Saudi Arabia’s grand Vision 2030 ambitions may be colliding with a colder fiscal reality. Fitch Ratings warned Friday that Riyadh faces rising financial risks as oil prices soften and government spending balloons, threatening the kingdom’s plans for fiscal consolidation.
DeepOcean’s scope of work entails installation work on both the Åsgård and Visund fields on the Norwegian continental shelf. The company will undertake onshore project management, engineering and procurement services, as well as offshore operations, according to a news release.
“Divesting our contract drilling business allows us to sharpen our strategic focus on our upstream operations, where we see significant opportunities to create long-term value,” said Phil Frohlich, Unit’s CEO. “We remain committed to disciplined capital allocation, returning cash to shareholders through our dividend program, and pursuing attractive drilling prospects that complement our existing portfolio.”
Russia, which has previously pushed for restraint in supply boosts, favored an adjustment that would help to defend prices while Saudi Arabia — more mindful of market share — supported a larger addition, a delegate said prior to Sunday’s gathering.
Transocean Ltd. has announced that two of its ultra-deepwater drillships have received exercised contract options totaling $243 million in additional firm backlog.
The American Petroleum Institute (API) issued the following statement from Senior Vice President and General Counsel Ryan Meyers after a federal court ruled that the previous administration’s attempt to permanently ban new oil and natural gas activity across millions of acres of federal waters was unlawful and exceeded the statutory authority of the executive branch.
“This growth will be driven by a major upgrade of our exploration and production services, enhanced execution capacity, and the acquisition of seven brand-new rigs to accelerate and improve production efficiency,” the chief technical officer of Sahara Group’s energy business, Asharami Energy, said at an industry event in Cape Town.
On the back of its multi-year licensing round launched in 2019, Angola is positioned to award 60 concessions by the end of 2025. Speaking at African Energy Week, Alcides Andrade, Executive Administrator at the National Oil, Gas & Biofuels Agency (ANPG), explained that the country has already reached its target of awarding 50 concessions through its annual licensing drive and direct negotiation program and is now pursuing additional licenses to drive production.
The National Oil Corporation of Libya said that the Italian supermajor had started drilling at Block 16/4 in the northwestern part of the country’s territorial waters and will soon complete work on the exploration well that was started back in 2020.
The North Cleopatra block lies in the frontier Herodotus basin in the Mediterranean Sea, and covers more than 3,400 square kilometres in water depths reaching 2,600 metres. Following the transaction, which is subject to approval by the Egyptian government, Shell will retain a 36% operating interest in the block, with Chevron holding 27% and Egypt’s Tharwa Petroleum Company holding 10%.