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Noble notes floater demand increase of 13% over next 3 yrs

June 23, 2021
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Noble issued an updated Investor Presentation and fleet status update, noting upticks in every operating region for floaters, some are forecasted to be up as much 13% through 2024. Qatar: Noble Mick O’Brien – One-year option exercised with Qatar Gas keeping rig contracted into Early Sept 2022 US GOM: Pacific Khamsin – One-well contract award with EnVen from

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Valaris lands 3 year contract with North Oil Company

June 23, 2021
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Valaris Limited announces that it has been awarded a three-year contract with North Oil Company offshore Qatar for VALARIS JU-110, a heavy-duty modern jackup. The contract is anticipated to begin in the fourth quarter of 2021. Source: Valaris Join our mailing list here

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Morocco gets a new spud in from Predator Oil and Gas

June 22, 2021
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Predator Oil & Gas, the Jersey-based oil and gas company with operations in Trinidad, Morocco and Ireland, has announced that the MOU-1 well was spudded on 20 June 2021 with drilling ahead in progress to the first planned 13 3/8" casing point. The MOU-1 well is being drilled to test the Moulaya Prospect in the Guercif License, onshore

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Brazilian oil companies resume projects amid price recovery

June 22, 2021
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Amid the recent recovery in oil prices on the international market, oil companies are slowly beginning to gain confidence to move forward with new projects. In month of June, when the Brent-type barrel surpassed US$ 70 for the first time in two years, Petrobras, the Norwegian company Equinor and the Australian company Karoon have announced investments of

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Exxon will cut U.S. staff by up to 10% annually

June 22, 2021
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Exxon Mobil Corp is preparing to cut its U.S. office workforce by between 5% and 10% every year for the next three to five years, Bloomberg News reported on Monday citing people familiar with the matter. The job cuts will target the lowest-rated employees relative to peers as part of a performance assessment program and will therefore not

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OceanPact inks 3 year contract for ROV services

June 21, 2021
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OceanPact signed two contracts with Petróleo Brasileiro S.A. (“Petrobras”) Parcel das Timbebas (RSV) and provision of ROV services on the vessel. The vessel charter and ROV service provision contracts include consolidated daily value of USD 47,896 (base date 03.26.2021, considering the dollar at R$ 5,7042) and provide for a total term of 3 years. The total backlog is

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Var Energi announces significant discovery in southern North Sea

June 21, 2021
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Vår Energi has confirmed the discovery of oil and gas in the King and Prince exploration wells in the Balder area in the Southern North Sea. The combined King and Prince exploration wells proved successful with the latest preliminary estimates showing volumes between 60-135 million barrels of recoverable oil equivalents. 'The discoveries prove that there are still opportunities in the mature areas on

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Maersk Supply Service wins its largest project contract ever

June 21, 2021
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Maersk Supply Service has secured a major project contract for the Libra Consortium in Brazil concerning the pre-lay of the mooring system for a newbuild FPSO in Brazil. The project is integrating engineering, procurement, construction, and installation (EPCI) work and will be carried out over 2021 and 2022. “This is one of the biggest projects of its kind

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BofA raises Brent forecast to $100 per bbl in 2022

June 21, 2021
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BofA Global Research raised its Brent crude price forecasts for this year and next, saying that tighter oil supply and demand balances in 2022 could push oil briefly to $100 per barrel. "We believe that the robust global oil demand recovery will outpace supply growth over the next 18 months, further draining inventories and setting the stage for

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Super majors submit winning bids for Suriname offshore blocks

June 19, 2021
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Suriname's state oil company Staatsolie said on Friday that Chevron Corp CVX.N and a consortium of France's TotalEnergies SE TOTF.PA and Qatar Petroleum QATPE.UL submitted the most favorable bids to develop offshore oil blocks. Staatsolie said it was now in the process of negotiating production-sharing contracts for Chevron for Block 5 and with the Total-Qatar Petroleum consortium for Blocks 6 and 8. Staatsolie in

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