drilling Archives - Oil & Gas 360

Equinor commits $1.6 billion to drilling activity on Norwegian Continental Shelf

May 4, 2026

(World Oil) – Equinor has extended a series of drilling and well services agreements valued at approximately NOK 17 billion ($1.6 billion) to sustain production and activity on the Norwegian Continental Shelf. Jannicke Nilsson, chief procurement officer at Equinor. Image: Ole Jørgen Bratland, Equinor. The contracts include integrated drilling and well services agreements worth NOK 8.3 billion, alongside corporate framework agreements

U.S. Drill More: How Washington is pulling every energy lever at once

April 28, 2026

(Oil & Gas 360) By Greg Barnett, MBA – The United States is producing more crude oil than any country ever has, rebuilding its emergency petroleum buffer, exporting record volumes of crude and fuels to allies, and still confronting stubbornly high gasoline prices at home. At the same time, it is asking producers to drill even more into a market where

VAALCO advances Gabon drilling program, targets Q2 restart of Baobab offshore field

April 21, 2026

(World Oil) – VAALCO Energy has reported strong initial results from its ongoing offshore Gabon drilling campaign, while progressing additional development activity and a planned production restart offshore Côte d’Ivoire. The company said the Etame 14H development well has been successfully drilled, completed and brought online in the Etame field’s Main Fault Block. The well encountered approximately 325 meters of net pay in Gamba

Transocean adds $445 million backlog with Petrobras drillship extension

April 15, 2026

(World Oil) – Transocean has secured a long-term contract extension with Petrobras for its ultra-deepwater drillship Deepwater Corcovado, adding approximately $445 million to the company’s backlog. The 1,156-day extension will begin in direct continuation of the rig’s current work offshore Brazil and is expected to keep the drillship contracted through November 2030. The award reflects continued demand for high-specification ultra-deepwater drilling capacity in Brazil’s

Permian holds 55,000 sub-$50/bbl drilling locations, analysis finds

April 15, 2026

(World Oil)– The Permian basin continues to reinforce its position as the lowest-cost U.S. shale play, with an estimated 55,000 drilling locations capable of breaking even below $50/bbl, according to new analysis from Enverus Intelligence Research (EIR). The estimate represents roughly 10% year-over-year growth, driven by ongoing resource delineation, improved well performance and continued cost efficiencies. The sub-$50/bbl inventory is

Transocean adds $445 million backlog with Petrobras drillship extension

April 14, 2026

Mach Natural Resources: Q4 snapshot, KPIs in focus, and what management is signaling for 2026

March 16, 2026

(Oil & Gas 360) – Mach Natural Resources closed 2025 with a straightforward story: steady production, disciplined spending, and a cash distribution that remains front and center. In the fourth quarter, total volumes averaged about 154,000 BOE per day, with development drilling additions exceeding 2025 production by 18%. Adjusted EBITDA printed roughly $187 million against total revenue of nearly $388

Higher oil prices will not spur more US production, oilfield services company Patterson-UTI says

March 11, 2026

(Investing) – HOUSTON – A surge in energy prices caused by the U.S.-Israel war with Iran will not lead to additional U.S. oil output without the market predictability needed to ensure more drilling, Andy Hendricks, CEO of oilfield services company Patterson-UTI, said on Tuesday. Oil prices have swung wildly since the end of February after Iran shut the Strait of Hormuz,

After years of buybacks, big oil is drilling again

February 19, 2026

(Oil Price) – After years of prioritizing returning cash to shareholders, oil supermajors are about to do something few expected: turning to growth as a top priority. The reason: contrary to dominant expectations, oil and gas will continue to be needed for decades. For years, analysts from some of the most reputable organizations have been predicting a pending decline in oil

ConocoPhillips seeks Venezuela compensation before resuming drilling

February 6, 2026

(World Oil) – ConocoPhillips Chief Executive Officer Ryan Lance’s priority in Venezuela is recouping billions his company is owed almost two decades after its oil projects were nationalized, rather than drilling new wells. Despite roughly $10 billion in favorable judgments from international arbitrators holding Venezuela liable for the seizures, the Houston oil giant’s efforts to recover all it’s owed have been

Africa set to lead global high-impact exploration drilling in 2026

January 28, 2026

(World Oil) – Africa is expected to remain the world’s most active region for high-impact oil and gas exploration drilling in 2026, driven by continued interest in ultra-deepwater and frontier basins, according to new analysis from Rystad Energy. Global high-impact wildcat drilling activity carried strong momentum into 2025, with discovery success rates rising to 38% from 23% in 2024. Total discovered volumes

Halliburton posts stronger Q4 margins as international activity offsets North America slowdown

January 21, 2026

(World Oil) – Halliburton reported a sharp sequential improvement in fourth-quarter 2025 earnings, driven by higher international activity and improved operating margins, even as North American stimulation activity declined. The oilfield services provider posted net income of $589 million, or $0.70 per diluted share, on revenue of $5.7 billion. Adjusted operating margin rose to 15%, reflecting improved activity mix and year-end tool

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