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Month: August 2021

Ecopetrol buys out Colombian GOV shares in ISA, $3.5 billion

August 12, 2021
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Colombia’s majority state-owned oil company Ecopetrol has agreed to buy the government’s 51.4% stake in conglomerate ISA for 14.2 trillion pesos ($3.58 billion), the company said on Wednesday. Ecopetrol will purchase around 569.5 million ISA shares for 25,000 pesos each from Colombia’s finance ministry, it said. The signing of the deal comes at a time when the Andean country

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Shelf Drilling reports on Q2, backlog sits at $1.2 billion

August 12, 2021
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Shelf Drilling reported on their Q2 results and here are the highlights Highlights Q2 2021 Revenues of $130.5 million, a 0.6% sequential increase compared to Q1 2021. Q2 2021 Adjusted EBITDA of $34.4 million, representing an Adjusted EBITDA Margin of 26%. Q2 2021 Net Loss of $22.6 million. Q2 2021 Capital Expenditures and Deferred Costs totaled $26.5 million.

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Shelf Drilling puts more rigs to work with recent fleet status update

August 12, 2021
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Shelf Drilling issued an updated fleet status report and below are the highlights Tenacious secured a one-year contract with Cabinda Gulf Oil Company Limited (CABGOC) for operations offshore Angola. The contract is expected to commence in January 2022 and includes multiple option periods. Baltic secured a five-well contract with Total Nigeria which commenced in June 2021. The estimated

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Borr awarded LOA for jack up Gunnlod

August 11, 2021
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Borr Drilling announced it has secured a Letter of Award (“LOA”) for the premium jack-up drilling rig “Gunnlod” from an undisclosed operator in Malaysia. The program is expected to commence in Q4 2021 in direct continuation of the rig’s current contract with an approximate duration of 105 days. This LOA, which is expected to be converted into

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C-Innovation awarded multi-year riserless intervention contract in GoM

August 11, 2021
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C-Innovation (C-I), an affiliate of Edison Chouest Offshore (ECO) and its family of companies, has been awarded a multi-year contract for Riserless Light Well Intervention (RLWI) services with a major operator in the Gulf of Mexico. The contract is for the provision of RLWI services onboard the M/V Island Venture, C-I’s flagship intervention vessel commissioned in 2017. The 160 m, DP3 vessel is

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Halliburton awarded 6 well integrated construction program offshore Malaysia

August 11, 2021
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Halliburton has announced that Sapura Drilling, a subsidiary of Sapura Energy, has awarded it an offshore integrated contract. Sapura, with Halliburton as its technical partner, will execute an Integrated Rig Drilling Completion (i-RDC) contract for a six well offshore well construction program. The uniquely integrated nature of the contract opens the pathway for Halliburton, in collaboration with Sapura Drilling and PETRONAS Carigali,

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TotalEnergies and DS15 ready to spud in offshore Brazil

August 11, 2021
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In the coming days, TotalEnergies EP will start a new campaign in Brazil. The works will be carried out in the Lapa field, in the Santos cluster, and in the C-M-541 block, located in ultra-deep waters in the Campos Basin, contemplating well abandonment and exploratory drilling activities. The two campaigns will be carried out by the Valaris Renaissance

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BP backs out of Gambia plans, opts for lower carbon energy plans

August 11, 2021
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The Gambian government said on Tuesday BP has agreed to settle a $29.3 million outstanding commitment to drill an exploration oil well in the West African country’s offshore A1 block, which the company was awarded two years ago. BP broke its obligations by failing to drill a well before the initial exploration period expired on 29th July, government

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Chesapeake acquires Vine for $2.2 billion

August 11, 2021
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Chesapeake and Vine Energy Inc. announced that they have entered into a definitive agreement pursuant to which Chesapeake will acquire Vine, an energy company focused on the development of natural gas properties in the over-pressured stacked Haynesville and Mid-Bossier shale plays in Northwest Louisiana. The acquisition is a zero premium transaction valued at approximately $2.2 billion, based on a 30-day average

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Sonangol extends farm down bid for 40k bpd

August 10, 2021
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Angola’s state oil and gas company Sonangol has announced the extension of deadline for farm down bid process to 20 August 2021 The national oil company also informs that, as a result, the deadline for submission of proposals is extended to 20 September 2021.  The sale involves more than 40,000 bpd. Last month, Sonangol won back a stake in a Portuguese oil

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