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Seadrill shells out $31m for Mermaid Maritime and takes full control of Asia Offshore Drilling

September 15, 2020
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Seadrill has agreed a deal to buy out Thailand’s Mermaid Maritime to take full control of Asia Offshore Drilling. The joint venture owns three jackup rigs, and Seadrill is paying $31m to acquire the Thai company’s 33.76% stake. Following completion of the deal, set for later this month, Seadrill subsidiary Seadrill Rig Holding Company Limited will hold 100% of

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Ecopetrol aims to drill 100 wells in U.S. Permian Basin by end-2021

September 15, 2020
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Colombian oil company Ecopetrol SA aims to drill a total 100 wells by end-2021 in the Permian Basin of West Texas as global oil prices recover, Chief Executive Felipe Bayon said on Monday. Global oil prices plunged to decade lows, with U.S. West Texas Intermediate (WTI) dropping to negative $40 a barrel on April 20 as supplies ballooned

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$60 a barrel before the end of 2021?

September 15, 2020
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Citigroup Inc. has a message to cheer up despairing oil bulls: prices will get back to $60 a barrel before the end of 2021. “We’re bullish definitely,” Ed Morse, global head of commodities research at Citi, said in an interview during the S&P Global Platts Asia Pacific Petroleum Conference. “In our base case, prices go up because the

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Sete Brasil’s creditors will make a decision this week

September 13, 2020
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Sete Brasil's creditors will have a meeting and general meeting next Tuesday (9/15) to decide on the latest approvals of their judicial reorganization process. The deadline established for the company to comply with the requirements of the agreement signed with Petrobras and conclude the operation is until September 30th. According to sources consulted by Petróleo Today, the conclusion

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JV over Brazilian pair of FPSOs changes names

September 11, 2020
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Altera & Ocyan is the new name of the joint venture formed by the Brazilian Ocyan and the Norwegian Altera Infrastructure (formerly Teekay Offshore). The brand change took place at the beginning of the second half, after the Altera Infrastructure brand change process, which was completed at the beginning of the year. The joint venture is the owner

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Valaris issues restructuring update

September 11, 2020
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Valaris plc announced that holders of over 70% in aggregate principal amount of its senior notes (the “Consenting Noteholders”) have now executed the Restructuring Support Agreement (the “RSA”) and Backstop Commitment Agreement (the “BCA”). The Company originally entered into the RSA and BCA on August 18, 2020, with holders of approximately 50% in aggregate principal amount of

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JDC bags one well deal with Mitsui Oil

September 11, 2020
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Japan Drilling Co., Ltd. has entered into a drilling contract with Mitsui Oil Exploration Co., Ltd. for the provision of a jack-up drilling rig "HAKURYU-11". The main terms of the drilling contract are as follows: Operating Area Tenpoku Seiho Oki, Hokkaido Period of Contract 1 firm well (approx.. 80 days) Estimated Commencement Time Around June 2021 Source: JDC 

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Weatherford announces newly appointed CEO and Director

September 11, 2020
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The Board of Directors of Weatherford International plc announced that effective October 12, 2020, it will appoint Mr. Girish K. Saligram as the Company's President and Chief Executive Officer. Mr. Saligram will also serve as a member of the Company's Board of Directors. Mr. Saligram previously served as Chief Operating Officer at Exterran Corporation. Charles M. Sledge, Chairman of the Board of Directors, commented, "We are

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Sonatrach Signs Six Pipeline Contracts

September 11, 2020
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Algeria’s Sonatrach has signed contracts – valued just shy of $520 million – with six domestic companies for the construction of pipelines and related infrastructure within the country. Spanning a total length of over 700km, the pipelines will be constructed from the southwest, and are set to transport 11 million cubic meters per day by 2022. Contracted companies include

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