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Aramco trading up stock for shares in Reliance, up to $25 billion

August 16, 2021
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Saudi Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd's oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Bloomberg News reported on Monday. An agreement could be reached as soon as the coming weeks, according to the report, which cited people with knowledge of the matter. Aramco and Reliance

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Var approved for more exploration in Barents Sea

August 13, 2021
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The Petroleum Safety Authority Norway has given Vår Energi consent for exploration drilling in Block 7122/6 in the Barents Sea. Exploration well 7122/6-3 S will be drilled in production license PL 901 to test a prospect named Rødhette. Geographical coordinates are 71° 31' 34.93" N  22° 44' 49.03" E.  Water depth is 427 meters. The well is expected to take a minimum of 25 days and will be drilled by

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Vantage releases Q2 results, backlog increase of 80%

August 13, 2021
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Vantage announced their Q2 results and here are the highlights Wig#1 -Maintaining Stellar Safety & Operational Performance   No recordable incidents in Q2 2021, whilst reactivating three rigs in West Africa and Asia. No Offshore COVID cases. Onshore quarantine and testing protecting the offshore personnel. Fleet Revenue Efficiency 98.7% Wig#2 - Putting all our rigs back to work Sapphire continues to work for Trident

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Equinor gains approval for more Norwegian Sea work

August 13, 2021
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The Petroleum Safety Authority Norway has given Equinor consent for exploration drilling in Block 6407/9 in the Norwegian Sea. Exploration well 6407/9-13 will be drilled in production license PL 1060 to test a prospect named Ginny. Geographical coordinates are 64° 26' 22,46" N  07° 41' 13,46" E.  Water depth is 270 meters. The well is expected to take 27 days and will be drilled by the West Hercules. Source: PSAN Join our mailing

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Total and Shell expect to spud in offshore Namibia in Orange Basin Q4 2021

August 12, 2021
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Global Petroleum announced that it has successfully raised £1,000,000 in aggregate before costs, through the Placing of 200,000,000 Ordinary Shares at a Placing Price of 0.5 pence per share. Rationale for the Placing In January 2021 the Company announced its updated Prospective Resources on its Namibian license PEL0094. The inclusion of seven new leads, in addition to the Marula

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Ecopetrol buys out Colombian GOV shares in ISA, $3.5 billion

August 12, 2021
| Archives

Colombia’s majority state-owned oil company Ecopetrol has agreed to buy the government’s 51.4% stake in conglomerate ISA for 14.2 trillion pesos ($3.58 billion), the company said on Wednesday. Ecopetrol will purchase around 569.5 million ISA shares for 25,000 pesos each from Colombia’s finance ministry, it said. The signing of the deal comes at a time when the Andean country

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Shelf Drilling reports on Q2, backlog sits at $1.2 billion

August 12, 2021
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Shelf Drilling reported on their Q2 results and here are the highlights Highlights Q2 2021 Revenues of $130.5 million, a 0.6% sequential increase compared to Q1 2021. Q2 2021 Adjusted EBITDA of $34.4 million, representing an Adjusted EBITDA Margin of 26%. Q2 2021 Net Loss of $22.6 million. Q2 2021 Capital Expenditures and Deferred Costs totaled $26.5 million.

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Shelf Drilling puts more rigs to work with recent fleet status update

August 12, 2021
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Shelf Drilling issued an updated fleet status report and below are the highlights Tenacious secured a one-year contract with Cabinda Gulf Oil Company Limited (CABGOC) for operations offshore Angola. The contract is expected to commence in January 2022 and includes multiple option periods. Baltic secured a five-well contract with Total Nigeria which commenced in June 2021. The estimated

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Borr awarded LOA for jack up Gunnlod

August 11, 2021
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Borr Drilling announced it has secured a Letter of Award (“LOA”) for the premium jack-up drilling rig “Gunnlod” from an undisclosed operator in Malaysia. The program is expected to commence in Q4 2021 in direct continuation of the rig’s current contract with an approximate duration of 105 days. This LOA, which is expected to be converted into

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C-Innovation awarded multi-year riserless intervention contract in GoM

August 11, 2021
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C-Innovation (C-I), an affiliate of Edison Chouest Offshore (ECO) and its family of companies, has been awarded a multi-year contract for Riserless Light Well Intervention (RLWI) services with a major operator in the Gulf of Mexico. The contract is for the provision of RLWI services onboard the M/V Island Venture, C-I’s flagship intervention vessel commissioned in 2017. The 160 m, DP3 vessel is

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