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Saipem struggles with losses going into 2022

February 4, 2022
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Saipem is talking to investors about a possible funding package, the group said on Monday after warning it will take a heavy loss for 2021, triggering a halt in its shares to prevent a stinging sell-off. Saipem has struggled to regain traction after global lockdowns caused by COVID-19 throttled demand for oil and gas, prompting oil majors to

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Odfjell Drilling looks at company split

February 4, 2022
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Odfjell Drilling Ltd. is contemplating spinning off its Well Services and Energy segments into a newly established company, Odfjell Technology Ltd., and to list the shares in OTL on the Oslo Stock Exchange. The Spin Off enables all parts of the business to think beyond their existing core activities, capabilities, markets, and competitive environment to evolve and strengthen

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2022 oil and gas investment in Columbia soaring

January 30, 2022
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Investment in Colombia’s oil and gas industry is forecast to soar in 2022, boosted by exploration investments, a private producers’ association said on Wednesday, though output is expected to lag pre-pandemic levels for another year. Some $4.4 billion of investment is expected to be made in the Andean country’s hydrocarbons sector during 2022, 42% higher than in 2021,

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Woodside exits Myanmar

January 30, 2022
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Woodside Petroleum Ltd joined on multinational oil majors Chevron Corp and TotalEnergies in their plans to exit Myanmar, nearly a year after a military coup plunged the Southeast Asian nation into turmoil. Myanmar has faced unrest since the army overthrew the elected government in February 2021 and detained its leader Aung San Suu Kyi. The junta has been accused of

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Seadrill New Finance Limited (to be renamed Paratus Energy Services Ltd.) Emergences from Chapter 11

January 30, 2022
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Seadrill Limited and the Issuer announced that the Issuer has emerged from chapter 11 after successfully completing its pre-packaged restructuring pursuant to its chapter 11 plan of reorganization (the “Plan”).  As previously announced, the Plan was confirmed by the United States Bankruptcy Court for the Southern District of Texas on January 12, 2022.  All conditions precedent to

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JDC awarded a contract with Inpex

January 30, 2022
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Japan Drilling Co (JDC) has announced that its subsidiary company 'Hakuryu 5, Inc.' has entered into a drilling contract with INPEX Offshore San-in Co. for the provision of a semi-submersible drilling rig 'HAKURYU-5'. The main terms of the drilling contract are as follows: Operating Area : Offshore San-in, Japan Period : March to July 2022 (planned) Source: JDC Join our mailing list here

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Hess puts $2.6 billion exploratory budget on the books for 2022

January 30, 2022
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Hess Corporation has announced a 2022 Exploration & Production capital and exploratory budget of $2.6 billion, of which approx. 80% will be allocated to Guyana and the Bakken. Net production is forecast to average between 330,000 and 340,000 barrels of oil equivalent per day in 2022, excluding Libya. Bakken net production is forecast to average between 165,000 and 170,000 barrels

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Shell announces significant find offshore Namibia

January 30, 2022
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Shell has made a significant oil and gas discovery at an closely-watched offshore well in Namibia which could spark a wave of investment in the southern African country, according to Reuters. Reuters said that the Namibian government is planning to make an announcement next week on the details of the discovery at the Graff-1 well which Shell started drilling last month. Source:

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Subsea 7 awarded subsea contract from Beacon Energy

January 30, 2022
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Subsea 7 has announced the award of a substantial (1) project for subsea installation services related to Beacon Offshore Energy’s Shenandoah Development, located offshore Gulf of Mexico in water depths up to 6,300 feet. The project covers the tie-back of four subsea wells to the Shenandoah host facility through a subsea manifold with dual flowlines and risers. The work scope

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