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Oldest Producing Oil Well in the World | OutPut by Riglynx

August 20, 2018
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August 16, 1861 – Oldest Producing Well Drilled in Titusville, Pennsylvania, in 1861, the McClintock well is pumped a few times a year to supply oil for souvenir bottles sold at the Drake Well Museum.   What would become the world’s oldest continuously producing oil well was completed in 1861 near Rouseville, Pennsylvania. The McClintock No. 1 well, reaching 620 feet

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By 2024 offshore drilling contractors still may not surpass pre-downturn averages | OutPut by Rig Lynx

August 18, 2018
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Rystad Energy announced Friday that it expects the global oilfield service sector to be back at pre-downturn market levels by 2024. The independent energy research and business intelligence company said shale will make up 23 percent of the total service market in 2024, compared to 19 percent in 2014. “Offshore is losing market share due to the sanctioning drought

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Maersk separates drilling division in its next step to exit energy industry | OutPut by Rig Lynx

August 18, 2018
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A.P. Moller-Maersk has decided to list its drilling unit separately, marking its latest step toward a complete exit from the energy industry. Copenhagen-based Maersk, which owns the world’s biggest shipping operations and is working on turning itself into a pure transport company, said on Friday that the decision will take effect some time next year. Maersk shares opened about

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Shelf Drilling lands 6 month contract continuation for the “Resourceful†| OutPut by Rig Lynx

August 17, 2018
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Shelf Drilling, contractor of 40 jack-ups, on Thursday said that it had obtained a six-month contract for the jackup “Resourceful.†Shelf said the contract was a six-month extension in direct continuation of its current contract for drilling operations offshore Nigeria. The rig is currently on a contract with Chevron in Nigeria. The contract started in in March 2018, with

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“No payments will be made by either party in connection with this settlement†says Petrobras and Ensco | OutPut by Rig Lynx

August 17, 2018
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“Petrobras and Ensco announce today that they have agreed to a settlement of all claims relating to the ENSCO DS-5 drilling services agreement,†Ensco said. Petrobras in January 2016 cancelled a drilling contract with Ensco for the drillship DS-5 over corruption charges. The drillship had been hired by Petrobras from Pride International, a company that Ensco took over in 2011. In its cancellation notice

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Devon passing over 10,000 acres of Permian over to Carrizo Oil and Gas for $215 million | OutPut by Rig Lynx

August 17, 2018
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Houston-based Carrizo Oil & Gas said it’s growing in the booming Permian Basin by acquiring about 10,000 net acres from Oklahoma’s Devon Energy for $215 million. Carrizo said the acreage in West Texas’ Reeves and Ward counties fits geographically with its existing footprint in the Permian’s Delaware Basin. Last year and earlier in 2018, Carrizo sold all of its

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Energen Corporation next on the list for acquisition in the Permian for $9.2 billion | OutPut by Rig Lynx

August 17, 2018
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America’s Permian shale basin has seen another big money deal with Diamondback Energy Inc (NASDAQ:FANG) acquiring rival Energen Corporation (NYSE:EGN) for US$9.2bn. The all-stock deal is pitched at an implied takeover price of US$84.95 per Energen share, a premium of around 16% to Tueday’s closing price of US$73.14. Energen’s backers will receive 0.6442 Diamondback shares for each share

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End to Houston’s oil bust? | OutPut by Rig Lynx

August 16, 2018
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The Greater Houston Partnership has at last declared the end of the oil bust with almost all of the city’s major energy companies back in the black, ramping up spending and hiring to reflect higher crude oil prices and stronger profit margins. The energy sector’s steady recuperation gave way to full recovery in the second quarter, when 20

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