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Uganda gives Tullow the green light for sale of assets to Total

October 23, 2020
| Archives

Tullow Oil has announced that the Government of Uganda and the Ugandan Revenue Authority have executed a binding Tax Agreement that reflects the pre-agreed principles on the tax treatment of the sale of Tullow’s Ugandan assets to Total. The Ugandan Minister of Energy and Mineral Development has also approved the transfer of Tullow’s interests to Total and

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Angola publishes local content law promoting complete Angolanization of the oil and gas sector

October 23, 2020
| Archives

Angola’s Presidential Decree 271/20, which approves a new legal regime for local content in Angola’s oil and gas sector, was published this week. The decree strongly encourages the acquisition of national goods and services and the replacement of expatriates by Angolan workers.  According to H.E. President João Lourenço, the decree will aid in wealth creation and the promotion

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Patterson sees uptick in activity early into next year

October 23, 2020
| Archives

U.S. oilfield services firm Patterson-UTI Energy expects activity to continue to improve through at least the first quarter of 2021, Chief Executive Andy Hendricks told investors on Thursday during an earnings call. The company, which offers contract drilling and hydraulic fracturing services in North America, expects to average 61 rigs in the current quarter, up from 60 in the

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Explosion at Thai PTT gas line kills three, injures 28

October 22, 2020
| Archives

Three people were killed and 28 injured on Thursday in an explosion on a Thai PTT PCL gas transmission line in Samut Prakan province, southeast of Bangkok, the company said.  “PTT joined local rescue teams to bring the wounded to the hospital” PTT said in a statement. Video from the scene showed flames leaping dozens of metres into the

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Exxon Mobil ‘very close’ to disclosing U.S., Canada job cuts, says CEO

October 22, 2020
| Archives

Exxon Mobil Corp is "very close" to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday. The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts forecast a third-quarter $1.17 billion loss, according

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Norway offshore labor unions split over wage talks

October 22, 2020
| Archives

One of Norway’s two labor unions for oil service workers struck a wage deal with subcontractors to the country’s oil and gas industry, while a second union broke off talks, union officials said on Thursday. Industri Energi, the largest of the two labour unions involved in negotiations, said it had agreed to a deal, while the smaller Safe

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82,000 sq kilometer coring project offshore Nigeria awarded to TGS

October 22, 2020
| Archives

TGS today announced the recommencement of the geochemical coring project offshore Nigeria. The initiative is part of an anomaly targeting program focusing on the previously completed analysis of multibeam and backscatter data. This survey is being conducted in conjunction with Nigerian joint venture partner TGS-PetroData. The coring leg began on 15th October and completion is planned for late

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Gabon Plans to Reduce Oil Production in 2021

October 21, 2020
| Archives

Gabon plans to reduce oil production by more than 10,000 barrels of oil per day (bpd) – with an average price per barrel expected to drop from $57 to $41, in 2021. According to a budget Bill currently under review – which states that oil production over the next fiscal year will be 10.5 million tons or nearly

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