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The Offshore Frontier

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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Secretary Zinke announces plan for unleashing America’s offshore oil and gas potential

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US Secretary of the Interior Ryan Zinke announced the next step for responsibly developing the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, which proposes to make over 90% of the total OCS acreage and more than 98% of undiscovered, technically recoverable oil and gas resources in federal offshore areas available to consider for future exploration and development. By comparison, the current program puts 94% of the OCS off limits. In addition, the program proposes the largest number of lease sales in US history...

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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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BSEE approves new drilling operations in Arctic

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Achieving American energy dominance moved one step closer with the approval of Arctic exploration operations on the Outer Continental Shelf for the first time in more than two years. The Bureau of Safety and Environmental Enforcement approved an Application for Permit to Drill Tuesday. Eni US Operating Co. submitted the application in August. Drilling the exploratory well from a man-made artificial island in the Beaufort Sea is expected to start as early as this December...

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