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This week at the top of the list is a piece on some of the geo political issues as well as the volatile, knee jerk reactions causing the sharp drop in oil prices this past week, just behind this is Stena going into a conflict zone to kick off drilling in Cypress, in the number three spot Frigstad is back to life with being a representative for Tokyo Bank building a new jackup, the permian follows it up again with some speculation going into 2019 and finally we end this week with a bit of history on the Kermac 16 from 1947!
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Here we go, we start off with that knee jerk reaction from this past week!
Forbes: Oil prices jumped in September and early October of this year (2018), but have dropped $20 a barrel in the last few weeks. The sharp turnaround is attributed to OPEC’s inability to cut supply, but this is old-fashioned thinking. OPEC’s power is a small fraction of what it was in the 1970s. What’s happening now is wild swings in thinking about the future. (More Here)
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The Stena Icemax, a drillship leased by ExxonMobil, has arrived in the offshore Block 10 of the Cyprus Island to conduct upstream activities, Athens News Agency, ANA reported on Monday.
According to ANA, the ship began preparatory works for drilling as of Nov. 15 despite Turkey’s warnings to avoid Greek Cypriot administration’s unilateral upstream activities around the island.
ExxonMobil was previously invited by the Greek Cypriots to bid on other unexplored blocks in the region. (More Here)
Frigstad Offshore Pte Ltd signed an agreement with BOTL Lease Co Ltd – to  act as Owners representative for a newbuld Jack Up – KFELS Hull number B378 – currently in KFELS Shipyard Singapore.
According to the current data from VesselsValue, the Hakuryu-15 rig is now scheduled for delivery in January 2019.
The KFELS Super B Class design has a drilling depth of 35,000 ft, and is capable of operating in 400 ft water depth. The rig can accommodate 150 personnel onboard.
In recent months, pipeline capacity shortage in the Permian has been the center of shale drillers and oil analysts’ attention as much as the surging production from this fastest-growing U.S. oil region that has helped total American crude oil production to exceed 11 million bpd for the first time ever.
Many of the big U.S. companies – including supermajors Exxon and Chevron – boosted their Permian oil production in the third quarter as they have firm capacity commitments and integrate Permian production with downstream operations. (More Here)
November 14, 1947 – First Oil Well drilled Out of Sight of Land: The modern offshore petroleum industry began in the Gulf of Mexico with the first oil well successfully completed out of sight of land. Brown & Root Company built the freestanding platform 10 miles offshore for Kerr-McGee and partners Phillips Petroleum and Stanolind. (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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