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Today a bit was born | OutPut by Rig Lynx

July 14, 2018
| Archives

French tunnel engineer Rodolphe Leschot in 1863 patented a “Tool for Boring Rock†– a ring of industrial-grade diamonds on the end of a tubular drill rod and designed to cut a cylindrical core. Water pumped through the drill rod washed away cuttings and cooled the bit. Leschot’s system proved successful in drilling blast holes for tunneling Mount Cenis

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Saudi investing $10 billion in this country’s energy future | OutPut by Rig Lynx

July 13, 2018
| Archives

Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday. The move is part of Ramaphosa’s drive to attract $100 billion in investment to boost the ailing economy. The pledge was made by Saudi Crown Prince Mohammed bin

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Maersk lands two contract extensions | OutPut by Rig Lynx

July 13, 2018
| Archives

Maersk Drilling announced Friday that it has been awarded contract extensions for the Maersk Resolute and Maersk Resolve jack-up rigs, by Petrogas E&P Netherlands B.V. and Wintershall Noordzee B.V., respectively, for operations in the North Sea. Maersk Resolute has been awarded a 56-day contract extension by Petrogas E&P Netherlands B.V., which will allow it to continue its work

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Weatherford clawing back cash with sale of 31 rigs to ADES | OutPut by Rig Lynx

July 12, 2018
| Archives

Financially struggling oilfield services firm Weatherford International finally has found a buyer to acquire its Middle East onshore drilling rig business for $287.5 million as part of its long-term divestiture plans. Weatherford, which is based largely out of Houston, has aimed to sell the business since early 2017. ADES International Holding, a company in the United Arab Emirates,

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Egypt signs up 3 new exploration agreements | OutPut by Rig Lynx

July 12, 2018
| Archives

Egypt’s Ministry of Petroleum and Mineral Resources yesterday announced the signing of three new agreements for oil and natural gas exploration in the north of the country’s Sinai Peninsula as well as the Gulf of Suez, local media has reported. According to a ministry statement, the first agreement was signed with Britain’s GHP Corporation to drill four new

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First Cobalt Corp adds two rigs to the Iron Creek Project | OutPut by Rig Lynx

July 12, 2018
| Archives

First Cobalt Corp announces that two additional drill rigs have been mobilized at its Iron Creek Cobalt Project in Idaho, USA to accelerate drilling activities. The Company is now drilling both from surface and underground. Highlights: Drilling will test down dip extensions of known cobalt-copper zones to over 300 metres below surface and test lateral strike over one kilometre to

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The reason for the price drop in oil today | OutPut by Rig Lynx

July 12, 2018
| Archives

The biggest weekly drop in U.S. crude supplies couldn’t halt the drop in oil prices Wednesday as traders chose to focus on expectations for higher global output. On Wednesday, the Energy Information Administration reported a 12.6 million-barrel drop in U.S. crude supplies for the week ended July 6. That was more than double the 4.8 million-barrel decline expected by analysts

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The “law of interconnected monkey business†| OutPut by Rig Lynx

July 12, 2018
| Archives

Despite booming shale oil production in the U.S., expectations of more Russian and Saudi oil, and repeated warnings that a trade war will dampen economic growth and thus demand. In some ways, this is the perfect storm, with production problems in Libya and Venezuela coincidentally occurring at a time of strong demand and stagnant non-OPEC production (excluding U.S.

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