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TechnipFMC Awarded a Significant Subsea Contract from Ithaca Energy

May 18, 2021
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TechnipFMC today announced that it has been awarded a significant Engineering, Procurement, Construction and Installation (EPCI) contract from Ithaca Energy (UK) Limited for the Captain Enhanced Oil Recovery (EOR) Project in the UK North Sea. TechnipFMC will design, manufacture, deliver and install subsea equipment including a rigid riser caisson, water injection flexible flowline, umbilicals and associated equipment. Jonathan Landes,

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Sonatrach Signs MoU on E&P with Equinor

May 17, 2021
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Sonatrach and its Norwegian partner Equinor signed a Memorandum of Understanding in order to examine cooperation opportunities in the fields of exploration and production of hydrocarbons in Algeria and abroad, the protection of the environment, new technologies and operational performance. The signing of this protocol aims to strengthen the existing partnership between Sonatrach and Equinor, through the search

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U.S. Supreme Court backs energy companies in climate case

May 17, 2021
| Archives

The U.S. Supreme Court on Monday ruled in favor of BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC and other energy companies contesting a lawsuit filed by the city of Baltimore seeking monetary damages from them due to costs caused by global climate change. The 7-1 ruling, authored by conservative Justice Neil Gorsuch, came on

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Maersk Drilling sells two jackups for $31M cash

May 17, 2021
| Archives

Maersk Drilling has sold the jack-up rig Maersk Guardian (now named Guardian) to New Fortress Energy, and the parties have further entered into an agreement about the sale of the jack-up rig Mærsk Gallant with anticipated closing in June 2021. The total sales price for the two rigs is USD 31m in all-cash transactions. The new owner will

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Maersk Drilling grabs contract with INEOS

May 17, 2021
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Maersk Drilling has secured a contract from INEOS Oil & Gas UK to employ the harsh-environment jack-up rig Maersk Resolve for drilling and hydraulic stimulation at the Breagh Alpha A11 well in block 42/13 of the UK North Sea. The contract is expected to commence in Q3 2021, in direct continuation of the rig’s current work scope,

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Upstream spending may struggle to recover to pre-pandemic levels

May 14, 2021
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The toll of the Covid-19 pandemic on upstream investments in the first two years of the downturn is estimated at a whopping $285 billion, and although spending will slowly start to rise from 2022, it will not reach pre-crisis levels in the coming period, according to a Rystad Energy report. The shale sector has been the most

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Seadrill JV Sonodrill awarded 12 well contract for the Quenguela

May 14, 2021
| Archives

Seadrill Limited is pleased to announce a new contract has been secured by Sonadrill Holding Ltd (“Sonadrill”), the 50:50 joint venture with an affiliate of Sonangol E.P. (“Sonangol”). Sonadrill has secured a twelve well contract with one option for nine wells and eleven one well options in Angola for the Sonangol Quenguela drillship. Total contract value for

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Frontier Resources makes find offshore Namibia

May 14, 2021
| Archives

Houston-based international gas exploration company Frontier Resources International has announced active hydrocarbon system in Namibia while providing an operational update on its activities in southern African country. Interpretation of high-resolution magnetic data has revealed several deep-seated basement structures. Frontier’s Blocks 1723, 1724 and 1823 are in the Caprivi Basin in Northern Namibia covering an area of approx. 6,427 sq kms. A two-year Reconnaissance

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Shearwater awarded new seismic work offshore Brazil from Petrobras

May 14, 2021
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Shearwater GeoServices Holding AS announced the award of a 4D monitoring contract for towed streamer seismic acquisition in the Campos Basin offshore Brazil. These 3D and 4D programs will be conducted over 9-months by the SW Empress, over the Marlim, Albacora, and Voador fields, starting in late Q2 2021. 4D time-lapse seismic monitoring is a key reservoir management tool.

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Awilco issued their Q1 report, here are the highlights

May 14, 2021
| Archives

Awilco issued their Q1 report, here are the highlights: Awilco Drilling PLC reports contract revenue of USD 12.6 million (USD 8.6 million Q4), EBITDA of USD 3.7 million (USD 2.6 million loss in Q4) and a net profit of USD 1.3 million, (USD 152.9 million loss in Q4). Revenue efficiency was 87.5% during the quarter (54.1% in Q4)

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