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Month: September 2020

Oilfield Services Pandemic Job Losses Exceed 100,000 but Layoffs Slowing

September 9, 2020
| Archives

America’s oilfield services and equipment lost approximately 2,600 jobs in August, according to preliminary data from the Bureau of Labor Statistics (BLS), the lowest total since the onset of the COVID-19 pandemic in March. The U.S. economy added 1.4 million jobs in August and the unemployment rate fell to 8.4%. The monthly Oilfield Services and Equipment Employment Report

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API issues statement in response to extension of drilling moratorium

September 9, 2020
| Archives

The American Petroleum Institute (API) issued the following statement in response to yesterday's announcement by the Trump administration to extend the moratorium on the Eastern Gulf of Mexico (EGOM) and expand it to the South Atlantic. “Extending the moratorium in the Eastern Gulf of Mexico and expanding it to the South Atlantic is the wrong approach at the

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Transocean updates on court proceedings with Whitebox and Pimco

September 8, 2020
| Archives

Transocean Ltd. announced today that Transocean Inc., its wholly-owned subsidiary (together with Transocean Ltd., “Transocean”), has received over $1.5 billion aggregate principal amount of validly tendered Exchange Notes (as defined below) as of September 4, 2020, pursuant to its previously announced offers (the “Exchange Offers”) to exchange certain existing notes (the “Existing Notes”) for up to an aggregate principal amount of $750 million (subject

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18th discovery in Guyana totals up 8 billion bbls equivalent for Hess, Exxon and others

September 8, 2020
| Archives

Hess Corporation today announced another oil discovery offshore Guyana at the Redtail-1 well, the 18th discovery on the Stabroek Block, which will add to the previously announced gross discovered recoverable resource estimate for the block of more than 8 billion barrels of oil equivalent. Redtail-1 encountered approximately 232 feet (70 meters) of high quality oil bearing sandstone and was

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International Rig Count Up 4 Units in August

September 8, 2020
| International Rig Count

Baker Hughes issued their international rig count data, here is the breakdown: The international rig count for August was 747, up 4 units from the count in July and down 391 from the 1,138 counted in August 2019. Latin America is up 1 unit to 75 from the July count of 74 units and is down 119 units year-over-year. The Asia-Pacific region is up 7 units to 200 from the July count of

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Flaring into electricity, Perenco will soon do it in the DRC

September 8, 2020
| Archives

The Ministers’ Council of the Democratic Republic of Congo (DRC) has approved Perenco’s proposition to launch an electricity production project in the country. Perenco is looking to convert gas flared during oil production into power. The company hopes to support the government’s quest to universal access to power as well as generate revenue from currently wasted resources. The

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Borr Drilling Limited Receives Delist Notice from NYSE

September 7, 2020
| Archives

September 7, 2020, Borr Drilling Limited today announced that the Company has received written notice from the New York Stock Exchange (the "NYSE") that the Company is not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares

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Our Driving Habits Should Not Be Keeping Oil Prices Low

September 7, 2020
| Archives

This summer Americans drove less than last year. This was to be expected with local and state governments continuing to restrict activity based on the coronavirus, with the continued fear gripping large parts of the country and with the high current unemployment rate. However, the decrease in driving alone does not have enough of an impact on

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