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ADNOC expands partnership approach to build on 2030 growth strategy

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The Abu Dhabi National Oil Company (ADNOC) has announced that it will develop and further expand a regional, fully integrated drilling company, including the development of upstream concessions with partners that may also seek to strategically partner with ADNOC in other parts of the value chain. This work will be done as part of ADNOC’s expansion of its partnership model, which will span the group’s entire value chain....

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BOEM completes analysis of royalty rates for offshore oil and gas leases

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BOEM has completed an analysis of their royalty rates and have decided to set the royalty rate at 12.5% for leases located in water depths less than 200 m in the proposed Gulf of Mexico (GOM) Sale 249. This is lower than the proposed 18.75% royalty rate for shallow water leases published in the Proposed Notice of Sale, and is consistent with the federal onshore oil and gas lease royalty rate of 12.5%. The purpose of this change is to adjust the royalty rate to reflect recent market conditions, thereby encouraging competition and continuing to receive a fair and equitable return on oil and gas resources. The royalty rate in 200 m of water and deeper will remain at 18.75% as in the Proposed Notice of Sale...

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OSRL tests and validates remote sensing equipment

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A recent offshore exercise, conducted by Oil Spill Response (OSRL), was designed to understand how remote sensing technologies can help detect oil spills at sea more effectively. Utilizing the latest in satellite, airborne and in-water surveillance and communications equipment, the highly successful event demonstrated the value of the state-of-the-art technology in identifying and monitoring spills and was conducted with full approval of the Marine Management Organization (MMO) following a rigorous planning and stakeholder consultation process...

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US land rig count grows by 12

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After last week’s drop in oil and gas rigs, Baker Hughes has reported a 12-rig increase this week for rigs drilling onshore US. There are now 927 land rigs, putting the total US rig count at 952. One year ago, there were only 440 rigs drilling in the US.

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Zinke signs secretarial order to streamline federal onshore oil and gas leasing permits

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US Secretary of the Interior Ryan Zinke signed a secretarial order to tackle permitting backlogs and delays, identify solutions to improve the permitting process on federal lands, and to identify solutions to improve access to additional parcels of federal land that are appropriate for mineral development. As of 31 January 2017, the Bureau of Land Management (BLM) had 2,802 Applications for Permit to Drill (APD) pending...

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Drilling outlook: Offshore to remain weaker than onshore in near future

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This year has so far been better than 206, but the industry still has a long way to go on its path to recovery. Speaking at the 2017 IADC World Drilling Conference on 28 June in Amsterdam, Matt Adams, Senior Analyst with Douglas-Westwood, highlighted the current attractiveness of onshore projects compared with offshore, including the lower risks and quicker returns...

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