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Month: July 2021

Patterson UTI buys out Pioneer Energy

July 6, 2021
| Archives

PATTERSON-UTI ENERGY, INC. announced that it has entered into an agreement to acquire Pioneer Energy Services Corp. for approximately $295 million, which includes the retirement of all Pioneer Energy Services' debt.  Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment of $30 million of cash.  The transaction is expected to close

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Qatar Petroleum picks up interest in Total’s South Africa offshore blocks

July 5, 2021
| Archives

Qatar Petroleum has entered into agreements with TotalEnergies to acquire interests in three exploration blocks offshore South Africa. Under the terms of the agreements, which are subject to customary approvals by the government of South Africa, Qatar Petroleum will hold a 25% participating interest in the South Outeniqua block, a 30% participating interest in the DWOB block, and a 29.17% participating interest in

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Lukoil grabs 50% stake in fields offshore Mexico

July 5, 2021
| Archives

LUKOIL has announced the entry into an agreement to acquire the 50% operator interest in the Area 4 project offshore Mexico (hereinafter – the Project) through the acquisition of the operator's holding company. The transaction value is $435 million plus expenditures incurred in 2021 as of the transaction completion date. The completion of the transaction is subject to certain conditions, including approval

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Exxon comes up short on Jabillo 1 says partner Eco

July 5, 2021
| Archives

Oil and gas exploration company Eco (Atlantic) Oil & Gas said the Jabillo-1 well in the Canje Block, offshore Guyana, would be plugged and abandoned after no evidence of commercial hydrocarbons were found. The company would now move onto spudding the Sapote-1 well, expected in mid-August 2021 with an estimated drilling time of up to 60 days. 'While today's

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Petrobras extends Transocean’s PB10K for another 2 years

July 5, 2021
| Archives

Petrobras will extend the term of the charter contract for the Petrobras 10.000 drillship, operated by Transocean. The two companies closed an agreement for another two years. The information was confirmed by sources from PetroleoHoje. According to an investigation, the value of the drilling unit’s charter rate was kept unchanged, at around US$300,000/day. The possibility of extending the

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International Rig Count Creeps Up

July 4, 2021
| International Rig Count

Baker Hughes issued their international rig count data, here is the breakdown: The international rig count for June is 758, up 8 units from the count in May and down 23 units from the 781 counted in June 2020. Latin America is up 7 units to a total of 143 from the May count of 136 units and is up 72 units year-over-year. The Asia-Pacific

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Nigeria passes new petroleum bill

July 2, 2021
| Archives

As Nigerian lawmakers pass petroleum bill, Mansur Mohammed, from Wood Mackenzie’s sub-Saharan Africa upstream research team, stated there is still work to do. The impact of the fiscal terms will need to be fully assessed before investors can take decisions, and the degree of change will be dependent on terrain and the type of project. Mohammed added, “The Senate

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A booming FPSO market

July 2, 2021
| Archives

Τhe FPSO market is booming this year, with more contracts awarded in the second quarter of 2021 than during the full year 2020. Rystad Energy expects FPSO awards to reach a total of 10 units in 2021, with another 10 following next year, creating a very healthy project line-up for contractors, effectively doubling their pipeline. Four FPSOs were awarded in

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Equinor awards TechnipFMC with major EPC contract

July 2, 2021
| Archives

TechnipFMC has been awarded a significant (1) Engineering, Procurement, Construction and Installation contract by Equinor for the Kristin Sør field in the North Sea. TechnipFMC will supply rigid pipelines, static and dynamic umbilicals, as well as pipeline and marine installation of the subsea production facilities. Jonathan Landes, President, Subsea at TechnipFMC, commented: 'We are proud to collaborate closely with Equinor once again, working together from

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