Transocean to Buy Ocean Rig in $2.7 Bln Deal
;s U.S.-listed shares fell 6.5 percent to $11.33 at mid-morning.Transocean earlier this year acquired Norwegian rig firm Songa Offshore in a $1.1 billion deal."We see strong contract opportunities emerging across the globe for the combined fleet (particularly in Brazil)," analysts at Tudor Pickering & Holt Co wrote in a note on Tuesday.Majors, including Norway's Equinor, Chevron Corp and BP, won bids for offshore blocks in Brazil, which hold billions of barrels of oil.Elsewhere, Exxon Mobil Corp said last month it had begun offshore exploration drilling off Australia's
Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role
behind peers in exploration and production. Investments have included the Permian Basin in the United States, offshore Guyana, and Argentina's Vaca Muerta shale play. The Brazil deal is a "further sign of the company's urgency to replenish its resources base," analysts at Tudor, Pickering Holt & Co said on Thursday, adding that the Campos Basin deal was a bullish sign for Brazil's pre-salt block auctions. Wednesday's record bid was around 5 times as much as the nearest one from Royal Dutch Shell and Repsol. Petrobras said it had information that some of the
New Offshore Oil Investments Needed to Avoid Shortages -Hess
frustrated efforts by the Organization of the Petroleum Exporting Countries (OPEC) to tame a global glut that has halved oil prices since 2014. Energy producers are focused on investing in shale areas such as Texas' Permian Basin because of shorter-term payback and lower risk fields, said Bobby Tudor, chairman of investment bank Tudor, Pickering, Holt & Co, who addressed the same conference. "You don't drill a dry hole in the Permian," Tudor said. "You dig lots of dry holes offshore." Signs of stronger demand recently have begun to take the pressure off
February 2024
