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Halliburton Releases Intelligent Drill Bit to Optimize Drilling Performance
yesterday
Source: World Oil

Halliburton Releases Intelligent Drill Bit to Optimize Drilling Performance

Halliburton introduced Cerebro Force in-bit sensors, a first-of-its-kind technology that captures weight, torque and bending measurements directly from the bit to improve understanding of downhole environments, optimize bit design and increase drilling efficiency. Built on Halliburton’s successful in-bit vibration sensing platform, Cerebro Force utilizes downhole data to reduce or eliminate surface measurement uncertainty and inefficiencies caused by bit design, bottomhole assembly and drilling parameter selection.

COVID-19 Impact: Adani Gas net profit drops 42% in Q1
yesterday

COVID-19 Impact: Adani Gas net profit drops 42% in Q1

Adani Gas Ltd, on Wednesday reported a 42 per cent drop in June quarter net profit as sales volumes got impacted because of the coronavirus lockdown. Net profit of Rs 46 crore in April-June compared with Rs 79 crore net profit a year back. Revenue fell 57 per cent to Rs 207 crore while EBITDA was down 41 per cent at Rs 86 crore.

Marathon Oil Corp posts samller than expected loss
yesterday
Source: Reuters

Marathon Oil Corp posts samller than expected loss

Marathon Oil Corp posted a smaller-than-expected loss on Wednesday as it reined in costs to cushion the impact from the COVID-19 pandemic. It cut its cost and expenses by 17.2% to $975 million as the average realized price for its U.S. crude oil and condensate fell 63.4% to $21.65 per barrel. Marathon’s total net production for the quarter fell to 390,000 boepd from 435,000 boepd a year ago.

Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks
yesterday
Source: Reuters

Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks

Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections. U.S. WTI crude eased 0.1%, to $42.16, while Brent crude rose nearly 0.2% to $45.25. The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6.

NEO Energy officially takes over Total's UK North Sea fields
Aug. 5, 2020

NEO Energy officially takes over Total's UK North Sea fields

Norway-based private equity company HitecVision-backed NEO Energy has completed the acquisition of UK North Sea assets from Total Oil UK and Total E&P North Sea UK. The acquisition included a portfolio of operated and non-operated assets. The transaction comprises a material and cash generative portfolio of assets in four producing areas of the UK North Sea. It adds production of approximately 23,000 boepd and reserves of 51 MMboe to Neo Energy’s portfolio.

Marathon posts smaller loss than expected, helped by demand recovery
Aug. 5, 2020
Source: Reuters

Marathon posts smaller loss than expected, helped by demand recovery

U.S. oil refiner Marathon Petroleum Corp posted a smaller-than-expected quarterly loss on Monday. The demand recovery helped Marathon post a smaller adjusted loss of $868 million, or $1.33 per share, for the second quarter, compared with analysts’ estimate of a $1.75 loss. Investors had been worried about the refiner’s large debt due over the next five years. About half of the company’s $32 billion in total debt is outstanding through 2025.

Neptune Energy makes major oil discovery at Dugong in North Sea
Aug. 5, 2020
Source: Reuters

Neptune Energy makes major oil discovery at Dugong in North Sea

Britain’s Neptune Energy and its partners have discovered oil at a jointly owned drilling license in the Norwegian part of the North Sea, and will now consider options for how to develop the find. The Dugong well is estimated to contain between 40 million and 120 million barrels of oil equivalent, making it the largest find off Norway so far this year.

Oil prices climb despite growing demand fears
Aug. 5, 2020
Source: Reuters

Oil prices climb despite growing demand fears

Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases. Brent crude was up by 31 cents, at $44.74 a barrel, its highest close since March. U.S. WTI Crude was up by 26 cents, at $41.96 a barrel, its highest close since late July.

Iraq agress to a $4 billion oil refinery contract with JGC
Aug. 4, 2020
Source: Reuters

Iraq agress to a $4 billion oil refinery contract with JGC

Iraq’s government agreed to sign a contract with JGC Corp to build a 55,000 barrels per day refinery in the southern region of Basra. The refinery will produce fuels including liquified petroleum gas, gasoline and gasoil, estimating the cost of the facility at $4 billion.

Maersk Drilling to invest in novel technology for carbon reduction
July 30, 2020
Source: World Oil

Maersk Drilling to invest in novel technology for carbon reduction

Maersk Drilling will invest USD $1m in California-based company Clean Energy Systems to develop a new technology called Carbon-Negative Energy. The novel technology will help produce renewable fuel and power and aid to remove greenhouse gases. Maersk Drilling is working to reduce the emissions associated with offshore drilling in multiple ways.

Bidding for BPCL extends till September end
July 30, 2020
Source: The Telegraph

Bidding for BPCL extends till September end

PSU refiner BPCL has extended the deadline to submit an expression of interest (EOI) for the third consecutive time till 30th September. Sources speculate that the Saudi Aramco, Abu Dhabi National Oil Co, Rosneft of Russia, Exxon Mobil, and RIL are likely to participate in the bidding process. Due to the ongoing global crisis, India is an attractive investment destination for multinationals.

Hess reports second quarter earnings
July 30, 2020
Source: Reuters

Hess reports second quarter earnings

US oil and gas producer Hess Corp underwent a smaller than expected loss on Wednesday. Hess said the average selling price of its crude oil, fell 35.4% in the second quarter to $39.03 a barrel. Its quarterly total costs and expenses fell over 27% to $1.1 billion. Crude prices sank to extreme lows due to the global crisis however higher output and lower costs helped offset a plunge in oil prices.

Apache, Total makes another significant oil discovery offshore Suriname
July 30, 2020
Source: Reuters

Apache, Total makes another significant oil discovery offshore Suriname

Oil producer Apache Corp and its joint venture partner Total SA made their third oil discovery offshore Suriname, sending Apache’s shares up 14% in after-market trading. The third major find was at the Kwaskwasi-1 well drilled offshore Suriname, which comprises 1.4 million acres. The Suriname operations are just across the border from where Exxon Mobil led discoveries off Guyana that are estimated to hold more than 8 billion barrels of oil.

Total books $8 bln in asset impairments
July 30, 2020
Source: Reuters

Total books $8 bln in asset impairments

French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects. Overall, the exceptional asset impairments that will, therefore, be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billion on Canadian oil sands assets alone, this will increase its gearing ratio by 1.3%.

Oil prices reformed, dropping demand still a concern
July 30, 2020
Source: Reuters

Oil prices reformed, dropping demand still a concern

Oil prices changed little on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a recovery in fuel demand just as major oil producers are set to raise output. Brent crude was up 4 cents at $44.13 a barrel. U.S. WTI crude was down one cent at $41.26 a barrel. Prices were anchored on Thursday by demand concerns with a rise in COVID-19, raising the prospect for lockdowns to be reimposed.

New research study suggests ARNCO hardbanding as the market leader
July 29, 2020
Source: Intech

New research study suggests ARNCO hardbanding as the market leader

A recent research study published in the IntechOpen publication has suggested that ARNCO series hardbandings developed by US-based Arnco Technology are the best hardbanding materials currently available. The authors emphasized that the latest products ARNCO 350XT and 150XT can guarantee 100% no crack. The paper titled ‘Research Progress of the Drill String Hardbanding Materials’ reviewed the research history and status quo of hardbanding materials on tool joints.

Oil prcies edge higher, but demand concerns persist
July 29, 2020
Source: Reuters

Oil prcies edge higher, but demand concerns persist

Oil prices climbed on Wednesday after a surprise drop in U.S. crude inventories was enough to offset concerns about U.S. fuel demand amid record increases in COVID-19 infections in some states. Brent crude was up by 0.4%, at $43.40 a barrel. U.S. WTI crude gained 0.3%, to $41.16 a barrel. But, the raging COVID-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market.

Pemex narrows losses in Q2, debt rises
July 29, 2020
Source: Reuters

Pemex narrows losses in Q2, debt rises

Mexico’s Pemex reduced losses during the second quarter even as crude prices fell during the coronavirus pandemic. The 44.3 billion peso net loss during the April-June period was over 16% lower than the nearly 53 billion pesos Pemex lost in the same period last year. During the quarter, Pemex’s financial debt rose nearly $2.4 billion to $107.2 billion, one of the largest of any oil company worldwide.

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