French supermajor TotalEnergies (LON: TTE) has signed a $199 million to take 75% ownership of the Tungsten Explorer drillship.
A number of companies have come to explore Morocco’s offshore, drawn in by attractive tax rates and geological models, but have been largely disappointed.
Eni had hoped to drill off Mozambique in 2020 but COVID-19 interrupted plans, Esgian analyst Matthew Donovan said.
Vantage Drilling International has struck a deal to provide its Tungsten Explorer to TotalEnergies for at least 225 days.
Eni and TotalEnergies have begun drilling the Cronos-1 well offshore Cyprus.
Vantage Drilling International has agreed to sell three jack-up rigs to ADES Arabia, owned by Saudi Arabia’s Public Investment Fund (PIF).
Vantage Drilling has won work offshore Qatar for two rigs, Sapphire Driller and Aquamarine Driller, beginning in 2022.
Medco Energi, which operates South Natuna Sea Block B, will share a jack-up drilling rig with four other operators offshore Indonesia as part of a pact that will save millions of dollars.
Vantage Drilling has declared force majeure for two of its rigs, one of which as a result of a coronavirus outbreak.
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.
Total’s well offshore Lebanon has failed to find a reservoir in the Tamar formation, which was the exploration target.
Vantage Drilling has received a letter of award for a three year contract worth about $118 million from the Oil and Natural Gas Company.
Vantage Drilling reported a net loss $8.8 million for the final three months of 2015, compared with a $27.6million for the same period a year before.
Vantage Drilling has reached a deal with its creditors who hold $1.6billion of its debts that will see its subsidiary pushed into bankruptcy.