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ADES wins two new onshore contracts in Saudi Arabia

ADES has announced that it has secured two onshore drilling contracts in the Kingdom of Saudi Arabia (KSA), following a competitive tender process. Each of the secured contracts has a tenure of seven years (five years fixed and two years optional) that will add a total estimated backlog of $150 million. Operations are due to commence in the second half of 2019. ADES will order two new-build onshore rigs that meet the contract specifications for a total cost of up to $45 million. ADES sees long-term potential for these assets in the Saudi market. “ADES’ reputation for operational excellence and its exemplary safety record allow it to bid for and win competitive tenders across the region,” Dr Mohamed Farouk, Chief Executive ...

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Kosmos Energy announces management succession

Kosmos Energy has announced that Brian F. Maxted, Chief Exploration Officer and Founding Partner, has decided to retire from the company effective 15 February 2019. Mr Maxted will remain on the board of directors and continue to serve as a special advisor on matters related to exploration. Tracey Henderson will assume the role of Chief Exploration Officer upon Mr Maxted’s retirement. Ms Henderson joined Kosmos Energy in 2004, serving as a key member of the technical team responsible for the discovery of the Jubilee field in Ghana, the Greater Tortue Ahmeyim field in Mauritania and Senegal, and the Yakaar field in Senegal. “On behalf of the entire board of directors and all Kosmos employees worldwide, I would like to thank ...

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KCA Deutag awarded $110 million of land drilling contracts in the Middle East, Russia and Africa

KCA Deutag (KCAD) has announced that its land drilling operation has won new contracts and contract extensions worth approximately $110 million. These contracts are for onshore drilling in the Middle East, Russia and Africa. Middle East  In the Middle East, KCAD has won a total of seven years of contract extensions for five heavy rigs operating in Oman. The extension for each rig ranges from one to two years. In addition to this, the company has also signed a contract with a new client in Oman for one of the company’s 2000hp rigs. This is for a fixed term of six months.  Oman is a major market for KCAD and, following the company’s acquisition of the Omani and Saudi Arabian ...

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BP publishes 2019 Energy Outlook

The 2019 edition of BP’s Energy Outlook explores the key uncertainties that could impact the shape of global energy markets out to 2040. The greatest uncertainties over this period involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future. These scenarios highlight the dual challenge that the world is facing. The outlook also considers a number of other issues including the possible impact of an escalation in trade disputes and the implications of a significant tightening in the regulation of plastics. Much of the narrative in the outlook is based on its evolving transition scenario. This scenario and the others considered in the outlook are not predictions of what is likely to happen; ...

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Wood Mackenzie: US independent E&P players look to balance their books

According to Wood Mackenzie, the US Lower 48 E&P sector is under pressure from investors demanding greater capital discipline, positive free cash flow and increasing returns. There’s a tug-of-war between value and volume, and value has emerged as the winner. The Lower 48’s independents, who traditionally pursued growth at all costs, must now rein in their impulses and focus on delivering returns to their shareholders. How does this affect their 2019 spending plans, and how do they manage volatile oil prices?  “As US independents release their budgets over the course of this month, we expect to see their growth aspirations take a back seat,” Roy Martin, from Wood Mackenzie’s corporate analysis team, said. “Cash flow neutrality is more important than ever – and ...

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Rowan announces contract with Petronas Mexico for Rowan Renaissance

Rowan has announced that the Rowan Renaissance, an R-Class ultra-deepwater drillship, has been awarded a one-well contract in Mexico by Petronas for an estimated duration of 80 days, which is expected to commence in Q2 2019.  Following the initial contract term, Petronas has a one-well priced option with an estimated duration of 80 days. The Rowan Renaissance is currently under contract with Total in Mexico’s Gulf of Mexico until about March 2019.

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Tenaris to open sucker rods manufacturing facility in Conroe, Texas

Tenaris will open its sucker rods manufacturing facility in Conroe, Texas, in July, offering customers sucker rods and accessories, produced domestically, further streamlining the US supply chain. The company will start preparing the mill in March, training plant employees, activating mill systems and equipment to ensure a safe startup for operations and in line with the company’s integrated principles for quality, health, safety and the environment. “With this investment, we are better positioned to serve our customers in the US shales in their artificial lift operations, offering a wide range of locally produced products, and with the support of our new service center in Midland, we also have the flexibility to respond quickly and efficiently,” Luca Zanotti, Tenaris President, USA, ...

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BP starts gas production from second stage of Egypt’s West Nile Delta development

BP has announced first gas production from the second stage of its West Nile Delta development offshore Egypt. The project, which produces gas from the Giza and Fayoum fields, was developed as a deepwater, long-distance tie-back to an existing onshore plant. The successful startup is the second in a string of new upstream major projects expected to be brought on line in 2019 for BP. “This important project startup benefitted from the excellent working relationship between BP and the Egyptian government,” Bob Dudley, BP Chief Executive, said. “We simply could not have delivered it successfully without the steadfast support of the Minister of Petroleum, his excellent team and the entire government. “With the second stage of West Nile Delta now online, BP has now safely brought 21 new upstream major projects ...

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