BW Offshore has sold the VLCC BW Opal for US $85.5 million to BW Group. The transaction is performed on an ‘arms-length basis’, based on independent valuation reports and technical inspection of the vessel. The agreement also includes an option for BW Offshore to buy back the vessel until Q1 2017. The BW Opal is a Daewoo Shipbuilding & Marine Engineering-designed and built VLCC (320,000 dwt) from 2012. BW Group owns 49.75% in BW Offshore and is represented on the Board of Directors of BW Offshore.
Exxon Mobil Corp. and offshore Guyana partners continue their success with their 13th discovery on the Stabroek Block and fifth discovery in the Turbot area.
The rig count fell for the past four months and production growth in the Permian Basin and other key shale basins have slowed as oil prices fell and many independent shale companies cut spending.
The new policy focuses on incentivizing increased investment and production.