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Pacific Drilling receives overwhelming acceptance for plan of reorganization

December 17, 2020
| Archives

Pacific Drilling S.A. announced today the final voting results on the First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”). The voting results indicate overwhelming acceptance of the Plan by the two classes entitled to vote on the Plan. The Company has received votes

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Far gets $159 million buyout call from Remus Horizons

December 17, 2020
| Archives

Oil and gas explorer Far Ltd said on Thursday it received a A$209.6 million ($159.15 mln) all-cash takeover proposal from private investment firm Remus Horizons PCC Ltd. The offer values Far at 2.1 Australian cents per share, representing a premium of 90.9% to the company’s shares last closing price of 1.1 Australian cents. Cash-strapped Far has struggled due to

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Exxon in talks with Louisiana over $250 million refinery investment

December 17, 2020
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Louisiana Governor John Bel Edwards said Exxon Mobil Corp is considering investing more than $240 million in its 517,700-barrel-per-day (bpd) Baton Rouge, Louisiana, refinery. Exxon is contemplating several projects to increase flexibility in crude oils the refinery can process and to reduce pollution at the refinery, Edwards said in a statement released on Wednesday. Exxon spokesman Jeremy Eikenberry said,

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Maersk Drilling’s low emission rig boasts first results in Norway

December 17, 2020
| Archives

After successfully being converted to a hybrid, low-emission rig, Maersk Intrepid has entered operations as the first Maersk Drilling rig to feature this set of upgrades. Maersk Intrepid is currently working for Equinor on the Martin Linge field where the ultra-harsh environment jack-up in November this year commenced its first drilling operation with the full low-emission package

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Oil prices hit nine-month high

December 17, 2020
| Archives

Oil climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices. The U.S. dollar also set a 2-1/2-year low against major rivals on Thursday. Oil prices generally rise when the dollar falls because crude

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VROON heads back to work for ENI offshore Mozambique

December 16, 2020
| Archives

Dutch company Vroon Offshore Service (VOS) has announced its team will restart work on Eni’s project offshore Mozambique. Eni has recently awarded the company another charter with on a long-term drilling project off Mozambique, with platform-supply vessel (PSV) VOS Princess to join its sister vessel VOS Principle in support of the drillship SAIPEM 12000. Eni’s campaign will resume in the second half of

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Nigeria Eyes New Licensing Round in 2021

December 16, 2020
| Archives

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) stated on Friday that the Nigerian authorities are considering a new licensing round for 2021. Mele Kyari said in an online forum held by the Society of Petroleum Engineers that Nigeria had delayed a major bid round due to COVID-19, which led to a global oil price

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Expiry of Forbearance Agreements Announced by Seadrill

December 16, 2020
| Archives

Reference is made to the announcements by Seadrill Limited on 20 November 2020 regarding forbearance agreements entered into by the Company with certain creditors in respect of the group's senior secured credit facility agreements and leasing arrangements. The term of the forbearance agreements expired on 14 December 2020, and, accordingly, the creditors with whom forbearance agreements were entered

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Depleted reservoir shift to CO2 storage, says Total CEO

December 16, 2020
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The North Sea could be switched from a depleting oil and gas basin to a site for storing carbon dioxide under the seabed, Total CEO Patrick Pouyanne said on Tuesday. The French oil firm is one of the partners in the Northern Lights project, which aimed to bury CO2 underground and help companies meet climate targets by preventing

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$4.78 billion merger approved by Husky and Cenovus shareholders

December 16, 2020
| Archives

Cenovus Energy Inc’s C$6.07 billion ($4.78 billion) deal to buy Husky Energy Inc was approved by the shareholders of the two companies on Tuesday, creating Canada’s No. 3 oil and gas producer in a rapidly consolidating industry. Cenovus said 93% of shareholder votes were cast in favor of the merger at a special meeting, while Husky announced earlier

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