fetching latest news
News tagged in:
Following the tracks of Noble Energy and Diamond Offshore Drilling, Valaris Plc has also filed for Chapter 11 bankruptcy. The firm's revenue has taken a major hit due to the slump in the oil prices. Oil companies have canceled or delayed drilling programs while asking for price concessions and other contract modifications. Valaris ended the first quarter with $6.8 billion of debt against roughly $200 million in cash and $1.3 billion available on its credit facility.
Chaparral Energy Inc, an Oklahoma oil & gas producer filed for Chapter 11 bankruptcy protection on Sunday. This is the second time the company has filed for bankruptcy protection. Lenders have been reining in on credit for shale drillers and Chaparral’s borrowing limit was recently reduced to $175 million from $325 million. Chaparral had around $421 million of debt outstanding at the end of 2019
Britain’s Neptune Energy and its partners have discovered oil at a jointly owned drilling license in the Norwegian part of the North Sea, and will now consider options for how to develop the find. The Dugong well is estimated to contain between 40 million and 120 million barrels of oil equivalent, making it the largest find off Norway so far this year.
Trendsetter Engineering, privately-owned oil and gas service company based in Houston, has launched the Trident Intervention System. The intervention systems have been designed for rapid field reconfiguration, providing the flexibility to perform intervention riser, riserless wireline intervention and hydraulic stimulation operations all with one system. This modular intervention approach will result in lower costs for well maintaining, improved production and increased operational efficiency of the intervention.
The deal is the single-largest energy infrastructure investment in the region, and the biggest in the world in 2020. It brings $10.1 billion in foreign direct investment to the UAE. According to the agreement, the consortium will acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline Assets, with lease rights to 38 pipelines. ADNOC will hold the majority stake of 51% and will retain ownership of the pipelines.
The Norwegian engineering firm, Aker Solutions has developed a new workover system to enable safe well access for subsea installation and completion. The system vouches to enable faster and cost-effective planned well interventions. The company noted that the new workover concept will first be applied to Norwegian firm Equinor’s Visund field in the northern part of the North Sea. The field has a water depth of 335m.
Oilfield services giant, Weatherford International has introduced the Velox™ wellhead system, a best-in-industry solution for operators needing to lock in pressure integrity while enhancing safety and improving efficiency. Velox delivers unmatched isolation between casing strings with quick-connect components that maintain pressure control, reduce potential leak paths, and minimises non-productive time during installation in many applications, including high-pressure, high-temperature, and sour-gas wells.
UK development and production company, Independent Oil & Gas has awarded the core project phase one well management contract to Petrofac. The AIM-traded firm said the award followed a competitive tendering process, and the approval last month of the phase one field development plan by the UK Oil and Gas Authority (OGA). The contract scope covered planning, execution and close-out phases of the phase one drilling programme.
Neptune Energy has conducted what is reportedly the “world’s first” dual drilling operation from an integrated subsea template structure at the Fenja field in the Norwegian North Sea. Neptune teams maximized the full capabilities of Seadrill’s West Phoenix drilling rig to drill two wellbores at the same time. This is a monumental step and can be adopted as a standard practice in the future.
Offshore drilling contractor, Maersk Drilling has landed drilling work contract for Maersk Intrepid from Equinor at the Martin Linge field, offshore Norway. Made for carrying out work in ultra-harsh environments, the jack-up rig will commence work in September this year and will drill three wells and plug one on the Martin Linge field. The contract also involves managed pressure drilling (MPD), slop treatment, cuttings handling and tubular running services.
U.S. oilfield firm, Intrepid Directional Drilling Specialists has bought out the directional drilling business of well survey firm Gyrodata. With the deal, Intrepid is aiming to expand operations as service companies vie for business amid a steep decline in the activity. The acquisition deal whose amount remained undisclosed, will double the size of Intrepid's directional drilling division and will expand Intrepid's presence in U.S. shale fields and in Latin America.
UAE-based oil rigs manufacturer Lamprell has secured a contract from International Maritime Industries (IMI) for the delivery of two jack-up drilling rigs. The two Keppel LeTourneau jack-up drilling rigs will be designed on the basis of the Super 116E. IMI said that the firm will collaborate with Lamprell to construct the two rigs. Lamprell estimates the share from the project to gross at approximately $350m.
Drilling contractor, Maersk Drilling has landed a two well contract extension from Norwegian E&P major, Aker BP for the jack-up rig Maersk Integrator. Maersk Integrator, which is an ultra-harsh environment, low-emission jack-up rig, will move to the Ivar Aasen field offshore Norway to drill two wells. The contract, valued at ~$25.5 million, is expected to start in October 2020, and has an estimated duration of 93 days.
American E&P firm, Noble Energy has contracted Maersk Drilling's Valiant for the work offshore Colombia. The contract is valued at $18.2m and is expected to be concluded in 65 days. Noble said that the contract fees also includes mobilization and demobilization services. The 2013-built Maersk Valiant is Maersk Drilling’s seventh-generation drillship and comes equipped with integrated managed pressure drilling (MPD) capabilities.
The United States Department of Energy Small Business Innovation Research Program has presented a Phase I grant to E-Spectrum Technologies and Dr. Eduardo Gildin of Texas A&M University. The grant will be used in creating an advanced advisory system that precisely portrays the underground circumstances in real-time during drilling operations. E-Spectrum currently deploys algorithms to collect and filter data from bit vibrations, speed or sound changes, and temperature or pressure changes.
Drilling services provider, Valaris has landed new contracts and extensions for its drilling rigs, with approximately $285m in associated revenue backlog. The drillship Valaris DS-18 (Relentless) has been granted contract extension with EnVen in the US Gulf of Mexico. Valaris also landed contracts and extensions for DS-15, JU-292, JU-290, JU-249, JU-144, and others.
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".
Halliburton has introduced a new logging-while-drilling technology, PixStar High-Resolution Ultrasonic Imaging Service. With the help of this new technology, operators will get real-time images of the borehole which will make it easy for them to identify fractures. It will also improve well stability and optimize completion design. PixStar has ultrasonic transducer through which high-resolution images are developed.