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Global and Regional Markets

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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IHS Markit: Tight inventory of deepwater E&P assets for M&A drives prices higher as offshore deal value increases

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Reduced spending for oil and gas exploration is limiting availability of quality deepwater assets for merger and acquisition (M&A) deals, according to a new report by IHS Markit. This lack of deepwater asset inventory is challenging E&P operators who seek to acquire assets in order to secure development funds or de-risk their portfolios. “Low oil prices have significantly reduced operator spending on exploration — particularly in the deepwater, which is very costly,” said Cindy Giglio, CFA, Senior Principal Energy M&A Analyst at IHS Markit. “This means fewer deepwater discoveries are made and even fewer world-class assets become available for sale or acquisition. As a result, those quality deepwater assets that do become available are commanding premium prices.” During this period, ...

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To navigate downturn, Vantage Drilling focuses on safety, putting rigs back to work and cost reductions

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When Ihab Toma took over Vantage Drilling as CEO last year, the company had just recently emerged from a Chapter 11 process with a modern rig fleet and strong operations team but with only three rigs contracted. As CEO, Mr Toma said he worked to refocus the company on what he called the three “wildly important goals” (WIGs): having stellar safety performance, putting all rigs back to work, and reducing costs and preserving cash to navigate the downturn. The company now has sold out its jackup fleet, with one drillship to go, and its backlog has doubled in the past six months. In this video from the 2017 IADC Drilling Middle East Conference in Dubai on 4 October, Mr Toma explains the process that was undertaken to implement the three WIGs, as well as the results achieved...

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Deloitte survey shows more cautious outlook for oil and gas rebound

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Oil and gas executives’ confidence in a quick industry recovery seems to have materially shifted this year from a return to optimism to more caution, according to Deloitte’s “2017 Oil and Gas Industry Executive” survey. With lower expectations of a rapid price recovery, the need by many to find new efficiency gains and reduce costs could push the digital revolution to its tipping point...

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Atwood Oceanics announces contract extension for Atwood Orca jackup rig

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Atwood Oceanics announced that one of its subsidiaries has agreed to a four month extension on the jackup rig Atwood Orca with Mubadala Petroleum for drilling operations offshore Thailand. The new contract is at an undisclosed day rate that is higher than the current day rate, and it includes two four-month options that are priced at successively higher day rates than the new firm day rate...

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Premier announces proposed sale of Wytch Farm interests

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Premier announced that it has entered into a sale and purchase agreement to sell its entire interests in licences PL089 and P534, which contain the Wytch Farm field, to Verus Petroleum for a cash consideration of $200 million (subject to certain customary financial adjustments) payable on completion. In addition, Premier will be able to release Letters of Credit totaling approximately $75 million that have been issued in relation to future decommissioning liabilities that are now being transferred to Verus. The effective date of the disposal is 1 July 2017. Wytch Farm is an onshore oil field located in Dorset, United Kingdom, that has been producing since 1979. Verus is a UK-focused independent E&P company backed by HitecVision, a Norway-based private equity investor ...

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