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ADNOC commits $122 billion to boost oil and gas output

November 23, 2020
| Archives

The United Arab Emirates’ biggest oil producer is boosting investment to make good on pledges to increase output capacity, even as it struggles against OPEC+ restrictions on supply. The OPEC member’s top body for energy policy, Abu Dhabi’s Supreme Petroleum Council, approved a 448 billion dirhams ($122 billion) budget for spending on oil and natural gas over the

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Rig Lynx Weekly Rundown – Top 5 from week 47

November 23, 2020
| Weekly Rundown

Welcome back! If you missed any of the trending articles from last week we got them all here for you to start your week off with For week 47, Nov 15 - Nov 21, we had over 6.7k page views and below are the top 5 News from Valaris, Seadrill, Vantage, Maersk, and Pacific Have a great week ahead! Valaris's DS 12 and

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The Conundrum of Networking

November 20, 2020
| Archives

With 2020 being a year of change for most people, myself included, it is good to write a few notes down and share with everyone on where I personally think, don’t take my thoughts to the bank, just sharing, on how your online networks should be used for your own betterment. As I go through this, I will

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Seadrill issues trading update, contract awards, cancellations, suspensions and scrapping

November 20, 2020
| Archives

Seadrill issues trading update, contract awards, cancellations, suspensions and scrapping, below are the highlights: Highlights Technical utilization of 94% and economic utilization2 of 92% Total backlog stands at $2.1 billion Cash and cash equivalents as at September 30, 2020 was $851m Stuart Jackson appointed Chief Executive Officer The role and responsibilities of the Chief Financial Officer are now divided into two new roles: Grant

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Maersk issues fleet status update, backlog sits at 1.5 billion US

November 20, 2020
| Archives

Maersk issued their fleet status update and below are the highlights Commercial activity in Q3 2020: Maersk Integrator: Awarded one-well contract with Aker BP in Norway in direct continuation of the rig’s current work scope with an estimated duration of 73 days. The contract is expected to commence in February 2021 and has a firm value of

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Seadrill sees depressed drilling rig demand until late 2021

November 20, 2020
| Archives

Offshore oil drilling contractor Seadrill expects the market for its rigs to remain depressed until late 2021, the Oslo-listed firm said on Friday as it continued talks with creditors over a debt restructuring. Seadrill, controlled by Norwegian-born billionaire John Fredriksen, in September suspended interest payments after failing to agree with lenders on amending terms for its $5.7 billion

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U.S. moves to loosen safety rules for Arctic Ocean oil drilling

November 20, 2020
| Archives

The Trump administration on Thursday proposed to loosen Obama-era safety regulations for the oil industry in the Arctic Ocean off Alaska to ease the way for petroleum extraction in the region, an effort that President-elect Joe Biden will likely throw out once in office. The proposal would revise a suite of Obama-era rules crafted to improve safety in

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Norway offers 136 Arctic oil exploration blocks

November 19, 2020
| Archives

Norway will offer oil firms 136 new offshore exploration blocks in a new frontier area licensing round in the Norwegian Sea and the Barents Sea, the Ministry of Petroleum and Energy and the Petroleum Directorate (NPD) said on Thursday. The government had previously indicated that it could offer up to 136 blocks, including 125 in the Barents Sea,

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