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Drilling for oil in miles-deep ocean water is booming again with rig-rental prices forecast to climb another 18% after doubling over the past couple years, according to Wood Mackenzie Ltd.
The U.S. dropped four rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on March 3. The four rigs comprised two land rigs, one offshore rig, and one inland water rig, the count showed. The decrease takes the total U.S. rig count to 749, comprising 732 land rigs, 16 offshore rigs, and one inland water rig, Baker Hughes’ count outlined. Of the total U.S. rig figure of 749, 592 rigs are classified as oil rigs, 154 rigs are classified as gas rigs, and three are classified as miscellaneous rigs.
Two former senior managers of Singapore’s Keppel Offshore & Marine’s rig-building subsidiary Keppel Fels have escaped jail, instead being hit with fines after pleading guilty to historic corruption charges relating to overseas trips paid for by an official with steel products trading company Corus South East Asia to advance the latter’s business interests.
Chief executive Kjetil Gjersdal reflects on the 50-year-old company’s evolution and its strategy for a changing energy landscape
Ukrainian forces have attacked a drilling platform in the Black Sea owned by a Crimean oil and gas company, Tass news agency cited local officials as saying on Sunday, the second strike in a week. The platform is operated by Chernomorneftegaz, which Russian-backed officials seized from Ukraine's national gas operator Naftogaz as part of Moscow's annexation of the peninsula in 2014. "It's shelling by the armed forces of Ukraine, there are no casualties," Tass cited a member of Crimea's emergency services as saying. It gave no further details. Last Monday Crimean officials said three people were wounded with seven missing after a Ukrainian strike that forced the suspension of work on three platforms. Chernomorneftegaz is under U.S. and European Union sanctions.
Well-Safe Solutions has acquired the harsh-environment jack-up West Epsilon from deepwater drilling contractor Seadrill. Well-Safe Solutions noted that the rig will be refurbished and renamed ‘Well-Safe Protector’. Operations on the upgrade of the company’s first rig Well-Safe Guardian were paused earlier this year as a result of the Covid-19 pandemic. However, operations are restarting, and the company expects to deploy both Guardian and Protector early next year.
Grupo R has signed a contract with Shell for the lease of the La Muralla IV platform. Under the scope of this contract, Shell will have the drilling rig and a support team to drill three wells in the Gulf of Mexico. The activities will begin in the third quarter of 2020. This contract is a part of Shell's strategy to escalate deep-sea exploration in its Mexican operations.
ADNOC's susidiary ADNOC Drilling has announced the launch of a major rig fleet expansion program. This will support ADNOC's upstream growth plans and would support its 2030 Smart Growth Strategy. ADNOC's Upstream Executive Director said, "ADNOC Drilling’s rig fleet expansion underscores ADNOC’s drive to unlock and maximize value from Abu Dhabi’s vast hydrocarbon resources and will further improve drilling and well-completion efficiencies".
Drilling services provider, ADES has landed a two-year contract for its Admarine IV offshore jack-up rig. The contract award comes from an energy company in Egypt. CEO, ADES said: “Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES’ business model that focuses on providing tailored solutions and superior services in a highly competitive market.
In response to the approaching monsoon season in India, E&P major ONGC has re-located a record 35 offshore drilling rigs to new positions. Offshore engineering consultant, Aqualis Offshore, yesterday, informed about assisting the oil major in moving majority of the rigs. The firm deployed a specialist team of mariners and structural and geotechnical engineers who worked closely with ONGC’s in-house rig move cell.
Awilco Drilling is a Westhill-based firm which has been awarded contract extension with Shell. The company has been rewarded decommissioning contract extension and now will also be covering the abandonment of five further wells. This contract is valid until Q1 2020. The initial contract for the WilPhoenix rig was for 18 wells and was expected to be worth £30 million.
Energy giant, Qatar Petroleum has informed that the company has awarded 8 drilling contracts for its North Field gas expansion project. The contract for two rigs has been awarded to Northern Offshore Drilling Operations and the remaining six has have been won by Gulf Drilling International (GDI). According to the company, the drilling will start from January 2020 before which the drilling rigs are expected to be mobilised and ready.
The number of oil rigs operating in the US rose again this week, with crude futures climbing more than 40% so far this year. Baker Hughes, yesterday, reported that the rig count increased by two oil rigs this week, putting the total count to 833. The rig count had remained on the downhill for the past four months while E&P companies were slashing expenses involved with new drilling.
The merger between UK-based Ensco with rival firm, Rowan has been concluded, creating EnscoRowan, the world’s largest offshore drilling firm by fleet size. EnscoRowan owns a total of 54 jackup rigs, 16 drillships, 12 semi-submersibles and two deepwater managed units. The two companies reached an agreement in October 2018 to merge together. While shareholders of Ensco will hold 55% of the new firm, Rowan shareholders will get 45% of EnscoRowan.
Aberdeen-based decommissioning specialist, Well Safe has closed a deal to buy the Ocean Guardian semi-submersible drilling rig, its first decommissioning asset. The company has now become oil and gas industry’s top well-decommissioning specialist after this major breakthrough. The acquisition fee has been kept undisclosed but according to Well Safe, the company will spend more than £75 million on the vessel's modification.
Neptune Energy has given a rig contract of six wells to CIMC Offshore AS. Under this contract, the Beacon Atlantic semi-submersible drilling unit will be hired and will be managed by Odfjell Drilling AS. MD of Neptune Energy said: "With the contracting of this modern rig, we are on track to develop the Duva and Gjøa P1 fields". Beacon Atlantic is designed to operate on the Norwegian Continental Shelf.
Rowan Companies has secured a seven-well program for its N-class jack-up rig, Rowan Viking from Lundin Norway AS. The ultra-harsh environment rig will be deployed in Norway for a minimum duration of 265 days. Work under the contract is likely to begin in second-quarter/third-quarter 2020. The contract also has four additional one-well priced options.