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Shell looking to unload $10 billion in Permian assets

August 3, 2021
| Archives

Devon Energy Corp. and ConocoPhillips are among potential suitors studying Royal Dutch Shell Plc’s portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said. Chevron Corp. is also among companies considering bids for the assets, which are largely located in West Texas, the people said. Suitors have been invited

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Transocean issues Q2 results, backlog over $7 billion

August 3, 2021
| Archives

Transocean reported on their financial results for Q2 and here are the highlights: Total contract drilling revenues were $656 million (total adjusted contract drilling revenues of $713 million), compared with $653 million in the first quarter of 2021 (total adjusted contract drilling revenues of $709 million); Revenue efficiency was 98.0%, compared with 97.4% in the prior quarter; Operating and maintenance expense was $434 million, compared with

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Valaris reports on Q2, early signs of recovery from COVID downturn

August 3, 2021
| Archives

Valaris Limited reported on their second quarter 2021 results and here are the highlights: Floaters Floater revenues were $50 million and $18 million for the Successor and Predecessor periods, respectively. Combined floater revenues declined to $68 million in the second quarter 2021 from $97 million in the prior quarter. Excluding reimbursable items, Combined revenues declined to $62 million

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Valaris fleet status report, multiple new contracts adds over $1 billion to backlog

August 3, 2021
| Archives

Valaris shared their updated fleet status report and below are the highlights: Floaters DS-11 awarded an eight-well contract with TotalEnergies in the U.S. Gulf of Mexico. The contract is expected to commence in mid-2024 with an expected duration of three-and-a-half years DS-18 (Relentless) awarded a three-year contract with Chevron in the U.S. Gulf of Mexico, which is expected

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JDC announces reorganization plans

August 2, 2021
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Japan Drilling Company Ltd., Reorganization Company and Japan Drilling (Netherlands ) B.V., Reorganization Company (hereinafter collectively referred to as the “Companies”) hereby announce that the Companies submitted proposed modified reorganization plans to the Tokyo District Court as of July 30, 2021, following the change in the sponsor who had once been selected. The Companies had submitted the

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Oil Search asks Santos to sweeten the deal

August 2, 2021
| Archives

Oil Search said on Monday it intended to recommend an improved buyout offer from Santos Ltd, worth A$8.4 billion ($6.2 billion), in a deal that would create a top-20 global oil and gas company. The merged group would own oil and gas assets in Australia, Papua New Guinea (PNG) and Alaska, with the jewel in the crown considered

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ExxonMobil announces new discovery in Campos Basin

August 2, 2021
| Archives

ExxonMobil notified the National Petroleum Agency (ANP) this week about signs of oil and gas found in block C-M-789, in a water depth of 2,681 meters. The discovery was made in well 1-EMEB-1A-RJS (also called Opal-1A). The exploratory campaign in the block is being carried out with the West Saturn drillship. As reported in February, ExxonMobil had restarted

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Eni announces new find offshore Mexico

August 2, 2021
| Archives

Eni announces an oil find in Upper Miocene sequences on the Sayulita Exploration Prospect in Block 10 in the mid-deep water of the Cuenca Salina Sureste Basin, Offshore Mexico. According to preliminary estimates the new find may contain between 150 and 200Mboe in place. Sayulita-1 EXP, which has led to the find, is the seventh successful well drilled

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Saipem lines up new work for the fleet

July 30, 2021
| Archives

According to Esgian, an Oslo based company that provides analytical tools for the energy industry, noted that Saipem has confirmed various new contract awards and extensions for its offshore rig fleet. The newly leased drillship Samsung Santorini, due to join the fleet in November 2021, has been awarded a contract with Eni for work in the US

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Exxon announces biggest profit in over a year

July 30, 2021
| Archives

Exxon Mobil on Friday posted its biggest quarterly profit in more than a year that also sailed past analysts’ estimates, boosted by higher oil prices and record earnings at its chemicals business. The upbeat results following a contested board fight over the company’s direction quelled some investor concerns and highlighted how oil producers are taking advantage of a

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