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Global and Regional Markets

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

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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ConocoPhillips selling Barnett assets to Lime Rock

    ConocoPhillips has divested its Barnett shale holdings. The company announced on 2 August that it will sell about 114,000 acres in the North Texas play to investment firm Lime Rock Resources for approximately $230 million. The Fort Worth Basin wells averaged about 9,000 BOE/day for ConocoPhillips during Q1 and Q2 2018. Roughly 55% of the output was NG, the remainder was NGL. The acquisition of the wells will provide Lime Rock with a “robust cash flow and substantial horizontal development opportunities,” Charlie Addock, Lime Rock’s co-CEO, noted in a statement. For ConocoPhillips, the sale of its Barnet position is part of a long-term strategy to reduce the company’s debt exposure. In 2016, ConocoPhillips started wiping the red out ...

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