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This week Noble, Ensco and Rowan have made it back into the Top 5 with two articles from last week, one of course being the buyout of Rowan under the Ensco umbrella and Noble putting two ships back to work, which is always good news when we hear these rigs going back to work because the market is still depressed. The other 3 down the list are shale related output decline, supermajors throwing it all in for some remote parts of the world and for the very first time in our weekly top 5 a rig count from the previous week made it in at #5!
Yes, we love when rigs go back to work!!!
Scroll through, leave us some comments or go download the Rig Lynx app and make some new friends, its the world’s largest Oil and Gas community on iOS and Android mobile devices, can download it here!
Here we go, we start off with Noble getting those rigs back to work!
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)
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)
There are some early signs that the U.S. shale industry is starting to show its age, with depletion rates on the rise.
A study from Wood Mackenzie found that some wells in the Permian Wolfcamp were suffering from decline rates at or above 15 percent after five years, much higher than the 5 to 10 percent originally anticipated. “If you were expecting a well to hit the normal 6 or 8 percent after five years, and you start seeing a 12 percent decline, this becomes more of a reserves issue than an economics issue,†said R.T. Dukes, a director at industry consultant Wood Mackenzie Ltd., according to Bloomberg. As a result, “you have to grow activity year over year, or it gets harder and harder to offset declines.†(more here)
The US drilling rig count jumped 11 units to 1,063 rigs working for the week ended Oct. 12, according to Baker Hughes data. The count is up 135 units from the 928 rigs working this time a year ago.
All 11 rigs were attributed to those drilling on land as the number increased 11 units to 1,037 for the week. Offshore units and those drilling in inland waters remained unchanged for the week at 23 and 3, respectively. (more here)
HOUSTON (Bloomberg) — Big Oil is giving up looking for singles and doubles in the Gulf of Mexico: Now it’s home runs or bust.
Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest oil companies, have put a slew of assets in the Gulf up for sale in recent weeks, while Brazil’s state-run Petrobras this week sold the bulk of its production in the region to mid-cap explorer Murphy Oil Corp. (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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