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EV Insights: Canadian rig count continues to rise

The Baker Hughes weekly rig count has shown further promising results from Canada. The rig estimate, which has been in force for more than 50 years, is used to show the count overall worldwide, as well as internationally and in the US and Canada.


Tornado in Texas hits natural gas drilling rig

A tornado in Texas has left three people injured after hitting a natural gas drilling rig in Texas. According to reports, one victim suffered minor injuries, another had non-life threatening injuries to his face and a third had suffered an injury to their abdomen.

Other News

No new orders as screws tighten on offshore drilling market

No orders have been placed for new drilling rigs so far this year, though the boom for yards is far from over due to their massive collective backlog built up in recent years. RS Platou drilling analysts say that order books as “still apparently solid”, though neither the yards nor drilling equipment manufacturers are likely to be as “comfortable as their order-books indicate”. “Yards will be questioning whether their order-books are large enough to bridge the current down-cycle,” say the analysts. “According to current order-book (before delays) 81% of units will be delivered in 2015 and 2016.


Ruble trims weekly gain with stocks after oil drops on Iran deal

The ruble and Russian stocks pared weekly gains as falling oil prices threatened to undercut the nation’s budget revenue, stoking concern assets have climbed too far. The currency retreated from the strongest level this year, trimming its third weekly advance to 1.6 percent by 12:44 p.m. in Moscow. Brent crude extended its decline in the year to 4.2 percent after a nuclear pact sealed between Iran and world powers on Thursday stoked speculation supplies may increase. The ruble’s strength amid weaker oil prices risks exacerbating a budget shortfall that’s forecast to be the widest since 2010.

Other News

Baker Hughes rig count drops further

The number of rigs drilling for oil in the US has declined further. In a weekly update figures show the number has dropped by 11 to 802 – which is the smallest decline since December last year. The previous two weeks showed a decline of 12 and 41 in comparison to the most recent results.

Other News

Drifting rig moved away from LNG plant

A submersible drilling unit which drifted towards a liquefied natural gas (LNG) plant has been moved away from the infrastructure. Woodside Petroleum temporarily shut down its $15billion plan after the Atwood Osprey rig drifted near to its flowlines. The move was made after the rig, which had been drilling at Chevron's Wheatstone LNG project, was torn from its moorings in a cyclone.


Opinion: Why Boone Pickens isn’t worried about oil prices

DALLAS — Amid all the pessimism surrounding the plunge in oil prices since mid-2014 and the havoc it has unleashed on the industry, there’s a sense of calm in the sprawling conference room just north of downtown Dallas. I’m sitting next to the legendary Texas oilman T. Boone Pickens, who doesn’t seem worried at all. Ask Pickens what’s going to happen with oil prices, and rattles off an optimistic scenario: The US rig count will drop to somewhere between 750 and 1,000 working rigs (currently, it’s at a five-year low of 1,192). Then, the market will balance off U.S. production and West Texas Intermediate crude will return to about $70 a barrel by year’s end.


Woodside shuts down LNG plant

Woodside Petroleum has been forced to shut down its $15billion Pluto liquefied natural gas (LNG) plant after a submersible drilling rig began to drift near to its flowlines. The Australian operator said the move was taken after the rig was torn from its moorings in a cyclone. The rig had been drilling at Chevron’s Wheatstone LNG project nearby.

Oil & Gas

US rigs are being idled, but the oil boom is not ending

The US drilling frenzy is over. What’s not is the boom in oil production. While companies have idled 151 rigs in five shale formations since reaching a peak of 1,157 in October, they’ll need to park another 200 for growth to stall, according to data from the US Energy Information Administration. Output there will reach a record 5.468 million barrels a day in March even though the number of rigs exploring for oil is the lowest since 2013. The spending cuts led to speculation that US gains would slow, eroding a global supply glut that sent prices tumbling last year.

Oil & Gas

Prosafe hit with $7million rig charge

Prosafe said it was making a $7million provision after lifeboats were damaged on one of its rigs last year. The company said the damage had been caused to the Safe Bristolia during bad weather in the Everest Field in the UK last year. At the time operations were suspended and the vessel was brough to the Hanoytangen shipyard in Norway for repair work.

Other News

US and international rig count down

Baker Hughes said the international rig count for December 2014 was 1,313, down 11 from the months before and 22 from the same month in 2013. The international offshore rig count for December 2014 was 338, down 3 from the 341 counted in November 2014, and up 32 from the 306 counted in December 2013. The company said the average US rig count was 1,882, down 43 from the 1,925 counted in November.


Biggest oil rig drop since 2009 spells tough year ahead

US oil drillers laid down the most rigs in the fourth quarter since 2009. And things are about to get much worse. The rig count fell by 93 in the three months through December 26, and lost another 17 last week, Baker Hughes Inc. (BHI) data show. About 200 more will be idled over the next quarter as US oil explorers make good on their promises to curb spending, according to Moody’s Corp.

Other News

US oil rigs drop with crude prices, Baker Hughes says

US oil drillers pulled rigs this week as crude traded below $60 a barrel for the seventh straight day. Rigs targeting oil declined by 10 to a six-month low of 1,536, Baker Hughes said. Those seeking out natural gas slipped by eight to 338, the Houston-based field services company’s website. The total count fell by 18 to 1,875, the lowest level since July.

Oil & Gas

Rig scrapping imperative as drilling market dips

It is now abundantly clear the offshore drilling markets have slithered into a serious downturn, according to offshore research analysts at RS Platou. In a nutshell, they warn that around 120 rigs need to be scrapped to prevent a prolonged downturn in the fortunes of drilling contractors. They say: “Our current estimates point to active utilisations for jack-ups moving to 82% and even lower for floaters (75%) by 2016.

Oil & Gas

Statoil suspends contract with Songa

Statoil will suspend its contract with Songa Offshore for one of its rigs following work on a well in the Oseberg field in the North Sea. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of the planned schedule. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of planned schedule. From this month, the rig will go on a 75% suspension rate at a cost of $279,000 per day until the end of this year.

Oil & Gas

Sembcorp Marine wins $240million contract

PPL Shipyard, a subsidiary of Sembcorp Marine, has secured a $240million contract to build a new jack-up drilling rig. The deal with BOT Lease is scheduled for delivery in 2016 and the new rig, named Hakuryu 14, will be built based on PPL Shipyard’s Pacific Class 400 design. The jack-up rig is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 35,000 feet.