Oil & Gas Equipment

Britain's decision to increase a windfall tax on oil and gas producers to assist pay for its push to grow renewables will result in a sharp drop in earnings and accelerate the ageing basin's decline, North Sea drillers stated. The new Labour government revealed on Monday it will increase the Energy Profits Levy (EPL) by 3% to 38% starting Nov. 1, bringing the headline rate of tax on oil and gas activities to 78%, among the greatest on the planet. It will also ditch the levy's 29% investment allowance, which enables companies to offset tax from capital that is re-invested....

U.S. oil need rose to a seasonal record in May as American vehicles guzzled one of the most gasoline given that before the pandemic, information from the U.S. Energy Details Administration (EIA) revealed on Wednesday. Overall crude oil and petroleum item provided, the EIA's proxy for need, increased by 792,000 barrels daily (bpd). month-over-month to 20.80 million bpd in May, the data revealed. That is the greatest regular monthly figure because August, and a record. high for the month of May. The information marks a considerable reversal in the trajectory. of U.S. oil demand: weekly updates from the EIA had...

Brazilian prosecutors, who have advised that environmental firm Ibama block drilling by staterun oil business Petrobras near the mouth of the Amazon river, have required that Ibama react within 3 days, a document seen shows. The federal prosecutors office (MPF), an independent agency, filed a July 22 notice that appeared on Ibama's system on Monday, cautioning that an unjustified hold-up in responding could have civil, administrative and chastening consequences. The deadline of three working days will start from the minute Ibama confirms it was informed, the MPF said in a. declaration to Reuters, including that the existing notice was. sent...

Brazilian district attorneys, who have advised that environmental firm Ibama block drilling by staterun oil company Petrobras near the mouth of the Amazon river, has actually demanded that Ibama react within three days, a document seen shows. The federal district attorneys workplace (MPF), an independent firm, filed a July 22 notice that appeared on Ibama's system on Monday, cautioning without citing a date that an unjustified hold-up in responding might have civil, administrative and penal consequences. Petrobras, MPF and Ibama did not right away respond to ask for remark. In May 2023, Ibama denied Petrobras' ask for an offshore drilling...

Personal equity firm EQT has actually initiated a tactical evaluation of the U.S. operations of Spanish amusement park operator Parques Reunidos that might result in a sale of the business, according to 2 sources familiar with the matter. JP Morgan is conducting the evaluation, which might lead to the sale or merger of the 15 leisure centres that the business runs in the U.S., the sources stated on condition of anonymity due to the fact that the discussions are private The evaluation is at an early stage, and it is early to predict its outcome, according to one of the...

Mexico's stateowned oil business Pemex swung to a 256 billion peso ($ 14 billion). secondquarter bottom line on Friday, red ink the energy giant. chalked up to lower sales, a greater expense of sales and large. currency exchange losses. The quarterly loss compared to a net revenue of more than. $ 25.4 billion in the same period of in 2015. Pemex stated the loss would have been even higher if not for a. lower tax expense and a slower rate of wear and tear of fixed. possessions, according to a filing with the Mexican stock market. Revenue for among the...

Oilfield services firm Baker Hughes beat experts' estimates for secondquarter earnings on Thursday, powered by greater demand for its drilling services and equipment in international markets. The outcomes echo those from SLB and Halliburton , as strong global need assists the world's largest oilfield firms counter weakness in The United States and Canada due to mega mergers amongst oil majors and uninspired natural gas prices. International rig count, a sign of future production, was partially up at 963 on an average in the second quarter, from a year earlier, according to Baker Hughes information. Total earnings from Baker Hughes' worldwide...

Baker Hughes cut its outlook for costs by oil producers on Friday, mentioning lower drilling activity by North American companies, signing up with other oilfield service business in cautioning about softness in the region. Nevertheless, the company raised its full-year profits and earnings estimates, banking on strong global growth and demand for gas devices. Shares of the company, which beat analysts' price quotes for second-quarter earnings on Thursday, rose 4% to $36.99. Lukewarm demand and a wave of mergers have actually constrained producer spending plans in The United States and Canada, with service business betting on worldwide and overseas markets...

U.S. oil manufacturer Occidental Petroleum is nearing a deal to offer its possessions in the Barilla Draw region of Texas to Permian Resources for about $1 billion, people acquainted with the matter informed on Thursday. The 2 companies remain in the procedure of settling the deal that might be revealed in the coming weeks if the talks don't. break down, the sources stated, cautioning that a deal is not. ensured which a competing suitor for the Permian basin assets. might emerge. The sources asked for privacy as the conversations are. private. Occidental and Permian Resources did not. instantly reply to...

The quantity of electrical energy produced by wind farms in the U.S. fell to a 33month short on Monday, requiring power generators to crank up naturalgas fired plants to keep a/c humming throughout a hot summertime day. Over the past few years, much of the cash energy firms have purchased new generation has gone into renewable power sources like wind and solar. But when the wind stops blowing and the sun does not shine, gas is still required to keep the lights on. Wind power in the Lower 48 states produced about 335,753 megawatt hours (MWh) on July 22, the...

Glenfarne Group LLC's Texas LNG and EQT Corporation have carried out a 20year tolling agreement for natural gas liquefaction services for 2 million tonnes per year (MTPA) of LNG, the energy business stated on Tuesday. This agreement follows 2 Heads of Arrangement signed by Texas LNG and EQT previously this year. Tolling arrangements are fee-for-service handle which the gas company pays the company to transform gas to LNG, which it then sells to its customers. Glenfarne's partnership with EQT will bring low-emission natural gas to transitioning and emerging markets, powering the world's stage out of legacy, carbon-intensive fuels, Glenfarne CEO...

EQT Corp published a. smallerthanexpected secondquarter loss on Tuesday, as the. natural gas manufacturer benefited from greater sales volumes,. sending out shares up nearly 1% after the bell. Natural gas prices increased in April and May, triggering. some drillers, including EQT and Chesapeake Energy, to. boost output so far in June and July. EQT is the country's biggest gas manufacturer, however Chesapeake is. on track to take its location after its scheduled merger with. Southwestern Energy. Overall sales volume for the April-June quarter rose to 508. billion cubic feet comparable (bcfe), compared with 471 bcfe in. the year-ago quarter, well...

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 partners in Israel's. Leviathan gas field stated on Wednesday they prepared to invest up. to $500 million to expand its capability after the government. authorized the export of more natural gas from its offshore fields. to boost the economy. Energy Minister Eli Cohen said the decision to more than. double the amount of gas enabled exports would enhance. diplomatic ties, enhance Israel's energy security and bring an. included windfall to the economy. His ministry okayed for the export of an. additional 118 billion cubic metres of natural gas from the east. Mediterranean reserves, beyond the 105 bcm previously authorized....

U.S. melted gas (LNG). supplier NextDecade has actually signed a nonbinding arrangement. with Saudi Aramco to provide 1.2 million tonnes per. year (MTPA) of LNG for 20 years, the companies stated on. Thursday. The offer comes at a time when Aramco is looking for to. reinforce its position in the LNG market, which is set to grow. internationally by 50% by 2030, especially in the United States, where. LNG capacity is set to nearly fold the next 4 years. Aramco stated the deal became part of its efforts to expand its. existence in global energy markets. Under the terms, LNG...

QatarEnergy signed a deal on Wednesday to provide Taiwan's stateowned oil company CPC with liquefied gas (LNG) for 27 years and giving it a stake in the Gulf state's gas growth project. The state-owned Qatari company said that it will supply CPC with 4 million tons per year (mtpa) of LNG from the North Field East, the eastern growth of the job. CPC will likewise take an equity stake because part of the job, QatarEnergy's declaration stated. The stake is the equivalent of 5% of one LNG train with capability of 8 million metric loads a year. This transfer will...

Oil futures rates have been up to the most affordable level for four months and calendar spreads have plunged after OPEC+ ministers indicated their intent to begin increasing production from the fourth quarter of 2024. Front-month Brent futures closed at $78 per barrel on June 3, the first day of trading following the OPEC+ ministerial conference on June 2, up just $2 per barrel compared with the exact same time in 2015. Front-month Brent futures traded at a premium of $1.50 per barrel over contracts 6 months further forward (56th. percentile for all months because 2000) down from an average...

Oil rates fell on Friday and published a weekly loss as financiers awaited an OPEC+ conference on Sunday that will figure out the fate of the manufacturer group's. output cuts. Brent futures for July delivery were down 24 cents,. or 0.3%, to $81.62 a barrel, while the more liquid August. agreement was down 77 cents, or 0.8%, at $81.11. U.S. West Texas Intermediate (WTI) unrefined futures fell 92. cents, or 1.2%, at $76.99. For the week, Brent calmed down 0.6%, with WTI posted a 1%. loss. It's the uneasiness ahead of the OPEC conference over the. weekend, said Matt Smith,...

The following are the leading stories on the business pages of British newspapers. has not confirmed these stories and does not guarantee their precision. The Times - Private equity executives have actually gotten a tax break worth as much as 4 billion pounds ($ 5.09 billion) under the brought. interest guidelines that UK's Labour Party prepares to abolish if it. wins the basic election. - State subsidies for brand-new offshore wind jobs might not be. generous enough to drive the tasks needed to achieve targets. for increasing tidy energy, climate advisor to the UK government. Environment Modification Committee has actually...

The following quotes, mergers, acquisitions and disposals were reported by 1930 GMT on Friday: ** Spanish bank BBVA asked stock exchange manager CNMV to authorise its 12.23-billion-euro hostile takeover offer for smaller rival Sabadell, a potential tie-up of lenders that Madrid opposes. ** Swiss personal bank Julius Baer held talks with EFG International about a possible takeover in current months however the discussions have stopped, individuals with knowledge of the matter told . ** British IT services group Redcentric is in the early stages of talks over a sale of the company to Milan-listed Wiit medspa, it stated. ** Private...

The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Friday: ** U.S. investment company KKR is expected to get genuine EU antitrust approval to purchase Telecom Italia's. ( TIM) fixed-line network after consenting to keep. business contracts with TIM rivals, individuals with direct. knowledge of the matter said. ** Spanish holding company Criteria stated it had actually become the. second-biggest shareholder in a/c after purchasing a 9.4%. stake in the construction business for 983 million euros ($ 1.06. billion), as it broadens its financial investments in leading companies in. Spain. ** Italy has actually approved a...

Asian area melted gas (LNG) prices increased this week to its greatest levels given that January, as heat throughout the region spurred more demand for the superchilled fuel, and as it tracked gains in European gas costs on the back of maintenance outages and lower wind output. The average LNG cost for July delivery into north-east Asia rose to $10.90 per million British thermal systems ( mmBtu), up from $10.50/ mmBtu in the previous week and its strongest levels considering that Jan. 5, market sources estimated. Asian provided rates have actually edged higher in the previous few days ... as...

Oil futures edged up on Monday after Saudi Arabia hiked June crude rates for many regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing worries the IsraelHamas dispute might still expand in the crucial oil producing region. Brent unrefined futures climbed up 28 cents, or 0.3%, to $ 83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate unrefined futures were at $78.40 a barrel, up 29 cents, or 0.4%. Saudi Arabia raised the official selling prices (OSPs) for its unrefined offered to Asia, Northwest Europe and the Mediterranean in June, signalling expectations of strong...

U.S. regulators offered the goahead on Thursday to Exxon Mobil's $60 billion purchase of Leader Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to conspire with OPEC to raise oil rates. Former Pioneer CEO Scott Sheffield collaborated efforts with U.S. shale oil manufacturers to constrain their output and raise energy rates, the Federal Trade Commission said. Commonly thought about the dean of U.S. shale since of his long period and blunt talk about market output and spending, Sheffield used his influence to line up oil production across the Permian Basin in West Texas and...