Turan Drilling & Engineering Co. LLC, a joint venture between KCA Deutag and Azerbaijan’s SOCAR AQS LLC, secured a $500 million contract for operations and maintenance of seven platform drilling rigs operated by BP Plc in the Caspian Sea, SOCAR AQS head said April 18.
Ramin Isayev told reporters that the contract had been awarded to Turan for five years with two one-year extension options. In this case its cost will rise to $700 million, he said. Turan will start work in May.
Isayev said the drilling rigs are at platforms used for production of oil and gas at Azeri, Chirag and Guneshli oil fields as well as Shah Deniz gas field in the Azeri sector of the Caspian Sea operated by BP-led consortium, where Azeri state energy company SOCAR is a member.
In conjunction with the deal, Solaris Water Midstream’s sponsors and management also increased their capital commitments to support the continued expansion of the company’s infrastructure systems in the Permian Basin.
Despite the loss, Pioneer Natural Resources generated $165 million of free cash flow for the quarter, which President and CEO Scott D. Sheffield attributed to significant cost reductions and operational efficiency improvements.
Northern Oil and Gas agreed on July 31 to acquire nonoperated interests in producing properties, wells in process and acreage located in the core of the Williston Basin from multiple counterparties.