Maersk Drilling wins POSCO three-well drillship contract

10/18/2019

COPENHAGEN – Maersk Drilling has secured a contract for the 7th generation drillship Maersk Viking which will be employed by the POSCO International Corporation, a Korean operator, for a three-well campaign offshore Myanmar. The contract is expected to commence in the end of 2019, with an estimated duration of 154 days. The value of the firm contract is $33 million, including a mobilization fee. An additional one-well option is included in the contract.

“We are very excited about having the opportunity to work together with the POSCO International Corporation and helping them achieve their goals. This campaign will enable us to showcase the nimbleness of our deepwater fleet, including the ability to move our floaters from one region to another and quickly start up new operations. We look forward to demonstrating the capabilities of our 7th generation drillships in the Asian-Pacific market,” says Morten Kelstrup, COO of Maersk Drilling.

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Total to bring together developers, data scientists at Digital Factory

10/18/2019

PARIS – Total announced plans to open a Digital Factory in Paris in early 2020 that will bring together up to 300 developers, data scientists and other experts to accelerate the group’s digital transformation. Total’s goal is to leverage the capabilities of digital tools to create value in all of its businesses.

The Digital Factory will be tasked with developing the digital solutions Total needs to improve its operations, in terms of both availability and cost; offer new services to customers, notably in the area of managing and controlling energy consumption; extend its reach to new distributed energies; and reduce its environmental impact. Total’s ambition is to generate as much as $1.5 billion in value per year for the company by 2025 through additional revenue and reductions in operating or investment expenses.

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TGS supports sustainability efforts in Brazil with film festivals

10/18/2019

RIO DE JANEIRO – TGS sponsored and participated at the recent Santa Catarina Ridge International Environmental Film Festival (FICASC in Portuguese) in the Brazilian cities of Lages, Urubici and São Joaquim. This event, organized in conjunction with the Latin American Environmental Film Festivals, and which focuses on the causes related to sustainability, drew an audience of nearly seven thousand people. The festival aims to promote discussion on such urgent and vital matters to the planet as food sovereignty, permaculture, environmental degradation, climate change and the preservation of indigenous cultures. TGS’ involvement in this event is part of the company’s focus to expand its Corporate Social Responsibility initiatives and develop its global Environmental, Social and Governance (ESG) efforts.

João Correa, country manager for Brazil at TGS said, “Our investment in sustainability efforts both within Brazil and globally is a strong commitment by us. TGS contributes directly to the oil and gas sector in a challenging period when the matter of environment preservation is taking the limelight. Support of events such as the FICASC, helps bring awareness and exposure to ESG and sustainability as we continue to be involved in the movement on environmental initiatives as we seek to transition towards a sustainable future.”

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API supports reauthorization of ARPA-E program

10/18/2019

WASHINGTON – The American Petroleum Institute released the below statement in support of reauthorizing the Advanced Research Projects Agency – Energy (ARPA-E), which the House Science, Space, and Technology Committee voted on to the full House on Thursday, October 17th.

“We’re pleased to support the reauthorization of ARPA-E, in addition to a substantial funding increase for this flagship program,” said API’s Director of Market Development, Dustin Meyer. “The U.S. currently leads the world in emissions reductions, and this program ensures that we will continue to introduce new solutions to the world’s most pressing energy challenges for decades to come.”

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Schlumberger takes $12.7 billion “goodwill” hit from past acquisitions

By Simon Casey and David Wethe on 10/18/2019

NEW YORK (Bloomberg) – Wall Street guessed that writedowns from Schlumberger Ltd. were coming, but some analysts were taken aback by the sheer size of the $12.7 billion in pretax charges reported by the oil services company on Friday.

The company’s earnings report was its first since CEO Olivier Le Peuch took the reins in August. The writedowns led the company to post its largest net quarterly loss in at least a decade. Schlumberger said on its earnings conference call that the writedowns were part of the new CEO’s strategy.

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OPITO works with industry to support drilling safety

10/18/2019

ABERDEEN – OPITO, the global, not-for-profit skills organization for the energy industry, has collaborated with drilling employers to develop an online assessment to reinforce the competency of roustabouts.

Developed as part of the OPITO Skills Screening online tool, a comprehensive question bank has been created by the International Association of Drilling Contractors (IADC) with input from IADC members Awilco (UK) Ltd, Transocean, Valaris, COSL Drilling Europe, and Diamond Offshore.

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OPEC may roll out new price-control technique in December

By Grant Smith on 10/18/2019

LONDON (Bloomberg) – As the clamor grows for OPEC to slash even more oil production, and the group vows to consider any necessary action, its next meeting could result in an unusual step: a preemptive supply cut.

The Organization of Petroleum Exporting Countries and its partners — known as OPEC+ — have reduced output this year to contain a glut created by faltering oil demand and surging U.S. shale supply. Amid forecasts of a new surplus next year, there’s a chorus of calls from Morgan Stanley to Commerzbank AG for the alliance to deepen the curbs when it meets in Vienna in December.

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World Oil Awards 2019 winners honored at Houston gala

10/17/2019

HOUSTON — More than 350 of the upstream oil and gas industry’s brightest minds gathered Thursday to find out, and celebrate, the winners of the 2019 World Oil Awards. The awards ceremony, now in its 18th year, seeks to recognize and honor the upstream oil and gas industry’s top innovations and innovators.

Honorees took home awards in 18 categories—encompassing the full breadth of the upstream industry—from the gala event in Houston, Texas. Today’s innovations, many of which would have seemed far-fetched a generation ago, are enabling operators to find and produce hydrocarbons more safely, economically and efficiently.

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Marathon Petroleum’s board and investors are said to discuss the CEO’s future

By Scott Deveau, David Wethe and Catherine Ngai on 10/17/2019

NEW YORK (Bloomberg) – Marathon Petroleum board members are meeting this week with activist investors to discuss chief executive officer Gary Heminger’s future and the company’s strategy amid calls to split up its businesses, according to people familiar with the matter.

After investors Paul Foster and Jeff Stevens met with several board members on Wednesday, representatives for Elliott Management Corp. and D.E. Shaw & Co. plan to meet with directors Thursday, according to the people, who asked not to be identified because the meeting wasn’t public. Foster and Stevens together control about 1.7% of the second-biggest U.S. refiner.

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Safe Influx successfully field trials automated well control technology

10/17/2019

ABERDEEN – Safe Influx has successfully completed the field trial of the world’s first automated well control system on the Weatherford land rig at Bridge of Don, Aberdeen.

Safe Influx, an independent supply company based in Aberdeen, has developed technology that will improve the safety, environmental and cost performance of drilling. 

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