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Tullow closes the deal on Uganda with $575 million in cash from Total

April 23, 2020
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Tullow Oil plc, issues the following update ahead of its Annual General Meeting which is being held via an audio cast at 12pm today. Details of how shareholders can join the Group’s AGM can be found at the end of this update and on www.tullowoil.com/AGM. This morning Tullow has issued a second press release detailing the sale of

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Valaris show 5 new awards in recent fleet update status but…

April 23, 2020
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New Contracts & Extensions Since February 13, 2020 Fleet Status Report Floaters VALARIS MS-1 awarded a three-well contract with Santos offshore Australia that is expected to commence in first quarter 2021, with an estimated duration of 155 days VALARIS 8505 awarded a one-well contract with Lukoil Upstream Mexico that is expected to commence in mid-November, with an estimated duration of

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Baker Hughes posts $10 billion loss

April 22, 2020
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Oilfield firm Baker Hughes Co on Wednesday reported a $10 billion first-quarter loss and revenue fell more than expected as an 80% plunge in oil prices crushed demand for services and equipment. Shares were down 4.5% in early trading, and are down roughly 50% year-to-date. Oil futures this week turned negative for the first time in history, with storage

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Chevron barred from drilling, transporting oil in Venezuela

April 22, 2020
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Chevron has been banned from drilling or transporting oil in Venezuela and its assets there are “mothballed†as the Trump administration cracks down on money going to the government of socialist President Nicolas Maduro, a senior U.S. official said. Seeking to mount pressure on Maduro, the U.S. Treasury Department late on Tuesday imposed tight new restrictions on Chevron’s

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Reliance Industries looks toward $5.7 billion Facebook deal

April 22, 2020
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Facebook is set to spend $5.7 billion to buy a 9.99% stake in Reliance Industries’ digital arm, as it looks to roll out services for India’s grocers and small businesses by capitalizing on WhatsApp’s extensive reach in the country. The deal announced on Wednesday is Facebook’s biggest since its $22 billion buyout of WhatsApp in 2014 and will

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Maersk Drilling receives notice of contract termination for two rigs

April 21, 2020
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Maersk Drilling announced on April 16th that it has received notice of early termination for convenience of two drilling contracts: BG International Ltd., a subsidiary of Shell, has terminated the contract for the semi-submersible Mærsk Developer with immediate effect. The original end of contract was expected to be in August 2020; Aker BP has terminated the contract for the jack-up rig Maersk

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Weatherford’s Vero™ successfully completes 33,000 automated tubular connections

April 21, 2020
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Weatherford International plc today announced its Vero™ automated connection integrity has successfully completed 100 runs and 33,000 tubular connections in operations worldwide since its market debut. Vero applies artificial intelligence to minimize safety risks and validate well integrity from the wellhead to total depth. Since its launch in November 2018, Vero has delivered measurable value to producers around the globe. Notable real-world results include:  Offshore Qatar: Pulled the

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Seadrill announces board changes

April 21, 2020
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Seadrill Limited is pleased to announce that Bjarte Bøe will join the Board from April 21, 2020, replacing Birgitte Ringstad Vartdal who will step down following her recent appointment as Executive Vice President of European Wind and Solar at Statkraft. Mr Bøe brings extensive experience serving on boards and audit committees of public companies, and has over thirty years

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Oil for June still costs over $20

April 21, 2020
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U.S. oil futures for June delivery are showing why negative prices are still an exception rather than the norm in the global crude market. West Texas Intermediate futures for June are currently the most-actively traded crude contracts in New York, and cost more than $21 a barrel. WTI for May, which dived to settle at minus $37.63 on

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Beach Energy terminates the Ocean Onyx

April 20, 2020
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Beach, as operator of the Victorian Otway Basin Joint Venture, advises it has issued the Ocean Onyx rig operator Diamond Offshore Drilling Inc. (“Diamondâ€) with a notice of termination for the Ocean Onyx rig contract. The semi-submersible Ocean Onyx rig arrived in Victorian state waters in mid-April for commencement of the Victorian Otway Basin offshore drilling campaign. As

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