Tag Archives: offshore drilling

Latin American deepwater exploration and development is largely driven by the two large NOCs in the region. Here lately, these NOCs have been slamming the brakes, particularly in Brazil where Petrobras is trying to recover from scandal that rivals Enron. Both NOCs are pruning their rig portfolios, resulting in negative demand for Latin American floaters. …

In news from Rowan Thursday afternoon, we observe drilling contract negotiations taking a different kind of turn. The usual dayrate, duration, and specification sticking points that operators and contractors haggle over are expanding as deal-makers seek creative solutions to downturn problems. Exclusivity is being granted by an operator in exchange for more favorable early-termination release. …

Anadarko made a big splash on Monday afternoon, announcing the $2bn buyout of Freeport McMoRan’s deepwater GOM assets. It’s a big deal for the GOM and for Anadarko’s position in the GOM. But what we found most interesting about the announcement is how Anadarko spun the deal into an onshore growth narrative. …

In the upstream sector, carnage isn’t hard to find. In fact, we’ve all become a bit desensitized to it. But in this beaten-up oilfield, the offshore drillers stand out, not just for recent hardships but because years of austerity lie ahead. A construction overhang factors in, but that’s not the only problem facing the offshore industry. …