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Month: March 2021

Ovintiv finds a buyer for the Eagle Ford shale assets

March 25, 2021
| Archives

Debt-ridden Ovintiv Inc said it will sell its Eagle Ford assets in Texas to Validus Energy for $880 million, as the oil and gas producer seeks to shore up its finances following a tumultuous year for the energy industry. Ovintiv moved its headquarters from Canada to the United States in 2020 in the hopes of better access to

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Italian judge accepts Eni request to settle Congo Republic suit

March 25, 2021
| Archives

An Italian judge accepted on Thursday a request filed by energy group Eni with prosecutors to pay 11.8 million euros ($14 million) to settle an investigation into oil permits in Congo Republic. “Eni reiterates that is pleased that the Milan Court also confirmed the absence of alleged offences of international corruption: this decision allowed the definition of the

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Noble Drilling and Pacific Drilling Announce Merger

March 25, 2021
| Archives

Noble Corporation and Pacific Drilling Company LLC announced today that they have entered into a definitive merger agreement under which Noble will acquire Pacific Drilling in an all-stock transaction.  The definitive merger agreement was unanimously approved by each company's Board of Directors. The transaction has also been approved by a majority of Pacific Drilling's equity holders, and

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Rig Lynx Weekly Rundown – Seadrill plans to layoff after operations are complete with the West Neptune in the GOM

March 24, 2021
| Weekly Rundown

Each week we share with you trending articles from the industry Seadrill plans to layoff after operations are complete with the West Neptune in the GOM London-based Seadrill Ltd. plans to lay off another 162 employees reporting to its Houston-based U.S. arm in the Gulf of Mexico. Read More Seadrill plans to layoff after operations are complete with the West Neptune

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Drilling activity is set for two consecutive years of growth

March 24, 2021
| Archives

After a challenging 2020, oil and gas demand recovery – supported by vaccination efforts and OPEC+ supply cuts – is proving good for drilling activity. Rystad Energy expects around 54,000 wells to be drilled worldwide in 2021, a 12% increase from 2020 levels. In 2022 drilling is set to increase even more, by another 19% year-on-year to

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Total poised for restart in Mozambique

March 24, 2021
| Archives

Total will restart construction at its $20 billion liquefied natural gas (LNG) development in Mozambique after the government increased security, the French energy firm said on Wednesday. In January, Total withdrew most of its workforce from the site in Mozambique’s northernmost province of Cabo Delgado, where there has been an insurgency, now linked to Islamic State, since 2017,

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Seadrill Limited granted 3rd extension on forbearance agreement

March 24, 2021
| Archives

Seadrill Limited announces that Seadrill New Finance Limited (the “Issuer”), a subsidiary of the Company, has agreed to extend the existing forbearance agreement announced on 11 February 2021, and extended on 23 February 2021 and 9 March 2021, with respect to the 12.0% senior secured notes due 2025 (the “Notes”) with certain holders of the Notes (the

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Nigeria votes in $1.5 billion rehab plan for Port Harcourt refinery

March 23, 2021
| Archives

Nigeria’s Federal Executive Council has approved $1.5 billion (approximately N575 billion) for the rehabilitation of the Port Harcourt refinery, with funding derived from Nigerian National Petroleum Corporation, Internally Generated Revenue, budgetary allocations provisions and the African Export-Import Bank. According to an announcement by H.E. Chief Timipre Sylva, Minister of State for Petroleum Resources, the contract for the project

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Enhanced Drilling and Transocean usher in new EKD system

March 23, 2021
| Archives

Enhanced Drilling together with partner Transocean, has developed a new Enhanced Kick Detection system (EKD). The system eliminates the external effects of rig and slip-joint motion, to give a highly accurate return volume flow measurement enabling rapid detection of flow anomalies, resulting in reduced time spent on flow-checking. The new EKD system is based on experience and insight

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