ExxonMobil to develop the $9 billion, 600 million barrel Payara field off Guyana.
ExxonMobil… plans to have five drillships operating offshore Guyana by the end of this year.
Kind of a crossover with the offshore wind thread, but Chouest just put out a press release for their new SOV they’re building.
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That is good news but new operating environment for them. Hopefully they build and man the vessels with greater competency than those they built and sent to Alaska for Shell which was also a new operating environment for them. I wish them well.
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Another vessel to be converted from laying fiberoptic cables to laying infield power cables between wind turbines and substations and HV cables to onshore grid connection point:
Maybe not the greatest of conversion jobs.
It looks like there will only be a total of 5 exploration wells drilled this year in the UK oil patch, the lowest yearly total since the 1960s when they started looking for oil.
hoo boy! not that we didn’t see it coming but what a trainwreck!
Pacific Drilling skips interest payments due today
no longer a question of which of these companies will file for Chapter 11 bankruptcy but which will avoid Chapter 7 liquidation?
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They said this in their 2nd quarter earnings call. If market conditions do not lift the stock price they will file for bankruptcy.
Will be interesting to see what these cmopanies do when they emerge because there has been such a downward plunge in production. Companies are cutting everything to survive today and meet the oil demand of a pandemic, but what comes next?
Exxon is doing what you would expect, and sticking to oil and gas. Basically, with so many oil and gas companies shifting their portfolios to renewables, they expect to be one of the few still producing petroleum when this all ends.
How and what do you define as “the end”??
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Are the major energy companies shifting to renewables away from oil and gas or are they just expanding their renewable energy portfolios?
Governments are throwing so much money at renewables it’s stupid for energy companies not to get involved.
Dansk Oije & Gas (DONG) sold out all their oil and gas portfolio and went fully into Offshore Wind under the name Ørsted.
Yes the large Oilcos are slow to follow, but even they are getting roped in, kicking and screaming. Both Shell and BP are engaged in renewables, more or less willingly.
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Probably spring 2021, when there may be vaccines, or testing and precautions enable safe travel at normal levels again.
Everyone is doing something different. Europeans are shifting the hardest to renewables, such as BP, Total, and Shell. Refiners likes Phillips 66 are building biofuel refineries in California, and there are a couple others doing the same. Exxon is staying the course…but the majors never get into something unless it is a bidding war.
Also worth checking every week is the Vessel Scrapping Report:
The Noble Bully 1 and 2 are getting scrapped and are only 9 years old.
Not exactly a nice name for the ships haha.
I thought you were talking about oil production, not the pandemic. 
Pity, but those two where a bit special. Very innovative on the drilling side, but needed sponsons added on the sides even before delivery from the building yard
PS> I inspected both before they left the building yard in Singapore.
Seen here;
Noble Bully I at Jurong West Anchorage, Singapore, 2011:
Noble Bully II at Singmarine Shipyard in 2011:
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New Zealand has the worst, virtue signalling, lying, incompetent clueless commie as a Prime Minister ever. The worst in our history. She doesn’t even know what GDP is. She’s a hypocrite. She can’t even pronounce words like jeopardize (“jepradise”). She is an embarrassment to NZ. But the socialists like her as she destroys the country and taxes us to death.
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the 8504…ouch, I guess they were only built to last 10 years?
As the Gully I & II with the innovative Huisman Drilling System gets scrapped, Huisman is busy inventing another new drilling system:
https://www.globenewswire.com/news-release/2020/09/30/2101477/0/en/Huisman-and-Eavor-to-collaborate-on-next-generation-drilling-technology.html
While the US majors, Chevron, ExxonMobil and Occidental join the global Oil and Gas Climate initiative:
Chevron and Occidental are investing in Carbon Capture:
Presumably to be able to continue producing oil and gas, yet meet “Zero Carbon” status? (At least on paper)
Subsea 7 appears to be getting busy in many places:
An Aussie company developing a field offshore Senegal is engaging contractors, vessels and people in the international market.
That is the how it should be and how I’m used to it functioning.