Latest news with #offshoreDrilling
Bloomberg
3 days ago
- Business
- Bloomberg
Ecopetrol to Push Ahead Colombia Gas Drilling After Shell Exit
Ecopetrol SA plans to continue drilling for natural gas in Colombian Caribbean waters after partner Shell Plc exited three offshore blocks, betting on growing domestic demand and potentially lucrative reserves. Shell said in April it would pull out of the COL-5, Purple Angel and Fuerte Sur blocks as part of a 'strategic' decision, ending its oil and gas exploration in Colombia. Ecopetrol, which jointly operates the areas, will move forward on its own or seek a new partner, according to Rafael Guzman, vice president of hydrocarbons.
E&E News
21-05-2025
- Business
- E&E News
Interior official backs House offshore drilling bills
House Republicans were full of praise at a hearing Tuesday for two bills that would encourage more offshore drilling, while Democrats decried environmental impacts. The Natural Resources Subcommittee on Energy and Mineral Resources discussed H.R. 513, the 'Offshore Lands Authorities Act,' and H.R. 2556, the 'Comprehensive Offshore Resource Enhancement (CORE) Act,' both of which pave the way for expanded drilling in the Outer Continental Shelf. Walter Cruickshank, the deputy director of the Bureau of Ocean Energy Management, testified in favor of the two bills. Advertisement 'Offshore energy development is a vital component of U.S. national security and a critical driver of American prosperity,' Cruickshank said.
Argaam
13-05-2025
- Business
- Argaam
ADES secures SAR 816M offshore drilling contract extension in Qatar
ADES Holding Co. announced today, May 13, the extension of its offshore drilling contract with North Oil Co. (NOC) in Qatar for the "Sapphire Driller" jackup rig, according to a Tadawul statement. The extension includes a firm duration of four years, with three additional one-year options, allowing up to three years extension. The total cumulative value, including optional extensions, is estimated at SAR 816 million ($217.6 million). The renewal comes at a better daily rate. The contract adds significant revenue visibility and strengthens backlog sustainability, further supporting ADES' long-term growth trajectory in the region. The contract's financial impact will be immediate, the statement said.
