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Transocean announces 11-well contract for GSF Development Driller I

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Transocean has announced that the ultra-deepwater semisubmersible GSF Development Driller I was awarded an 11-well contract (approximately 955 days) commencing offshore Australia in the first half of 2019 with Chevron Australia. The estimated firm contract backlog, excluding integrated services, is approximately $158 million. Additionally, the contract includes four one-well options.

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OPEC producers key to world supply through to 2040

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Wood Mackenzie sees OPEC maintaining its role as a key oil supplier through to 2040, although output from non-OPEC producers will help to ensure adequate supply in the years to 2030. In its Macro Oils Long-Term Outlook H1 2018, Wood Mackenzie said it expects the US Lower 48 to enjoy continued growth through the medium term, with its crude and condensate production reaching a plateau of more than 11 million bbl/day in the mid to late-2020s. Once the US plateaus, total non-OPEC liquids production will lose its growth momentum and begin to decline post-2030. With demand continuing to grow through to its peak in the mid-2030s, the industry must find increasingly expensive oil to offset declines from a maturing asset base. To ...

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China’s upstream industry to shift focus to domestic natural gas to meet cleaner energy demand

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Steep production declines from aging oil fields and capital spending cuts have directly impacted China’s oil production. Against the backdrop, the new guidelines unveiled by the government will break the dominance of state-owned oil companies and force the country’s upstream industry to shift focus to domestic natural gas, according to GlobalData. Chinese state-owned oil companies China National Petroleum Corporation (CNPC), China Petroleum & Chemical (Sinopec) and China National Offshore Oil (CNOOC) operate more than 90% of China’s oil-producing fields. However, prolonged weakness in oil prices, mature conventional reserves, slowing growth in demand and government directives have forced the mainland energy giants to trim capital spending and shift their focus to unconventional resources. CNPC is the largest national oil company and dominates China’s onshore production. ...

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Maersk Drilling secures two contract extensions in the North Sea

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The Maersk Resolute has been awarded a 56-day contract extension by Petrogas to continue its work in the Dutch sector of the North Sea, where it has drilled multiple wells since commencing operations in June 2017. During the campaign, Maersk Resolute has drilled the shallowest horizontal gas well in the A&B area. The extension brings the contract with Petrogas to a total of 106 days. Additionally, the Maersk Resolve has been awarded a 21-day minimum contract extension by Wintershall Noordzee to continue its operation in a North Sea drilling campaign. This fourth contract extension covers work at the Ravn field in the Danish North Sea and brings the duration of the contract with Wintershall Noordzee to a total of 380 days since ...

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