Category Archives: Oil and Gas News

Two-Year Contract for ‘Deepwater Invictus’, Transocean Ultra-Deepwater Drillship

By | |
Leave a comment

Transocean Ltd. (NYSE:RIG) announced Tuesday that its ultra-deepwater drillship Deepwater Invictus has been awarded a two-year contract with options by a subsidiary of BHP Billiton.

Transocean said the backlog associated with the firm contract is approximately $106 million and the contract will commence in the second quarter of 2018. It includes three one-year priced options.

The Deepwater Invictus was delivered in 2014 and is rated to a water depth of 12,000 feet. It has spent nearly its entire career contracted to BHP.

Deepwater Invictus

Deepwater Invictus – (MarineTraffic,com, 2017)

Continue reading →

The Cheapest Ever for Ultra Deep Water Drillship in 2017

By | |
1 Comment

In April 2013 Transocean’s Deepwater Pathfinder drillship demanded the highest dayrate of any other rig contracted at that time. Eni contracted the drillship at an astronomical dayrate of $681,000 a day from September 2013 through April 2015 to drill in the Gulf of Mexico.

Pacific Drilling recently secured a contract with Malaysian Petronas for its UDW drillship Pacific Santa Ana at a dayrate of $170,000. The Samsung unit delivered in 2011 is capable to drill in water depths up to 12,000ft.

But the lowest dayrate for one ultra-deepwater drillship has been agreed by Vantage Drilling and India’s ONGC in January 2017 for the Platinium Explorer. ONGC has secured the rig for three years for $118 million which translates to a dayrate below $110,000.

Platinum Explorer – Vantage Drilling

Platinum Explorer – Vantage Drilling

Continue reading →

Transocean to sell all jack-up fleet to Norwegian offshore drilling contractor, Borr Drilling

By | |
1 Comment

In our opinion, it is very interesting decision made by Transcoean to sell all jack-up fleets to Norwegian offshore drilling contractor, Borr Drilling. With current oil market situation, Transocan has made decision to stay only deep water drilling.

Please feel free to share your thought about this. 

News by Offshore Energy Today 

Norwegian offshore drilling contractor Borr Drilling, formerly known as Magni Drilling, is planning to buy 15 jack-up drilling rigs from Swiss-based Transocean for $1.35 billion.

Borr Drilling announced on Monday the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs.

The transaction consists of Transocean’s entire jack-up fleet, including ten rigs already in the fleet and five newbuilds under construction at Keppel FELS Limited, which Transocean has been postponing for a while now. The latest agreement with Keppel entailed the deferral of the five new jack-ups until 2020. Continue reading →

Hot NEWS – OPEC reaches deal to cut production by 1.2 million barrels in January 2017

By | |
Leave a comment

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut supply by 1.2 million barrels per day (bpd) to 32.5 million barrels, the head of the organization announced.

Ahead of the official announcement, Bloomberg broke the news, quoting an unnamed delegate in Vienna. Crude prices soared more than 7 percent on the report. As of 16:29 GMT, Brent crude was trading at nearly $50 per barrel, while US crude benchmark WTI was above $48.

 opec-cut-production

Calling the decision “historic,” the organization said the output cut would be in effect from January 1, 2017. The deal was reached after weeks of negotiations, as Saudi Arabia, Iraq and Iran fought for the very last barrel of production. This is the first coordinated cut from OPEC in eight years. Continue reading →

25 World’s Largest Public Oil & Gas Companies in 2016 – Interesting Information

By | |
Leave a comment

The World’s Largest Public Oil & Gas Companies in 2016 by Forbes. This is so interesting to know that Russian companies are ranked as the first and the second biggest public oil and gas company in 2016.

Forbes’ List of the 25 Biggest Public Oil & Gas Companies

  1. Gazprom gazprom(GAZP, com) – Russia – 8.38 MMBoepd – EV $84.3 billion
  2. Rosneftrosneft (ROSN, com) – Russia – 5.07 MMBoepd – EV $72.5 billion
  3. ExxonMobil exxon( XOM, com) – USA – 4.10 MMBoepd – EV $390 billion
  4. PetroChina petrochina( PTR, com) – China – 4.07 MMBoepd – EV $303 billion
  5. BP bp(BP; com) – UK – 3.24 MMBoepd – EV $121 billion
  6. Royal Dutch Shell shell(RDS.A – com) – Netherlands – 2.95 MMBoepd – EV $216 billion
  7. Chevron chevron(CVX; com) – USA – 2.62 MMBoepd – EV $207 billion
  8. Petrobras petro-bras(PBR; com) – Brazil – 2.55 MMBoepd – EV $132 billion
  9. Lukoil luk-oil(LKOH; com) – Russia – 2.40 MMBoepd – EV $36.2 billion
  10. Total total(TOT; com) – France – 2.35 MMBoepd – EV $136 billion
  11. Statoil stat-oil(STO; com) – Norway – 1.81 MMBoepd – EV $63 billion
  12. Eni eni( E; com) – Italy – 1.69 MMBoepd – EV $74 billion
  13. ConocoPhillips conoco-philip(COP; com) – USA – 1.59 MMBoepd – EV $71.5 billion
  14. Surgutneftegas surgutneftegas(SGTZY; ru) – Russia – 1.49 MMBoepd – EV $8.5 billion
  15. CNOOC cnooc(CEO; com) – China – 1.36 MMBoepd – EV $397 billion
  16. China Petroleum & Chemical [Sinopec] sonopec(SNP; com) – China – 1.32 MMBoepd – EV $130 billion
  17. Oil and Natural Gas Corp.ongc (ONGC; com) – India – 1.07 MMBoepd – EV $23 billion
  18. Anadarko Petroleum adanako(ticker: APC; com) – USA – 840,000 Boepd – EV $43 billion
  19. Canadian Natural Resources canadian-natural-resources(CNQ; com) – Canada – 790,000 Boepd – EV $40 billion
  20. Devon Energy devon(DVN; com) – USA – 680,000 Boepd – EV $29 billion
  21. Ecopetrol ecopetrol(EC; com) – Colombia – 670,000 Boepd – EV $33 billion
  22. Occidental Petroleum oxy(OXY; com) – USA – 650,000 Boepd – EV $57 billion
  23. Suncor Energy suncor(SU; com) – Canada – 580,000 Boepd – EV $50 billion
  24. EOG Resources eog(EOG; com) – USA – 570,000 Boepd – EV $47 billion
  25. Repsol repsol( REP; com) – Spain – 560,000 Boepd – EV $33 billion

Continue reading →