SLB beats profit estimates on North America demand, ChampionX deal boost
SLB surpassed Wall Street expectations for the third-quarter profits on Friday as steady demand in North America, and contributions from its ChampionX acquisition, helped offset weakening activity in oilfields in other regions. After months of reduced expenditure, the U.S. Oilfield Market appears to have stabilized, but SLB's main profit generator, international demand, is still tepid. Baker Hughes' latest data confirms increased oilfield activity across North America.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 when Trump first imposed tariffs on Chinese products.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drill bits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 early in February.
Peru Minister touts Saudi mining interests and Chevron offshore Potential
A top minister announced on Tuesday that Peru is seeking major investments from Saudi Arabia, as well as the U.S. oil company Chevron, to develop its energy and mining resources. This is part of a broader strategy to revitalize this sector. Peru, the third largest copper producer in the world, is pushing to jumpstart investments, which have slowed down over recent years due to political unrest and social conflict.
Iraq signs contract with BP for development of Kirkuk oilfields; initial target is 328,000 bpd
Iraq's oil ministry announced on Thursday that it has signed a contract with BP for the development of Kirkuk oilfields. The initial production target is 328,000 barrels a day. The agreement was signed in early this year and involves BP and Iraq's North Oil Company and North Gas Company working together to rehabilitate the Baba and Avana Domes of the Kirkuk Field, as well the Jambour Bai Hassan and Khabbaz field.
TotalEnergies sells Norwegian oil assets Vaar Energi to reduce debt
TotalEnergies announced on Wednesday that it had agreed to divest its interests in mature oil fields offshore Norway. This is the latest step in an overall divestment plan aimed at reducing debt. French oil major announced that the transaction should close by the end of the fourth quarter this year. In order to reduce the company's leverage, it is focusing on assets that are more profitable. Patrick Pouyanne…
In August, Kazakhstan's oil production and condensate output increased by 3% compared to the previous month
Official data released on Friday showed that Kazakhstan's oil production and condensate output increased to 8,885 metric tons from 8,631 metric tons in July due to the growth of Tengiz and Karachaganak oilfields. Calculations show that the August figure is equivalent to 2.150 million barrels of oil per day. Kazakhstan has reaffirmed its commitment to the pact despite exceeding the quotas established by the Organization of the Petroleum Exporting Countries (OPEC+)…
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration.
Sources say that Exxon has signed an initial agreement with Rosneft in order to map out a possible route to recover Russian losses.
According to sources familiar with these talks, U.S. oil giant Exxon Mobil signed an initial non-binding agreement to help Exxon recover a $4.6 billion loss it took on its Russian activities in 2022 due to Moscow's invasion in Ukraine. The agreement is a first step in repairing the commercial ties between the two nations, but little progress will be made until Moscow has made enough progress towards…
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombian state energy company Ecopetrol will exceed its goal of drilling 10 oilwells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in the Caribbean city Barranquilla, "I think we'll do more than 10 times the amount planned. Ecopetrol’s daily production…
Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive
Rafael Guzman said that Colombia's state energy company Ecopetrol will likely exceed its goal of drilling ten oil wells in 2025 by 20% to 40%. It has been reported that the company drilled six successful wells during the first half of this year. Guzman said on the sidelines the Acipet Energy Conference in Barranquilla, a Caribbean city. "I think we'll do more than 10 (wells), and I think that it could be between 20% and 40% more," Guzman said.
Kazakhstan Resumes Baku-Tbilisi-Ceyhan Pipeline Exports After Contamination Issues
Kazakhstan resumed oil supplies via the Baku-Tbilisi-Ceyhan pipeline on September 13, state energy company Kazmunaygaz said on Wednesday.Supplies via the route were suspended last month amid contamination issues.The BTC pipeline, which runs through Georgia to Turkey, is used mainly to export oil from the Azeri, Chirag and Guneshli oilfields, which are operated by BP.The pipeline is also used by Kazakhstan as a way to lessen its dependence on Russia as a main exporting route.
IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy. According to a report from the IEA for 2021…
Berry Corp. to be acquired by California Resources for $717 Million
California Resources, an oil and gas producer, announced on Monday that it would purchase Berry Corp. The deal would be valued at $717 million including debt. Its goal was to create a larger, more efficient energy company in the U.S. State. Berry shareholders will receive 0.0718 California Resources Shares for every Berry share they own as part of this all-stock transaction. Calculations show that the exchange ratio gives Berry a value of $3.806 per share.
Afentra signss terms for its first offshore operatorship
The London-listed oil and gas company Afentra announced on Thursday that it had signed a framework contract for its first operating license offshore Angola, in a block which has proven resources. Block 3/24 is a shallow-water oil and gas discovery with several identified exploration prospects. It is located near Afentra’s producing oil fields in Blocks 3/5 and 305A, as well as undeveloped discoveries.
Official: Syria exports its first crude oil shipment for 14 years
A Syrian energy official said that Syria exported 600,000. barrels of heavy oil from Tartus on Monday as part of an agreement with a trading company. This was the first official export of Syrian crude oil in over 14 years. In 2010, Syria exported 380,000 barrels per day of crude oil. This was a year prior to the protests against Bashar Al-Assad, which spiraled into a 14-year conflict that destroyed the economy and infrastructure.
Suriname's Staatsolie will launch an offer for offshore oil fields in November
Suriname's state-owned oil company Staatsolie announced on Tuesday that it will offer an "open door" in November for the exploration and evaluation of offshore areas. The small South American country is seeking partners and funding for an oil and natural gas boom, which they hope to achieve. The country is expecting to start offshore oil and natural gas production by 2028, following a successful investment decision for the flagship 12 billion dollar Gran Morgu project…
Kazakhstan continues to fine Kashagan consortium $4.4 billion
A source and an official document indicate that Kazakhstan's regional environmental department has imposed a fine of $4.4 billion on an international consortium working to develop the giant Kashagan oilfield. This is despite a long-running legal battle. The NCOC consortium which includes Eni Shell TotalEnergies ExxonMobil said that its shareholders strongly disagreed with any fine and would continue to pursue every avenue of recourse available against the decision.
RPT-Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion in an investment project that will produce 60,000 barrels of crude oil per day by the end of 2026. An executive involved directly in the project confirmed this. This is a rare private Chinese investment in an OPEC nation that has been struggling to attract foreign capital because of international sanctions against the government of President Nicolas Maduro.
Norway's DNO resumes Kurdistan oilfield output after drone strikes
DNO, a Norwegian oil company, announced on Thursday that it had restarted production of its Tawke field and Peshkabir field in Iraq's semiautonomous Kurdistan region. Production was halted in this area last month because of drone strikes. In morning trading, shares of the company that also increased its dividend payment Thursday surged by 11.6%. Local energy officials said last month that repeated…