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This week we see the undetermined future of the Permian and West Texas/ New Mexico come up in the one spot today. Obviously they need more take away capacity, its been in almost every weekly Top % since we started the series,this will raise its head in late 2019. Following that we have Norway’s regulatory pushing enhanced evacuation equipment requirements in the Northern Atlantic, in the 3rd spot we have Transocean and its busy bee approach for 2018, just next is Maersk doing some turnkey work with Seapulse,we wish them luck here, historically that never works well for the contractor! Lastly we see ENI find some new reserves in Angola, who would have thought Angola still had any discoveries left!Â
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Here we go, we start off with some lay down action with the U.S. rigs…
 Oil explorers dialed back on drilling at the fastest pace in 2 1/2 years in U.S. fields as volatile crude prices crippled efforts to plan for growth.
Working oil rigs fell by 10 this week to 877, according to data released Friday by oilfield-services provider Baker Hughes. The last time the rig fleet shrank by a larger margin was April 2016. The number of rigs operating in America’s busiest region, the Permian Basin of West Texas and New Mexico, dropped by 4, marking the biggest drop since June. (More Here)
Norway’s Petroleum Safety Authority (PSA) has told Transocean, Maersk Drilling and Odfjell Drilling to beef up emergency evacuation equipment and procedures on offshore oil rigs, it said on Wednesday.
Drilling rigs are equipped with enclosed lifeboats that can be dropped into the ocean in an emergency and owners must meet a series of technical and operational requirements for how to plan and carry out evacuations. (More Here)
As previously reported both contractors entered into a definitive merger agreement under a cash and stock transaction valued at approximately $2.7 billion, inclusive of Ocean Rig’s net debt.
Transocean announced on Dec. 5, 2018 that it has completed the acquisition of Ocean Rig UDW Inc. The acquisition adds nine high-specification ultra-deepwater drillships, two harsh environment semisubmersibles, and two high-specification ultra-deepwater drillships currently under construction to Transocean’s existing fleet. (More Here)
Seapulse Limited (“Seapulseâ€), the recently launched global oil and gas exploration vehicle, is pleased to announce a strategic partnership with Maersk Drilling A/S (“Maersk Drillingâ€). The alliance plans to drill 12 offshore oil & gas exploration wells over the next two years targeting over four billion barrels of oil equivalent (boe).
Seapulse is executing on an innovative investment strategy adopting a low-cost, high-impact portfolio approach to exploration in order to maximise value creation and diversify risk. The scale of the Seapulse drilling programme rivals that of many super-majors by number of wells and potential scale and impact of the target prospects, but with a considerably compressed timeline and cost exposure. The wells will be testing prospects with estimated recoverable resources in excess of four billion boe1Â with significant further running room in the event of success. (More Here)
Eni struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola. The discovery is estimated to contain between 170 and 200 million barrels of light oil in place.
The Afoxé-1 NFW well, which has led to the new oil discovery, is located in the south-east area of Block 15/06, approximately 120 km off the coast, 50 km south-west from the Olombendo FPSO and 20 km west of the recent Kalimba-1 discovery. The well was drilled in a water depth of 780 meters and reached a total depth of 1,723 meters. (More Here)
Alright, that’s this week’s wrap up!
From all of us here at OutPut- Have a great week and stay safe!
Photo by Michael Elleray Used under CC License 2.0Â
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