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Global and Regional Markets

SIMMONS EDECO to carry out onshore drilling campaign in Mexico for Renaissance Oil Corp.

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SIMMONS EDECO announced that it has been awarded a contract by Weatherford de Mexico S. de R.L. de C.V., a subsidiary of Weatherford International, to provide drilling services to Canadian-based Renaissance Oil Corp. and its partner Lukoil, which are developing a diversified shale and mature fields portfolio in oil-rich Mexico...

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Statoil acquires 25% of Roncador field in Brazil, advances strategic partnership with Petrobras

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Statoil and Petrobras have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos Basin in Brazil. The transaction nearly triples Statoil's production in Brazil, with attractive breakevens and potential for additional value creation for both parties through the application of Statoil's expertise in improved oil recovery (IOR). The total consideration comprises an initial payment of $2.35 billion, plus additional contingent payments of up to $550 million...

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Nabors and Saudi Aramco commence joint venture operations

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Nabors Industries reported the commencement of operations of Saudi Aramco Nabors Drilling Company (SANAD), the previously announced 50/50 joint venture between Saudi Aramco and Nabors. SANAD is one of the anchor projects that has emerged from Saudi Arabia’s efforts to introduce world-class industry hubs locally, in order to foster economic growth and job creation...

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Maersk Drilling announces major contract with Repsol

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Maersk Drilling has been awarded a new major contract in the North Sea for the combined drilling and production jackup Mærsk Inspirer by Repsol. With an estimated duration of five years and options for up to an additional five years, the contract covers drilling and production on the Yme New Development in Norway. Following modification work to the production module, the contract is expected to commence operations on the Yme field as early as Q4 2019...

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Halliburton, Akwa Ibom open oil & gas training and research center in Nigeria

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Halliburton announced that it worked with the Akwa Ibom state government to inaugurate and open Nigeria’s first oil and gas training center fully-equipped with oilfield operations tools. The Akwa Ibom Oil and Gas Training and Research Center will provide courses in field development, drilling and completions engineering, well intervention solutions and digital technologies to local energy employees and students. Halliburton Landmark will provide the training curriculum, instructors, software, workstations and tools to be used in the classroom. The Akwa Ibom state government provided the facility infrastructure...

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No quick recovery in the cards for 2018

US land is likely to remain one of very few bright spots among the world’s drilling markets in 2018. Photo Courtesy of Hess Corp.

Most forecasts call for oil prices to stay within the $45-$55 range next year as global oil production stays high despite OPEC’s agreed cuts By Linda Hsieh, Managing Editor Stability, not a quick recovery, may be where the drilling industry has to turn for comfort in 2018. Oil prices, which will likely average around $50 this year, are mostly forecast to stay within the $45 to $55 range next year. It isn’t until at least the second half of 2018 or perhaps 2019 that some upward price pressures may enter the market. Oil inventories, global energy consumption and OPEC’s decision on whether to extend its production cuts beyond March 2018 are all being closely watched. For the drilling sector specifically, ...

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