fetching latest news
Halliburton has introduced a new logging-while-drilling technology, PixStar High-Resolution Ultrasonic Imaging Service. With the help of this new technology, operators will get real-time images of the borehole which will make it easy for them to identify fractures. It will also improve well stability and optimize completion design. PixStar has ultrasonic transducer through which high-resolution images are developed.
Uncertainty over the progress of US-China trade talks led to the drop in oil prices on Tuesday. Rise in crude output of Saudi Arabia brought back the fear of oversupply in the market. WTI dropped by 0.3% and was traded at $56.68 a barrel. Brent went down by 0.2% and was traded at $62.04 a barrel.
India's downstream giant IOCL has received clearance from the Ministry of Environment to set up 2G ethanol plant. This Rs 766 crore plant will be set up in Haryana's Panipat district. Union Environment Minister took social media platform to inform that "This project not only promotes use of environment-friendly fuel but also aids in fulfilment of government's goal of doubling farmers' income".
On Monday, oil prices fell on the back of doubts over the trade deal between the US and China. Concerns of the excess of supply also affected the market. Brent slipped by 0.9% and was traded at $61.96 a barrel. WTI went down by 0.8% and was traded at $56.77 a barrel. Further, oil cartel OPEC and its allies will meet in December to discuss their future decisions.
Oil prices remained unchanged on Thursday carrying the losses of the previous session. The interim deal between the US and China to boil down the ongoing war has been delayed. Brent was at $61.74 a barrel while WTI was at $56.32 a barrel. Further, the US crude exports have been hit hard last week which led to the drop of nearly 1 million barrels to 2.4 million barrels per day.
According to the sources, China is planning to invest $5 billion to $10 billion in the oil giant Aramco's planned IPO. State-owned oil producer Sinopec and sovereign wealth fund China Investment Corp are among the parties who have been discussing to buy stock in the offering. But the lineup of investors and investment size will finally depend on the Chinese government.
Angola’s national oil, gas and biofuels agency ANGP has informed about forming a consortium with five international oil companies including Eni and Chevron. The consortium will work on developing liquefied natural gas (LNG) for the Soyo plant. With an initial cost of $2 billion, the project is anticipated to begin production by 2022, an ANGP spokesman said.
US oil major, Marathon Oil Corp yesterday registered a 44.5% dip in quarterly adjusted profit, stressed by weak crude and gas prices which limited the gains from higher output in its U.S. shale basins. Marathon Oil’s total production in the quarter rose 6.5% to an average of 425,000 barrels of oil equivalent per day (boepd), excluding divestitures.
Canadian firm, Husky Energy has informed about concluding the sale of its Prince George Refinery to Tidewater Midstream and Infrastructure. The deal was finalized for $215 million in cash, excluding a closing adjustment of about $53.5 million. Apart from the deal, Husky also inked a five-year offtake agreement with Tidewater for refined products from the refinery.
Occidental Petroleum yesterday reported $93 million in adjusted net income, disappointing the consensus estimate. The oil major, who recently acquired Anadarko, steered clear of the immediate impact of the acquisition move. Occidental's production in the quarter reached 1.155 million barrels of oil equivalent per day (BOE/D), up 70% from the corresponding quarter last year.
Oil prices slipped in the international market on Wednesday, as US inventory data revealed larger-than-expected build up in crude stockpiles. Benchmark Brent crude futures dropped 0.6%, to $62.60 a barrel. US WTI crude futures CLc1 slipped to 0.5%, to $56.94 per barrel. API data released yesterday showed a rise of 4.3 million barrels in the U.S. crude inventories last week.
Viewport3 is a Subsea 3D scanning specialist and has bagged two pre-removal scanning contracts. These contracts have a combined value of £100k. After securing these contracts the company will embark its new journey in the decommissioning market. The technologies provided by Viewport3 will help the operators in making decisions about the removal of items from the seabed, reduce ad-hoc engineering and minimize time spent offshore.
Total E&P South Africa has given a conditional letter of award for a 2D seismic acquisition and fast-track processing project to Shearwater Geoservices. This will also be Shearwater’s first project offshore South Africa. The two-month-long project will commence in Q4 2019 and includes fast-track processing, facilitated by Multi-Purpose Vessel (MPV) SW Cook and experienced processing teams.
Oil prices held ground on Tuesday, as investors remained hopeful ahead of US inventory data release today. While Brent crude futures rose to $62.17 a barrel, US WTI crude futures CLc1 slipped to $56.53 a barrel. A Reuters poll released on Monday showed a rise in U.S. crude oil inventories last week, while a decline was observed in the stocks of the refined products.
Saudi Aramco has started its Initial Public Offering (IPO). Aramco has also shared a few specifics on the number of shares to be sold, pricing or the date for a launch. The company could offer 1%-2% of its shares on the local bourse. Its Chairman said, "Today is the right opportunity for new investors to reap the benefits of Aramco’s ability to achieve value, and boost it on the long-term”.
In an unprecedented move, the UK government has effectively banned the controversial practice of hydraulic fracing, dealing a severe blow to the fracing industry. The move came just weeks ahead of a general election, putting an end to the technique in the UK after growing concerns about earthquakes in the region. The decision will serve as a major roadblock to firms like Cuadrilla Resources Ltd. and Ineos Group Ltd.
Oil behemoth, Saudi Aramco has said that it registered a net income of $68 billion during the last nine-month, which ended on September 30. Aramco recorded $244B in revenues and other income related to sales for the same period. The company recently announced its intention to list shares on the Saudi stock exchange. Aramco also said that Saudi nationals subscribing to the listing will remain eligible to receive bonus shares.
Oil prices slipped on Monday, as investors remained cautious ahead of fresh European and U.S. economic data, despite hopes linger for some resolution to the U.S.-China trade war. Brent crude futures LCOc1 dropped to $55.94 a barrel. US WTI crude futures CLc1 for December delivery dipped to $61.42 a barrel. The European Union and the United States will be releasing manufacturing data today.