Odfjell Technology, an integrated supplier of well services technology and engineering solutions, has successfully deployed a 36” x 38” conductor pipe in Kuwait’s first offshore Jurassic well.
Baker Hughes announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender and will leverage Baker Hughes’ innovative completions technology portfolio and extensive experience in Brazil to optimize production across multiple deepwater fields.
The reductions pledged by countries including Kazakhstan, Iraq and Russia should — in theory — offset the group’s plans to revive halted output through to the end of next year, according to a statement on OPEC’s website.
A ceasefire to the Russia-Ukraine war could be bearish for oil prices if Trump pushes for the removal of sanctions on the Russian energy industry, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Geopolitical stability may also “largely extinguish the still simmering ‘fear bid’ in the oil market.” Sanctions by the Biden administration roughly tripled the number of directly sanctioned Russian crude oil tankers, enough to affect around 900,000 barrels per day (bpd). Whereas it’s highly likely that Russia will try to circumvent the sanctions by employing even more shadow fleet tankers and ship-to-ship transfers, StanChart sees 500,000 bpd of displacements over the next six months.
The Biden administration had indeed introduced a lot of red tape into the energy industry that has made it more difficult for companies to expand their operations—yet they still managed to do it and bring oil and gas production to new highs. Price, however, seems to remain a rather sensitive subject. The industry has not hidden its reluctance to drill at will just because Trump is president; instead, it has indicated that it will stick to its new focus on fiscal discipline and making shareholders happy. Indeed, the industry’s agenda here is at odds with the president’s, since his involves cheaper energy.
Although the 570,000-bpd pipeline did begin full operation in 2021, it remained the target of relentless attacks from the environmentalist camp who cited the risk of oil spills and violation of Tribal lands as reasons for their insistence to shut down the infrastructure. The attacks led to additional environmental reviews into the safety of the pipeline and its legality. The lawsuit against Greenpeace began in 2017 when Energy Transfer took the matter to a federal court. That court dismissed the case, so Energy Transfer went to a North Dakota court, which took three weeks to rule on the issue.
Chevron has been exporting some 240,000 barrels of Venezuelan crude to the United States daily thanks to the waiver. The amount constitutes a quarter of the country’s total oil production and generates substantial revenues that stay in the Venezuelan economy, Bloomberg reported earlier this week, arguing Chevron’s presence was critical for that economy. These revenues are running at some $6 billion.
The pressure on BP to improve performance became more intense earlier this year after activist investor Elliott Management bought a 5% stake in the supermajor and signaled it would be pushing for changes in strategy, or even for board reshuffles, to address the undervalued shares of the company.
Hess responded at the time by saying John Hess’ communications with industry officials did not mean to harm competition. “Mr. Hess’ public and private communications with OPEC officials were consistent with his communications with U.S. government officials, the International Energy Agency and global business leaders on what will be needed to ensure an affordable and orderly energy transition”, the company said in a statement.
In that statement, the company projected a rig count of over 148 by 2026 and more than 151 by 2028. The company owned 129 rigs in 2023, according to annual data hosted on ADNOC Drilling’s website.
“The introduction of advanced rigs with AI-enabled technologies will enhance efficiency and bolster … [ADNOC Drilling’s] oilfield services (OFS) segment, delivering greater value to customers,” the company said in the statement.