1. Nigerian President: resuming four drilling licenses revoked by Sinopec Addax
Nigerian President Mahmoud Buhari has overturned a decision three weeks ago by the country’s Ministry of petroleum resources to revoke four oil drilling licenses from Addax Petroleum Corp, a Sinopec subsidiary. He also instructed the Nigerian national oil company, which cooperates with adax, to “solve the problem” according to the contractual relationship between the two parties.
Nigeria’s Ministry of Petroleum Resources said on April 6 that due to adax’s failure to fully develop the relevant assets, it withdrew the licenses known as 123, 124, 126 and 137 oil exploration leases. It had planned to transfer the license to two local companies.
2. Dana gas terminates sale of Egyptian assets
Sharjah based Dana gas terminated a $236m deal in October to sell its Egyptian assets to IPR wastani petroleum, an exploration and production company.
3. Last week, the number of active oil rigs in the United States fell for the first time since March
Baker Hughes, a US oil service company, said in a closely watched report on Friday that the number of active drilling rigs in US oil decreased by one to 343 in the week ending April 23, while the number of active drilling rigs in natural gas remained unchanged at 94. The number of drilling rigs decreased for the first time since March. Before that, the number of drilling rigs increased for five consecutive weeks.
The number of active rigs in the United States has increased by 80% since the record low, but the total number of rigs is still 27 (6%) lower than the same period last year. According to Baker Hughes data since 1940, the number of active rigs fell to a record low of 244 in August 2020.
4. Equinor approved US $384 million development of Barents Sea gas project
Equinor and its partners petroro, total, Neptune and Wintershall DEA have decided to develop askeladd vest in the south of Barents with an investment of nearly US $384 million (no3.2 billion), Norwegian energy giant equinor said on Friday.
5. Russian Sibur and Taif to merge petrochemical business
On Friday, Sibur, Russia’s largest petrochemical company, and Taif, Russia’s oil refining and natural gas processing giant, announced that the two companies would merge their petrochemical businesses, making them the world’s top five producers of polyolefins and rubber products.
6. Nov introduces new technology of ion + PDC cutting teeth
Recently, Rev’s reedhygalog announced the launch of ion + polycrystalline diamond compact PDC cutting tooth technology in the world, which can keep sharp for a longer time to improve the ROP of challenging formation.
7. California plans to stop issuing hydraulic fracturing license in 2024
California governor Gavin Newsom on Friday instructed California’s oil and gas regulators to start a process to stop the issuance of hydraulic fracturing licenses by 2024 and phase out oil and gas drilling by 2045.
Post time: Apr-26-2021