UNDETERRED CONFIDENCE

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UNDETERRED CONFIDENCE

Depthwize’s standing in the regional market, combined with high permeability rate for Nigeria’s oil reservoirs, has allowed it to not just survive but also build through the 2015-2017 market downturn

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2018 Fleet Update

Rig Imperial successfully completed a 2-well drilling campaign for Moni Pulo Nigeria Ltd in November 2018. Rig Monarch completed a 1-well fracking and testing program for Conoil Producing in November 2018. Rig Majestic completed drilling & Completions operation for Conoil Producing. Currently undergoing refurbishment in Port Harcourt after a fire incident in May 2018.  

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Rig owners seek alternative funding for oil industry

Rig owners in Nigeria have tasked the Federal Government to implement the alternative funding stream for joint venture operations it approved in November last year.The operators regretted that the inability of government to execute the plan has further thrown the industry into instability, which has drastically affected the nation’s economy. This was stated in Port…

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Depthwize’s expansion drive gains as AFC underwrites $65m loan facility

The Africa Finance Corporation (AFC) has underwritten $65 million of a $100 million senior secured term loan facility for Depthwize Nigeria Limited, for the acquisition and upgrade of swamp rigs. AFC, in conjunction with JP Morgan, is the co-mandated lead arranger for the transaction. Depthwize is a Nigerian company established in 2011, as an indigenous…

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Deepwater Trends & Challenges

  The search for more oil/gas reserves by E&P Companies will continue in as much as hydrocarbon continues to play a very vital role in our daily life. The depletion of onshore fields over the years has compelled oil companies to focus on shallow-water oil fields and later the ultra-deep water measuring about 5,000ft under…

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FG, petroleum marketers meet over fuel scarcity

The Federal Government is to meet with marketers of petroleum products in Abuja, as the petrol scarcity situation is becoming worrisome for the new government of President Muhammadu Buhari, The Punch reports. It was gathered that the participants at the meeting, which is scheduled to hold at the conference room of the Ministry of Petroleum…

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