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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Neptune Energy has confirmed the media releases from its partner, Equinor, on the successful oil and gas discovery near the Fram field in the Norwegian sector of the North Sea. Neptune holds a 15 per cent share in the discovery, which is situated within the Equinor-operated Fram licence area.  “We congratulate Equinor for their safe […]

TotalEnergies and INPEX have signed an agreement with PTTEP in order to acquire the 100% interest held by PTTEP in the AC-RL7 permit in Australia. Under the terms of the agreement, which is subject to approval by the relevant authorities, TotalEnergies will acquire a 26% interest in the permit in line with its equity in […]