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Schlumberger NV on Friday raised its annual revenue forecast after beating analysts' second-quarter earnings expectations, buoyed by higher demand for its oilfield services and equipment. The company has benefited from a boost in activity driven by stronger oil and gas prices. Global crude prices hovered above $100 per barrel last quarter, fueled by tight supplies following Western sanctions on Russia, a major producer, and as energy consumption returned to near pre-pandemic levels.
French multinational contractor SNF Flopam has won new enhanced oil recovery work for India’s state-owned giant Oil & Natural Gas Corporation.
U.S. shale producers and OPEC, who not long ago were waging a price war, this week found themselves on similar sides as oil prices have surged well above $100 a barrel: in no rush to rapidly boost production.
Baghdad (IraqiNews.com) – A signing ceremony took place for the preliminary principles agreement for the Al-Faw Investment Project and the Petrochemical Complex. The contract was signed by the Director General of South Refineries Company, Hussam Hussein Wali, on behalf of the Ministry of Oil, and Yu Fang Chunk, General Manager of Hualu Company, on behalf of the Chinese side. The agreement was signed in Baghdad, Iraq. The Al-Faw Investment Refinery Project is expected to bring in a capacity of 300,000 barrels per day. Ihsan Abdul-Jabbar Ismail, Minister of Oil, said that the mega project will improve the role of Iraq in the manufacturing and petrochemical industries and contribute to sustainable development, adding that the project value is between $7-8 billion dollars and could increase up to $29 billion dollars. According to the Ministry of Oil, Ismail emphasized that this contract is the largest in the Iraqi energy industry and will enhance the role of Iraq in this field.
Deir Ezzor province: SOHR activists have reported hearing explosions in the eastern countryside of Deir Ezzor, after three rockets hit an area near Al-Jafrh oil field in the SDF-held town of Jadid Ekaydat. According to sources, the rockets were fired from positions of regime forces and Iranian-backed militias in Jabal Al-Ommal in Deir Ezzor city. However, no casualties have been reported. Observatory sources reported earlier today that ISIS cells attacked posts of “Al-Qatarji” militia and National Defense Forces in the vicinity of Al-Kharata oil field in south-west Deir Ezzor desert on Sunday evening. According to Syrian Observatory sources, ISIS attack left 12 members of “Al-Qatarji militias and NDF wounded. “Al-Qatarji” and NDF members had withdrawn after regime forces’ support arrived and warplanes intervened.
It is very much a feature of the media that some of the most important stories get the least attention – t'was ever thus. But the news that Royal Dutch Shell had scrapped plans to develop the North Sea Cambo oilfield is a major event. Reuters noted that the field, situated off the Shetland Isles, had become a "lightning rod" for climate activists who had been seeking to halt all development of oil and gas resources. And now, it looks as if Shell has given up the unequal struggle.
Bloomberg) --Iraq is discussing a “giant” agreement with French oil giant Total SE to build large infrastructure installations, develop oil fields and produce gas, Oil Minister Ihsan Abdul Jabbar told Asharq News in an interview that aired on Saturday.The agreement is giant, and the volume of the investment exceeds $7 billion,” the minister said.
About 50 workers were infected by the novel coronavirus during an outbreak in recent weeks at a production well owned by Brazilian oil firm Dommo Energia SA, two regulatory sources with knowledge of the matter told Reuters. The production well, at the offshore Tubarao Martelo field, has been paralyzed since early May, added the sources, who requested anonymity to discuss private operational matters.
More than 400 people have tested positive for the coronavirus at Kazakhstan's top-producing oil field, health officials said on Friday. The number of infections at the giant Tengiz oil field rose from 17 on Thursday to 401 by Friday, according to officials in the Atyrau region. Kazakh state company KazMunayGas, ExxonMobil and LukArco - a subsidiary of Russia's Lukoil - are stakeholders in this project.
Oilfield services giant, NOV yesterday reported first-quarter 2020 revenues of $1.88 billion, compared to $1.94 billion from the same quarter last year. Net loss attributed to NOV was $2.05 billion, which included non-cash, pre-tax charges and other items of $2.25 billion. Clay Williams, Chairman, President, and CEO, said, “NOV is persevering through a pandemic that is presenting historic and extraordinary challenges to the oil and gas industry on several fronts,”.
As the world economy struggles against the coronavirus pandemic, US-based Chesapeake Energy has cut off 200 jobs in Oklahoma. The state, on Wednesday, informed about the job losses. While half of the job cuts were at Chesapeake’s Oklahoma City headquarters, the other half was lost in the oilfield, according to the Oklahoma Office of Workforce Development. Chesapeake has not responded to a request for comment.
Market researcher, Rystad Energy has forecasted over one million jobs in the oilfield service industry to be lost in the wake of coronavirus outbreak. The looming layoff wave is being attributed to low project volumes because of the Covid-19 pandemic. The oilfield services industry employs over five million people globally. Analysts at Rystad Energy predict that the contractors will drop at least 21% of their workforce.
Libyan state-run National Oil Corporation yesterday informed that the country's oil production fell by almost 80% ever since the Libyan National Army blocked its five key ports on January 18. The blockade has pushed the oil major to enact force majeure on exports from the terminals. NOC took to Twitter to inform that Libya's oil output tumbled to 284,153 b/d on January 24, from over 1.2 million b/d.
Oilfield services major, Baker Hughes Co's adjusted profits ramped up by 49.2% in the fourth-quarter on Wednesday, buoyed up by higher orders in its oilfield services unit. The Texas-based giant saw an adjusted net income climbing to $179 million in the three months ended Dec.31, from $120 million for the same quarter last year. Total revenue rose from $6.26 billion to $6.35 billion.
Iraq has decided to increase production from oil fields in Basra after the production from Nassiriya oil fields were stopped abruptly by protestors. The move aims at preventing the country's export and production from declining. Iraq can also increase the production from Majnoon oil fields to cope up with the situation. However, it is a tense situation as Nassiriya produces 80-85,000 BOPD and this is the first time when protestors have shut an entire oilfield.
Brazilian state-run Petrobras has completed the sale of 34 onshore oilfields in Rio Grande do Norte state to a subsidiary of PetroReconcavo SA. The Brazilian oil major informed about the $266 million deal through a market filing on Monday. The sale is consistent with Petrobras’ divestment strategy to lessen its debt load and focus more on deepwater exploration and production.
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”.