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This week we saw Ensco buy up Rowan, although they are calling it a merger as they are taking up Rowans CEO to lead the massive company of 82 rigs! Noble grabs work for two idle ships, ConocoPhillips is finally seeing the hard work pay off with GMT1 first oil in Alaska, BP has raised their forecast project benchmark up to $60-$65 per bbl, this shows signs of things strengthening in the market again which is a great thing and finally Mozambique sees a bright future with getting cash back into the O&G business hitting at $900 million.
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Here we go, we start off with that “Merger†!
Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.
This creates an offshore drilling company with 82 offshore rigs in its fleet. The two drillers have said that the merger will create a driller with the broadest geographic presence of any offshore driller in the market. Rowan CEO will serve as the chief executive of the combined company. (more here)
According to Noble’s latest fleet status report issued on Thursday, the 2013-built drillship Noble Don Taylor has been awarded a contract by Talos in the U.S. Gulf of Mexico.
The deal with Talos starts in early November 2018 and ends in mid-January 2019.
The dayrate has not been disclosed but Noble said that the rig will collect a dayrate over the defined contract period in addition to the idle dayrate of $420,000 in accordance with Shell’s decision from September to idle the rig for the remainder of its contract, or 183 days ending February 25, 2019. (more here)
ConocoPhillips Alaska has achieved first oil production on the North Slope at the Greater Mooses Tooth #1 (GMT1), the company announced Oct. 9.
The GMT1 drill site is located in the National Petroleum Reserve-Alaska (NPR-A), an area of land on the Alaska North Slope owned by the U.S. federal government and managed by the Bureau of Land Management (BLM).
Peak production for GMT1 is forecasted to be 25,000 to 30,000 barrels of oil per day and the project is expected to cost $725 million, which includes construction and drilling expenses. (more here)
LONDON (Bloomberg) — BP Plc boss Bob Dudley, among the first to say oil will stay lower for longer, is becoming more confident.
In a sign of the improving times, the British oil major is now planning its investments at $60-$65/bbl oil, raising it from $50-$55 last year, Dudley said Wednesday at the Oil & Money conference in London. While he doesn’t expect sustained prices of $85, it’s unlikely to plummet again.
Some of the world’s most influential traders see a broad range for oil prices in the coming months. Glencore Plc’s Alex Beard said Wednesday crude could rise to as much as $90/bbl in a year’s time while Vitol Group Chairman Ian Taylor predicts $65. Because of this uncertainty, Dudley, Royal Dutch Shell Plc’s Ben van Beurden and Total SA’s Patrick Pouyanne reiterated this week they won’t loosen their discipline on spending, even as they churn out huge amounts of cash. (more here)
Companies exploring for oil and gas in Mozambique will spend at least $900 million, boosting the nation’s hopes of becoming a major exporter, Mineral Resources Minister Max Tonela said.
Empresa Nacional de Hidrocarbonetos, the state-owned oil company, will have stakes of 15% to 30% in the projects, Tonela said Monday at a ceremony where the hydrocarbons regulator signed an exploration agreement for oil and gas with Exxon Mobil. The government had previously put the total exploration spend at $711 million.
The offshore concessions are part of the southeast African nation’s fifth licensing round, which Exxon and its partner Rosneft Oil won in 2015. The companies will spend “hundreds of millions†of dollars in exploration, Jos Evens, Exxon’s country head, told reporters in the capital, Maputo, after signing the contracts. The company is analyzing seismic data and will start a “drilling campaign in the coming few years,†he said. (more here)
Alright, that’s this week’s wrap up!
From all of us here at OutPut- Have a great week and stay safe!
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