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Sonangol wins arbitration

July 30, 2021
| Archives

As a result of the International Arbitration Court's decision, Sonangol will be reinstated as sole shareholder (100%) of Esperaza Holdings BV, the Netherlands-based offshore company The 40% of the disputed shares of Esperaza Holdings BV have a current market value of around US$700mn. The litigation concerned the 40% stake held by Exem allegedly transferred by Sonangol EP in Esperaza Holdings BV,

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Angola proposes fuel export tax increase of 230%

July 30, 2021
| Archives

The Angolan government is considering updating the applicable tax on fuel exports. Secretary of State for Oil and Gas, José Alexandre Barroso’s proposal to increase the tax rate to 230% was submitted to parliament for approval under the presidential decree. In Angola, Africa’s third-leading oil producer, domestic fuel prices are lower compared to other markets on the continent;

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Total announces a fourth discovery offshore Suriname

July 29, 2021
| Archives

Total and Apache Corporation have made a new significant oil and gas discovery at the Keskesi East-1 well, in Block 58 off the coast of Suriname. This follows previous discoveries at Maka Central, Sapakara West and Kwaskwasi. The well was drilled by a water depth of about 725 meters and encountered a total of 63 meters net pay

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4 years to return to pre-Covid levels says Hess

July 29, 2021
| Archives

U.S. oil output could take more than four years to reach pre-pandemic levels, oil producer Hess Corp said on Wednesday, sticking to its spending plan despite rising demand to focus on shareholders returns over growth. U.S. crude prices have jumped over 50% this year but in a departure from previous boom cycles, shale producers have hunkered down to

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With weak offshore drilling sector fundamentals integration is ripe MSI reports

July 29, 2021
| Archives

Maritime Strategies International recently reported that the offshore drilling sector is ripe for integration as it challenges the management of oversupplied and competitive markets, coupled with over-leverage balance sheets, weak liquidity and stressful finance. Said that. Latest MODU [Mobile Offshore Drilling Units] MSI’s Market Report analyzes current sector downturns and states that OFS supply chains need to emulate

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FAR to kick off Bambo campaign offshore Gambia Q4

July 29, 2021
| Archives

Australian independent explorer FAR will move ahead with drilling offshore The Gambia by the end of October, amid plans to distribute excess cash back to its shareholders. Located in shallow waters near the Senegalese border, the Bambo-1 well will test three prospects that hold an estimated 1.12 billion barrels of recoverable reserves. As the operator, FAR will contribute

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Transocean lands two new contracts in the Gulf of Mexico

July 28, 2021
| Archives

Transocean Ltd. announced it was awarded two contracts which, in aggregate, contribute approximately $55.5 million in backlog. The Deepwater Conqueror was awarded a one-well contract with a major operator in the U.S. Gulf of Mexico. The value of this contract adds approximately 85 days and $28.5 million in backlog. Additionally, the Deepwater Asgard was awarded a one-well contract with another operator in the U.S. Gulf of Mexico. The value of this contract

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Weatherford locked away more than $270 million in awards during Q2

July 28, 2021
| Archives

Weatherford announced their second quarter 2021 results and below are the highlights Revenues of $903 million increased 9% sequentially driven by a 12% increase in service revenues. Operating income totaled $25 million and adjusted EBITDA[1] totaled $136 million or 15% adjusted EBITDA margins. Second-quarter cash provided by operating activities totaled $46 million and free cash flow[1] totaled $48 million. During the

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Hess plans rig addition in the Bakken

July 28, 2021
| Archives

U.S. oil producer Hess Corp said it planned to add a rig in North Dakota's Bakken basin in September, after topping estimates for second-quarter profit on a rebound in crude prices. U.S. crude prices rose about 25% in the second quarter to trade at $70 at the end of June, as fuel demand recovered with the reopening of the

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Exxon makes new discovery offshore Guyana with Whiptail

July 28, 2021
| Archives

ExxonMobil announced a discovery at Whiptail in the Stabroek Block offshore Guyana. The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling continues

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