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NSTA OFFERS SECOND TRANCHE OF 33RD OIL AND GAS LICENSING ROUND

The North Sea Transition Authority (NSTA) has awarded 24 licenses in the second tranche of its 33rd oil and gas licensing round to 17 companies. Shell, Equinor, bp, Total and NEO are among the 18 separate companies which have today been offered a total of 24 licences in the second tranche of the 33rd oil and gas licensing […]

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EQUINOR GRABS 39 NEW PRODUCTION LICENCES IN NORTH SEA AND OTHERS

Equinor was awarded 39 new production licences by the Ministry of Energy in this year’s Awards in Predefined Areas (APA). Equinor was awarded 18 production licences in the North Sea, 13 in the Norwegian Sea, and 8 in the Barents Sea. Equinor is the operator of 14 of the awarded licenses, and a partner in […]

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VALARIS OUTLINES UPDATES ON CONTRACT AWARDS AND FLEET STATUS

Valaris has outlined new contracts and contract extensions, with associated contract backlog worth of approximately $1.14 billion, awarded subsequent to issuing the Company’s most recent fleet status report on November 1, 2023. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. Floater Contract Awards A previously announced 1,064-day contract for drillship […]

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Chevron Announces $16 Billion 2024 Capex Budget

Chevron has announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approx. $3 billion for 2024. Upstream spending in 2024 is expected to be about $14 billion. Of this planned expenditure, two-thirds is allocated to the United States, including […]

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Global Land Rig Demand To Grow 14% In 2023-2027

In the latest edition of its World Land Drilling Rig Market Forecast, Westwood reports that the land drilling rig market continues to recover from the lows seen in 2020 and 2021, with demand for rigs totalling an estimated 4,559 in 2023, an increase of 4% on 2022 and 32% on the low point of 2020. Driven […]

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Lime Petroleum Acquires Interest In Brasse Field, Norway

Lime Petroleum said it has entered into sale and purchase agreements with DNO Norge and OKEA, to acquire 10.7212 per cent and 6.2788 per cent interests respectively in PL740 in the Norwegian North Sea, in which the Brasse Field is expected to start commercial production in 2027. The Operator, OKEA, reports recoverable resources in Brasse […]

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Valaris Secures Financing For Kingdom 1 And 2 Newbuild Jackups

Valaris Limited has announced that ARO Drilling (ARO), its 50/50 joint venture with Aramco, has secured attractive financing for its first two newbuild jackups, Kingdom 1 and 2. ARO has entered into a $359 million term loan with a syndicate of local Saudi Arabian banks to finance the deliveries. The proceeds will be used to […]

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Breidablikk Coming On Stream Ahead Of Schedule

Production from the Breidablikk field in the North Sea started on 20 October, four months ahead of schedule and within budget. Tied back to the Grane platform, the subsea field holds almost 200 million barrels of recoverable oil. The partners are Equinor (operator), Petoro, Vår Energi and ConocoPhillips. “Breidablikk will come on stream four months […]

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Touchstone Reports Oil Production From Cascadura Field Update Onshore T&T

Touchstone Exploration Inc has provided an update regarding natural gas and liquids production volumes from the recently commissioned Cascadura facility. Touchstone has an 80 percent operating working interest in the Cascadura field, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20 […]

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BW Energy Controls Major Stake In Golfinho Oilfield, Becomes Operator Offshore Brazil

BW Energy has completed the acquisition of the Golfinho and Camarupim Clusters from Petrobras and assumed ownership and operatorship of approximately 10,000 barrels of daily oil production, several proven low risk in-field development opportunities with short lead times and substantial potential long-term upside from proven gas accumulations.  After completion, BW Energy holds 100% working interest […]

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