Sign in
Why are you using WhatsApp?
We have the only messenger dedicated to the industry right here!
Newsfeed, Jobs, Chat, Vendor Network, Crew Creator and Location Services
Subscribe to our mailing list to receive trending oil and gas news!
Executives of Libya’s National Oil Corp (NOC) and French firm Total met in on Dec 1 to discuss current preparations to rehabilitate the Mabruk Oil Field which was damaged during a 2015 attack. The rehabilitation is to be fast-tracked and both owners are supporting the operator to reinstate the field and resume production. Also discussed was long-term, medium-term and short-term plans to increase production rates in general.
Among those on hand for the December 1 meeting was Chairman of the Board of Directors, Eng. Mustafa Sanalla, Mr. Stephane Michel, Total Director of Exploration and Production for Middle East, North Africa as well as executives from Waha Oil Company and the Mabruk Operating Committee.
Development of North Gialo, NC98, Gialo three and Dahra Jofra projects were discussed in detail as regards the way forward to put them on production as planned. Both NOC and Total agrees to form teams to follow up these projects as its forecasted to produce about 300 MBOPD from these fields.
Eng. Sanalla commented that NOC seeks to expand the partnership and build bridges of cooperation with Total to develop the Libyan oil sector utilizing Total’s advanced technology and considerable experience in the oil and gas field.
In this regard, Mr. Michel commented by saying: “We are happy to visit Libya particularly after the improvement of the security situation and restoring stability to most Libyan cities, especially Tripoli the capital. I congratulate Messrs. Chairman and Members of the Board of Directors at the National Oil Corporation for the huge accomplishments that have been achieved by restoring the production rates to the levels that were before the blockades despite the difficult circumstances. We confirm that Total looks at Libya as one of the most important countries and destinations in the Mediterranean Sea for investment and establishing the mega-projects and we are proud of being one of NOC’s strategic partners. We are fully aware of the challenges that it faces of which the most important is the shortage of financial resources required for performing maintenance operations and resuming the significant projects that considerably support the Libyan economy. Total will continue working with the National Oil Corporation for its being the one who unified all Libyans and protected the oil wealth throughout the past years.”
At the end of the meeting, Sanalla asserted that the National Oil Corporation and its partners had achieved during the past months several important engineering works and essential maintenance in some fields of Waha Oil Company and also in Al Sharara Oil Field operated by Akakus Oil Operations.
He added: “NOC and its partners are working with their full capacity to increase production rales and achieve the ambitious plans and goals of NOC to reach unprecedented production rates during the next years, which will contribute to restoring stability in the State of Libya. Once again, and on behalf of my colleagues Members of the Board of Directors at NOC I thank Total for all support which it provided to us in combating Coronavirus pandemic which reflected positively on our companies and local communities surrounding our operations. I emphasize that we seek to benefit from the expertise of Total in order to develop the Libyan oil sector, capacity building and knowledge transfer."
Source: Petroleum Africa
We are #1 on Google and Bing for the "Largest Mobile Energy Network"
Come join our community!
Download the Rig Lynx app here
Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Why are you using WhatsApp?
We have the only messenger dedicated to the industry right here!
Newsfeed, Jobs, Chat, Vendor Network, Crew Creator and Location Services
Subscribe to our mailing list to receive trending oil and gas news!
Comments (0)