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Permian Shale Oil Boom Holds Good News and Bad News for OPEC

January 15, 2019
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(Bloomberg) The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014. A new production cuts deal with Russia and thawing U.S.-China trade relations have given the market a boost. But for the Organization of Petroleum Exporting Countries, good news often comes hand-in-hand with bad

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“Should be signed soon†states Bassoe on Petrobras two rig deal with Transocean

January 14, 2019
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(Bassoe Analytics) Contracting activity held steady into 2019, but higher volume and longer average duration are still lacking. Recent notable fixtures are Chevron’s 5-year contract to Transocean for their dual-20k newbuild drillship and one-year extensions for Ensco and Noble in Nigeria and Guyana.  Petrobras’ two-rig Mero tender should also be signed soon with Transocean (Ocean Rig Mykonos

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ADES extends Admarine II

January 14, 2019
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Oil & gas driller services provider ADES said Monday it took up the option to extend its existing contract for Admarine II for one year. The one year contract extension of Admarine II, which is currently contracted and operating in the Gulf of Suez, would come into effect after expiring during January 2019, the company said. ‘Egypt remains an

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Canyon pushes Ensco to raise bid, stating “flawed sales processâ€

January 14, 2019
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    (Reuters) – Hedge fund Canyon Capital Advisors has warned it would vote against the $2.38 billion sale of offshore driller Rowan Companies Plc to rival Ensco Plc, casting doubt on a combination that had signaled optimism about the future of offshore exploration. U.S. crude oil prices CLc1 have plunged by more than 30 percent since the deal was

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BP eyes 6 more wells in Azerbaijan

January 12, 2019
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(Bloomberg) BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start. The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are

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Seadrill CFO stepping down

January 12, 2019
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Seadrill Limited (“Seadrill†or the “Companyâ€) announced on January 10th that its Chief Financial Officer, Mark Morris, will step down from his position following the completion of the Company’s financial restructuring. He will remain in post until the end of June 2019 to enable the Company to find a suitable replacement. Commenting CEO, Anton Dibowitz, said, “Mark has

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Dolphin Drilling’s New LOI

January 10, 2019
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Only a small amount of information on Dolphin Drilling Ltd. website but Dolphin Drilling Ltd, a subsidiary of Dolphin Drilling ASA, has entered into a LOI with i3 Energy for a three-well appraisal and development drilling program in the UK North Sea, using the semi-submersible drilling rig Blackford Dolphin or Borgland Dolphin. The program is scheduled to

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Rowan bags a new contract with ConocoPhillips

January 10, 2019
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HOUSTON, Jan. 10, 2019- Rowan Companies plc announced today that the Rowan Norway, an N-Class ultra-harsh environment jack-up rig, has been awarded a contract in Norway by ConocoPhillips Skandinavia AS (“COPSASâ€) for an estimated duration of seven months that is expected to commence in the second quarter of 2019. The contract award is subject to partner approval. Following the

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Oil up more than 4 percent on U.S.-China trade talk hopes

January 9, 2019
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(Reuters) Oil prices jumped more than 4 percent on Wednesday as the extension of U.S.-China talks raised hopes of easing trade tensions between the two superpowers, while OPEC-led crude output cuts also provided support. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.38 to $52.16 a barrel, a 4.8 percent gain, by 1:15 p.m. EST (1815 GMT),

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