CHEVRON TERMINATES CONTRACT FOR THE DISCOVERER CLEAR LEADER

Transocean announced that a subsidiary of Chevron elected to exercise its contractual option to terminate the drilling contract for the ultra-deepwater drillship Discoverer Clear Leader, effective November 2017, prior to its expiration in October 2018. In accordance with the contract terms, Transocean will be compensated through a lumpsum payment of approximately $148 million in contract termination fees, which is the present value of the operating dayrate less the operating costs per day. The payment is expected to be received in the fourth quarter of 2017. Transocean Clear Leader was delivered in 2008 at Daewoo shipyard at Okpo in South Korea. (Source: Transocean - Image: Tiffany Carvalho)

MORE OIL IN PLACE AT BARRYROE, SOUTHERN IRELAND

July 26, 2012

The Irish oil & gas explorer, Providence Resources confirmed that there is more and better quality oil off the coast of Cork, southern Ireland, than...

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TOTAL LAUNCHES TEMPA ROSSO IN SOUTHERN ITALY

July 25, 2012

Total has made the final investment decision for the Tempa Rossa field in the Basilicata region of southern Italy. Operated by Total (75%) alongside Shell...

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A GREAT DAY FOR SEADRILL

July 25, 2012

Bermuda based Seadrill has received a commitment from a major oil company for new contracts on newbuild drillships West Auriga, West Vela and a third drilling...

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CHINA OPENS A NEW LNG PLANT

July 25, 2012

China's Ningxia Hanas New Energy Group put into operation its liquefied natural gas (LNG) plant in Yinchuan, the capital of the Ningxia Hui Autonomous...

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DRILLSEARCH ENERGY STRIKES OIL IN THE COOPER BASIN, AUSTRALIA

July 24, 2012

Sydney based Drillsearch Energy advised that a new Birkhead Oil Discovery has been made at the Bauer-5 appraisal/development well location in PEL 91 in...

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STRATEGIC ALLIANCE FOR MARINE ACQUISITION IN RUSSIA

July 24, 2012

The French CGGVeritas announced today the signature of a framework agreement with JSC Sevmorneftegeofizika (SMNG) to form a strategic alliance. Together,...

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NEXEN: CHINA’s LARGEST FOREIGN BUSINESS TAKEOVER

July 24, 2012

China's biggest offshore oil producer CNOOC is poised to purchase the Canadian Nexen in a $15.1 billion deal. The board of Nexen has already approved...

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CHEVRON FINDS GAS OFF BARROW ISLAND, AUSTRALIA

July 24, 2012

Chevron announced a natural gas discovery in the Greater Gorgon Area of the Carnarvon Basin, offshore Western Australia. The Pontus-1 exploration well...

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EIGHT FPSOs FOR THE BRAZIL’s DEEPWATERS

July 23, 2012

Brazilian state-controlled oil giantPetrobras and its partners BG Group, Petrogal Brasil and Repsol Sinopec will sign 10 contracts worth $4.5 billion for...

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BG FINDS GAS OFF EGYPTIAN COAST

July 23, 2012

The Times of Israel reports that the Egyptian Ministry of Energy announced a large natural gas discovery near Ras El-Bar on the Mediterranea sea. The discovery...

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OIL FLOWS IN OMAN FOR DNO

July 21, 2012

The Norwegian oil and gas company based in Oslo announced that its West Bukha well has  flowed at rate of between 1,500 and 2,000 b/d of oil during...

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SABETTA, A NEW PORT IN THE FAR NORTH

July 21, 2012

Novatek from Russia held an official ceremony to mark the start of construction at the Sabetta port. The Sabetta port will be located on the North-East...

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