Drilling ///

Baker Hughes and Akastor ASA form global offshore drilling joint venture

Baker Hughes and Akastor ASA have announced an agreement to create a joint venture company that will bring together Baker Hughes’ Subsea Drilling Systems business with Akastor’s wholly owned subsidiary, MHWirth AS.

Special Focus: 2021 Forecast & Review – International Drilling & Production

Cameron Wallace, Digital Editor; Kurt Abraham, World Oil

Following a tumultuous 2020, global drilling rates outside the U.S. are a bit of a mixed bag for 2021. Lingering economic effects from shutdowns and travel restrictions are impeding recovery in regions like Africa and Eastern Europe, while Western Europe and South America are finding their stride.

Neptune Energy commences Dugong appraisal drilling in the North Sea

The Neptune-operated Dugong discovery, in Production License 882, was one of the largest discoveries on the Norwegian Continental Shelf in 2020. Neptune estimates recoverable resources to be between 40 - 120 million barrels of oil equivalent (boe).

Privately-held shale drillers poised to create headaches for OPEC

While oil majors and publicly-traded counterparts are mostly sticking to the mantra of drilling discipline, private operators’ ambitious growth plans present the OPEC cartel with a wild card as prices rebound and it attempts to boost its own oil production.

Oil majors’ green energy pivot hammers Africa’s largest economies

The situation could worsen as Big Oil makes another round of deep spending cuts, leaving consequences both for the oil market, which needs more supply from the OPEC cartel in the coming years, and the economic stability of a region that’s dependent on petroleum revenue.

Native Alaskan landowners demand reconciliation for U.S. government’s ANWR statements

Kaktovik Iñupiat Corporation strongly disputed the U.S. Fish and Wildlife Service announcement that it failed with respect to its permit application to conduct seismic studies in the Arctic National Wildlife Refuge, the company said in a statement.

Biden’s Interior nominee on fossil fuels: “the Earth is here to provide for us”

Deb Haaland’s assurances during her nomination hearing appeared to provide little comfort to Senate Republicans, who argued that the Democratic lawmaker’s criticism of fracing, support for pipeline protesters and endorsement of the Green New Deal make her unfit for a job that includes overseeing energy development on federal land.

Gardner Denver announces the new GD 2500Q HDF to extend pump service life

Gardner Denver High Pressure Solutions announced the new GD 2500Q Heavy Duty Frame quintuplex pump, designed to extend pump service life through an optimized power end frame design.

Premier Oil to rejoin UK offshore just in time for oil price surge

With the takeover by Chrysaor expected to complete by the end of March, Premier Oil will start trading under its new name, Harbour Energy Plc, on April 1. Putting behind it a multibillion-dollar debt pile, the firm should be well-positioned to ride the recovery in oil demand and boost investor returns.

Biden interior pick Haaland’s fossil fuel stance draws GOP opposition

The Senate ultimately is still expected to confirm Haaland, but the slim control Democrats have means Haaland needs every vote she can get. Joe Manchin, the West Virginia Democrat who is chairman of the committee considering her nomination, threw into doubt the fate of another Biden nominee last week.

Largest shale driller bases rig lease costs on well performance

The biggest provider of oil and gas rigs to the U.S. shale patch is pushing a new pricing model as speedier drilling cuts into contractors’ revenue.

Oil stocks rallying in 2021, despite Biden’s fossil fuel threats

Companies including Exxon Mobil, Diamondback Energy and Marathon Oil have posted double-digit gains this year as a rebound in oil prices and the prospect of an economic recovery have outweighed risks to the industry from the Biden administration.

Tullow taps Maersk Venturer for long-term Ghana campaign

Maersk Drilling has received a conditional letter of award from Tullow Ghana Ltd. for the provision of the ultra-deepwater drillship Maersk Venturer and additional services for a development drilling campaign at the TEN and Jubilee fields offshore Ghana.

Hunting introduces Perfecta rock charges

Engineered for superior perforating performance in stressed rock formations, the Perfecta rock charge delivers a high penetration depth in formation rock. Its use can improve well stimulation and productivity, and prolong the life span of conventional wells.

Fossil fuel transition: Expect oil price spikes as capital investment declines

“We have concerns about investment, particularly in light of the pandemic,” OPEC Secretary-General Mohammad Barkindo said at a virtual conference in Iran on Jan. 26. Starving the industry of capital today “could sow the seeds for extreme volatility down the road.”

Biden’s anti-oil crusade can make climate change worse

America is the world’s biggest consumer of crude oil, and any restrictions of domestic production will mean more will have to be shipped in from other countries with less stringent humanitarian and environmental laws.

Texas Alliance’s Petro Index shows deep trough in state’s oil and gas economy during 2020

“The Texas upstream oil and gas economy was already in a state of decline before Covid-19,” said Alliance Executive V.P. and Petroleum Economist Karr Ingham, in exclusive comments to World Oil, adding that the demand contraction in the U.S. and globally was easily the sharpest demand drop in the shortest amount of time on record.

Keppel to end oil and gas rig building, turns focus to renewables

Keppel Offshore & Marine will exit the offshore rig building business, after completing the existing rigs under construction, the company said in a statement.

API chief calls oil leasing ‘a lifeline to local economies’ at USEA Forum

“We are rooting for President Biden to lead America out of crisis,” API President and CEO Mike Sommers said. “As he works toward that important goal, he faces clear choices. Energy abundance or foreign dependence. American jobs or overseas jobs. Economic revival or small-town decline. Progress or retreat. Thus far, President Biden is on the wrong side of a number of these consequential choices.”

Oil markets keep a wary eye on shale producers’ pledge for restraint

How the fragmented U.S. shale industry will respond to increased incentives to drill has become a crucial question for traders and industry watchers across the world.