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Month: December 2020

Pacific Drilling aims to emerge from bankruptcy by year end

December 23, 2020
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Pacific Drilling S.A. announced the United States Bankruptcy Court for the Southern District of Texas confirmed the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”) on December 21, 2020. “The Court’s confirmation of our Plan represents an important milestone in our progress towards emergence

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National Oilwell Varco to change its name

December 23, 2020
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National Oilwell Varco, Inc.  announced plans to change its corporate name to “NOV Inc.”, effective January 1, 2021. The Company’s ticker symbol, “NOV”, will remain unchanged. “Our Company has a long and proud legacy of innovation and technology dating back to the earliest days of the oilfield. We are committed to continuously improving the drilling and production operations of

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China’s oil production to reach 3.87 mbpd

December 23, 2020
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China’s crude oil production in 2020 is set to reach 194 million tonnes, equivalent to 3.87 million barrels per day, the director of the country’s National Energy Administration (NEA) was reported as saying by the official Xinhua news agency on Tuesday. That would represent a second straight year-on-year rise, a 1.6% increase on the 191.01 million tonnes China

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Cairn wins $1.2 billion arbitration suit against Indian government

December 23, 2020
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Cairn Energy said on Wednesday it had won an international arbitration case against the Indian government over a tax dispute that had caused concern among investors over retrospective tax claims on companies. The tribunal ruled unanimously that India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty and awarded Cairn damages of $1.2 billion plus

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ENI acquires 70% stake in UAE’s offshore block 3

December 22, 2020
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Eni signed a Concession Agreement for the acquisition of a 70% stake in the Exploration Offshore Block 3, leading a consortium including a wholly owned subsidiary of Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) with the remaining 30% stake. Offshore Block 3, located in the north-west offshore of the Abu Dhabi Emirate, is the largest area

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Norway’s supreme court rule in favor of Arctic exploration

December 22, 2020
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Norway’s supreme court upheld government plans for Arctic oil exploration on Tuesday, dismissing a lawsuit by campaigners who said they violated people’s right to a healthy environment. While most of Norway’s oil output flows from south of the Arctic, the government believes the greatest untapped potential lies in the Barents Sea off Europe’s northernmost coast. Tuesday’s verdict upheld rulings

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MHWirth awarded topside drilling package from Guangzhu Marine Geological Survey

December 21, 2020
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MHWirth is pleased to announce that the company has received notification of award of a contract for delivery of a drilling equipment package to Guangzhou Marine Geological Survey (GMGS). The contract is for delivery of the topside drilling equipment to be installed onboard a drillship operated by GMGS with expected delivery date in December 2023. Total contract value is

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Shelf sells the Journey to ADNOC for $77 million

December 21, 2020
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Shelf Drilling, Ltd. announces that one of its subsidiaries (“Seller”) has entered into a definitive agreement with ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), to sell the Shelf Drilling Journey jack-up drilling rig for a total consideration of USD 77.6 million. Seller has been designated as an unrestricted subsidiary as defined in

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