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Month: October 2021

Rig Lynx Weekly Rundown – Shell kicking off work in Campos Basin with West Tellus

October 11, 2021
| Weekly Rundown

West Africas deepwater rig utilization could triple by 2022 US Gulf of Mexico and Brazil have already witnessed substantial recovery in the deepwater rig market. However, West Africa has struggled with sluggish growth, with current competitive utilization of just 40% in comparison to 80% in the US Gulf of Mexico and 95% in Brazil. Read More Shell kicking off work in Campos Basin

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Transocean says demand for hydrocarbon assets and services, will remain strong

October 11, 2021
| Archives

Transocean Ltd. announced that it has committed to reducing operating Scope 1 and Scope 2 greenhouse gas emissions intensity by 40% from 2019 levels by 2030. This critical initiative is consistent with the technical leadership that Transocean has demonstrated over the years. Indeed, the company has proactively implemented numerous innovations to improve the performance of its rigs, and enhance

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Greenpeace’s defeat is a victory for common sense and for the UK’s energy security

October 11, 2021
| Archives

Greenpeace’s legal action to block production from the Ithaca Energy and BP Vorlich oilfield in the North Sea has been turned down by Scotland’s highest court in a decision strongly welcomed by OGUK, which represents the UK’s offshore oil and gas industry. Development of the field, estimated to hold about 30m barrels of oil, was approved by the government in 2018. It lies

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DOF Subsea and Ocean Floor Geophysics Inc. sign agreement to provide global AUV services

October 11, 2021
| Archives

Ocean Floor Geophysics Inc. (OFG) and DOF Subsea AS (DOF) have entered into a strategic alliance for Autonomous Underwater Vehicle (AUV) services to the global offshore industry. The partnership will effectively leverage the two businesses’ recent collaboration in the development of the OFG AUV non-contact integrated Cathodic Protection (iCP) inspection system and enable the sharing of resources on

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Huge milestone for Seadrill bankruptcy exit

October 11, 2021
| Archives

Seadrill Limited has announced the voting results for its plan of reorganization (the “Plan”).  All voting classes of stakeholders accepted the Plan, including all 12 credit facilities and general unsecured creditors and shareholders.  Over 96% of secured lenders voted, and over 88% of secured lenders accepted the Plan. Based on these results, Seadrill is on track to have

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Shale oil is booming again in the permian

October 11, 2021
| Archives

Oil prices above $80 a barrel are once again spurring a revival of shale drilling in America’s biggest oil field, where production is expected to return to pre-pandemic highs within weeks. Only this time, the surge is being driven by private operators, rather than the publicly traded companies that fueled the previous booms. And they see little reason to slow things down. Increased access

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Equinor given consent for exploration drilling on the Statfjord North field

October 8, 2021
| Archives

The Petroleum Safety Authority Norway (PSA) has given Equinor consent to plugging, drilling and completion on Statfjord North E-4, in production licence PL 037. Geographical coordinates are: 61° 26' 3.01'' North 1° 55' 30.23'' East. Water depth is 265 meters. The well, to be drilled by the Deepsea Atlantic, is scheduled to take 62 days. The main purpose of the operations is to limit additional volume, maintain production level, and

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Oil industry needs $500 billion injection to avoid future supply crisis

October 8, 2021
| Archives

Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years, according to Moody’s Investors Service Inc. Crude and natural gas drillers chastened by last year’s unprecedented collapse in demand and prices haven’t responded to the recent market rebound as the industry

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COSL bags new contract for the Promoter

October 7, 2021
| Archives

Equinor has awarded COSL Offshore Management a contract to drill four wells on Statfjord Øst with the COSLPromoter rig from the spring of 2023. In addition, the rig has options for drilling five wells for Statfjord satellites afterwards. The contract value is calculated at around USD 56 million for the fixed part of the contract, which has an estimated duration of 220 days. The value includes drilling and completion services,

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