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Drilling News

30 Jan 2025

Court Overturns Approval for Two Massive UK North Sea O&G Fields

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A Scottish court has invalidated Britain's approvals for two major North Sea oil and gas projects, delivering a significant victory to environmental groups and raising uncertainty over future fossil fuel developments in the UK.The Court of Session in Edinburgh found that the government had unlawfully granted approval for Shell's Jackdaw gas field and Equinor's Rosebank oil and gas field by failing to consider the emissions generated when the extracted fuels are burned—known as downstream emissions.

24 Jan 2025

Baker Hughes: US oil & gas rig count at lowest since Dec 2021

(c) LukasZ / Adobestock

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row to the lowest since December 2021, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, fell by four to 576 in the week to Jan. 24. RIG-USA-BHI, RIG-OL-USA-BHI, RIG-GS-USA-BHIBaker Hughes said this week's decline puts the total rig count down 45, or 7% below this time last year.Baker Hughes said oil rigs fell by six to 472 this week…

20 Jan 2025

NOIA Ready to Drive Offshore Energy with Trump Administration

(c) Thitiyakorn Adobestock

National Ocean Industries Association President Erik Milito issued the following statement regarding the inauguration of President Donald Trump:"American offshore energy stands as a cornerstone of our nation's greatness. We are committed to working alongside the new administration and Congress to advance all facets of American offshore energy. Our focus is clear: achieving American energy dominance, driving innovation, ensuring market stability, lowering energy costs for future generations…

16 Jan 2025

Oil Dips on Larger US Crude Draw, Russia Sanctions

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Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.Brent crude futures were down 12 cents, or 0.15%, to $81.91 per barrel at 1415 GMT, after rising 2.6% in the previous session to their highest since July 26.U.S. West Texas Intermediate crude futures were down 18 cents, or 0.22%, to $79.86 a barrel, after gaining 3.3% on Wednesday…

16 Jan 2025

BP to slash over 5% of workforce

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BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.Around 4,700 employees and 3,000 contractor positions will be cut this year, BP BP.L told Reuters. The cuts were announced in an internal memo seen by Reuters earlier on Thursday.BP shares were up 1% at 1200 GMT.Auchincloss last year said he would cut the British company's costs by at least $2 billion by…

16 Jan 2025

BOEM Boosts Monetary Penalties for Oil & Gas firms

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Today, the Bureau of Ocean Energy Management (BOEM) announced a final rule that implements the 2025 inflation adjustments for the maximum daily civil monetary penalties contained in BOEM regulations in accordance with Federal law.The Federal Civil Penalties Inflation Adjustment Act Improvements Act (FCPIAA Improvements Act) of 2015 requires Federal agencies to adjust the level of civil monetary penalties for inflation annually. These adjustments are intended to maintain the deterrent…

16 Jan 2025

OP/ED: When it Comes to Offshore Energy, Be Careful What You Wish For

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You just might get it.In the waning days of the Biden administration, the executive orders and such that get announced seemingly on a daily basis signal countless victories for that side of the equation. And, no matter which side of that great divide that you reside on, it is likely that some of those edicts will be quickly reversed by the incoming President. Of course, much of this is likely irreversible. No where is that more apparent than Biden's order to withdraw 625 million acres of ocean from new offshore oil and gas development.U.S.

16 Jan 2025

Shell Comes Up Dry Offshore Namibia

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Shell will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country's efforts to become a crude producer.Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia "cannot currently be confirmed for commercial development."Shell and its partners QatarEnergy and Namibia's national oil company first discovered hydrocarbon in block PEL39 in 2022, which together…

20 Dec 2024

BOEM Okays New England Offshore Wind Project

The Interior Department has now approved more than 19 gigawatts of offshore wind energy.The Biden-Harris administration today announced the approval of the SouthCoast Wind Project – the nation’s 11th commercial-scale offshore wind energy project approved under President Biden’s leadership. With today’s approval, the Department and its Bureau of Ocean Energy Management have approved over 19 gigawatts (GW) of clean energy from offshore wind energy projects – enough to power more than 6 million homes.The SouthCoast Wind Project is expected to generate up to 2.4 GW of offshore wind energy for Massachusetts and Rhode Island, enough to power more than 840,000 homes.

13 Dec 2024

BOEM Advances Leasing for GoM Offshore Wind Energy

The Bureau of Ocean Energy Management (BOEM) announced today that it is issuing a Determination of Competitive Interest in two Wind Energy Areas (WEAs) in the Gulf of Mexico. The determination comes after an unsolicited request from Hecate Energy Gulf Wind LLC expressing interest in acquiring a commercial wind energy lease for WEA options C and D. On July 29, 2024, BOEM published a Request for Competitive Interest (RFCI) in the Federal Register seeking feedback on Hecate’s unsolicited lease request. Invenergy GOM Offshore Wind LLC expressed interest in WEA options C and D. BOEM has deemed both Hecate and Invenergy to be legally, technically, and financially qualified to hold an OCS renewable energy lease in the Gulf of Mexico.

26 Nov 2024

US Oil Focused on Economics, not 'Drill, Baby, Drill' - Exxon Mobil Exec

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U.S. oil and gas producers are unlikely to radically increase production under president-elect Donald Trump as companies remain focused on capital discipline, a senior executive at Exxon Mobil said."We're not going to see anybody in 'drill, baby, drill' mode," Liam Mallon, head of Exxon's upstream division, told the Energy Intelligence Forum conference in London."A radical change (in production) is unlikely because the vast majority, if not everybody, is focused on the economics of what they're doing," he said.

25 Nov 2024

Makin' a List ... Trump Prioritizes Energy Exploration, Production, Export

Photo courtesy U.S. Air Force photo by Staff Sgt. Westin Warburton

Donald Trump's transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas (LNG) projects and increase oil drilling off the U.S. coast and on federal lands, according to two sources familiar with the plans.The energy checklist largely reflects promises Trump made on the campaign trail, but the plan to roll out the list as early as day one ensures that oil and gas…

20 Nov 2024

EIA: US Crude, Gasoline Inventories Rise

U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 barrels in the week, the EIA said. Net U.S. crude imports rose last week by 237,000 barrels per day to 3.3 million bpd, with imports to the Gulf Coast hitting 2 million bpd, the highest since July 2020, the EIA said."The report is modestly negative, with builds across key petroleum products," said Giovanni Staunovo, an analyst with UBS.

20 Nov 2024

Norway's O&G Production Beats Expectations

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The Norwegian Offshore Directorate said that Norway's oil and gas production in October exceeded the official forecast by 5 percent.Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields.The total oil, gas liquids, natural condensate and gas production stood at 0.657 standard cubic metres (SCM) per day. This is equivalent to 4,13 million barrels oil equivalent.The…

06 Nov 2024

Analysts: Trump Hardening Iran Policy Might Not Stem Flow to China

Former President Donald Trump's return to the White House could mean tougher enforcement of U.S. oil sanctions against Iran, potentially trimming global supplies, but his administration could struggle to get China, Iran's top crude customer, to cooperate, analysts said.Cracking down on OPEC-member Iran would support global oil prices, but the effect could also be offset by other Trump policies, from measures to expand domestic drilling, the imposition of tariffs on China that could depress economic activity, or an easing of relations with Russia that could unfetter its sanctioned crude shipments.“Trump cuts both ways for oil prices,” said Clay Seigle, board member at the Houston Committee on Foreign Relations and chairman of its Finance Committee.

31 Oct 2024

Ultra-Deepwater FPSO Starts Oil Production Offshore Brazil

FPSO Marechal Duque de Caxias at the Mero Field, Santos Basin, Offshore Brazil (Credit: MISC Group)

Petrobras has achieved first oil with the Floating Production Storage and Offloading (FPSO) unit Marechal Duque de Caxias, one of the largest ultra-deepwater FPSOs in the world, installed at the Mero field in Santos Basin, offshore Brazil.The FPSO has the capacity to produce up to 180,000 barrels of oil per day and compress up to 12 million cubic meters of gas daily. It will increase Mero’s installed production capacity from 410,000 to 590,000 barrels of oil per day.The unit is part of Mero’s fourth production system and was chartered from MISC.

13 Oct 2024

Esgian Week 41 Report: Operators in Norway Preparing for Drilling

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Esgian highlights that operators in Norway are preparing new wells for Odfjell Drilling, COSL and Saipem semisubs in its Week 41 Rig Analytics Market Roundup.Report SummaryContractsShelf Drilling has secured new contracts for its 350-ft jackups Shelf Drilling Achiever and Adriatic I offshore Nigeria.Drilling Activity and DiscoveriesThe Norwegian Environment Agency (Miljødirektoratet) has received an application from Aker BP for permission under the Pollution Act to drill the delineation well 25/1-14 Omega Alfa in the North Sea…

06 Oct 2024

Esgian Week 40 Report: TotalEnergies Sanctions New Development

Source: TotalEnergies

Esgian highlights news from TotalEnergies in its Week 40 Rig Analytics Market Roundup.Report SummaryDrilling Activity and DiscoveriesThe Norwegian Ocean Industry Authority (Havtil) has given Aker BP consent to use the 492-ft jackup Noble Invincible for production drilling on the Tambar Øst (East) field offshore Norway.TotalEnergies will resume exploration drilling in the Orange Basin offshore Namibia in the fourth quarter of 2024 with the Tamboti prospect, located in Block 2913B north of the company’s Venus discovery.Aker BP has proven gas in appraisal well 6507/2-7 S in the Norwegian Sea…

04 Oct 2024

Sea1 Offshore Secures Work for AHTS Fleet in Australia

(Credit: Viking Supply Ships)

Norwegian offshore vessel owner Sea1 Offshore, formerly Siem Offshore, has secured a multi-well project for three anchor handling tug supply (AHTS) vessels in Australia.The contract begins in second to third quarter of 2025, for a firm period of around 380 days up to 670 days per vessel.No additional details have been revealed, but Sea1 Offshore said the vessels will be servicing a consortium of local operators with various drilling and decommissioning projects.One of the vessels will be from Viking Supply Ships, which entered into agreement with Sea1 Offshore in August 2024 to outsource the m

29 Sep 2024

Esgian Week 39 Report: Petrobras Finalizes Roncador Tender

Source: Petrobras

Esgian highlights several new contracts in its Week 39 Rig Analytics Market Roundup.Report SummaryContractsMarket sources indicate that ADNOC has exercised an extension option for the 350-ft jackup drilling rig Aryabhatt 1 in Abu Dhabi.Petrobras has awarded two floating rig contracts to Constellation Oil Services for work at the Roncador field in the Campos Basin offshore Brazil. Valued at $1 billion, the two contracts will see Constellation 10,000-ft drillship Laguna Star and Hanwha Drilling 12,000-ft newbuild Tidal Action operate for Petrobras for around 2.5 years.

22 Sep 2024

Esgian Week 38 Report: Contracting has Slowed

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Esgian has no rig contracts to announced but provides an update on rig moves and drilling operations in the US Gulf of Mexico, Canada, Morocco and Norway in its Week 38 Rig Analytics Market Roundup.Report SummaryDrilling Activity and DiscoveriesExxonMobil has abandoned the Persephone C-54 well on EL 1169 in the Orphan Basin offshore Newfoundland, Canada.Seadrill’s 12,000-ft drillship West Neptune has resumed drilling operations on LLOG’s Who Dat South exploration well in the US Gulf of Mexico…

15 Sep 2024

Esgian Week 37 Report: New Contracts for Floating Rigs

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Esgian provides an update on new contract awards for floating rigs in its Week 37 Rig Analytics Market Roundup.Report SummaryContractsTransocean Ltd. has secured a 365-day contract for the 12,000-ft drillship Deepwater Atlas with bp in the US GOM.Norwegian operator Aker BP has extended the contract for Saipem’s 10,000-ft semisub Scarabeo 8 in Norway.Drilling Activity and DiscoveriesEquinor has found hydrocarbons at the Sitka C-02 exploration well in the Flemish Pass area offshore Newfoundland & Labrador…

13 Sep 2024

Offshore Driller Seadrill Has Its Sights Set on Asset Acquisitions, M&A

(File photo: Seadrill)

Offshore drilling contractor Seadrill is looking to buy more assets or create a larger player by merging with peers, the company's CEO said on Wednesday.Norwegian-born billionaire John Fredriksen lost the control of the company, once the world's largest driller by market cap, to its creditors over two debt restructurings since 2014.Now a much leaner and smaller company, New York-listed Seadrill itself is looking to buy distressed assets or players with "distressed balance sheets"…