replace Lost Salary, Bonuses

October 25, 2018
| Archives

Bloomberg- The top two executives at collapsed oil and gas producer Afren Plc were found guilty of what prosecutors called an elaborate scheme to boost their annual compensation after shareholders forced them to slash their bonuses. Ex-Chief Executive Officer Osman Shahenshah and former head of operations Shahid Ullah were found guilty of fraud and money laundering by a London jury

Read More...

Blackstone Energy Acquires Ulterra Drilling Technologies (Founded in 1927)

October 25, 2018
| Archives

NEW YORK — Blackstone Energy Partners announced today that it has entered into binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies from affiliates of American Securities, LLC. American Securities and certain members of management will retain a minority equity interest in the Company going forward. Financial terms were not disclosed. The transaction is

Read More...

Wood Mac: “Companies will need to start investing again to sustain their business†, Looming O & G Crunch Coming

October 25, 2018
| Archives

  Wood Mackenzie forecasts that global oil and gas development spend needs to increase by around 20% to meet future demand growth and ensure companies sustain production next decade. Malcolm Dickson, director, upstream oil and gas, said: “Companies will need to start investing again to sustain their business. But decision-making will be fraught with uncertainties, the oil price and

Read More...

Houston Chronicle: Booming Eagleford is helping some Texas oil workers skip a 450 mile trek to the Permian Basin

October 24, 2018
| Archives

CALDWELL, Texas (AP) — Three years ago, Allen Startz found himself in an unwanted kinship with thousands of other oilfield workers in South Texas’ Eagle Ford shale — laid off with few prospects nearby. The Houston Chronicle reports he left his home in Bryan to work in the Permian Basin in West Texas, making plenty of money, but growing exhausted from the

Read More...

WSJ: Big Oil’s Flood of Cash Underwhelms Investors

October 24, 2018
| Archives

Soaring crude prices have put the oil industry on track to churn out huge cash piles this year. Even so, investors aren’t buying it. Literally. The world’s six largest Western energy companies— Exxon Mobil Corp. , Chevron Corp.Royal Dutch Shell PLC, BP PLC, Total SA and Equinor AS A—are set to generate their biggest profits since 2013. At the same time, they are projected to produce $90 billion in excess cash, the

Read More...

Bassoe: Ultra Deepwater drillship Deepsea Metro 1 sold for 262.5 million

October 24, 2018
| Archives

Golden Close Maritime Corp. announced [on Tuesday] the sale of their only drilling rig, the Deepsea Metro I, to an Asian buyer. The drillship, built in 2011 by Hyundai Heavy Industries and managed by Odfjell Drilling, has been warm stacked in Malaysia since 2017 after seeing its most recent contract in disputed waters offshore Vietnam cut short due

Read More...