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Month: June 2021

Exxon will cut U.S. staff by up to 10% annually

June 22, 2021
| Archives

Exxon Mobil Corp is preparing to cut its U.S. office workforce by between 5% and 10% every year for the next three to five years, Bloomberg News reported on Monday citing people familiar with the matter. The job cuts will target the lowest-rated employees relative to peers as part of a performance assessment program and will therefore not

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OceanPact inks 3 year contract for ROV services

June 21, 2021
| Archives

OceanPact signed two contracts with Petróleo Brasileiro S.A. (“Petrobras”) Parcel das Timbebas (RSV) and provision of ROV services on the vessel. The vessel charter and ROV service provision contracts include consolidated daily value of USD 47,896 (base date 03.26.2021, considering the dollar at R$ 5,7042) and provide for a total term of 3 years. The total backlog is

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Var Energi announces significant discovery in southern North Sea

June 21, 2021
| Archives

Vår Energi has confirmed the discovery of oil and gas in the King and Prince exploration wells in the Balder area in the Southern North Sea. The combined King and Prince exploration wells proved successful with the latest preliminary estimates showing volumes between 60-135 million barrels of recoverable oil equivalents. 'The discoveries prove that there are still opportunities in the mature areas on

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Maersk Supply Service wins its largest project contract ever

June 21, 2021
| Archives

Maersk Supply Service has secured a major project contract for the Libra Consortium in Brazil concerning the pre-lay of the mooring system for a newbuild FPSO in Brazil. The project is integrating engineering, procurement, construction, and installation (EPCI) work and will be carried out over 2021 and 2022. “This is one of the biggest projects of its kind

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BofA raises Brent forecast to $100 per bbl in 2022

June 21, 2021
| Archives

BofA Global Research raised its Brent crude price forecasts for this year and next, saying that tighter oil supply and demand balances in 2022 could push oil briefly to $100 per barrel. "We believe that the robust global oil demand recovery will outpace supply growth over the next 18 months, further draining inventories and setting the stage for

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Rig Lynx Weekly Rundown – Seadrill sells the West Freedom for $5 million

June 21, 2021
| Weekly Rundown

Seadrill sells the West Freedom for $5 million court documents show that Seadrill has sold its 2009-built jackup West Freedom to New Fortress Energy for $5 million for conversion for its LNG project. Read More Borr awarded drilling contract offshore Gabon VAALCO announced that, in conjunction with its 2021/2022 drilling program planned to begin later this year, it has executed a

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Rig Lynx – Industry Survey

June 20, 2021
| Surveys

This survey is now closed, you can find the results by following this link Industry Survey Results As the industry is starting to pick up in most places, now would be a good time to air out the pain points we are seeing and what hurdles you are seeing in the office or in the field. We understand

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Super majors submit winning bids for Suriname offshore blocks

June 19, 2021
| Archives

Suriname's state oil company Staatsolie said on Friday that Chevron Corp CVX.N and a consortium of France's TotalEnergies SE TOTF.PA and Qatar Petroleum QATPE.UL submitted the most favorable bids to develop offshore oil blocks. Staatsolie said it was now in the process of negotiating production-sharing contracts for Chevron for Block 5 and with the Total-Qatar Petroleum consortium for Blocks 6 and 8. Staatsolie in

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Australia opens up bidding on 21 offshore blocks

June 19, 2021
| Archives

The Coalition Government today announced the 2021 Offshore Petroleum Exploration Acreage Release, with around 80,000 square kilometres of new acreage available for exploration in Commonwealth waters. Minister for Resources, Water and Northern Australia Keith Pitt said the release comprises 21 areas across the Bonaparte, Browse, Carnarvon, Otway, Sorell and Gippsland basins off Western Australia, Victoria, Tasmania and the

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China’s CNPC finds massive O & G reservoir in Tarim Basin

June 19, 2021
| Archives

China has discovered a new 1-billion-ton super-deep oil and gas area in the Tarim Basin in Northwest China's Xinjiang Uygur Autonomous Region, the largest discovery in the basin in nearly 10 years, the Chinese state-owned energy giant China National Petroleum Corporation (CNPC) said on Friday. The discovered well is located in the Fuman Oilfield area, a main block

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