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Month: September 2021

PetroFunders fintech platform launched

September 30, 2021
| Archives

PetroFunders, a fintech-powered investment platform providing access to oil and gas income, today announced the official launch of its platform and the offering of its first royalty interest fund (RIF I), a yield-oriented fund vehicle designed to deliver periodic income to investors through investment in oil and gas royalties. PetroFunders is the first of its kind to

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Over 15k unleased blocks up for U.S. GOM Lease Sale 257

September 30, 2021
| Archives

The Bureau of Ocean Energy Management (BOEM) today announced that it will hold an oil and gas lease sale for the Gulf of Mexico on Nov. 17, in compliance with an order from a U.S. District Court. The Biden Harris Administration is continuing its comprehensive review of the deficiencies associated with its offshore and onshore oil and

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Cabot and Cimarex merger creates $17 billion entity

September 30, 2021
| Archives

Shareholders of Cabot Oil & Gas Corp and Cimarex Energy Co on Wednesday approved the proposed merger between the two companies to form one of the largest U.S oil and gas firms. The merger, which was announced in May and pegged the enterprise value of the combined entity at about $17 billion, brings together Cabot’s gas-rich Marcellus shale

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Petrobras says CNOOC wants in on the Buzios field

September 30, 2021
| Archives

Chinese oil and gas firm CNOOC Ltd wants to exercise an option and acquire an additional 5% stake in production rights for the Buzios oilfield for $2.08 billion, the oilfield's owner, Brazil's Petrobras, said on Wednesday. Petroleo Brasileiro SA, as Petrobras is formally known, holds 90% of the rights to explore and produce oil at Brazil's Buzios, considered the

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Icon Offshore lands jackup contract extension

September 29, 2021
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Icon Offshore Bhd said its subsidiary has secured a contract extension for the provision of its jack-up drilling rig involving works for four wells. This is an extension of the earlier contract for eight wells secured by the subsidiary, Perisai Offshore Sdn Bhd, in December 2020 from Petrofac Ltd. The extension is expected to commence in October for a

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ADNOC completes bookbuilding for drilling unit IPO raising over $1.1 bln

September 29, 2021
| Archives

State oil giant Abu Dhabi National Oil Co (ADNOC) has completed book building for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday. The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement. "Upon settlement, ADNOC Drilling's IPO will be the largest

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TGS completes seismic acquisition offshore Newfoundland

September 29, 2021
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TGS, a global provider of energy data and intelligence, on behalf of the PGS-TGS joint venture, has announced completion of a successful seismic acquisition season offshore Newfoundland, Canada. The newly acquired data provides 3D data coverage to complement the existing 2D grid, enhancing geological and geophysical insights to explorers in the region. Most recently, over 9,900 sq kms were

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OPEC forecasts oil growth to 2035

September 28, 2021
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OPEC sees oil demand continuing to grow to the middle of next decade, even as world leaders prepare for another attempt to avert catastrophic climate change. Global fuel consumption will fully recover from its pandemic slump by 2023, and will keep growing until it hits a plateau shortly after 2035, the Organization of Petroleum Exporting Countries said in

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bp GOM starts up Thunder Horse South Expansion 2

September 28, 2021
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bp has announced the safe and successful start-up of its Thunder Horse South Expansion Phase 2 project. The Phase 2 project is expected to increase output at one of the largest fields in the Gulf of Mexico, with peak annual average gross production of 25,000 barrels of oil equivalent a day from the initial two well tieback. Eventually a

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Equinor adds on more work for the Stavanger

September 28, 2021
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Equinor has exercised one (1) additional well to be added to the Deepsea Stavanger contract. The well has been exercised under the Continued Optionality mechanism in the contract entered into between the parties in May 2020, as part of the overall Master Frame Agreement..The additional well shall follow the current firm period of three (3) wells which commences

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