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Chesapeake Energy accelerates strategic plan with acquisition of WildHorse Resource Development

Chesapeake Energy has entered into a definitive agreement to acquire WildHorse Resource Development, an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formation in Southeast Texas. The transaction is valued at approximately $3.977 billion, based on yesterday’s closing price, including the value of WildHorse’s net debt of $930 million as of 30 June 2018. At the election of each WildHorse common shareholder, the consideration will consist of either 5.989 shares of Chesapeake common stock or a combination of 5.336 shares of Chesapeake common stock and $3 in cash, in exchange for each share of WildHorse common stock. The transaction was unanimously approved by the board of directors of each company. The acquisition of WildHorse expands ...

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Aqualis Offshore reaches rig move milestone

Aqualis Offshore marked attendance on its 2,000th mobile offshore unit rig move when the Deep Driller 8 jackup rig was positioned a few days ago at an offshore wellhead platform on the east coast of India. “That our clients and their underwriters have trusted us with 2,000 rig moves is quite humbling, and their continued loyalty is important to us as we strive to provide a reliable call out service globally,” Rodger Dickson, Group Marine Director at Aqualis Offshore, said. “In recent years, we have been averaging approximately 500 jackup rig moves per year globally. This highlights that demand continues for our clients’ highly attractive drilling units, and numbers are indicative that offshore activity is picking up.”   The Deep ...

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Deloitte survey: Upstream uncertainty tempers otherwise upbeat outlook for oil, gas and chemicals sectors

Oil, gas and chemicals executives see higher oil and natural gas prices on the horizon, but new findings from Deloitte’s “2018 Oil, Gas and Chemicals Executive” survey reveals that the industry has varying expectations for what the anticipated price recovery will bring. In contrast to last year’s survey, optimism appears to be growing in the return of a more favorable business environment. The rise in commodity prices, along with a stronger economic context, has spurred confidence – but the benefits of a further price recovery are not anticipated to be homogenous for the industry, the survey notes. Segments less impacted by the downturn, including downstream and chemicals, have reportedly been able to continue to invest for growth and could realize ...

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Rowan Reliance awarded contract by Fieldwood

Rowan has announced that the Rowan Reliance, an R-Class ultra-deepwater drillship, has been awarded a contract in the US Gulf of Mexico by Fieldwood Energy with a firm term of one year plus three 90-day options at then market rates.  The contract is expected to commence Q1 2019.  The Rowan Reliance is currently warm-stacked offshore Louisiana in the US Gulf of Mexico. “We are excited to continue our long-standing relationship with Fieldwood, a premier offshore operator, and look forward to a successful, long-term partnership with this major player in the Gulf of Mexico,” Tom Burke, Rowan’s President and Chief Executive Officer, said. In addition, Cantium has extended its previously announced contract for the EXL III jackup in the US Gulf of Mexico by three ...

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Halliburton releases fluid-efficient dissolvable frac plug

Halliburton has released the Illusion Spire, the first fluid-efficient dissolvable frac plug. This offering expands on the capabilities of current dissolvable plugs, but with a larger internal diameter and less mass for greater efficiency. In the unconventional market, the time to bring a well on production is critical. Traditional plug designs can result in sub-optimal plug conveyance and excessive fluid volumes. The company designed the Illusion Spire technology with a water-saving element so that operators can pump faster, resulting in reduced completion time. The reduced plug size also drives quicker and more consistent dissolution time. “Our goal was to develop the industry’s most advanced frac plug that delivers increased efficiency to help operators reduce rig time and save costs,” Mark Dawson, Vice President ...

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New oil discovery in the Johan Castberg license

Equinor and partners ENI and Petoro have completed the Skruis exploration well in the Johan Castberg license. The well confirms a volume of 12 million to 25 million recoverable BOE. “This is an important discovery. It helps to determine the size of the Johan Castberg resource base, which is currently being developed. Securing resources near existing infrastructure is an important part of Equinor’s ambition and strategy on the Norwegian Continental Shelf,” Nick Ashton, Equinor’s Senior Vice President, Exploration, Norway & UK, said. “The Skruis discovery confirms the potential in this part of the Barents Sea. Over the past couple of years, we have learned that exploration in the Barents Sea is challenging and takes patience. We still have three Equinor-operated wells ...

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Interior approves long-awaited first oil production facility in federal waters offshore Alaska

Ryan Zinke, US Secretary of the Interior, has announced a long-awaited development for oil and gas energy production offshore the state of Alaska. Interior’s Bureau of Ocean Energy Management (BOEM) issued conditional approval to Hilcorp Alaska for its Liberty Project oil and gas development and production plan. If developed, the facility would be the first oil and gas production facility in federal waters off Alaska. Hilcorp proposes to build a nine-acre artificial gravel island in the shallow waters of the Beaufort Sea, about 20 miles east of Prudhoe Bay and about five miles off the coast. The facility would be similar to the four oil-and-gas-producing artificial islands currently operating in the area’s state waters: Spy Island, Northstar Island, Endicott Island and Oooguruk ...

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Archer announces multi-year contract extension with major client in the UK

Archer announced that it has secured a contract extension with a major operator for two more years.  The contract extension is scheduled to commence 1 November 2018 and ensures continuity of platform-drilling operations and maintenance-management services on seven platforms located in the UK sector of the North Sea. This award represents the sixteenth contract extension and competitive re-tender award to the company in the last four years for platform drilling operations and maintenance services in the UK, Norway, Greece and Brazil. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Shell adds new, deepwater production in Brazil

New, deepwater production is under way at Lula Extreme South in the Brazilian Santos Basin. Royal Dutch Shell, through its subsidiary Shell Brasil Petróleo (Shell) and consortium partners, announces that the FPSO P-69 is now producing. Operated by Petrobras, P-69 is a standardized vessel that can process up to 150,000 BOE and 6 million cu m of natural gas daily. It will ramp up production through eight producing and seven injection wells. “The Brazilian pre-salt fields are some of the best deepwater provinces in the world,” Andy Brown, Upstream Director for Shell, said. “With significant flow rates, deepwater Brazil projects are breaking even under $40 per bbl. We commend Petrobras on this production milestone, and we look forward to progressing additional development plans ...

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Drilling Systems launches new technology to revolutionize training for jackup rigs

Drilling Systems has launched new technology which will revolutionize the way drilling crews are trained for jackup rigs, helping to raise competency and drilling standards across the world. The cutting-edge technology comprises state-of-the-art software, which mirrors all the operations of a jackup rig, and is used in conjunction with the company’s unique On-the-Rig (OTR) simulator system. OTR is a mobile simulator with the capabilities of a full-size simulator, which can be easily transported into the field and used at the worksite, regardless of how remote the location. It can also be fully customized to any rig or operating system and used with or without an instructor.  This innovation means simulator training and assessments for jackup rig operators can take place on the rig for ...

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