Seadrill, the second-biggest offshore drilling company by valuation, is facing lower demand from oil companies after crude prices collapsed last year, exacerbating the effect of a glut of new rigs.
As lower oil prices cut into profits, causing many to idle rigs amid plentiful supplies, some operators have added being less complex and more nimble to their survival kit.
Petrobras returned the BM-S-21 concession containing Caramba to Brazil’s National Petroleum Agency, Bloomberg said, according to an email. Petrobras operated the concession in the presalt with an 80% stake.
Beach told the market that Woodside had decided not to enter the next period of the exploration program relating to the Lake Tanganyika South production sharing agreement (LTS PSA) after farming out the block to the oil and gas major last July.
The decision to progress the project comes after Cooper Energy’s 50% acquisition in the gas field and Orbost gas plant from Santos was finalized.
Liquids-oriented E&P not afraid to drill vertically, deploy technology to gain the best economics in the Delaware Basin.
Some workers in Paloch oil fields, Upper Nile state, were evacuated under precaution on Wednesday, an oil ministry official told Bloomberg. Upper Nile is currently South Sudan’s only oil producer.
Pacific NorthWest is one of 19 LNG projects proposed in British Columbia to chill and ship western Canadian natural gas to Asia growing energy markets in Asia, Bloomberg said.
On Feb. 18, hydrocarbons were found in the platform’s process module after reports of noise and vibrations. Condensate leaked out at about 8kg/second. There were no personnel in the area.
Potential buyers have had to cut employees, and so far few companies are going out of their way to aggressively buy frack fleets or other equipment.
Before the fighting, Chinese, Malaysian and Indian E&Ps pumped most of the country’s oil. South Sudan’s low-sulfur crude is prized by Japanese buyers for power generation, Bloomberg said.
South Sudanese rebels said they seized producing oil fields in a clash with government forces, Bloomberg said. South Sudan has sub-Saharan Africa’s third-biggest oil reserves, according to BP Plc data.