America's biggest owner of drilling rigs fell the most in seven months after the chief of Helmerich & Payne Inc. said he called the bottom too soon. (Bloomberg) -- America’s biggest owner of drilling rigs fell the most in seven months after the chief of Helmerich & Payne Inc. said he called the bottom too …
Oil Prices Bounce Back
WTI and Brent futures returned to net positive territory Thursday. One day after interrupting a three-trading-day rally, West Texas Intermediate (WTI) and Brent crude oil prices returned to net positive territory. September WTI futures gained 14 cents Thursday, settling at $56.02 per barrel. The benchmark peaked at $56.99 and bottomed out at $55.86. Brent …
Oil Advances on Iran Tension
Oil rallied for a third day as heightened tensions in the Persian Gulf threatened to disrupt energy flows from the crude-rich region. Oil rallied for a third day as heightened tensions in the Persian Gulf threatened to disrupt energy flows from the crude-rich region, while a tepid demand outlook kept a lid on …
We Were Wrong: OML 11 Renewal Isn’t Concluded
By Fred Akanni, Editor in Chief Anglo Dutch major Shell has not concluded negotiations with the Nigerian Government regarding the renewal of its licence to Oil Mining Lease (OML) 11 for the next 20 years. NNPC, the state hydrocarbon company, has also not taken over operatorship of the asset as directed by President Muhammadu …
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Eni kicks off installation works on Coral Sul FLNG hull
Italian oil and gas company Eni has started installation works on the hull of the Coral Sul floating liquefied natural gas (FLNG) treatment and liquefaction unit that will be moored offshore Mozambique. The unit is part of the Coral South project, which will put in production 450 billion cubic meters of gas from the giant …
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IEA Stands Ready to Act
The International Energy Agency is closely monitoring developments in the Strait of Hormuz and is ready to act to ensure global markets remain adequately supplied. The International Energy Agency (IEA) has revealed that it is closely monitoring developments in the Strait of Hormuz and is “ready to act” to ensure global markets remain adequately …
Damen delivers two more offshore patrol vessels to Nigeria’s Homeland
Dutch shipbuilder Damen has delivered two additional fast crew supplier vessels configured as patrol boats to West African offshore services supplier Homeland Integrated Offshore Services Limited (HIOSL). Guardian 9; Source: Damen Damen said on Tuesday that the two FCS 3307 vessels were delivered just five months after the contracts were signed. The vessels, named Guardian 9 …
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XOM Wants MODU, TOTAL Needs Fast Boats
US giant ExxonMobil and French major TOTAL have published tenders in local Nigerian newspapers, calling on suppliers of deepwater Mobile Offshore Drilling Unit (MODU) and Fast Crew Boats respectively. Both are looking to deploy the facilities in their deepwater operations. ExxonMobil wants the MODU for a deepwater drilling contract expected to commence in the …
Content Fund: NCDMB to block debtor firms from projects
Operating and service oil and gas companies that default in remitting one percent of the value of their contracts to the Nigerian Content Development Fund (NCDF) would henceforth be blocked from participating in the industry tendering processes by the Nigerian Content Development and Monitoring Board (NCDMB). Such non-compliant companies would also be suspended from getting …
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Vaalco pays $4.5M breakup fee for Angola offshore block
Oil and as firm Vaalco Energy has paid a $4.5 million settlement fee to Angola National Agency of Petroleum, Gas, and Biofuels (ANPG), for offshore block termination. Photo by Jorge Sá Pinheiro on UnsplashVaalco paid the fee under the settlement agreement signed in the first quarter of the year. The settlement finalized the termination of Vaalco’s rights, liabilities …
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