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The Bureau of Land Management issued a decision that could generate billions of dollars for the American public and will strengthen domestic energy production and independence. The Record of Decision for the Converse County Oil and Gas Project allows the development of up to 5,000 new oil and natural gas wells within a 1.5-million-acre project area in Converse County, Wyoming, over the life of the project.
“Today’s announcement aligns with the Department’s commitment to responsibly developing our nation’s vast energy resources,” said Principal Deputy Assistant Secretary Casey Hammond. “Projects like this strengthen the energy independence of the United States while creating jobs and fostering economic development.”
“Completing this project highlights our efforts here at the BLM to encourage responsible development on our public lands,” said Kim Liebhauser, BLM Wyoming Acting State Director. “I really appreciate all the hard work and attention to detail by everyone involved, which resulted in a balanced approach that facilitates domestic development while mitigating potential environmental impacts.”
“The Converse oil and gas project would provide thousands of jobs in Wyoming and help boost our state’s economy,” said Senator Mike Enzi (R-WY). “It is important that we continue the responsible development of our public lands so projects like this can strengthen our country and benefit the American people.”
“Today’s announcement is welcome news for jobs and oil and gas development in Wyoming,” said Senator John Barrasso (R-WY). “The Converse County Oil and Gas Project is estimated to bring thousands of jobs and substantial revenue to our state. It’s the result of years of hard work and collaboration at the local, state and federal level. I’m pleased we can finally get this important Wyoming energy project up and running.”
"This Record of Decision (ROD) is the culmination of years of work between the Bureau of Land Management, the State of Wyoming and the oil and gas industry. This decision establishes what has been my goal from the beginning– to provide actual year-round drilling opportunities," said Wyoming Governor Mark Gordon. "It sets the framework for hundreds of jobs for Wyoming and ensures proper safeguards for the protection of our wildlife in the project area. I look forward to seeing this project and year-round drilling come to fruition in Wyoming."
“This long-awaited Record of Decision ensures that oil and gas will continue to play an essential role in Wyoming’s economy as we recover from the coronavirus pandemic. We are proud of our state’s fossil fuels and recognize that this project represents a much-needed source of jobs, tax revenue, and economic growth that will serve Wyoming families for generations to come.” -Rep. Liz Cheney (R-WY)
“We could not be more enthusiastic about this ROD. More than six years after we started this process, we have arrived at an encouraging outcome that will benefit the people of our Country, State and Converse County. All of us owe a great thank you to Commissioner Jim Willox for his tireless efforts and countless hours of dedication in service to the people of Converse County, Wyoming and the USA.” - Converse County Commissioner Robert Short.
This decision modifies the 2007 Casper Field Office Resource Management Plan to allow for year-round drilling while continuing to protect non-eagle raptors in the area and conserve their habitat. The project is expected to generate roughly 8,000 jobs and approximately $18 to $28 billion in federal revenues.
While the record of decision approves the preferred alternative analyzed in the Final Environmental Impact Statement, the decision does not authorize any on-the-ground activity. On-the-ground construction and development will require separate site-specific review and approval before it can begin.
The BLM released a final environmental impact statement on July 31, 2020, initiating a 30-day protest period and 60-day Governor’s Consistency Review. The final environmental impact statement identified a range of alternatives, including the BLM’s preferred alternative, which we developed following extensive review and consideration of public and cooperating agency input.
Source: BLM Eplanning
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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