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ExxonMobil spending through 2027 will be largely focused on Guyana, Brazil and U.S. Permian

December 1, 2021
| Archives

Exxon Mobil set annual capital spending through 2027 at $20 billion to $25 billion, allocating money to low-carbon projects and extending its previously projected spending rate for two years. The top U.S. energy producer slashed costs after a historic $22.4 billion loss last year. But an oil-price rebound this year has generated strong profits that let Exxon pay down

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Maersk Drilling and Petrogas head back to the UK for one well gig

December 1, 2021
| Archives

Maersk Drilling and Petrogas North Sea Ltd have agreed to exercise the previously agreed exclusive option to employ the harsh-environment jack-up rig Maersk Resilient to drill an appraisal well at the Birgitta field in the UK sector of the North Sea. The contract is expected to commence in end-2021, in direct continuation of the rig’s current work scope. The

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Petrobras plans a 70 well drilling campaign over the next 5 years

November 30, 2021
| Archives

Petrobras will invest US$ 5.5 billion in the Exploration segment in the five-year period 2022-2026, maintaining its focus on the Southeastern basins and on the Equatorial Margin. The figure represents only 10% of the total amount allocated to the E&P area of US$ 57.3 billion. Petrobras plans to drill 70 exploratory wells over the next five years. Around

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Demand for accommodation rigs are recovering

November 30, 2021
| Archives

Offshore accommodation rig provider Floatel International believes that the demand for accommodation rigs is starting to recover but, due to market oversupply, it still remains below levels in late 2019 before the Covid-19 pandemic, resulting in prices continuing to be under pressure. As a result, Floatel expects the overall utilization of the accommodation fleet to remain at

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Mozambique’s new licensing round

November 30, 2021
| Archives

The Sixth Licensing Round for the Concession of Hydrocarbon Exploration and Production Areas was launched Thursday, November 25. For this purpose, 16 new areas were defined, distributed by 4 distinct regions, five of which are located in the Rovuma Basin, seven in Angoche, two in the Zambezi Delta and two in Save, totaling more than 92,000 sq

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Expro brings in over $50 million in subsea contracts

November 30, 2021
| Archives

Expro, has secured four significant subsea well access contracts in Southeast Asia and Australia worth in excess of $50 million. The company has won two contracts in Australia and two in Malaysia. In Australia, Expro has been awarded a multi-million-dollar contract for the abandonment of 18 subsea wells and the removal of open water production trees. The project will require Expro to

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Equinor exits Ireland

November 30, 2021
| Archives

Norway's Equinor has agreed to sell its stake in the Corrib gas field to partner Vermilion Energy, the Norwegian oil firm said on Monday, putting an end to its activities in Ireland. Equinor and Vermilion have agreed a consideration of $434 million for the sale, before closing adjustment, with an effective date set Jan. 1, 2022. Equinor and Vermilion have

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Talks of Lundin Energy potential sale

November 30, 2021
| Archives

Swedish oil and gas company Lundin Energy is considering a potential sale, Bloomberg News reported on Monday, citing unnamed sources. Lundin, which has a market value of about $10 billion, is studying strategic alternatives that could also include a merger or asset disposals, the report said. Responding to what it called market rumours, Lundin said it "continuously engages" in opportunities

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Petronas makes new find in Baram Province

November 30, 2021
| Archives

Malaysia’s state oil agency Petronas said on Tuesday it had discovered gas in its Nangka-1 wildcat exploration well in Block SK417, located in the shallow waters of Baram Province. “The Nangka-1 well was successfully drilled to a total depth of 3,758 metres in September 2021. The sweet gas was discovered in the Middle to Late Miocene Cycle VI clastic

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