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Shell sells U.S. Appalachia for $541 million

May 5, 2020
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Royal Dutch Shell plc, through its affiliate SWEPI LP (“Shell”), has reached an agreement with publicly listed U.S. energy company National Fuel Gas Company (NFG), and its subsidiaries, Seneca Resources Company, LLC, National Fuel Gas Midstream Company, LLC, and NFG Midstream Covington, LLC (together “National Fuel”), to sell its Appalachia shale gas position for $541 million, subject

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Borr Drilling sells off two jack-ups

May 4, 2020
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A wholly owned subsidiary of Borr Drilling Limited has on April 30, 2020, sold two standard jack-up drilling rigs, the “Dhabi II” and the “Paragon B152”, for total cash proceeds of $15.8 million, including the associated backlog effective from April 1, 2020.  The Company will continue to operate the rigs under a services agreement which will ensure

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KCA Deutag Issues Standstill Agreement

May 4, 2020
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Following the announcement made on 26 March 2020, KCA Deutag is pleased to announce today that it has entered into a standstill agreement (the Standstill Agreement) with:  the holders of 40.8% of the aggregate principal amount of the 7.25% Senior Secured Notes due 2021 (ISIN Code: US48244LAA61 / USG5222MAA39) (the 2021 Notes); the holders of 73.1% of the aggregate principal

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Thailand’s PTTEP says two new oil discoveries offshore Mexico

May 4, 2020
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Thai energy company PTT Exploration and Production Pcl said on Monday its joint venture had made two deep-water oil discoveries in the Salina Basin, offshore Mexico. The Mexican subsidiary of PTTEP, Thailand’s largest oil and gas producer, and three partners including the Mexican subsidiary of Spain’s Repsol SA, will be assessing commercial potential of the new discovery in

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Equatorial Guinea grants two year extensions on oil & gas exploration

May 4, 2020
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Equatorial Guinea has granted oil and gas companies two-year extensions on their exploration programmes, a statement from the hydrocarbons minister said. The move is an effort to keep investments flowing into the nation’s energy industry amid a historic drop in oil demand and prices brought on by the new coronavirus. The outbreak, and lockdowns worldwide aimed at containing it,

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Halliburton follows Chevron in halting Venezuelan operations

April 24, 2020
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Oilfield services provider Halliburton Co said on Friday it would cease most of its operations in Venezuela after the U.S. Treasury Department imposed tight new regulations on oil and gas companies doing business in the South American nation. Seeking to increase pressure on socialist President Nicolas Maduro, the U.S. Treasury late on Tuesday imposed restrictions on Chevron Corp’s

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Maersk Drilling looks to issue 250-300 redundancies

April 24, 2020
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The COVID-19 pandemic and the lower oil price environment are impacting offshore drilling activity. Some tenders and projects are being delayed or cancelled which adversely affects commercial prospects.  In light of the current commercial outlook, Maersk Drilling intends to stack a number of the company’s North Sea rigs. As a consequence, Maersk Drilling proposes to reduce the offshore

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Saipem writes down $280 million on impairment

April 23, 2020
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Saipem: results for the first quarter of 2020 Highlights Strong liquidity and no significant debt maturity prior to 2022 following the early repayment of bonds, ensure flexibility in tackling the deteriorating environment. Quarterly financial results with €2.2 billion revenues and 11% adjusted EBITDA margin, supported by operational performance. Net debt pre IFRS16 amounted to €632 million euro, in line with expectations. Cost

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Patterson-UTI sees 60% decline in activity

April 23, 2020
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Oilfield service firm Patterson-UTI Energy Inc on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices. The company said it expects to exit the current quarter with about 70 rigs in operation, down from an average of 123 rigs

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