Saudi Aramco and Rowan to form JV to operate offshore drilling rigs

Rowan is a global provider of contract drilling services with a fleet of 30 mobile offshore drilling units.
Updated 21 November 2016

Saudi Aramco and Rowan to form JV to operate offshore drilling rigs

JEDDAH: Rowan Companies Plc said it was forming a joint venture with Saudi Aramco to operate offshore drilling rigs in the country.
Rowan said it would provide three jack-up rigs and Saudi Aramco two when the joint venture begins operations in the second quarter of 2017.
Both companies would contribute $25 million as working capital, Rowan said in a regulatory filing on Monday.
Rowan will supply two more rigs in late 2018 and Saudi Aramco will make a matching cash contribution.
Rowan said the rigs would receive contracts for an aggregate 15 years, renewed and re-priced every three years, provided that the rigs meet the technical and operational requirements of Saudi Aramco.
Nabors Industries Ltd. had said last month that it would form a joint venture with Saudi Aramco to operate onshore drilling rigs.
Saudi Aramco is targeting 2018 for what could be the world’s largest public listing, CEO Amin Nasser said in October.


Conflict-hit Libya to restart oil operations but with low output

Updated 10 July 2020

Conflict-hit Libya to restart oil operations but with low output

  • There is significant damage to the reservoirs and infrastructure
  • A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker

TUNIS: Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a first tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep output low.
“The increase in production will take a long time due to the significant damage to reservoirs and infrastructure caused by the illegal blockade imposed on January 17,” NOC said in a statement.
A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker, chartered by Vitol, which two sources at Es Sider port said had docked and started loading on Friday morning.
The blockade, which was imposed by forces in eastern Libya loyal to Khalifa Haftar’s Libyan National Army (LNA), has cost the country $6.5 billion in lost export revenue, NOC said.
“Our infrastructure has suffered lasting damage, and our focus now must be on maintenance and securing a budget for the work to be done,” NOC chairman Mustafa Sanalla said in the statement.
Control over Libya’s oil infrastructure, the richest prize for competing forces in the country, and access to revenues, has become an ever-more significant factor in the civil war.
The internationally recognized Government of National Accord, supported by Turkey, has recently pushed back the LNA, backed by the United Arab Emirates, Russia and Egypt, from the environs of Tripoli and pushed toward Sirte, near the main oil terminals.