This past week the WTI chart looked like a mountain range, closing the week at 68.99 from a start of 67.61 on closing of Sep. 10th. It went as high as 70.88 on the 12th at 10 am CST. We have shared many articles about heightened market drivers but there hasn’t been a slow down in the steady increase of work in the offshore sector, although we see deepwater slowly moving back to the table and shallow water east coast coming back on line after Hurricane Florence, the hurricane season is far from over yet so you can expect some additional price ramps going further into September because right at this moment you have tropical rainstorm Issac brewing just 50 miles south of Jamaica.
Here are your top stories for this past week, some good ones in there with Borr leading the pack as they did with week 36, but this time one of the Founders had a message to pass along, which is very good advice. Some additional movement in the newbuild sector with Huisman being contracted for the a newbuild semi, 375 projects ramping up around the world in the next few years, the cost of a peice of the Permian dream and how gas is set to take over oil on usage scale before the end of 2018.
So here we go, we start of with Borr’s Founder sharing some advice for all the newcomers!
#1 (651 Views)
Borr’s Founder says “If you are going to hang until the end, you’ll lose all the money.â€
Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company’s founder and chairman, Tor Olav Troeim, said on Wednesday.
Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into one of the largest owners of jack-up rigs which drill in the shallow waters (story continues here)
#2 (601 Views)
Huisman contracted to build semisubmersible for CMHI to be delivered Q2 2020
This week, China Merchants Heavy Industries (CMHI) awarded Huisman a contract for the engineering and fabrication of a drilling system which will be integrated and installed on the moored drilling semi-submersible constructed at CMHI Haimen. This drilling system will be used for oil and gas drilling activities in shallow to medium water depths all around Asia, particularly the South China Sea. (story continues here)
#3 (548 Views)
375 Oil and Gas projects worldwide kicking off between 2018-2025
GlobalData’s latest report, “Q2 2018 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Global Offshore Industry – Brazil Leads in Planned Projects Count†indicates that 375 planned and announced offshore crude and natural gas projects are expected to commence operations in 52 countries during the period 2018–2025 (story continues here)
#4 (172 Views)
Want to drill in the Permian, $95k per acre will get you started…
The price to access unexplored shale assets on the New Mexico side of the Permian basin soared to $95,001 an acre in a federal government auction, a record high for North America’s biggest oil field.
The state’s previous record was $40,001 an acre set in December, according to a statement by the U.S. Department of the Interior Thursday. Overall, the two-day auction saw bids on 142 parcels of land and raised $972 million, more than the whole of 2017 and double the 2008 record (story continues here)
#5 (90 Views)
DNV GL says natural gas usage will dethrone oil usage in the United Sates by the end of this year
Natural gas, helped by gains in energy efficiency, will dethrone oil as the biggest energy source that the United States uses by the end of this year. That’s according to the chief executive of Norway-based risk management consultancy DNV GL, and it would hardly come as a surprise to anyone who’s been following energy developments in the world’s top gas producer. Yet it’s only a part of all the glorious energy developments that the Norwegian company expects for the world in the next couple of decades (story continues here)
Alright, that’s this week wrapped up!
Have a good week ahead from all of us here at OutPut!
