Oilfield NEWS

Leading manufacturer of Casing & Cementing accessories, Crimson Oil Tools has made a successful contract delivery to Europe’s Drillwerk. Crimson had secured the contract in July 2019 for the delivery of Casing & Cementing accessories to be utilized in upstream operations. Mayank Sharma, MD of Crimson Oil Tools, said, “With the delivery of this contract, we build on the continued success to deliver high-quality Casing & Cementing accessories”.

Pemex has received approval from Mexico’s National Hydrocarbon Commission (CNH) to develop onshore and offshore exploration opportunities. The firm has committed a 25-year investment of $10-billion. Pemex has planned to develop 22 new offshore fields in 2019. According to the current plan, Pemex will invest $330 million for the development and extraction operations in its Octli field.

Neptune Energy has decided to acquire interests in some of Wintershall Dea's oil and gas fields in Emsland and the Grafschaft Bentheim. This agreement will help Neptune increase its existing interest in the Bramberge, Meppen and Annaveen oilfields. This final transaction will take place after regulatory and partner approvals. Its expected completion is in the third quarter of 2019.

Oilfield services giant, Halliburton registered a second-quarter profit, beating analysts’ estimates. The firm’s quarterly report sent Halliburton’s shares to their biggest one-day gain in almost three years. While revenue for the firm dropped by 13.2% in North America, Halliburton registered a jump of over 12% in revenue from international markets to $2.60 billion.

Libyan state-run National Oil Corp. informed on Saturday about the shutdown of the country’s largest oilfield, El-Sharara due to suspected valve closure. NOC has launched an investigation on the matter. The El-Sharara oilfield, which pumps 290,000 bpd, has often been targeted by protesters or armed groups. NOC officials have revealed that the shutdown will cut Libya’s oil production to more than one million bpd.

World’s largest oilfield services firm, Schlumberger yesterday released its second-quarter earnings, posting $8,269 million in total revenues. Schlumberger’s revenue remained almost the similar from the same quarter in the previous year. The oilfield service giant’s second quarter earnings climbed on the back of the contributions from drilling operations in the international markets.

Aberdeen-based Sparrows Group has secured its first contract to deliver rigging loft maintenance services in Qatar. Under the 4 year-contract, Sparrows will carry out the refurbishment, repair, load test and recertification of rigging lofts and contents. The company will deliver services through its newly established rigging loft management workshop within its Qatar facility.

Sources have revealed that Keane Group Inc and C&J Energy Services will soon announce a merger to form a $1.5 billion-U.S. oilfield services company. Houston-headquartered Keane and C&J have market capitalizations of $733 million and $708 million, respectively. The proposed merger is in line with the current industry trend where services providers are trying to gain scale in order to save on costs by removing the overlap.

According to the sources, mining and trading company Glencore will sell its oilfields in Chad. Its main producing fields are Mangara and Badila. The assets were put on sale less than a month ago. And now, a data room including drilling and seismic details have also been opened. This sale is jointly run by Morgan Stanley and Natixis banks.

BHGE will inaugurate its multimodal facility (MMF) for oil and gas in Luanda, Angola. This facility will support customers and projects in Angola and the Southern Africa region. It has the capability to deliver a suite of products and services across the oil and gas value chain which includes oilfield services, oilfield equipment, turbomachinery & process solutions, and digital services. Lunda's facility is the reflection of BHGE's localization strategy.

Equinor has decided to close the Statfjord A platform. It is after 43 years since the platform produced first oil that it will be shut down. Statfjord A has till date produced more than five billion barrels of oil and gas and £132 billion in revenues. The energy major has informed that the other two platforms of Statjford, Statfjord B and Statfjord C will be online until 2025, at least.

Baker Hughes has posted pre-tax profits of £106million in the first quarter. The performance of the oilfield service business of the company was a bit disappointing but oilfield equipment 'delivered another strong orders quarter'. “The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market”, said BHGE's CEO.

US-based integrated service solutions provider, Danos has informed about reaching a tentative agreement to acquire oilfield service company, Shamrock Energy Solutions. The deal which is expected to come in effect in March 2019, will increase Danos’ portfolio service offerings multifold. Danos will also get Shamrock’s 1,000+ employees, uplifting it as one of the largest service providers.

Oilfield services major, Halliburton registered $688 million in profits for the fourth quarter, wrapping up the year with a $1.66 billion in profits. Halliburton CEO Jeff Miller said in a statement that the company’s performance was optimized in North America while the softer domestic market was offset through its international business. Halliburton’s fourth-quarter earnings stayed in quite a contrast with Wall Street expectations.

Australia-based UGL has received contract extensions from its clients to continue the maintenance and turnaround services. The CIMIC unit said that total revenue generation from these contracts will reach approximately AUS$200 million. MD, UGL said: “We are proud of our close working partnerships with leaders in the oil and gas sector in Australia. These contracts reflect UGL’s reputation for strong performance and safe delivery of maintenance and shutdown services.”

The stock price of oilfield services giant, Schlumberger has plummeted by more than 40% in the last few months. While the market cap of Schlumberger is more than double of Halliburton and Baker Hughes’ combined, its annual revenue has dropped significantly. The firm is currently trading with a P/E of 18. However, Schlumberger has managed to have an incredibly strong performance, particularly from its turnkey solutions.

Qatar Petroleum (QP) yesterday entered into an agreement with Italian energy multinational, ENI to acquire stakes in three oilfields, offshore Mexico. Briefing at a news conference in Doha, QP CEO Saad al-Kaabi informed about QP acquiring 35% stakes in in the Mexican oilfields. Production at these fields is projected to commence by mid-2019, which will be then ramped up to 90,000 bpd by 2021.

ADNOC has awarded Zhenhua Oil 4% stakes in its onshore oil concession which was previously owned by CEFC China Energy Co. Ltd. Zhenhua Oil is China’s state owned oil company and is indirectly owned by the Assets Supervision and Administration Commission of the State Council. CEFC bought 4% stakes in onshore oilfields of ADNOC in February 2019 for $900 million.