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Global and Regional Markets

Shell to sell stake in Thailand’s Bongkot field to PTTEP

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Shell Integrated Gas Thailand and Thai Energy Company, affiliates of Royal Dutch Shell, have agreed to an asset sale of their 22.2% interest in the Bongkot field and adjoining acreage offshore Thailand to PTT Exploration & Production Public Company (PTTEP) and PTTEP International, a wholly owned subsidiary of PTTEP, for a transaction value of $750 million. The transaction is expected to complete in Q2 2018, subject to completion conditions as prescribed in the agreement. The agreement is for Shell’s stake in blocks 15, 16 and 17 and Block G12/48. Following the completion of this transaction, PTTEP’s stake in Bongkot will increase to 66.7%, with the remaining 33.3% owned by Total. PTTEP is the current operator of Bongkot. Shell’s decision to ...

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Hess announces $2.1 billion for 2018 E&P capital and exploratory budget

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Hess has announced its 2018 E&P capital and exploratory budget will be $2.1 billion, the same as 2017. The 2018 budget allocates increased capital for continuing exploration and development activities offshore Guyana and for the Bakken, which includes growing the rig count from four rigs to six rigs. These increases are offset by lower capital allocated to the Gulf of Mexico and Malaysia compared to 2017...

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Chevron announces oil discovery in deepwater Gulf of Mexico

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Chevron has announced a significant oil discovery at the Ballymore prospect in the deepwater US Gulf of Mexico. Ballymore is located in the Mississippi Canyon area of the US Gulf of Mexico, approximately 3 miles from Chevron’s Blind Faith platform, in a water depth of 6,536 ft. The initial Ballymore well reached a total measured depth of 29,194 ft and encountered more than 670 ft net oil pay with excellent reservoir and fluid characteristics, according to Chevron. A sidetrack well is being drilled to further assess the discovery and begin to define development options. “The Gulf of Mexico deepwater is an integral part of our company’s long-term strategy,” said Jeff Shellebarger, President of Chevron North America Exploration and Production. “This discovery is an important addition to our portfolio, especially with its combination ...

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DSM commences operations with mooring contract on Norwegian Continental Shelf

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Deep Sea Mooring (DSM), a Vryhof company, has commenced operations with the newly awarded contract to provide pre-lay mooring products and services to the Deepsea Bergen semi-submersible drilling rig on the Norwegian Continental Shelf. Austrian oil & gas company OMV has deployed the semisubmersible rig to support drilling activities in the region.

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Apache awards platform drilling management contract to Archer

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Archer announced that effective from 1 January 2018, Apache has awarded a new three-year contract to Archer for the provision of Platform Drilling Management Services which include operations and maintenance on their Forties and Beryl fields. This will include the Forties Alpha, Bravo, Charlie and Delta as well as the Beryl Alpha and Bravo platforms...

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Rowan announces purchase of two modern jackup rigs

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Rowan Companies announced that it has concluded the purchase of two LeTourneau Super 116E jackup rigs, the P-59 and P-60, which were both delivered new into service in 2013, in a public auction from a subsidiary of Petroleo Brasileiro S.A. (Petrobras) for $38.5 million per unit. As previously reported on 11 May 2017, Rowan was the high bidder in a Petrobras public auction with a bid price of $30 million per rig. While the high bid was not accepted by Petrobras after negotiations, both parties agreed to the revised price. Rowan intends to mobilize these modern jackups to the Middle East from their current location in Brazil in late Q1 2018...

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