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For the month of September we have seen the heat come on in the Powder River Basin, some new build announcements, Shell setting aside one of Noble’s drillships, that $100 oil game coming back and some issues in the EG with vendors and local regulations!
Lets get started with the Powder River Basin!
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Powder River Basin heating up with over $17 billion of revenue on the burner
As the crude powerhouse that is Texas’ Permian Basin becomes old news, oil explorers are looking for the next big thing–and they have found it in the more-than 4000 feet of stacked pay in Wyoming’s Powder River Basin. In Powder River, Big Oil has found less-congested pipelines, cheaper land, and more importantly, a whole lot of oil.
It’s not the first time that the Powder River Basin has garnered industry attention. In 2014, when oil prices were soaring, many industry players were already eyeing the basin as the next big thing, but when oil prices waned in the following years many drilling plans in Powder River were abandoned for established operations. (story continues here)
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Huisman contracted to build semisubmersible for CMHI to be delivered Q2 2020
This week, China Merchants Heavy Industries (CMHI) awarded Huisman a contract for the engineering and fabrication of a drilling system which will be integrated and installed on the moored drilling semi-submersible constructed at CMHI Haimen. This drilling system will be used for oil and gas drilling activities in shallow to medium water depths all around Asia, particularly the South China Sea. (story continues here)
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Shell idle’s the Don Taylor in the GOM for $420k a day for the next 181 days
Oil major Shell has decided to idle one of Noble Corporation’s drillships operating for the company in the Gulf of Mexico.
Noble informed in its fleet status report on Tuesday that Shell had exercised a contractual right to idle the 2013-built drillship Noble Don Taylor for the remainder of its contract, or 183 days ending February 25, 2019. (story continues here)
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$100 oil back on the forecast, 1st time since 2014
Major oil trading houses are predicting the return of $100-crude for the first time since 2014 as OPEC and its allies struggle to compensate for U.S. sanctions on Iran’s exports.
With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Organization of Petroleum Exporting Countries to raise production. Yet the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed U.S. demands to rapidly push down crude prices. (story continues here)
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TechnipFMC, Subsea 7 SA and Schlumberger among companies that EG gov say “aren’t complyingâ€
Equatorial Guinea may exclude oil-service companies TechnipFMC Plc, Subsea 7 SA and Schlumberger Ltd. from the country because they aren’t complying with local-content rules over training and jobs, said a government official.
Major oil companies could be asked by the end of September to cancel their contracts with those service providers and issue new tenders, the official said, asking not to be named because the information isn’t yet public. That would be similar to action taken against CHC Helicopter Corp. earlier this year, the official said. (story continues here)
That’s it for this month, we will be back at the end of October for more of your top oil and gas posts, have a great month ahead!
