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Seadrill files for Chapter 11

February 12, 2021
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Seadrill Limited (“Seadrill” or the “Company”) (OSE:SDRL, OTCQX:SDRLF) announces that Seadrill New Finance Limited (the “Issuer”), a subsidiary of the Company incorporated in Bermuda in 2018 and issuer of the 12.0% senior secured notes due 2025 (the “Notes”), has entered into a forbearance agreement with certain holders of the Notes. Pursuant to the forbearance agreement, the consenting creditors

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Marathon cuts salaries and announces more layoffs

February 12, 2021
| Archives

Marathon Oil Corp has laid off around 100 U.S. employees, or about 5% of its total workforce, a company spokeswoman told Reuters on Thursday, days after the oil and gas producer cut salaries for top executives and board members. Although oil prices have raced back above the pre-pandemic level of $60 per barrel in recent months, producers are

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Energean eyes 4 new wells offshore Israel

February 12, 2021
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Energean will invest about $170 million next year in drilling as many as four new wells in Israeli waters as the company seeks to ramp up production for the domestic market. The London-based company sees potential to find about 110 billion cubic meters of gas that it could sell over the next 10-20 years, Chief Executive Officer Mathios

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Bahamas Petroleum’s Perseverance 1 not commercial

February 12, 2021
| Archives

Bahamas Petroleum has struck oil at its keenly watched Perseverance-1 exploration well offshore the Bahamas, but the volumes discovered are deemed to not be commercial. The London-listed junior has said, however, that the early results from drilling "may provide a strong technical basis for renewed farm-in discussion" at its acreage. Shares in the company slipped around 65%

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TPAO in negotiations with Dolphin Drilling for drillship purchase

February 12, 2021
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The Daily Sabah published the following information concerning the possible addition of a fourth Deepwater vessel to TPAO (Turkish Petroleum Corporation) “The Turkish Petroleum Corporation (TPAO) is said to be very close to reaching an agreement for a deep-water drilling vessel that would arrive from Norway, reports said Tuesday. It is said to be purchased from the Norwegian

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Vantage Drilling International subsidiary VHI to oversee Seadrill Partners LLC floaters

February 12, 2021
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Vantage Holdings International ("VHI"), a subsidiary of Vantage Drilling International, entered into a Framework Agreement with Seadrill Partners LLC ("Seadrill Partners") pursuant to which certain subsidiaries of VHI (the "VHI Entities") have entered and will enter into management and marketing agreements with certain subsidiaries of Seadrill Partners (the "Seadrill Entities"). Under the management and marketing agreements, the VHI Entities

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Equinor awards Maersk with additional well for the Intrepid

February 11, 2021
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Equinor Energy AS has exercised the option to add development drilling of one additional well at the Martin Linge field offshore Norway to the work scope of the low-emission rig Maersk Intrepid. The contract has an estimated duration of 80 days, with work expected to commence in September 2021 in direct continuation of the rig’s current work scope.

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Sapura lands contract extension with Brunei Shell

February 11, 2021
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Sapura Drilling Sdn. Bhd. has secured a contract extension for its semi-submersible tender assisted drilling rig, “Sapura Pelaut”, from Brunei Shell Petroleum Co. Sdn. Bhd..  The contract extension covers a firm period of one hundred and forty-five (145) days commencing April 2021, in Bruneian waters. Source: Sapura Join our mailing list here

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PTTEP makes largest gas discovery offshore in company history

February 11, 2021
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Thailand’s largest oil and gas firm, PTT Exploration and Production Pcl on Wednesday said it made its biggest gas find yet in a project offshore of Malaysia. “We are delighted to confirm the largest-ever gas discovery by PTTEP,” chief executive Phongsthorn Thavisin said, adding that the discovery strengthened the company’s investment base in Malaysia. The discovery is based on

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Equinor exits US shale on $900 million sale

February 11, 2021
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Equinor has agreed to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around USD $900 million. The transaction covers all of Equinor’s operated and non-operated acreage, totaling 242,000 net acres, and associated midstream assets in the Bakken.

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