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Global and Regional Markets

Huisman to build drilling system for new semi under construction in China

China Merchants Heavy Industries (CMHI) has awarded Huisman a contract for the engineering and fabrication of a drilling system that will be integrated and installed on the moored drilling semisubmersible constructed at CMHI Haimen. This drilling system will be used for oil and gas drilling activities in shallow to medium water depths all around Asia, particularly the South China Sea. The contract is a result of a constructive cooperation between CMHI and Huisman during the semi’s concept design. The drilling system comprises an 1800kips static rated load Dual Multi Purpose Drilling Tower (DMPT), a single pipe setback drum,  innovative manipulator arms for pipe and tool handling, top drive, iron roughnecks, skid carts, catwalk machines, gantry and deck cranes, drillers cabins and Huisman’s fully ...

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Tally Energy Services acquires DynaView

Tally Energy Services announced today the acquisition of DynaView. The acquisition expands and compliments Tally’s drilling services business with 3D modeling, visualization and predictive technologies to enable drilling better wells, faster. “Currently, well planning and execution is performed in multiple discrete software systems, many of which are in 2D.  DynaView’s 3D data integration, visualization and predictive platform will be a major differentiator when we present to operators executing high density drilling programs,” Chris Dorros, CEO Tally Energy, said. “Shale operators continue to move towards optimizing total field performance, not just individual attributes of a single well.  That requires a real-time collaborative platform which brings all the stakeholders of the drilling process together.  We are impressed with the DynaView team’s accomplishments and ...

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ProSep delivers on Johan Castberg

ProSep has supplied three ProSalt units to Equinor for the Johan Castberg field development project, located on the Norwegian continental shelf in the Barents Sea. The technology that incorporates ProSep’s proprietary MAX+ design will provide efficient mixing capabilities and critical benefits: precious water savings and achieving required salt concentration.  ProSep’s mixers have been designed and fabricated to desalt the oil by mixing it with injected wash water in two different stages; firstly, downstream of inlet/test separators, and secondly downstream of a stabilization separator.  “It has been a great pleasure working with Equinor, Aker Solutions and our suppliers/sub-suppliers on the Johan Castberg project,” Rafael Ramirez, Senior Project Manager for ProSep, said. “ProSep’s team and its stakeholders effectively achieved the completion of this project, fulfilling the rigor of Norsok ...

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EIA report: United States is now world’s largest crude oil producer

The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in the Short-Term Energy Outlook (STEO) from the US Energy Information Administration (EIA). In February, US crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999. Although EIA does not publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that US crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019. US crude ...

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Sonoro Energy enters into strategic alliance, provides update on operations

Sonoro Energy has entered into a strategic alliance memorandum of understanding with one of Indonesia’s largest companies to develop oil and gas activities in Indonesia as joint partners. This strategic relationship is focused on the pursuit of activities related to the Budong-Budong project in West Sulawesi, Indonesia and also includes other conventional oil and gas opportunities in Sumatra, Indonesia. The Indonesian entity is engaged in a diversity of businesses including property development, plantation ownership as well as trading both domestically and internationally. In March and July 2018, Sonoro announced that it was unsuccessful in obtaining a term extension for the Budong-Budong production sharing contract in which Sonoro drilled a discovery well in November 2017. The consortium of the joint cooperation ...

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DNV GL forecasts gas capital expenditure boost to fuel the energy transition

DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050, predicts global upstream gas capital expenditure to grow from US $960 billion in 2015, to a peak of US $1.13 trillion in 2025. Upstream gas operating expenditure is set to rise from US $448 billion in 2015 to US $582 billion in 2035, when operational spending will be at its highest. While DNV GL’s model predicts global oil demand to peak in 2023, demand for gas will continue to rise until 2034. New resources will be required long after these dates to continue replacing depleting reserves. “The energy transition will be made up of many sub-transitions. Our Outlook affirms that the switch in demand from ...

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Maersk Drilling and Aker BP sign major contract founded on joint alliance

Maersk Drilling and Aker BP have agreed to a one-year contract to deploy the Maersk jackup on the Norwegian shelf from June 2019. The contract is founded on the alliance that the parties entered into in 2017. The Maersk Integrator will become the first rig to be contracted fully under the scope of the alliance among Aker BP, Maersk Drilling and Halliburton. When the jackup rig finishes its current campaign on Gina Krog in June 2019, it will go directly to Ula for a new one-year assignment with Aker BP. The tripartite alliance was announced last year and focuses on working in collaborative relationships which maximize value for all parties involved. This is established in contracts using a shared incentives model, thereby securing ...

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Talos Energy acquires Whistler Energy II

Talos Energy has entered into and completed a transaction to acquire Whistler Energy II. Year-to-date gross production from Whistler’s assets is approximately 1,900 BOED, or net production after royalties of approximately 1,500 BOED, of which 82% is oil. The purchase price was $52 million and, as part of this acquisition, the company negotiated the release of approximately $77 million of cash collateral that had secured Whistler’s surety bonds that the company will not need to replace. As a result, of the total cash collateral released, the company received $31 million, with the seller entitled to the remaining $46 million. In addition, the company also benefited from the $7 million available cash balance at Whistler at the time of the close, resulting in a net ...

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Africa Energy spuds Cormorant-1 well offshore Namibia

Africa Energy Corp. (Africa Energy), an oil and gas company with exploration assets offshore Namibia and South Africa, has spudded of the Cormorant-1 well on Petroleum Exploration License 37 (“PEL 37”) offshore the Republic of Namibia. Africa Energy holds a 10% effective interest in PEL 37.    “We are excited to be drilling our first oil exploration well, which could be transformational for the Company,” Garrett Soden, President and CEO of Africa Energy, said. “There has recently been a resurgence of interest in the Namibian offshore region from oil majors, and the Cormorant-1 well has the potential to open a significant new play fairway.” PEL 37 covers 17,295 km in the Walvis Basin offshore Namibia approximately 420 km south of the Angolan-Namibian border. The Cormorant-1 ...

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Saudi Aramco awards to BHGE integrated services contract for Marjan offshore field

Saudi Aramco has awarded the first large-scope services contract for its Marjan oilfield – the first of three major offshore expansions in Saudi Arabia, and the company’s largest upstream development project this year – to Baker Hughes (BHGE). Under the contract’s terms, BHGE will provide drilling services, coiled-tubing services and drilling fluids engineering services in Marjan. The work will start this month with an aim to increase the field’s capacity. BHGE’s provision of drilling services will include logging-while-drilling, reservoir navigation services, and rotary steerable services. “The Marjan oilfield is one of the major upstream developments this year that will contribute to the Kingdom’s oil production strengths, helping maintain capacity and meet domestic and global demand,” Mohammed Y. Al Qahtani, Senior Vice ...

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