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Global and Regional Markets

Local deepwater rig supplies tighten in US Gulf, Brazil as dayrates inch up

Recovery is slow, but positive momentum is building in key deepwater markets By Leslie Cook, Wood Mackenzie Floating rig backlog grew by over 21 years in Q3 2019, while global utilization finally crossed the 70% line. After four years of aggressive cost cutting and razor-thin returns, it finally appears that drillers are starting to come out of the woods. But despite rising utilization and backlog, pricing remains stubbornly low, most notably in key deepwater regions such as the US Gulf of Mexico (GOM) and Brazil. The aim of this article is to shed light on these two important deepwater regions and discuss what that can mean for drilling contractors seeking work and operators seeking rigs in 2020. Local supply tightens ...

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ANPG of Angola publishes fiscal terms and bid rules

The National Agency for Petroleum, Natural Gas and Biofuels of Angola has announced the terms of reference, bidding rules and qualification criteria of its 2019 bid round, starting the countdown to a 12 November 2019 deadline for operators and interested parties wishing to bid on the 10 frontier blocks located in the Namibe and Benguela Basins...

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