Oil Company News

U.S. authorities have arrested a Turkish man who they allege was trying to violate sanctions by transporting oil from Venezuela, the Justice Department said on Monday.The U.S. reimposed sanctions on the Venezuelan oil company PDVSA in June after what it said was the failure of President Nicolas Maduro to return to talks with the political opposition and commit to fair elections.In a statement, the Justice Department said 37-year-old Taskin Torlak had "allegedly conspired to illegally sell Venezuelan oil…

Norwegian offshore vessel owner DDW Offshore, a subsidiary of Akastor, has secured work for two of its anchor handling tug supply (AHTS) vessels with an international oil company offshore Australia.DDW Offshore has secured two one-year contracts, each with a further 24-month priced option structure, for its Skandi Peregrino and Skandi Atlantic AHTS vessels.The vessels will provide anchor handling and towage services in Australia for an unnamed oil company, starting on January 1…

Norwegian offshore vessel operator DOF Group has secured a multi-million dollar contract with international oil company for the platform supply vessel (PSV) Skandi Feisten.The vessel will continue with the current client on a new 18-months firm contract with a further 18-months extension option.The start of the contract will be in direct continuation from the existing contract with an undisclosed client, and according to DOF, it will maintain its presence in Australia.Although the company did not reveal the exact value of the contract…

GTT, the technology expert in membrane containment systems for the transport and storage of liquefied gases, has signed a service contract with Coral FLNG for Eni-operated Coral Sul FLNG unit.Under the agreement, GTT will provide technical support services to ensure the efficient operation and maintenance of the LNG storage tanks on board of the Coral Sul FLNG.These services include on-site and remote technical assistance, on-site testing, inspection, emergency assistance, engineering…

A huge fire that erupted early on Tuesday at an oil tank in Venezuela's La Salina terminal operated by state company PDVSA was extinguished on Wednesday, authorities said.The fire broke out during a storm at the facility used by the state oil company near Venezuela's western city of Cabimas to store and ship crude between domestic ports.Large balls of fire left a plume of black smoke and released hot steam, leaving a total of 24 employees and neighbors with minor injuries. Two explosions and the hot temperatures affected the tank's structure…

The United States expanded sanctions against Iran's petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said.The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran's economy with the aim of denying the government funds to support its nuclear and missile programs."The new designations today also include measures against the 'Ghost Fleet' that carries Iran’s illicit oil to buyers around the world…

Esgian highlights several new contracts in its Week 39 Rig Analytics Market Roundup.Report SummaryContractsMarket sources indicate that ADNOC has exercised an extension option for the 350-ft jackup drilling rig Aryabhatt 1 in Abu Dhabi.Petrobras has awarded two floating rig contracts to Constellation Oil Services for work at the Roncador field in the Campos Basin offshore Brazil. Valued at $1 billion, the two contracts will see Constellation 10,000-ft drillship Laguna Star and Hanwha Drilling 12,000-ft newbuild Tidal Action operate for Petrobras for around 2.5 years.

Esgian has no rig contracts to announced but provides an update on rig moves and drilling operations in the US Gulf of Mexico, Canada, Morocco and Norway in its Week 38 Rig Analytics Market Roundup.Report SummaryDrilling Activity and DiscoveriesExxonMobil has abandoned the Persephone C-54 well on EL 1169 in the Orphan Basin offshore Newfoundland, Canada.Seadrill’s 12,000-ft drillship West Neptune has resumed drilling operations on LLOG’s Who Dat South exploration well in the US Gulf of Mexico…

Esgian provides an update on new contract awards for floating rigs in its Week 37 Rig Analytics Market Roundup.Report SummaryContractsTransocean Ltd. has secured a 365-day contract for the 12,000-ft drillship Deepwater Atlas with bp in the US GOM.Norwegian operator Aker BP has extended the contract for Saipem’s 10,000-ft semisub Scarabeo 8 in Norway.Drilling Activity and DiscoveriesEquinor has found hydrocarbons at the Sitka C-02 exploration well in the Flemish Pass area offshore Newfoundland & Labrador…

Esgian provides an update on new contract awards for Greatship, Transocean, Noble and Stena Drilling in its Week 36 Rig Analytics Market Roundup.Report SummaryContractsGreatship has secured a contract with Cairn for its 350-ft Greatdrill Chetna jackup drilling rig in India. The contract is firm for six months at a dayrate of approximately $90,000, starting in late November or early December 2024.Transocean has secured a binding letter of award from Reliance Industries for its 6th generation 12…

Esgian provides an update on the second round of jackup suspensions in Saudi Arabia in its Week 32 Rig Analytics Market Roundup.Report SummaryContractsArabian Drilling has confirmed that Saudi Aramco has initiated discussions with the drilling contractor over the suspension of an additional leased offshore rig, following an initial round of contract suspensions that began earlier this year. Arabian Drilling has not stated which of its jackups is the target of the current suspension discussions.ADES does not expect new contract suspensions for its fleet by Saudi Aramco this year.

Esgian provides an update on what has been a busy week in the offshore drilling market in its Week 31 Rig Analytics Market Roundup.Report SummaryContractsBorr Drilling has confirmed new contracts for several of its 400-ft jackups, including work for the Arabia I in Brazil, Gunnlod in Malaysia, and Norve in Gabon. Borr stated that these new commitments cover a total 1,779 days and $332 million in contract revenue, including mobilisation and demobilisation.North Oil Company has…

Esgian provides an update on new rig deals in its Week 30 Rig Analytics Market Roundup.Report SummaryContractsValaris has been awarded a multi-year contract with Equinor Energy do Brasil, a subsidiary of Equinor, for the 12,000-ft drillship Valaris DS-17. The contract relates to work on Project Raia offshore Brazil.Noble Corporation has secured a one-well contract for 350-ft jackup Noble Resolve with Central European Petroleum (CEPetro) offshore Poland. The upcoming work will…

China National Offshore Oil Company (CNOOC) said on Thursday it signed strategic alliance agreement with Abu Dhabi National Oil Company (ADNOC) to deepen cooperation.Under the agreement, the companies will cooperate in oil, gas exploration and production, oilfield services and the trading of crude oil and liquefied natural gas, CNOOC, parent of CNOOC Ltd, said a press release.They will also deepen work in the new energy sector and in low-carbon projects, CNOOC added.(Reuters - Reporting by Chen Aizhu; editing by Jason Neely)

Iran has released the oil cargo of a Greek-owned, Marshall-Islands-flagged tanker it seized in the Gulf of Oman earlier this year, a shipping source told Reuters on Thursday.The vessel, M/T St. Nikolas, is still being held by Iran, the source added. It was laden with 1 million barrels of Iraqi crude oil destined for Turkey when it was seized."The cargo was released earlier this week after negotiations," the source said.Turkish refiner Tupras said in a statement that the St. Nikolas…

Esgian provides an update on new drilling plans in Guyana and Norway in its Week 29 Rig Analytics Market Roundup.Report SummaryContractsADES has secured a 10-year contract extension for 250-ft jackup Admarine 657 offshore Saudi Arabia, commencing immediately upon the expiration of its current contract term with Saudi Aramco in the third quarter of 2024.Market sources indicate that Arabian Drilling 250-ft jackup ArabDrill 80 has secured a one-year extension with Al Khafji.Diamond Offshore has secured a contract with Beacon Offshore Energy subsidiary BOE Exploration & Production LLC for 12…

Esgian provides an update on rig activity and discoveries in its Week 28 Rig Analytics Market Roundup.Report SummaryDrilling Activity and DiscoveriesThe Norwegian Ocean Industry Authority (Havtil) has given Equinor consent for exploration drilling in blocks 32/4 and 32/7 in the North Sea.Operator LLOG Exploration Company is currently drilling its fifth well at the Buckskin field in the US GOM.Equinor and its partners Petoro, Vår Energi, and TotalEnergies started production from…

The U.S. Supreme Court dealt a major blow to federal regulatory power on Friday by overturning a 1984 precedent that had given deference to government agencies in interpreting laws they administer, handing a defeat to President Joe Biden's administration.The justices ruled 6-3 to set aside lower court decisions against fishing companies that challenged a government-run program partly funded by industry that monitored overfishing of herring off New England's coast. It marked the…

Esgian provides an update on exploration drilling in its Week 25 Rig Analytics Market Roundup.Report SummaryDrilling Activity and DiscoveriesOslo-listed BlueNord announced on Monday the start-up of drilling operations on the Harald East Middle Jurassic well (HEMJ) in the Danish North Sea.Occidental Petroleum (Oxy) encountered non-commercial hydrocarbons at the Orange #1 exploration well on Mississippi Canyon Block 216 in the US GOM and the well has been plugged and abandoned.

Brazilian state-run oil company Petrobras has signed an agreement with the Rio de Janeiro state government to study a potential offshore wind power pilot project, the firm said on Tuesday in a securities filing.(Reuters - Reporting by Luana Maria Benedito; Editing by Kylie Madry)

The head of Brazil's environmental agency said on Wednesday that he expects a decision soon on state-owned oil company Petrobras' request to conduct exploratory studies in a region known as the Equatorial Margin, as both the company and the government push for a drilling license.Petrobras has been seeking to explore the northernmost part of the Equatorial Margin, near the mouth of the Amazon River, but got a red light from environment watchdog Ibama in May of last year due to concerns over the possible impact on Indigenous communities and the environment.

Venezuela's state oil company PDVSA has begun using tankers that navigate off radar to supply its closest political ally, Cuba, as a fleet of state-owned vessels that have historically covered the route dwindles, according to documents and ship monitoring services.Cuba and its main oil supplier, Venezuela, for over a decade had exclusively used their own tankers to navigate between the two countries.Delayed maintenance, however, has taken some ships out of service and the emergence…

U.S. crude oil imports last month rose to a nearly two-year high as refiners scooped up heavy crudes from Canada and Latin America to process into fuels for summer driving season.Imports of crude oil rose to 3.1 million barrels per day (bpd) in May, the highest since July 2022, data from ship tracking service Kpler showed. Imports so far this month have remained strong, at around 2.9 million bpd to date.Fuel demand has remained tepid with product supplied for gasoline at 9.1 million bpd in the week to June 14, slightly below the 10-year seasonal average, data from the U.S.