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Angola Approves New Exploration Strategy

August 31, 2020
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The Council of Ministers has approved a revised hydrocarbon exploration strategy in Angola that will take effect until 2025. Approved at the 8th Ordinary Session held on Wednesday and chaired by H.E. President João Lourenço, the strategy seeks to stabilize oil production and expand recoverable reserves by intensifying hydrocarbon exploration activities through the evaluation of Angola’s sedimentary basins

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Aramco discovers two new oil and gas fields in Saudi

August 31, 2020
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Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman. Gas has started flowing from Hadabat Al-Hajara field near the Iraqi border at an average daily rate of 16 million standard cubic feet, in addition to 1,944 barrels of condensates, which

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Borr Drilling Q2 Prelim Results

August 28, 2020
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Borr Drilling Limited announces unaudited results for the three and six months ended June 30, 2020. Highlights in the Second Quarter of 2020 Total operating revenues of $84.0 million, net loss of $109.6 million and Adjusted EBITDA* of $(1.9) million for the second quarter of 2020. The adjusted EBITDA includes approximately $12 million of non-recurring costs related to the

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Weatherford Completes Financing Transactions

August 28, 2020
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Weatherford International plc today announced that it has refinanced its senior secured asset-based lending agreement (the "ABL Credit Agreement") through the issuance of $500 million of senior secured first lien notes (the "Senior Secured Notes"). The Company also amended and increased the size of its senior secured letter of credit agreement (the "LC Credit Agreement") to $215 million. The proceeds from the

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Salesforce to replace Exxon in Dow Jones Industrial Average index

August 27, 2020
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Salesforce.com Inc, Amgen Inc and Honeywell International Inc will become a part of the blue-chip Dow Jones Industrial Average index .DJIA on Aug. 31, S&P Dow Jones Indices said on Monday. The three companies will replace Exxon Mobil Corp, Pfizer Inc and Raytheon Technologies Corp. The changes follow Apple Inc’s decision to split its stock, which would reduce the

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Equinor cutting jobs in U.S., Canada and UK

August 27, 2020
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Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday. The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil

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Mozambique and Total Sign Protection Pact for LNG Project

August 26, 2020
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French major Total and Mozambique’s government signed a security pact to ensure safety of the $20 billion Mozambique LNG project being developed in the Cabo Delgado province, north of the country. Over the past few months, a terrorist organization which claims to be affiliated with the Islamic State has been perpetrating attacks in the country. According to Mozambique’s Minister

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Fugro lands 3 long term contracts in Brazil

August 26, 2020
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In partnership with Solstad and Oceanpact, Fugro has been awarded three long-term contracts by Petrobras to provide remotely operated vehicle (ROV) services for a variety of subsea activities in Brazil. All three contracts are for 3-year firm periods with additional 1-year options. Fugro will provide a total of five work class ROVs for these contracts, each outfitted with tooling

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