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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.
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 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 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.
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.
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.
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 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’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 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.
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.
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.
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.
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 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.
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 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.
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.