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Aker Energy looking to sell 50% of Ghana deepwater prospect

June 1, 2021
| Archives

Aker Energy is looking to sell part of its 50% participating interest in the Deepwater Tano Cape Three Points (DWT/CTP) block in Ghana, which includes the Pecan development project. After being hit by the COVID-19 pandemic, the Norwegian operator has struggled to come up with funding for the Pecan development. Aker Energy’s interest to fast track the development

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Unlike IEA, Rystad Energy sees need for hundreds of new oilfields

June 1, 2021
| Archives

Thousands of new oil wells and hundreds of new oilfields will be needed to meet global demand even if it falls sharply towards the middle of the century, Oslo-based consultancy Rystad Energy said on Friday. Its analysis stands in sharp contrast to the conclusions of the International Energy Agency (IEA), which said last week that investors should not

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Equinor and ExxonMobil proceed with $8 billion Brazilian field development

June 1, 2021
| Archives

Equinor, ExxonMobil and Petrogal Brasil said on Tuesday they would proceed with an $8 billion development of Brazil's Bacalhau oil discovery. First oil from the field, which will be operated by Norway's Equinor, is expected in 2024, with output set to reach 220,000 barrels per day, the companies said in a joint statement. "Estimated recoverable reserves for the first phase

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Exxon pulls out of Ghana deepwater project

June 1, 2021
| Archives

Exxon Mobil is pulling out of a deep-water oil prospect in Ghana just two years after the west African nation ratified an exploration and production agreement with the U.S. oil titan. The company relinquished the entirety of its stake in the Deepwater Cape Three Points block and resigned as its operator after fulfilling its contractual obligations during the

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Petronas Q1 profit doubles

May 31, 2021
| Archives

Petronas’s first-quarter profit more than doubled on the back of recovering commodity prices, but the Malaysian state oil firm cautioned demand prospects hinged on vaccines preventing a resurgence of the COVID-19 pandemic. Petronas said on Monday it made a post-tax profit of 9.3 billion ringgit ($2.25 billion) in January-March, against 4.5 billion ringgit in the same quarter last

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Borr 1st Q update holds 17 new contracts, extensions, exercised options and LOAs/LOIs

May 31, 2021
| Archives

Borr published their financial and fleet status update for the first quarter of 2021, which included 17 new contracts, extensions, exercised options and LOAs/LOIs. Total operating revenues of $48.4 million, net loss of $58.1 million and Adjusted EBITDA of $(10.6) million for the first quarter of 2021.  Total operating revenues includes a reduction of related party revenues of $9.2

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NNPC settles OML 118 disputes, unlocks $10 billion in deepwater investment

May 31, 2021
| Archives

The Nigerian National Petroleum Corporation (NNPC) has signed an agreement with the partners in the offshore OML 118 area, aimed at bringing more investment into the country’s deep offshore arena. Partners in OML 118 include operator Shell, along with other supermajors Total, Agip and Esso. In a social media post, NNPC stated the new agreement “marks a watershed

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It has been a week of changes for Seadrill Limited

May 31, 2021
| Archives

It has been a week of changes for Seadrill Limited after they announced their first quarter financial update on May 20th. Seadrill Limited announced on the 20th that their backlog was sitting at $2.1 billion and included updates for contracts in regard to the West Tellus, West Hercules, West Saturn and the West Neptune. May 27th, just 7 days

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Equinor adds on more work for the Intrepid

May 28, 2021
| Archives

Equinor Energy AS has exercised an option to add well intervention work at the Martin Linge field offshore Norway to the previously agreed work scope for the ultra-harsh environment jack-up rig Maersk Intrepid. The well intervention scope has an estimated duration of 29 days. The firm value of the contract extension is approximately USD 9.9m, including integrated services but

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Nearly two-thirds of U.S. public opposes phasing out fossil fuels

May 28, 2021
| Archives

Most Americans favor using a mix of energy sources to meet the country’s needs – including renewables as well as oil, coal and natural gas. There is limited support for phasing out the use of fossil fuels altogether. And the public is closely divided over the idea of phasing out the production of gas-powered vehicles by 2035. Despite

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