China set to drill 118,000 wells through 2025
China is looking to pump up oil and gas production in the years ahead to meet climbing domestic demand and reduce the record-high share of imports in its oil consumption. A Rystad Energy report projects a surge in spending till 2025, which will be accompanied by a drilling spree totaling 118,000 wells that will create significant opportunities for suppliers.
PetroRio awards contract services for Frade and Wahoo projects
PetroRio defined the contracting of the drilling service for the Frade and Wahoo projects, in the Campos Basin. The start of the campaign is scheduled for the first quarter of 2022.
Icon Offshore lands jackup contract extension
Icon Offshore Bhd said its subsidiary has secured a contract extension for the provision of its jack-up drilling rig involving works for four wells.
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Equinor adds on more work for the Stavanger
Equinor has exercised one (1) additional well to be added to the Deepsea Stavanger contract. The rig is now expected to be occupied into Q3 2022. The commercial value for the additional well is approximately USD 20M
OPEC forecasts oil growth to 2035
OPEC sees oil demand continuing to grow to the middle of next decade, even as world leaders prepare for another attempt to avert catastrophic climate change.
Oil PricesOctober 1, 2021
Rig CountU.S. & Canada – October 1, 2021 International – October 1, 2021
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