The majority of foreign companies are not making any profit or losing money in their partnerships with PDVSA to develop and produce hydrocarbons.
Drilling & production
The award is the sixteenth contract extension and competitive re-tender award to Archer in the last four years for platform drilling operations and maintenance services in the UK, Norway, Greece and Brazil.
The project is the fourth major start-up for BP in 2018.
More Drilling & production news
This is the company's third large project in the Caspian Sea alongside with two other fields, Yury Korchagin and Vladimir Filanovsky.
The entire process is handled by a single operator working from a safe distance away from the wellhead and takes about 60 seconds. RigLock is also capable of handling three connections simultaneously.
Coretrax has successfully saved a North Sea operator more than £500 000 during a well abandonment campaign in the UKCS.
Block Energy Plc, the exploration and production company focused on the Republic of Georgia, has announced the start of a fully-funded workover programme at its Norio oilfield intended to scale up production rapidly by the end of 2018.