Drilling ///

Diamondback buys Guidon Operating LLC for $862 million

Diamondback said it agreed to purchase closely held Guidon Operating LLC. That cash-and-stock deal values Guidon, which was co-founded in 2016 by funds managed with Blackstone Group, at about $862 million.

Diamondback to buy QEP Resources in $2.2 billion all-stock deal

Diamondback Energy and QEP Resources have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately $2.2 billion, including QEP’s net debt of $1.6 billion as of September 30, 2020.

Biden prepares to tackle fossil fuels in the U.S. and abroad

Joe Biden's cabinet picks, and his interest in working with China to stage elections in Venezuela, will make 2021 a transformative year for fossil fuels.

Maersk Drilling’s first low-emission rig delivers carbon-reduction results offshore Norway

The installation of low-emission technology on offshore rigs is one of several initiatives that support Maersk Drilling’s efforts to reach the company’s recently announced target of reducing its CO2 emissions intensity by 50% by 2030.

Indigenous Alaskans seek to block Arctic oil lease auction

On Dec. 14th, the groups filed requests with an Anchorage judge for a preliminary injunction to prevent the Interior Department’s planned Jan. 6 auction of oil and gas leases across the refuge’s 1.56-million-acre coastal plain.

Rival Downhole Tools increases U.S. footprint with Hunting subsidiary acquisition

Hunting PLC and Rival Downhole Tools LC announced that Rival has acquired the operating assets of Hunting Energy Services (Drilling Tools), Inc., a wholly owned subsidiary of Hunting, in exchange for Hunting securing a minority equity interest in Rival.

Exxon sets greenhouse gas reduction targets, eliminating flaring by 2030

Exxon pledged to reduce the intensity of upstream emissions by as much as 20% by 2025 as well as cutting flaring and methane leaks, consistent with the goals of the Paris Agreement.

Trump keeps door open for expanded offshore drilling

The proposal under development is set to outline potential sales of long-plumbed territory in the Gulf of Mexico, as well as waters around Alaska and near Southern California, where exploratory oil drilling was last conducted decades ago. Atlantic waters near the coasts of Maryland and Delaware are also included in the proposed sale program.

Passive-magnetic ranging capability for relief wells in salt formations

Serge Roggeband, Koen Noy, Shell Global Solutions International; Joe Burke, John Wright, Wild Well Control

A new triangulation method, using MWD survey data, provides operators a viable ranging and homing option for well control contingency planning.

Gardner Denver launches new Hammerless Frac Suction Cover Retainer for safer pumping operations

Gardner Denver High Pressure Solutions, a global provider of high-pressure pumps, parts and services, has launched its new Hammerless Frac Suction Cover Retainer to improve safety on the jobsite.

Advanced, process-based geomechanical modeling reduces risk in layered salt basins

Rajesh Goteti, Aramco Americas

Unique geomechanical modeling technique mitigates geological and drilling-related risk in basins with layered evaporite sequences, which are not amenable to traditional structural analysis methods.

There's something rotten in the state of Denmark's grand energy plans

It's a tale of two cities with the EU's largest oil producer swearing off production by 2050, as OPEC+ stalwarts Saudi Arabia and the UAE grapple over who will lead the group's drive to meet the world's future oil demand.

Cortec launches new CX-HB3.0 Hydra-Balance Choke and Panel System

The system, which is API 6A and NACE MR0175 compliant, is a hydraulic dual choke unit and can be controlled via a compact remote panel that can be installed in close proximity to the driller.

Conoco may dismiss up to 25% of Houston HQ staff as Concho buy closes

“The process to determine the exact number of impacted employees is ongoing,” the company said in an email on December 1. “However, we anticipate the number of reductions in Houston could meet the threshold of 500 or more.”

Weir Oil & Gas launches improves drill-thru operations with latch back pressure valve system

Weir’s unique design eliminates the threat of damage to the BPV, nonproductive time from stuck drill bits, and potential pressure integrity issues—protecting personnel and equipment.

U.S. sanctions China’s CNOOC on drilling in disputed South China Sea

CNOOC’s operations in the South China Sea have run into controversy because China claims drilling rights in waters far from its borders, and within 200 miles of countries like Vietnam and the Philippines.

It took a global pandemic for OPEC to slam the door on U.S. shale

“In the future, certainly we believe OPEC will be the swing producer — really, totally in control of oil prices,” Bill Thomas, CEO of EOG Resources, the biggest independent shale producer by market value, said earlier this month. “We don’t want to put OPEC in a situation where they feel threatened, like we’re taking market share while they’re propping up oil prices.”

Banks, insurers face pressure to stay away from Arctic drilling projects

Activists, Native Alaskans, and more recently large shareholders have worked to persuade lenders and insurers they were jeopardizing the climate, their investments, and their reputation by underwriting Arctic drilling.

Total taps Maersk Drilling for two-rig Suriname campaign

The campaign is expected to commence in early 2021, with an estimated firm combined duration of 500 days. The estimated firm total contract value is approximately USD $100MM, including rig upgrades and integrated services provided.

Turkey wants to keep EU ties, despite sanction threat over offshore drilling

Turkish Cypriots and Cyprus have been at loggerheads over offshore gas reserves in disputed waters. Cyprus has been pushing other EU states to expand a blacklist against Turkey over its natural-gas exploration in the eastern Mediterranean. Other governments including Germany were wary of provoking Turkey.