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Petrofac fined $105 million

October 4, 2021
| Archives

British oil services company Petrofac was fined 77 million pounds ($105 million) on Monday and a former executive received a two-year suspended sentence after both pleaded guilty to bribery in Iraq, Saudi Arabia and the United Arab Emirates. The penalty from Southwark Crown Court in London is less than the $240 million the company had said it might

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COSL awarded work for the Pioneer

October 3, 2021
| Archives

COSL Drilling Europe has been awarded a contract for wells operations on the Abigail Well and the Captain phase II Subsea Development in the central North Sea on the UK Continental Shelf (UKCS).   COSL Drilling Europe will be utilizing its modern, 6th Generation Harsh Environment Semi-Submersible drilling unit, the COSLPioneer for this contract which is currently being mobilized

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Velesto awarded new work from Petronas

October 3, 2021
| Archives

The Board of Directors of Velesto Energy Berhad (“VEB”) is pleased to announce that Velesto Drilling Sdn Bhd (“VED”) has received a Letter of Award from PETRONAS Carigali Sdn. Bhd. (“PCSB”), for the provision of jack-up drilling rig services The Contract is for the provision of services of jack-up rig, namely NAGA 2, with an estimated Contract value

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Subsea 7 awarded major contract over $750 million

October 3, 2021
| Archives

Subsea 7 announced the award of a major (1) contract that will be recorded in the backlog of the Subsea and Conventional business unit in the third quarter. The award extends the engineering, project management and procurement scope of the contract announced on 12 March 2021. The scope of work includes the provision and installation of infield flowlines, control

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ADNOC shares jump 30% as trading starts

October 3, 2021
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ADNOC Drilling shares jumped more than 30% as the unit of Abu Dhabi oil giant ADNOC started trading on Sunday after its $1.1 billion initial public offering (IPO), the largest ever on the Abu Dhabi stock market. ADNOC Drilling, whose share offering attracted more than $34 billion in demand, is expected to be among the 10 largest companies

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PetroFunders fintech platform launched

September 30, 2021
| Archives

PetroFunders, a fintech-powered investment platform providing access to oil and gas income, today announced the official launch of its platform and the offering of its first royalty interest fund (RIF I), a yield-oriented fund vehicle designed to deliver periodic income to investors through investment in oil and gas royalties. PetroFunders is the first of its kind to

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Over 15k unleased blocks up for U.S. GOM Lease Sale 257

September 30, 2021
| Archives

The Bureau of Ocean Energy Management (BOEM) today announced that it will hold an oil and gas lease sale for the Gulf of Mexico on Nov. 17, in compliance with an order from a U.S. District Court. The Biden Harris Administration is continuing its comprehensive review of the deficiencies associated with its offshore and onshore oil and

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Cabot and Cimarex merger creates $17 billion entity

September 30, 2021
| Archives

Shareholders of Cabot Oil & Gas Corp and Cimarex Energy Co on Wednesday approved the proposed merger between the two companies to form one of the largest U.S oil and gas firms. The merger, which was announced in May and pegged the enterprise value of the combined entity at about $17 billion, brings together Cabot’s gas-rich Marcellus shale

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Petrobras says CNOOC wants in on the Buzios field

September 30, 2021
| Archives

Chinese oil and gas firm CNOOC Ltd wants to exercise an option and acquire an additional 5% stake in production rights for the Buzios oilfield for $2.08 billion, the oilfield's owner, Brazil's Petrobras, said on Wednesday. Petroleo Brasileiro SA, as Petrobras is formally known, holds 90% of the rights to explore and produce oil at Brazil's Buzios, considered the

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Icon Offshore lands jackup contract extension

September 29, 2021
| Archives

Icon Offshore Bhd said its subsidiary has secured a contract extension for the provision of its jack-up drilling rig involving works for four wells. This is an extension of the earlier contract for eight wells secured by the subsidiary, Perisai Offshore Sdn Bhd, in December 2020 from Petrofac Ltd. The extension is expected to commence in October for a

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