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Schlumberger CEO: “It’s not an easy rideâ€

March 27, 2020
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Schlumberger , the world’s largest oilfield services company said it would cut spending by 30% this year from last year’s levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war. The company expects a rapid reduction in active drilling and hydraulic fracturing activity, estimating the number of rigs in operation could fall

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KCA Deutag issue Q4 results

March 27, 2020
| Archives

KCA Deutag, one of the world’s leading drilling and engineering contractors, is pleased to announce its results for the three months ended 31 December 2019, reporting EBITDA of $82.6m. Summary: Full year revenues of $1,359.9m (2018: $1,262.6m)Group 2019 EBITDA of $299.2m (2018: $272.9m)Contract backlog of $5.7bn across a blue chip customer base A number of contract awards and extensions in Land drilling and the

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Valaris receives two contract terminations and provides operational updates

March 27, 2020
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Valaris plc announced that the Company continues actively working to recover or replace the blowout preventer (BOP) stack on VALARIS DS-8 following a non-drilling incident earlier this month. On March 19, 2020, the Company received a termination notice for the drilling contract for VALARIS DS-8. The Company is in discussions with the customer regarding the notice. The drilling

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Prosafe SE: Market update on ongoing operations / contracts

March 26, 2020
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Prosafe hereby provides the following update on ongoing operations / contracts in light of COVID-19 and the oil price crash; Safe Concordia: On location and dayrate, although client personnel are demobilizedSafe Notos: Disconnected and client personnel demobilized. On 95% stand-by dayrateSafe Eurus: Disconnected and client personnel demobilized. On 95% stand-by dayrateSafe Zephyrus: Vessel was ready to mobilize from

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Petrobras allots supercomputers in fight against Covid-19

March 26, 2020
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  The initiative will contribute in studies to develop medication and vaccines against the coronavirus Petrobras will direct part of the processing capacity of high performance computers (HPC) – the so-called “supercomputers†– in order to collaborate with research in fighting the coronavirus, in a partnership with the Chemistry Department of Stanford University, USA. The goal is to contribute

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OXY and Icahn bury the hatchet, agrees to board change

March 26, 2020
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  Occidental Petroleum agreed to a truce with activist investor Carl Icahn, ending a bitter 10-month campaign by the billionaire activist investor to fire the board and seize control of the company. Now, Chief Executive Officer Vicki Hollub’s future will be in the hands of a new board after surviving Icahn’s calls for her resignation. But her most immediate

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VAALCO announces South East Etame 4H well has been successfully completed and placed on production

March 25, 2020
| Archives

  VAALCO Energy, Inc. provided an update on the successful completion of its 2019/2020 drilling program as well as an operational update. Highlights Successfully completed the South East Etame 4H development well including approximately 750 feet of horizontal section in the Gamba reservoir; Brought the South East Etame 4H well onto production on March 21, 2020 at an initial flow rate

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Nabors Responds to Market Conditions

March 25, 2020
| Archives

  Nabors Industries Ltd. announced it is taking several actions in light of current market conditions, which have arisen from the combination of the COVID-19 outbreak and the ongoing dispute between two of the largest oil exporters. Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "The safety of our employees remains our top priority. In the face of COVID-19,

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Equatorial Guinea Grants Relief to Oilfield Service Companies

March 25, 2020
| Archives

The country has acted to support its services industry and is engaging on an industry-wide dialogue to study other measures for upstream operators and ongoing midstream projects The Ministry of Mines and Hydrocarbons (MMH) of the Republic of Equatorial Guinea decided on the waiving of its fees for service companies in the country. The country says it is the

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