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Month: March 2021

VAALCO announces 2021 – 2022 drilling program

March 10, 2021
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VAALCO is planning for the commencement of the next drilling campaign at Etame in late 2021 or early 2022. The locations of the wells will be determined in conjunction with the new seismic processing and interpretation, and VAALCO is currently planning for a four-well program with two development wells and two appraisal wells. Preliminary production uplift estimates

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Stena wins $411 million arbitration against Samsung Heavy

March 10, 2021
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A London arbitration tribunal has determined certain issues in dispute between Stena Atlantic Limited and Samsung Heavy Industries Co over the construction of harsh environment semi-submersible drilling unit, formerly known as Stena Midmax. The Contract for the unit was signed on 26 June 2013 with delivery of the unit to be made by 20 March 2016.  The Contract

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U.S. crude output in 2021 to decline less than previously forecast -EIA

March 10, 2021
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U.S. crude oil production is expected to fall by 160,000 barrels per day (bpd) in 2021 to 11.15 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous monthly forecast for a 290,000-bpd drop. The agency said it expects U.S. petroleum and other liquid fuel consumption to rise 1.41 million bpd

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ExxonMobil and Partners Set to Spud Jabillo-1 in the Canje Block, Offshore Guyana

March 9, 2021
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Westmount Energy Limited is pleased to note the announcement by the Maritime Administration Department, Guyana, that the Stena Carron drillship will commence drilling operations at the Jabillo-1 wellsite on the Canje Block, offshore Guyana on the 10th March 2021.  Jabillo-1 is the second of 3 exploration wells scheduled for drilling the Canje block in 20211. Previously published information indicates

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Nigeria And Morocco Sign Five MoUs, Boost To Gas Industry

March 9, 2021
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Nigeria and Morocco signed five memoranda of understanding (MoU) with parties including OCP Group, the Nigeria Sovereign Investment Authority and the Nigerian National Petroleum Corporation (NNPC). The agreements will strengthen the bilateral relationship between the two countries and foster development in the areas of agriculture, hydrocarbons and commerce. The MoUs were signed in line with the second phase

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Innovative Energy makes offer for ADES International

March 9, 2021
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Innovative Energy is a newly incorporated company, incorporated in the DIFC, formed for the purposes of implementing the Offer. Innovative Energy is currently a wholly-owned subsidiary of ADES Investments. Innovative Energy was incorporated on 4 March 2021, with registered number 4509. The current directors of Innovative Energy are Mr. Ayman Abbas and Dr. Mohamed Farouk Abdelkhalek. Innovative

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Aban Offshore puts 2 drillships and 4 jackups up for sale

March 9, 2021
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Aban Offshore's board has approved the proposed sale of rigs namely Aban V, Aban VI, Drillship Aban Ice and Floating Production Unit (FPU) Tahara owned by the Company and Aban VII, Deep Driller 3 and Drillship Aban Abraham owned by its subsidiary / stepdown subsidiaries to the prospective buyer(s) as may be decided in due course subject

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Cairn to Acquire Shells Western Desert Stakes for $926 Million

March 9, 2021
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Cairn Energy Plc reshuffled its portfolio, selling $460 million of assets in the U.K. North Sea and buying projects in Egypt’s Western Desert from Royal Dutch Shell Plc. Both deals, announced Tuesday and seen completing in the second half of 2021, follow a pickup in oil and gas acquisitions after 2020’s pandemic-driven slump. Cairn’s retreat from the North

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Exxon Mobil extends the West Saturn contract by three wells

March 8, 2021
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Seadrill revealed in its fourth-quarter 2020 presentation that ExxonMobil has awarded a contract extension to for the use of the West Saturn drillship in Brazil. The offshore drilling contractor, which said it expected the 2021 rig demand to be bleak, said ExxonMobil earlier this year exercised the first optional well for the West Saturn. The move extends the program

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Oil breaks $70 after Saudi terminal attacked

March 8, 2021
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Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted. Futures in London jumped as much as 2.6% at the open after rising 4.9% last week. The kingdom said a storage tank at Ras Tanura

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