Global and Regional Markets Archives - ��N��

Horizon starts infill drilling operation in Block 22/12 in Beibu Gulf

Editorial Assistant — Thu, 01 May 2025 15:17:13 +0000

Horizon started a 2025 infill drilling operation in Block 22/12, Beibu Gulf, People’s Republic of China. A COSL-owned drilling rig has been mobilized to the WZ12-8W platform for a one-well campaign. The well was spud on 28 April. Recovery from this well is currently carried as contingent resources but will be reclassified as reserves in …

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OMV draws on decades of oil, gas drilling experience for Vienna’s 1st geothermal plant

Stephen Whitfield — Wed, 23 Apr 2025 21:59:08 +0000

By Linda Hsieh, Editor & Publisher In the city of Vienna, Austria – known the world over for its beautiful architecture and cultural landmarks – drilling is now ongoing as part of efforts to build the city’s first deep geothermal plant. On 27 March, I joined several dozen attendees of the inaugural IADC Geothermal Drilling …

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Drilling & Completion News

Stephen Whitfield — Wed, 23 Apr 2025 21:59:07 +0000

New contract for VALARIS DS-10 in West Africa Valaris was awarded a two-year contract offshore West Africa for the VALARIS DS-10 drillship that is expected to commence in late Q2 or Q3 2026. The total contract value for the firm term is $352 million and does not include the provision of additional services. The contract …

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Strategic upgrades likely to sustain offshore rig fleet in foreseeable future

Stephen Whitfield — Wed, 23 Apr 2025 21:59:07 +0000

By Stephen Whitfield, Senior Editor The combination of strong oil demand and high oil prices during the offshore drilling upcycle in the early 2010s spurred a wave of orders for newbuild rigs, particularly for high-spec jackups and deepwater and ultra-deepwater floaters. Then, when oil prices collapsed following the 2014 downturn, the market became oversaturated. Many …

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Oil & Gas Markets

Stephen Whitfield — Wed, 23 Apr 2025 21:59:05 +0000

Deferred P&A could add billions to UK decom costs Analysis by Westwood Global Energy Group shows that timing uncertainty around decommissioning is driving up financial and operational risks for operators. Political and fiscal uncertainty has impacted investor confidence in the UK, which is accelerating the decline of domestic production. As a result, $26 billion could …

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EnQuest wins PSC bid in Indonesia

Editorial Assistant — Wed, 23 Apr 2025 15:00:48 +0000

The Ministry of Energy and Minerals of Indonesia confirmed EnQuest as the winning bidder for Gaea and Gaea II, two Production Sharing Contract (PSC) blocks in Papua Barat, Indonesia. These blocks present a multi-Tscf unrisked resource potential for EnQuest and its joint venture partners. EnQuest will be the PSC operator with a 40% working interest, …

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BW Energy appraisal well confirms potential for future Bourdon development cluster

Editorial Assistant — Tue, 22 Apr 2025 14:58:21 +0000

BW Energy’s second sidetrack DBM-1 ST2 well confirmed the substantial oil discovery with good reservoir and fluid quality of the Bourdon prospect in the Dussafu License offshore Gabon, announced on 7 March. Management estimates indicate 56 million barrels oil in place, of which approximately 25 million barrels are considered recoverable. Initial data shows that oil …

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ReconAfrica agrees on Angola joint exploration project

Editorial Assistant — Fri, 18 Apr 2025 14:35:38 +0000

ReconAfrica entered into a Memorandum of Understanding (MoU) with the National Oil, Gas and Biofuels Agency (ANPG) for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. ANPG is Angola’s national concessionaire and regulator. The agreement complements ReconAfrica’s activities in Namibia and highlights the potential of the Damara Fold Belt and …

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Monumental provides operational update on New Zealand workover wells

Editorial Assistant — Fri, 18 Apr 2025 14:24:31 +0000

Monumental Energy provided an update on its workover wells, Copper Moki 1 & 2, with New Zealand Energy, located in the Taranaki basin of New Zealand. All of the long-lead and critical items will be in hand by early May and the RIVAL rig is scheduled to move to the site and set up on …

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HOEC awarded contract offshore Mumbai

Editorial Assistant — Thu, 17 Apr 2025 13:42:43 +0000

Hindustan Oil Exploration Company (HOEC) announced the award of a contract area MB/OSDSF/B15/2024, which spans over 332.4 sq km in the Mumbai Offshore region at a water depth of about 40 m. This new addition of Block MB/OSDSF/B15/2024 complements HOEC’s existing Block MB/OSDSF/B80/2016 in Mumbai Offshore, expanding the company’s total acreage to over 800 sq …

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Global and Regional Markets Archives - ���N����