Vantage Drilling International shareholders approved a proposed merger with Norway's Eldorado Drilling at a special general meeting held June 18, the company said in a statement Thursday.
Under the approved terms, Vantage, a Bermuda-based drilling contractor, will survive the transaction as a wholly owned subsidiary of Eldorado Drilling.
Completion of the merger remains subject to customary conditions and approvals.
DeepOcean secured a contract from BP (BP) to remove subsea infrastructure at the Foinaven field west of Shetland, UK, extending the existing decommissioning partnership, the company said Thursday.The scope of the project includes the removal of 10 flexible process risers, three dynamic subsea umbilicals and a static umbilical from the former floating production, storage and offloading vessel location.DeepOcean will also remove buoyancy modules, riser protection systems, clamps and other equipment linked to the subsea assets as part of the offshore campaign, the company said.DeepOcean said the project will be directed from its Aberdeen office, which will be responsible for engineering, project delivery and offshore operations. The work at sea is scheduled to be carried out using one of the company's advanced subsea construction vessels.The company said the contract is governed by a sale and purchase agreement jointly developed with BP. The arrangement follows the approach adopted for earlier decommissioning campaigns at the Don and Miller fields.Located west of the Shetland Islands, Foinaven was brought on stream in 1997, five years after its discovery. The field lies approximately 190 kilometers offshore in waters between 330 and 530 meters deep.Foinaven generated around 440 million barrels of oil over its operating life before the FPSO was withdrawn in 2021. That figure exceeded initial development expectations by roughly twofold, according to DeepOcean."This award reflects a progressive and commercially innovative approach to subsea decommissioning," said DeepOcean CEO Oyvind Mikaelsen, adding that the commercial framework is designed to improve efficiency, optimize costs and provide greater operational flexibility for both DeepOcean and BP.
US natural gas futures retreated from earlier highs in after-hours trading on Thursday but remained positive after government data showed a smaller-than-expected increase in storage inventories, reinforcing expectations that summer demand could tighten market balances.The front-month Henry Hub futures contract and the continuous contract both rose by 2.23% to $3.215 per million British thermal units.The US Energy Information Administration reported a 73 billion cubic feet injection into storage for the week ended June 12, below the upper end of analyst expectations, which ranged from 66 Bcf to 117 Bcf. Total inventories rose to 2.759 trillion cubic feet.The build matched the five-year average for the period but was below the 97 Bcf injection recorded during the same week last year. Stockpiles now stand about 1% below year-ago levels and 151 Bcf, or 5.8%, above the five-year average."Today's fundamental balances still need to show that summer demand can consistently outrun available supply," Gelber & Associates said in a note. The firm said inventories are 151 Bcf above the five-year average, which helps explain the relatively measured market response despite the supportive headline figure. The latest injection also marked a slowdown from the previous week's 108 Bcf build.On the supply side, US dry gas production was estimated at 111.4 Bcf per day on Thursday, up 1.3 Bcf/d from the prior day and 4.4% above year-earlier levels, Barchart said, citing BNEF data.Gelber & Associates said production is expected to remain within a 110.0-110.6 Bcf/d range. The firm also noted that Canadian imports averaged 5.5 Bcf/d.Trading Economics estimated average US gas production at 109.4 Bcf/d so far in June, slightly below May's average of 109.7 Bcf/d.Barchart, citing weather forecaster Vaisala, reported that most of the Lower 48 states are expected to experience above-normal temperatures between June 28 and July 2, suggesting increased power demand ahead.On Thursday, BNEF said gas demand was estimated at 71.9 Bcf/d, up 2.5 Bcf/d from Wednesday but down 3.1% from a year earlier. Celsius Energy estimated total power-sector gas consumption at 34.7 Bcf/d for Wednesday, up 0.3 Bcf/d from the previous day but roughly 4 Bcf/d below year-ago levels.Meanwhile, estimated net flows to US LNG export terminals were pegged at 19.2 Bcf/d on Thursday by BNEF, up 2.8% from a week earlier but down 0.3 Bcf/d from the previous day.
The number of renewable identification numbers generated in May under the Renewable Fuel Standard dropped from the previous month but rose from year-ago levels, according to the Environmental Protection Agency's report on Thursday.Total RIN generation year-to-date stood at 9.66 billion RINs, up 4% from a year ago.Over 2.02 billion RINs were generated in May, down 2.4% from April, the EPA report showed.Nearly 1.26 billion D6 ethanol renewable fuel RINs were generated in May, up 3% from April.D4 RIN generation for biomass-based diesel totaled 735 million in May, up 3.5% from April and 22% from a year earlier.In its report, the EPA revised April's D4 RIN generation upward by 3%, or 20 million RINs, to 710 million. Year-to-date D4 generation of 3.02 billion was up 11.5% from the year-ago level.Of the D4 total, domestic renewable diesel accounted for 489.6 million RINs, up 6% from April and up 20% over the year.Domestic biodiesel RIN generation totaled 187.4 million, down 3.7% from April and up 30% over the year.Domestic sustainable aviation fuel RIN generation was 40.2 million in May, up 12% from a month ago, and 33% higher over the year.The data still underwhelmed analysts reacting to the report.Zander Capozzola, Argus Media's renewable fuels consultant, said May RIN generation was below expectations."Another underwhelming RIN print will force larger bank draws, while US trade balances recalibrate to alarmingly short RIN supply. Strait deal has commodity markets tumbling in search of new support levels despite failed diplomatic precedents," Capozzola said.He added that renewable diesel margins have pulled back by 11% on average in May from the prior month, as feedstock prices far outpaced diesel prices."Even with the recent pullback, RD margins are up over 200% year-to-date," Capozzola said.He added that the RIN strength relative to the bean oil-heating oil spread has waned in the first half of June, indicating a softening margin environment."Soybean crush margins have pulled back from record highs as crude, diesel, and soybean oil enter a race to the bottom amid a Strait deal that realistically has weak prospects, given past failures and ongoing regional instability," he said.