OPEC, Russia, and other oil producers are set to meet on Wednesday to decide on the oil output policy from August onward.
Noble Corporation has received several new contract extensions for its drilling rigs and cancellation of a drilling contract in Vietnam.
The worldwide offshore rig count in June 2020 dropped by 65 rigs year-over-year and 2 rigs sequentially, according to a report by Baker Hughes.
Seadrill has received a contract suspension for the jack-up drilling rig AOD II operating in the Middle East due to changes in the drilling program.
OPEC’s Joint Ministerial Monitoring Committee (JMMC) has made assurances of achieving 100 per cent conformity from all participating countries during the next three months.
In its global energy outlook, Rystad Energy revealed that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels.
There is a case to be made that the coronavirus crisis has been setting the stage for the restructuring of the offshore drilling market.
Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years and a staggering 29 per cent decrease of $156 billion compared to 2019, according to Rystad.
OPEC, Russia, and other oil producers agreed to extend their record oil production cuts of 9.7 million barrels per day by another month.
The worldwide offshore rig count in May 2020 dropped 54 rigs year-over-year and 37 rigs sequentially, according to rig count reports by Baker Hughes.
Canada has the highest carbon emission intensity per barrel of oil equivalent produced, while Norway has the lowest, a Rystad Energy analysis shows.
Shelf Drilling booked a loss of $185 million in the first quarter of 2020 due to rig impairment charges and is taking actions to reduce costs and preserve liquidity amid challenging market situation.
The worldwide offshore rig count in April 2020 has dropped 28 rigs year-over-year and 19 rigs sequentially, according to rig count reports by Baker Hughes Company.
Borr Drilling has decided to sell two jack-up rigs for total cash proceeds of $15.8 million.
