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Two months after Hurricane Ida Mars and Ursa come back online

November 5, 2021
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Shell said it had restarted production at its offshore Mars and Ursa in the Gulf of Mexico and began exporting oil and gas through a transfer facility, which was shut due to damage from Hurricane Ida. The oil major was the hardest-hit producer from Ida, which tore through the Gulf of Mexico in August and removed 28 million

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Southwestern to buy natural gas producer GEP Haynesville for $1.85 billion

November 4, 2021
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Southwestern Energy Co agreed to buy Blackstone-backed GeoSouthern’s assets in the Haynesville for about $1.85 billion, betting on rising gas prices and the field’s proximity to the growing U.S. Gulf Coast export hub. Producers have been consolidating in the U.S. shale as oil and natural gas prices recover from last year’s pandemic blow to trade at multi-year highs

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Pioneer to sell off $3.2 billion in land value to Continental Resources

November 4, 2021
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U.S. oil and gas producer Continental Resources Inc said on Wednesday it has agreed to buy the Delaware Basin assets of peer Pioneer Natural Resources for $3.25 billion, expanding Continental’s operations into Texas. It is the latest sign that soaring crude prices are emboldening some U.S. energy companies to pursue deals as they seek to ramp up production. Founded

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Chesapeake just added 900 drilling locations in the Haynesville

November 4, 2021
| Archives

Chesapeake Energy has completed its previously announced acquisition of Vine Energy. The transaction was approved by Vine stockholders at a special meeting held on November 1, 2021. Vine stockholders will receive fixed consideration of 0.2486 of a share of Chesapeake common stock plus $1.20 cash for each share of Vine common stock issued and outstanding immediately prior to the

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Cairn Energy plans name change to Capricorn Energy

November 4, 2021
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Cairn plans to change its company name from Cairn Energy to Capricorn Energy, effective from 13 December 2021. The LSE stock ticker will remain as CNE. This follows an agreement at the time of the Cairn India IPO that the name would ultimately be changed.  Given the recent legislative change in India and our participation in the related tax refund process, we

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Prosafe grabs extensions and increases utilization by 16% in Q3 update

November 4, 2021
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Highlights – Q3 2021 Operating status and financial results: Utilisation of 70.9% in Q3 (16.4%) EBITDA of USD 12.5 million (USD 1.2 million negative) Positive cash flow from operations of USD 17.3 million (USD 12.3 million negative) Liquidity reserve of USD 107.1 million (USD 164.5 million) Operations and commercial: Good operational and HSE performance 6 of 7 vessels were on contract in the quarter Further options

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Noble closes four jackup deal with ADES

November 4, 2021
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Noble Corporation announced it has completed the sale of four jackup rigs to a subsidiary of ADES International Holding Ltd. ("ADES"). The Company expects to generate approximately $285 million in cash from the transaction net of fees, expenses, and the settlement of working capital. Ownership of the Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine as well

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Maersk issues fleet update with a backlog of US $1.4 billion

November 4, 2021
| Archives

Commercial activity in Q3 2021: Maersk Intrepid: Equinor Energy AS has exercised an option to add additionally well intervention work at the Martin Linge field offshore Norway to the previously agreed work scope for the ultra-harsh jack-up rig Maersk Intrepid. The well intervention scope has a firm duration of 31 days, which means that the rig is

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Var Energi announces successful refinancing

November 2, 2021
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Vår Energi has announced the refinancing of its existing Reserved Based Lending facility with a USD 6 billion unsecured corporate credit facility provided in equal proportions by 12 international banks.   Vår Energi also announced that it has obtained a BBB credit rating from S&P and Baa3 from Moody’s. Vår Energi is a full-cycle upstream oil and gas company, established in 2018 through the merger of

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BP plans on ramping up U.S. onshore shale investment in 2022

November 2, 2021
| Archives

BP will ramp up investments in its onshore U.S. shale oil and gas business to $1.5 billion in 2022 from $1 billion this year, Chief Financial Officer Murray Auchincloss said on Tuesday. BP’s shale operations are “back to growth now as we invest more capital into them. We’re gradually ramping up to a billion this year and we’ll

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