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Tuesday, April 16, 2024

Esgian Week 13 Report: Demand Shifts

Maritime Activity Reports, Inc.

April 1, 2024

© Kalyakan / Adobe Stock

© Kalyakan / Adobe Stock

Esgian reports shifts in demand in its Week 13 Rig Analytics Market Roundup.

Report overview:


ADES has received a Letter of Intent (LOI) from PTTEP Energy Development Company Limited for an 18-month jackup drilling contract in the Gulf of Thailand. Operations are expected to begin in the second half of 2024, with an unspecified jackup.
Drilling Activity and Discoveries

The Norwegian Offshore Directorate (NOD) has granted Aker BP a drilling permit for an exploration well in the North Sea offshore Norway.

Mubadala Energy has started drilling the Tangkulo-1 exploration well in the South Andaman block offshore Indonesia.

South African environmental non-profits The Green Connection and Natural Justice have launched a legal challenge against the 2023 government decision to grant TotalEnergies environmental authorisation for exploration drilling on Block 5/6/7.

Thailand-focused oil company Valeura has shared its offshore drilling plans for the year ahead. At the Jasmine/Ban Yen fields, the company plans to drill approximately seven wells in the second half of the year, in addition to one exploration well to test the Ratree prospect.


The government of Equatorial Guinea has approved the joint operating agreement for VAALCO Energy’s previously approved Venus-Block P plan of development.

The UK’s North Sea Transition Authority (NSTA) has granted Ithaca Energy a licence extension for the Cambo field, located west of the Shetland Islands, extending it by two years.

The Government of Mozambique has approved the terms and conditions of concession contracts for offshore blocks A6-E, A6-G, A6-D, S6-A and S6-B awarded to CNOOC in partnership with Mozambique state company Empresa Nacional de Hidrocarbonetos (ENH).

Offshore UK Licence P2478, which contains the Dunrobin prospect, will be surrendered to the UK North Sea Transition Authority (NSTA) following delays with licence commitments resulting from the wind farm construction activities in the area.

Parkmead has made progress towards drilling Skerryvore, its first operated exploration well offshore the UK, with well planning activities underway. However, despite previous plans to start drilling in late 2024, the well is now expected to be drilled in early 2025.

Mobilisation/Rig Moves

The ADES Advanced Drilling Services-owned 300-ft jackup Admarine 11 has commenced operations with Oil and Natural Gas Corporation (ONGC) offshore India.

The Dynamic Drilling-managed 300-ft jackup Divine Driller has commenced operations with Oil and Natural Gas Corporation (ONGC) offshore India.

Northern Offshore's 375-ft jackup Energy Emerger has started work with Masirah Oil on the Yumna field in Block 50 in Oman.

The Foresight-owned 350-ft jackup Vivekanand 2 will commence operations with Oil and Natural Gas Corporation (ONGC) offshore India around the end of March 2024.

Malaysian oil firm Vestigo is set to move the 350-ft jackup Naga 2 from the Berantai East oil field offshore Terengganu, Malaysia.

Malaysian oil firm Petronas Carigali is set to move the 375-ft jackup Naga 6 to the Anding-A field.

Other News

Brazilian company Enauta has signed a purchase and sale agreement with affiliates of Westlawn Americas Offshore LLC (WAO) for WAO to acquire a 20% participating interest in the BS-4 Concession offshore Brazil. BS-4 includes the Atlanta and Oliva fields.

Australian oil and gas company Woodside has completed the sale of a 10% stake in the Scarborough Joint Venture to LNG Japan. Woodside received $910 million in sale proceeds, comprising the purchase price, reimbursed expenditure, and escalation.

Dolphin Drilling has come to an agreement with General Hydrocarbons Limited (GHL) regarding past due payment amounts and remaining work under the drilling contract offshore Nigeria for semisubmersible Blackford Dolphin.

North Sea operator Ithaca Energy has entered into an exclusivity agreement for a potential transformational combination with substantially all of Eni’s UK upstream assets including the recently acquired Neptune Energy assets, excluding certain assets including Eni's CCUS and Irish sea assets.

Stena Drilling is planning a significant equipment upgrade for its 7th Generation 12,000-ft drillship, Stena Evolution. With this enhancement, the drillship will be capable of drilling and completing wells requiring 20,000 psi (20k) pressure control, enabling drilling in previously inaccessible reservoirs.

ADNOC has announced the start of crude oil production from its Belbazem offshore block.

Offshore drilling contractor Vantage Drilling reduced its fourth quarter 2023 loss, compared to the prior-year quarter, driven by an increase in revenues.

Malaysian oil and gas company Petronas Carigali is set to start survey work ahead of planned drilling offshore Sarawak.

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