Oil & Gas Equipment

The Biden administration will use oil and gas drilling leases in Alaska's Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The firm will make 400,000 acres (161,874 hectares). readily available to drillers at the auction, the minimum needed by a. 2017 law that mandated the sale. ANWR is a 19-million-acre haven for types including polar. bears and Porcupine caribou. The wild landscape does not have roads and. public centers, however its 1.6-million-acre coastal area along. the Beaufort Sea is estimated to have up to 11.8 billion barrels. of recoverable oil. Alaska's...

A single bank sold a large volume of U.S. oil futures contracts in early afternoon trading on Wednesday, an individual with direct knowledge of the matter stated, pushing rates down more than 1% within minutes and causing traders to rush to understand the factor. The sale, just hours ahead of an OPEC+ virtual conference at which the group is anticipated to extend supply cuts through the end of the very first quarter, left traders scrambling to make sense of the reasoning for the transaction. The bank sold 4,000 great deals of U.S. West Texas Intermediate petroleum futures in a single...

Worldwide oil need will fall to around 80 million to 100 million barrels per day by 2035 in a. netzero environment, BP's primary U.S. financial expert informed an. energy conference in Dallas on Wednesday. Petroleum need has to do with 102 million barrels of oil daily. now, and the forecast assumes renewables and more efficient. automobile increase over that period. But BP's Michael Cohen. said the world will need continued financial investment in fossil fuels to. make sure an organized shift to cleaner energy. Non-OPEC oil supply development will exceed need growth over. the next several years, restricting the ability...

U.S. oil production increased 1.5% in August to a regular monthly record high of 13.4 million barrels per day ( bpd), the U.S. Energy Details Administration (EIA) stated in its month-to-month oil and natural gas production report. That tops the prior record high of 13.31 million bpd in December 2023, the information showed. In top oil-producing states, output in Texas rose 1.7% in August to a record 5.82 million bpd, while in New Mexico output increased 2.8% to a record 2.09 million bpd. That compares with previous record highs of 5.76 million bpd in June in Texas and 2.04 million...

Canada's main stock index rose a little on Friday, led by energy and technology shares, though gains were restricted by telecom shares, while financiers parsed domestic economic information. The Toronto Stock Exchange's S&P/ TSX composite index was up 16.55 points, or 0.07%, at 24,568.1, however was set to sign up a weekly loss. Among sectors, heavyweight energy rose 0.8% as oil prices gained, with simmering Middle East tensions and prepared resumption of Gaza ceasefire talks keeping the marketplace on the edge. Canada's information technology included 0.7%,. benefitting from a 3% increase in Celestica as it continued. its momentum from the...

SLB beat experts' estimates for thirdquarter earnings on Friday, as the oilfield services supplier benefited from stable demand for its drilling equipment and innovation in its global markets and some offshore jobs in The United States and Canada. Shares of the business were up 1% in premarket trading. Excluding charges and credits, SLB published an earnings of 89 cents per share for the quarter ended Sept. 30, compared to an price quote of 88 cents, according to data compiled by LSEG. Offshore exploration and drilling in worldwide markets like the Middle East and Asia have increased need for oilfield services,...

U.S. energy firms today resumed cutting the variety of oil and gas rigs after including rigs recently, with the count falling for a 5th week in 6, energy services firm Baker Hughes said in its carefully followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 588 in the week to Sept. 20. > the overall rig count down 42 rigs, or 7%, below this time last year. Baker Hughes stated the variety of oil well was the same at 488 today, while gas rigs fell by one to 96....

U.S. energy firms this week cut the variety of oil and natural gas rigs operating for a 4th week in a row for the first time given that late June, energy services firm Baker Hughes said in its carefully followed report on Friday. The oil and gas rig count, an early indication of future output, fell by 1 to 582 in the week to Sept. 6, the most affordable because June. > rigs held at 483 today, while gas rigs fell by 1 to 94, their most affordable since April 2021. In the Denver-Julesburg (DJ)- Niobrara basin in Colorado, Wyoming,...

U.S. business Talos Energy stated on Thursday it had actually discovered commercial amounts of oil and gas in a subsea well in the Gulf of Mexico. The business, backed by billionaire Carlos Slim, said the Ewing Bank 953 well's preliminary data showed an approximated 15 to 25 million barrels of oil equivalent (boe) in resources and a preliminary gross production rate of 8,000-10,000 boe each day. The well's very first production is expected to begin in mid-2026, the business added. Houston-based Talos Energy had actually become part of a small list of companies that made considerable discoveries in the oil...

A widening rally in U.S. stocks is offering an encouraging signal to investors worried about concentration in innovation shares, as markets wait for essential jobs information and the Federal Reserve's. anticipated rate cuts in September. As the marketplace's fortunes keep fluctuating with. huge tech stocks such as Nvidia and Apple,. investors are likewise putting cash in less-loved value stocks and. little caps, which are anticipated to benefit from lower interest. rates. The Fed is expected to start a rate-cutting cycle at. its financial policy conference on Sept. 17-18. Numerous investors see the widening trend, which got. steam last month before...

Exxon Mobil said on Monday it anticipates unrefined demand to remain above 100 million barrels per day (bpd) through 2050, similar to today's levels, a. forecast 25% higher than leading European competing BP. The more powerful need projected by the biggest U.S. oil. business in its newest international oil outlook underpins Exxon's. production development plans, the most enthusiastic among Western oil. majors. It did not have a 2050 demand figure in its previous. outlook released in 2023. The business also painted a more mournful view on global carbon. emissions decreases than BP. Improvements in innovation will. permit emissions reductions after...

U.S. oil and gas production reveal even more indications of flattening out or refusing, a delayed reaction to the decline in rates over the last 2 years after the preliminary shock brought on by Russia's intrusion of Ukraine in early 2022. Overall crude and condensates production from the Lower 48 states, leaving out federal waters in the Gulf of Mexico, balanced 11.0 million barrels each day (b/d) in May up from 10.6 million b/d in the very same month a year earlier. The seasonal boost was the smallest considering that the very first wave of the coronavirus pandemic in 2020...

Exxon Mobil want to participate in Hess Corp.'s sale of its Guyana oil production possessions, and extract worth from the work it has actually put into developing the nation's offshore fields, two of its top executives said on Wednesday. A three-person panel in May is to choose whether Hess's deal to offer itself to Chevron can go on its initial terms. A. difficulty by Exxon and CNOOC Ltd has stalled the second-largest. deal in a recent wave of oil megamergers. Exxon wants a role in any sale of Hess's 30% stake in its. Guyana holdings and a choice on the...

5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022. Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and...

Brazilian staterun oil giant Petrobras is thinking about changes to guidelines on the payment of remarkable dividends as part of its new fiveyear strategic plan, Chief Financial Officer Fernando Melgarejo said on Monday. Melgarejo, without offering further details, said the firm might change its current minimum cash level of $8 billion and disperse any excess cash to shareholders, while looking for a. minimum money level that warranties Petrobras' operations. It was uncertain if the move would be to raise or decrease the. minimum money level. Sao Paulo-traded shares of Petrobras pared some earlier. losses following the news to trade near...

Shares in U.S. oil manufacturer Hess suffered their biggest day-to-day portion drop in 20 months on Thursday on fallout from the lengthy brand-new delay to its proposed sale to Chevron An arbitration panel arranged to hear an Exxon Mobil challenge to the $53 billion sale will not meet until next May, pressing back any closing until the second half of 2025. The 2 business initially had hoped to conclude the merger previously this year. Hess' stock fell $11.25, or 7.35%, the largest day-to-day percentage drop since November 2022. Chevron shares were also off 4%, or $6.57, at $153.93 in midday...

British oil and gas manufacturer BP, Venezuela's state oil business PDVSA and Trinidad and Tobago's National Gas Company are speeding settlements for a Venezuelan license to develop gas deposits in the Caribbean Sea, 4 individuals knowledgeable about the matter said. The companies in 2015 resumed settlements for establishing the Cocuina-Manakin gas field on the maritime border between Trinidad and Venezuela, which includes about 1 trillion cubic feet of gas. The talks have progressed because the U.S. in May gave an permission for the task, supplying an exemption to energy sanctions on Venezuela. The parties now aim to sign the Venezuelan...

The head of Brazil's ecological agency stated on Wednesday that he anticipates a choice soon on state-owned oil business Petrobras' demand to conduct exploratory studies in an area called the Equatorial Margin, as both the business and the federal government push for a drilling license. Petrobras has been looking for to explore the northern most part of the Equatorial Margin, near the mouth of the Amazon River, however got a traffic signal from environment guard dog Ibama in May of in 2015 due to concerns over the possible influence on Native communities and the environment. Ever since, Petrobras has been...

Venezuelalinked lender G&A Strategic Investments has submitted a claim in Texas state court seeking to recover $1.5 billion from promissory notes defaulted by Venezuela's state oil company PDVSA, according to a. court document seen on Tuesday. The suit was filed in Harris County District Court. against PDV Holding, among the business in between. Caracas-headquartered PDVSA and its U.S. refining. system, Citgo Petroleum. Shares in PDV Holding are being auctioned by a federal court. in Delaware to pay up to $21.3 billion in claims from past. expropriations and defaults in Venezuela. This new lawsuit could. complicate an auction that is expected...

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Thursday: ** New Period Cap, a provider of major U.S. sports league headware, has accepted acquire sports lifestyle brand name '47,. people familiar with the matter stated. ** Investment company MNC Capital has raised its offer to. get sporting and outside items company Vista Outdoor. to $39.50 per share, or over $3 billion, the investment. company said. ** Dolby Laboratories said it was getting GE. Licensing, an intellectual property service targeting the. customer digital media and electronic devices sectors, in a $429. million offer. ** Trading platform...

Italy is intending to sign a. letter of intent with Germany and Austria to accelerate. development of a more than 4billion euro ($ 4.35 billion). southern pipeline for supplying hydrogen to main Europe,. sources near to the matter told on Tuesday. The administration of Giorgia Meloni has actually laid out strategies to. turn Italy into an energy entrance and in 2015 it signed with. Germany and Austria a joint letter for a hydrogen-ready pipeline. between North Africa and Europe. The European Union aims to produce 10 million metric tons. and import 10 million lots of eco-friendly hydrogen by 2030 in...

An Exxon Mobilled oil consortium will need to choose by October whether it will proceed and establish a big natural gas find off the coast of Guyana, the country's vice president said on Thursday. The government has actually been pressing for a gold mine from mostly untapped gas reserves found by the Exxon-led group. The consortium, that includes Hess Corp and CNOOC Ltd. , is needed under its production contract to return. to the federal government by October about 20% of its huge Stabroek. block if that area stays undeveloped. Exxon has said it wishes to finish an appraisal of...

Argentina's oil production in the key province of Neuquen reached a record high in April, driven by increased activity in the huge Vaca Muerta shale development, the city government stated on Tuesday, edging up to around 390,326 barrels daily. The embattled South American country is making a significant push on energy output in Vaca Muerta, the world's second-largest shale gas reserve and fourth biggest for shale oil, where state energy company YPF leads development along with local and international firms. Petroleum production rose around 19% compared to April 2023 and has notched a similar boost so far this year, the...

A severe cold snap in Argentina has actually required gas providers to hit the breaks on fuel distribution to filling station and markets around the nation, companies stated, restricting supply to those on contracts which allow them to be cut in such situations. Half of the clients of Camuzzi Gas Pampeana, which supplies 269 gas stations in the provinces of Buenos Aires and La Pampa, has been impacted, spokesperson Rodrigo Espinosa informed . The primary goal is to provide concern to the gas available in the main pipelines to the top priority demand: homes, services, healthcare facilities, federal government firms,...