Drilling ///
The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded investors and analysts, leaving them to question the logic behind a tie-up that the companies say will increase diversification. Cimarex is mostly an oil explorer in Texas and Oklahoma, while Cabot is focused on natural gas drilling in the Marcellus shale basin in Appalachia.
“The so-called CLEAN Future Act is nothing more than the Green New Deal in lipstick,” said Texas Railroad Commissioner Wayne Christian. “This legislation would effectively federalize regulation of oil and gas, increasing costs to consumers and our national debt, while harming our energy independence and national security.”
NOV’s Grant Prideco business unit recently launched a line of drill pipe grades to help mitigate sour service failures related to sulfide stress cracking in complex wells and acid gas-bearing formations.
“These transactions will contribute to the necessary rationalization of the global drilling rig fleet and they are further in line with Maersk Drilling’s strategic priority of maintaining a fleet of modern, high-quality assets," said CEO Jørn Madsen of Maersk Drilling.
Iran’s Petropars Ltd. will be awarded a $1.78 billion contract by the National Iranian Oil Co. to develop the giant Farzad-B gas field that was previously intended to be tapped by a group of Indian companies.
Seadrill Limited announced a new contract has been secured by Sonadrill Holding Ltd, the 50/50 joint venture with an affiliate of Sonangol E.P.
In reporting its first-quarter 2021 results, Neptune Energy said that its production growth momentum in Western European operations is on track for 2021.
Schlumberger and NOV announced a collaboration to accelerate automated drilling solutions adoption by oil and gas operators and drilling contractors. The agreement will enable customers to combine Schlumberger surface and downhole drilling automation solutions with NOV’s rig automation platform to deliver superior well construction performance.
EnerVest Ltd., a private equity firm that specializes in shale drilling, fired 111 people at its Houston headquarters, citing “challenging times for the industry.”
Arabian Drilling Co., a Saudi oilfield-services company partly held by Schlumberger NV, is preparing an initial public offering that could give it a valuation of around $2 billion, according to people familiar with the matter.
Chesapeake Energy Corp., the once mighty shale explorer that exited bankruptcy earlier this year, is seeking to sell oil-producing assets in South Texas for as much as $2 billion, according people familiar with the plan.
Seadrill Limited secured a four-year firm contract with four one-year options, for the West Saturn drillship with Equinor Brazil Energia Ltda for work on the Bacalhau field in Brazil.
Halliburton Company announced a new wireline logging service that helps operators acquire more accurate well data to better evaluate production potential called StrataXaminer.
EnQuest PLC, an oil and gas production and development company, announced it signed an agreement with Whalsay Energy Holdings Limited to purchase Whalsay’s 100% equity interest in the P1078 license containing the proven Bentley heavy-oil discovery.
LYTT developed a technology that identifies and differentiates multiple downhole well integrity events by using unique algorithmic pattern recognition capabilities that build on acoustic measurements from Distributed Acoustic Sensing data.
The world’s biggest oilfield contractor joined rivals Halliburton and Baker Hughes this week in predicting expansion in overseas work and a more muted recovery in North America through the rest of 2021. Global oil demand should return to pre-pandemic levels by the end of next year, if not sooner, Schlumberger CEO Olivier Le Peuch told analysts on Friday.
Maersk Drilling has been awarded a one-well contract by CGX Resources Inc., operator and joint venture partner with Frontera Energy Guyana Corp, for the semi-submersible rig Maersk Discoverer to perform exploration drilling in the Corentyne Block offshore Guyana.
Further improving upon the successful ION platform, ION+ cutters comprise a wide range of application-specific cutter grades that incorporate refined diamond feeds, higher manufacturing pressures, and new, nonplanar interfaces.
“I expect international activity growth to accelerate, and the early positive momentum in North America gives me confidence in the activity cadence for the rest of the year,” CEO Jeff Miller said in a statement. “I am optimistic about how this transition year is shaping up.”
Petrostates in the Persian Gulf are trying to bolster their economies after they were hit last year by coronavirus lockdowns and the crash in oil prices. They also want to diversify from fossil fuels by using money raised from their oil assets to invest in other industries.