Upstream drilling news

Over US$9.9bn in capital expenditure (capex) will be spent by Qatar-focused operators on gas projects between 2018 and 2021.

Cabot Energy announces that the Environmental Impact Assessment (EIA), which was submitted to the Italian Ministry of the Environment for the drilling of an exploration well on the Vesta prospect, offshore Sicily, has been approved by the Italian regulatory authorities.

BNK Petroleum Inc. has announced that the Glenn 16-2H well (100% working interest) averaged over 630 boepd, of which 540 bbls are oil, for the last 30 days.

Comet Ridge Limited has advised that preparations for the drilling of the Albany 1 deep sandstone appraisal well in the Galilee Basin have been completed with all major services contracts in place.

Conventional gas projects will require US$86 billion, while the investments into unconventional gas and coal bed methane (CBM) projects will total US$1.2 billion and US$0.1 billion respectively in upstream Capex by 2025.

SDX Energy Inc., the North Africa focused oil and gas company, has announced that an oil discovery has been made at its Rabul 4 Well in the West Gharib Concession in Egypt.

Saipem has been awarded new contracts in Offshore Drilling involving the sixth-generation semi-submersible rig Scarabeo 8, suitable for harsh environments.

Oilfield service sales increased 21% on average for these three bellwether companies, while their oilfield equipment sales increased only 1%.

Oil sands projects will require US$43 billion, while the investments into heavy oil assets will require almost US$4 billion in upstream Capex by 2025.

Attollo Offshore, a leading offshore marine operator, has heralded Q2 by signing multiple multi-million pound jack up contracts within the oil and gas and renewable energy sectors.