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Month: April 2020

Maersk Drilling receives notice of contract termination for two rigs

April 21, 2020
| Archives

Maersk Drilling announced on April 16th that it has received notice of early termination for convenience of two drilling contracts: BG International Ltd., a subsidiary of Shell, has terminated the contract for the semi-submersible Mærsk Developer with immediate effect. The original end of contract was expected to be in August 2020; Aker BP has terminated the contract for the jack-up rig Maersk

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Weatherford’s Vero™ successfully completes 33,000 automated tubular connections

April 21, 2020
| Archives

Weatherford International plc today announced its Vero™ automated connection integrity has successfully completed 100 runs and 33,000 tubular connections in operations worldwide since its market debut. Vero applies artificial intelligence to minimize safety risks and validate well integrity from the wellhead to total depth. Since its launch in November 2018, Vero has delivered measurable value to producers around the globe. Notable real-world results include:  Offshore Qatar: Pulled the

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Seadrill announces board changes

April 21, 2020
| Archives

Seadrill Limited is pleased to announce that Bjarte Bøe will join the Board from April 21, 2020, replacing Birgitte Ringstad Vartdal who will step down following her recent appointment as Executive Vice President of European Wind and Solar at Statkraft. Mr Bøe brings extensive experience serving on boards and audit committees of public companies, and has over thirty years

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Oil for June still costs over $20

April 21, 2020
| Archives

U.S. oil futures for June delivery are showing why negative prices are still an exception rather than the norm in the global crude market. West Texas Intermediate futures for June are currently the most-actively traded crude contracts in New York, and cost more than $21 a barrel. WTI for May, which dived to settle at minus $37.63 on

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Beach Energy terminates the Ocean Onyx

April 20, 2020
| Archives

Beach, as operator of the Victorian Otway Basin Joint Venture, advises it has issued the Ocean Onyx rig operator Diamond Offshore Drilling Inc. (“Diamondâ€) with a notice of termination for the Ocean Onyx rig contract. The semi-submersible Ocean Onyx rig arrived in Victorian state waters in mid-April for commencement of the Victorian Otway Basin offshore drilling campaign. As

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Sonatrach signs MOU with Exxon

April 20, 2020
| Archives

Algeria’s Sonatrach has signed a Memorandum of Understanding (MOU) with Exxon Mobil Corp to pave the way for talks on exploration opportunities in the OPEC member North African country, the state-owned firm said in a statement on Monday. Algeria has been seeking foreign partnerships to boost output and exports which have dropped in recent years due to growing

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Shell plans for spud in of Saturno block in Santos Basin

April 20, 2020
| Archives

Shell starts, by the end of April, drilling its first well on Saturno, a block acquired in the 5th Production Sharing Round, in 2018. The information was confirmed by the company to PetróleoHoje. According to the activity characterization form, submitted to Ibama in 2018, the active drilling project foresees up to five wells (one firm and four contingents)

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WTI pulls a market first today, goes negative…

April 20, 2020
| Archives

A perfect storm of weak demand, unbridled production by warring producers, and an exhaustion of storage capacity drove West Texas Intermediate crude to a negative price for the first time in history, closing at -$37.63/bbl. Crude stockpiles at the Cushing pipeline hub in Oklahoma are reaching capacity, and many major pipeline operators are requiring shippers to prove their

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Popular News – Top 5 from this past week

April 20, 2020
| Weekly Rundown

This past week we had 18.7k page views and the top 5 grabbed up 8.1k of them, below are our top 5 articles for the week of April 12 – April 18! Everyone stay safe and healthy out there! #1 with 3,528 views Transocean letter to shareholders #2 with 1,411 views Weatherford announces intention to delist from NYSE #3 with 1,241 views Borr

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Chesapeake Energy lays off 200 Oklahoma employees

April 17, 2020
| Archives

Chesapeake Energy Corp, the debt-laden shale producer, has laid off 200 employees in Oklahoma, the state said on this past Thursday. Half of the job cuts were at the company’s Oklahoma City headquarters and half were in the oilfield, according to the Oklahoma Office of Workforce Development. After years of oil growth, U.S. shale producers are slashing budgets and

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