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Month: July 2021

Transocean lands two new contracts in the Gulf of Mexico

July 28, 2021
| Archives

Transocean Ltd. announced it was awarded two contracts which, in aggregate, contribute approximately $55.5 million in backlog. The Deepwater Conqueror was awarded a one-well contract with a major operator in the U.S. Gulf of Mexico. The value of this contract adds approximately 85 days and $28.5 million in backlog. Additionally, the Deepwater Asgard was awarded a one-well contract with another operator in the U.S. Gulf of Mexico. The value of this contract

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Weatherford locked away more than $270 million in awards during Q2

July 28, 2021
| Archives

Weatherford announced their second quarter 2021 results and below are the highlights Revenues of $903 million increased 9% sequentially driven by a 12% increase in service revenues. Operating income totaled $25 million and adjusted EBITDA[1] totaled $136 million or 15% adjusted EBITDA margins. Second-quarter cash provided by operating activities totaled $46 million and free cash flow[1] totaled $48 million. During the

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Hess plans rig addition in the Bakken

July 28, 2021
| Archives

U.S. oil producer Hess Corp said it planned to add a rig in North Dakota's Bakken basin in September, after topping estimates for second-quarter profit on a rebound in crude prices. U.S. crude prices rose about 25% in the second quarter to trade at $70 at the end of June, as fuel demand recovered with the reopening of the

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Exxon makes new discovery offshore Guyana with Whiptail

July 28, 2021
| Archives

ExxonMobil announced a discovery at Whiptail in the Stabroek Block offshore Guyana. The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling continues

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Silwana Diamond to explore offshore Guinea-Bissau

July 28, 2021
| Archives

The UAE firm Silwana Diamond has executed an agreement with ADA Energy in Guinea-Bissau to extract three billion barrels of oil. The Silwana Diamond Group has announced the execution of a strategic concession agreement for oil exploration with ADA Energy, located in the Guinea-Bissau and acting as a representative of the National Petroleum Corporation ‘Petrojeen’. The agreement grants

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ReconAfrica completes acquisition of Renaissance Energy

July 28, 2021
| Archives

Reconnaissance Energy Africa Ltd. and Renaissance Oil Corp. are pleased to announce that they have completed the previously announced (on each of April 19, May 19, July 15 and July 26) acquisition by ReconAfrica of Renaissance by way of plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement") effective at 12:01 a.m. (Vancouver time) on July 27, 2021. ---- April 19, 2021 Announcement Pursuant to the LOI,

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Oil Search shrugs of USD$ 6.5 billion Santos takeover bid

July 27, 2021
| Archives

Oil Search rejected an unsolicited takeover proposal from Santos Ltd valuing the Papua New Guinea-focused oil and gas producer at A$8.8 billion ($6.5 billion), but both companies said they wanted to pursue further talks. Oil Search said the offer was not in the best interests of shareholders, but its shares rose 8% after both companies said it made sense to

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Nigeria seeks funding for pipeline after China backs out

July 27, 2021
| Archives

The Nigerian National Petroleum Corporation (NNPC), through the federal government, is seeking US$1bn with an aim to continue work on the US$2.8bn Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, after Chinese lenders, which had pledged to provide the majority of the funds, failed to disburse cash as timely as expected. NNPC, which was funding 15% of the project, said last

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ReconAfrica completes second well in Kavingo Basin

July 27, 2021
| Archives

Canadian oil and gas company, Reconnaissance Energy Africa Ltd. (ReconAfrica) and its joint venture partner, Namibia’s state-owned oil company Namcor, have successfully completed drilling operations on the 6-1 well in the Kavango Basin, its second stratigraphic test well in Namibia. In an announcement made on 14 July, Namcor reported that the 6-1 well is being prepared for wireline

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Dana Gas wins arbitration

July 27, 2021
| Archives

Dana Gas, the Middle East’s largest regional private sector natural gas company, has received an award in its favor dated 19 July 2021 from the London Court of Arbitration ('LCIA'). The arbitration was initiated on 28 April 2021 by IPR Wastani Petroleum, a member of the IPR Energy Group, in relation to the Sale and Purchase Agreement (SPA) for

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