Petronas has handed Maersk Drilling a $24 million contract to drill one well off Gabon using a deepwater drillship.
George Maxwell has been named as Vaalco Energy’s new CEO, replacing Cary Bounds.
Tullow Oil has reported a post-tax loss of $1.22 billion for 2020, with production to continue sliding in 2020.
At COP21 in Paris in 2015, 11 countries made gas flaring a stated commitment to their Paris Nationally Determined Commitments (NDCs). Disappointingly, five years on, flaring has increased for these 11 countries, by 6% to 60 billion cubic metres per year.
Sasol has completed the sale of its 27.75% stake in a Gabonese licence to Vaalco.
Panoro Energy has struck a deal to buy assets owned by Tullow Oil in Equatorial Guinea and Gabon for up to $180 million.
Sasol expects to post strong results for the second half of 2020, while adjusted EBITDA will drop by as much as 10%.
Tullow Oil expects production to continue declining in 2021 as its Ghanaian assets continue to slide.
Borr Drilling said in its new fleet status report that it had added $35.1 million over 480 days to its total backlog.
Tullow Oil is moving away from its focus on asset sales and has set out a long-term vision, under which it will generate $7 billion over the next 10 years.
Vaalco Energy has struck a deal to buy out its partner, Sasol, from shared operations offshore Gabon.
Higher oil prices in the third quarter boosted Total Gabon’s revenues by 28%, to $95 million.
BW Energy has acquired two jack-up rigs and hatched a new plan for the development of the Hibiscus/Ruche field, offshore Gabon.
Total has reported adjusted net income of $848 million, with an organic cash breakeven below $25 per barrel.
Maurel et Prom’s production fell in the first nine months of 2020, although its acquisition of Angolan assets helped avoid too great a reduction.
Improved oil prices buoyed BW Energy’s second quarter results, opening the way for the company to plan additional drilling in Gabon.
Panoro Energy has reported higher production in the first quarter but lower revenues, as a result of fewer liftings and lower prices.
Vaalco Energy posted a net loss of $52.8 million for the first quarter of the year, driven by a non-cash charge of $59.1mn as a result of lower oil prices.
Additional drilling at Gabon’s Dussafu Marin licence has been deferred because of coronavirus, BW Energy has said, blaming international travel restrictions.
Tullow Oil has secured its reserve-based lending (RBL) facility at $1.9 billion, giving it around $700 million of liquidity, while slashing its spending this year further from plans announced just two weeks ago.
Maurel et Prom intends to hold its production roughly stable in 2020 as the company focuses on riding out the current storm.
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
US-based Vaalco Energy reported net income of $2.6 million for 2019 from production of 3,476 barrels per day in Gabon.
US-based Vaalco Energy has found oil at its South East Etame 4P appraisal well, on Gabon’s Etame Marin permit.
Plans for an IPO for marginal field-developer BW Energy have been pushed back – and pricing scaled back – in light of financial volatility, blamed on the coronavirus in China.