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Onshore Advances

Wood secures $53 million of contracts supporting ADNOC Onshore

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Wood has been awarded three new, call-off contracts totaling $53 million by ADNOC Onshore, a subsidiary of Abu Dhabi National Oil Company (ADNOC). Project management consultancy (PMC) services will be provided for major projects across the company’s onshore fields in Abu Dhabi, aimed at supporting ADNOC’s group-wide production capacity target of 4 million BPD by 2020. Creating around 100 new jobs in the country, the five-year contracts have one-year extension options available. This win builds on Wood’s successful track record of partnering with ADNOC, which spans over 40 years and has included multiple, significant PMC projects. “Wood has a strong foothold in the Middle East and our strategic focus on continuing to broaden the capabilities we deliver to the oil and ...

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ADES completes acquisition of drilling operations from Weatherford in Kuwait

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ADES, a leading oil and gas drilling and production services provider in the Middle East and North Africa, has announced that it has completed the acquisition of twelve onshore rigs from Weatherford in Kuwait. The transaction forms part of the previously signed definitive agreement with a subsidiary of Weatherford to acquire 31 onshore drilling rigs for a total consideration of $287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq. Transaction Highlights Twelve rigs acquired for a total consideration of $123 million, two idle land-drilling rigs in Southern Iraq for an additional $12 million pending delivery, all of which were financed through a combination of cash and secured debt instruments. Eight out of 12 rigs currently contracted in Kuwait with a cumulative estimated backlog ...

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BP completes purchase of BHP assets in US onshore

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BP has completed the $10.5 billion acquisition of BHP’s US unconventional assets in a landmark deal that will significantly upgrade BP’s US onshore oil and gas portfolio and help drive long-term growth. The acquisition – which was announced in July and closed as scheduled on 31 October – adds oil and gas production of 190,000 BOED and 4.6 billion BOE of discovered resources in the liquids-rich regions of the Permian and Eagle Ford basins in Texas and in the Haynesville natural gas basin in East Texas and Louisiana. Following integration, the transaction will be accretive to earnings, is estimated to generate more than $350 million of annual pre-tax synergies and is expected to boost upstream pre-tax free cash flow by $1 billion, to ...

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Devon Energy provides operational update for Jackfish Complex

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Devon Energy has reported that additional facilities work at its Jackfish 1 heavy oil project in Alberta, Canada, is now complete, and full-scale operations have been restored. The work at Jackfish 1 was related to minor facility repairs the company identified during recent turnaround startup activities. The company elected to perform the incremental maintenance work that temporarily curtailed production as opposed to deferring the repairs to a future date. The company estimates that its Q3 2018 net production in Canada will be approximately 104,000 BOED as a result of the maintenance at Jackfish 1. The temporary curtailment of volumes at Jackfish represents less than 1% of total expected company-wide production in 2018. Production at the company’s Jackfish 2 and Jackfish 3 facilities were at nameplate ...

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National Oil Corporation, BP and Eni agree to work to resume exploration in Libya

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Libya’s National Oil Corp, BP and Eni have signed an agreement expected to lead to Eni and BP working together to resume exploration activities on a major exploration and production contract in Libya. A letter of intent was signed in London by Mustafa Sanalla, National Oil Corp Chairman; Bob Dudley, BP Group Chief Executive; and Claudio Descalzi, Eni Chief Executive Officer. The parties agreed to work toward Eni acquiring a 42.5% interest in the BP-operated exploration and production sharing agreement (EPSA) in Libya. On completion, Eni would also become operator of the EPSA. BP currently holds an 85% working interest in the EPSA, with the Libyan Investment Authority holding the remaining 15%. Eni has existing exploration and production activities and infrastructure adjacent to onshore areas ...

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US Forest Service eyes drilling approval for Ruby Mountains

The US Forest Service is considering a proposal to allow oil and gas exploration in Nevada’s Ruby Mountains. The proposal would open more than 50,000 acres to drilling, with caveats that operators could not disturb the surface of the mountain range. The Forest Service’s proposal is detailed in a draft environmental assessment, which was obtained by the Center for Biological Diversity, an environmental group opposed to drilling. If the plan is adopted, drilling companies will be able to place rigs on adjacent BLM property and utilize directional drilling techniques to access any reserves under the mountains. The 75-mile long stretch of land being considered runs down the mountain range’s western slope, right through the middle of the Pine Valley play ...

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Weatherford selling MENA rigs to ADES

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Weatherford International is unloading a large part of its Eastern Hemisphere rig fleet. The company recently announced the sale of its land drilling operations in Algeria, Iraq, Kuwait and Saudi Arabia to ADES International Holding. In exchange for about $287 million, ADES will acquire 20 active rigs — as well as 11 idle rigs — and approximately 2,300 employees and contractors. The specifics on the sale price are subject to standard post-closing working capital adjustments. Although the sale is still subject to regulatory approval, both Weatherford and ADES expect the asset handover to be completed by the end of the year. The purchase increases ADES’ total fleet to 34 rigs and sextuples its operational fleet. ADES plans to use the idle ...

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