London, 28 August, 2023, (Oilandgaspress) : Crude oil production levels in the United States were at 12.8 million barrels per day in the week ending August 18, representing the third consecutive weekly increase in production, according to the latest weekly EIA estimates.
BW Offshore Limited announced the signing of a new USD 200 million three-and-a-half-year facility, successfully refinancing its existing senior secured credit facility for the Catcher FPSO. The new facility is priced at a margin of 225 basis points above USD SOFR and is provided by a consortium of seven international banks.
Closing of facility is expected to take place shortly after completion of conditions precedent. Read More
BW Offshore EBITDA for the second quarter of 2023 was USD 60.9 million, a decrease from USD 79.0 million in the previous quarter. The decrease in EBITDA was mainly driven by costs associated with the decommissioning of Petróleo Nautipa and organisational adjustments related to the sale of Sendje Berge. The Company is expecting a cost impact in the magnitude of USD 10 million per quarter for Q3 and Q4, related to decommissioning of Petróleo Nautipa and related costs as part of the strategic rebalancing of the FPSO portfolio, as older units are leaving the fleet and organisational adjustments take place.
BW Offshore continues to progress the Barossa FPSO project according to schedule. As of end July, the project is approximately 73% complete, while maintaining an excellent health and safety (HSE) record with over 17.5 million hours of work executed, without lost time injury. Persistent cost inflation is impacting the construction, commissioning and installation phases, and is expected to consume the EPCI (Engineering, Procurement, Construction and Installation) buffers. The overall economics of the lease and operate contract currently remain intact. The Board of Directors has declared a cash dividend of USD 0.035 per share and USD 5 million of BW Energy Limited shares as in-kind distribution equivalent to USD 0.028 per share. Shares will trade ex-dividend from 30 August 2023. Shareholders recorded in VPS following the close of trading on Oslo Børs on 31 August 2023 will be entitled to the distribution payable on or about 7 September 2023. Read More
Vår Energi ASA announced adjustments to its executive management team and reaffirms its strategic ambitions.
The Company’s recent acquisition of Neptune Energy Norge will accelerate the Company’s position as a leading E&P independent in Norway. The Company is currently the third largest operator on the Norwegian Continental Shelf and the acquisition will further scale, diversify and strengthen its growth and value creation. In response to these new opportunities, the board has decided to make certain adjustments to the management group and bring on more resources.
“We are very pleased to announce that Nick Walker will be joining Vår as CEO and also that our current CEO, Torger Rød, transfers to the new role as COO”, says Thorhild Widvey, chair of the board. Walker most recently held the position as CEO of the leading European E&P independent Lundin Energy until mid-2022 when it was acquired by Aker BP, and has previously worked with BP, Talisman Energy, Africa Oil and Vedanta – Cairn Oil & Gas. He has 30 years of international experience in technical, commercial, and executive leadership roles. He will spear-head the Company’s strategy, market engagement and stakeholder management. He will take up the CEO position with effect from 5. September 2023. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $80.06 | Up |
| Crude Oil (Brent) | USD/bbl | $84.59 | Up |
| Bonny Light | USD/bbl | $85.89 | Up |
| Saharan Blend | USD/bbl | $84.20 | Up |
| Natural Gas | USD/MMBtu | $2.61 | Up |
| OPEC basket 25/08/23 | USD/bbl | $ 86.89 | Up |
Baker Hughes
U.S. Rig Count: -10 to 632, Canada +1 to 190
U.S. Rig Count is down 10 from last week to 632 with oil rigs down 8 to 512, gas rigs down 2 to 115 and miscellaneous rigs unchanged at 5.
U.S. Rig Count is down 133 rigs from last year’s count of 765 with oil rigs down 93, gas rigs down 43 and miscellaneous up 3. The U.S. Offshore Rig Count is down 1 to 16, down 2 year-over-year.
Canada is up 1 to 190 rigs.
Canada Rig Count is up 1 from last week to 190, with oil rigs down 3 to 116 gas rigs up 4 to 74.
Canada Rig Count is down 11 from last year’s count of 201, with oil rigs down 20, and gas rigs up 9.
| Region | Period | Rig Count | Change |
| U.S.A | 25 August 2023 | 632 | -10 |
| Canada | 25 August 2023 | 190 | +1 |
| International | July 2023 | 961 | +2 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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