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Global and Regional Markets

Liam Mallon, ExxonMobil: Lower-for-longer environment has transformed industry’s mindset on innovation, collaboration

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The lower-for-longer price environment has forced oil and gas companies to change their mindsets, resulting in innovation, collaboration and standardization that have cut cycle times in half. The result is that new frontier projects, like ExxonMobil’s Liza development offshore Guyana, have become economic once again. While no one knows when, if ever, oil prices will return to pre-downturn levels, what’s certain is that the industry cannot afford to revert to old ways of doing business even if prices do improve in the future, Liam Mallon, President of ExxonMobil Development Co, said in a keynote session on 6 March at the 2018 IADC/SPE Drilling Conference in Fort Worth, Texas...

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Asia Pacific: Utilization on the rise but dayrates still refuse to budge

UMW’s NAGA 8, like the company’s other six jackups, is working in Malaysia. Over the past year, the company has reactivated five of its seven rigs, demonstrating an increase in rig demand. Compared with the approximately 20% utilization UMW saw in 2016, utilization in 2017 topped 90% and is expected to remain relatively unchanged this year.

In the Asia Pacific drilling market, rig dayrates are still down near OPEX levels. Demand for rigs, while improving, can’t exactly be described as high either. And yet, looking to the next couple of years, there is a growing sense of optimism among drilling contractors here. “I believe 2018 is going to be a very busy year,” said Izwan Megat, Head of Operations at Malaysia-based UMW Oil & Gas, which owns and operates seven jackups. “2017 was about ‘can you survive this?’ and in 2018 it’s more about, ‘we survived, and we’re going out to work, but how can we make healthy returns for the company?’”...

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PV Drilling jackups likely to stay busy through 2018 as demand rises in Vietnam, Southeast Asia

The PV DRILLING II has been drilling for Vietsopetro since June 2017, with the work expected to last through this year. It is the only PV Drilling rig that was working in Vietnam as of early February – a big change from previous years. Before this downturn, PV Drilling had never seen the need to seek work for its jackups outside its home country of Vietnam.

The number of E&P wells drilled in Vietnam has fallen drastically since 2014. Particularly in 2016 and 2017, almost 60% of E&P activities in Vietnam were trimmed off. Not surprisingly, this reduction in activity also drastically curtailed the amount of work available to PetroVietnam Drilling & Well Service Corp (PV Drilling), which has a fleet of four jackups, one semisubmersible tender-assist and one land rig...

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BP selects McDermott, BHGE for subsea contracts for West African Tortue/Ahmeyim development

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McDermott and Baker Hughes, a GE company, announced the selection of front-end engineering design (FEED) studies in advance of a substantial engineering, procurement, construction and installation (EPCI) contract for BP’s Tortue/Ahmeyim field development, a major gas project located on the maritime border of Mauritania and Senegal...

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Gardner Denver extends global reach with Jebel Ali, Dubai, facility

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Gardner Denver Petroleum & Industrial Pumps, the only total solutions provider to the drilling, well servicing and frac pumps market, has announced the opening of a Dubai facility, expanding the organization’s international reach. The facility’s ground breaking took place in late 2017 and construction is expected to be complete by June 2018. Gardner Denver’s pressure pumping, drilling and well service segments will all operate from this location...

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KCA Deutag to acquire Dalma Energy’s Omani, Saudi Arabian businesses

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KCA Deutag announced that it has entered into an agreement with the shareholders of Dalma Energy to combine their respective businesses through the acquisition by KCAD of Dalma’s Omani and Saudi Arabian businesses. Consideration for the acquisition, based upon an enterprise valuation of $660 million, will consist of $100 million of cash and shares to be issued to Dalma’s shareholders valued at $220 million...

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IADC Nigeria Chapter advances multiple initiatives on equipment, competency

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Rebound of activities in the drilling sector in Nigeria only just beginning, and drilling contractors must face increasing challenges around equipment maintenance, workforce competency and regulatory control. Ote Enaibe, Chairman of the IADC Nigeria Chapter, said the group has several ongoing initiatives to help its members address these challenges. These include partnering with educational institutions on drilling and completion curriculums and with the Nigerian Content Development and Monitoring Board on skills acquisitions programs. In this video, Mr Enaibe also discusses the chapter’s collaboration with OEMs, as well as its continuing work to help members achieve nonproductive time by 20% by 2020. Watch the video to find out more...

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