oil and gas

Halliburton announces tariff impact on drilling, frac operations

Oil & Gas‚ Oil and Gas Industry | intent | April 23, 2025 | Comment off

Halliburton Co., the world’s largest provider of hydraulic fracturing services, fell sharply after warning investors that tariffs will impact a wide swath of the company’s business units.

The dominant North American oil field services provider told investors Tuesday on a conference call that tariffs will have an impact of 2 to 3 cents per share during the second quarter, with 60% of the hit affecting its completions-and-production unit, which houses the fracing business. The rest of the tariffs impact will be to its drilling and evaluation segment.

Crescent Energy completes sale of non-operated Permian basin assets

Oil & Gas‚ Oil and Gas Industry | intent | April 23, 2025 | Comment off

Crescent Energy has closed the sale of its non-operated Permian basin assets to a private buyer for $83 million in cash, the company announced Tuesday. The assets are located in Reeves County, Texas and had projected full-year 2025 production of approximately 3 Mboe/d (~35% oil).

Oil prices rise as U.S. pressure on Iran helps drive broad rebound

Oil & Gas‚ Oil and Gas Industry | intent | April 23, 2025 | Comment off

Oil rose as the potential for the U.S. to curtail Iranian flows added to a rebound driven by broader markets.

West Texas Intermediate advanced about 2% to settle near $64 a barrel, recouping most of the previous day’s losses, which were driven by U.S. President Donald Trump’s public rebuke of the Federal Reserve.

MODEC Scores Hammerhead FPSO Job from ExxonMobil

Oil & Gas‚ Oil and Gas Industry | intent | April 23, 2025 | Comment off

MODEC Inc. has secured a contract from ExxonMobil Guyana Ltd. to develop a Floating Production, Storage, and Offloading (FPSO) vessel for the Hammerhead project. MODEC said in a media release the contract is a Limited Notice to Proceed (LNTP) hinging on government and regulatory approvals.

Turkey Eyes Oil & Gas Exploration In Bulgaria, Iraq And Libya

Oil & Gas‚ Oil and Gas Industry | intent | April 23, 2025 | Comment off

Turkey is currently in talks to explore for oil and gas in Bulgaria, with similar plans for exploration in Iraq and Libya, Turkish Energy Minister Alparslan Bayraktar has revealed. According to the minister, state-owned energy company Turkiye Petrolleri AO (TPAO) will sign an agreement with an unnamed foreign partner within the next month to conduct exploration in Bulgaria’s section of the Black Sea.

BW Energy deems Bourdon oil discovery off Gabon commercial

Oil & Gas‚ Oil and Gas Industry | intent | April 23, 2025 | Comment off

BW Energy has confirmed the commercial viability of the Bourdon oil discovery offshore Gabon, with estimated recoverable reserves of 25 million barrels, the Norwegian company said on Tuesday.

The DBM-1 ST2 appraisal well has verified a significant oil discovery with quality reservoir characteristics and fluid properties in the Bourdon prospect within the Dussafu licence. The company estimates 56 million barrels of oil in place, of which approximately 25 million barrels are considered recoverable.

Trump Tariffs Reshape MENA Oilfield Services

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

The Trump administration’s tariff regime, intended to boost US manufacturing and inflict punitive damage on Chinese manufacturing, has disrupted multiple industrial supply chains into the US with cascading effects across other regions. For the Middle East and North Africa (MENA) region’s oilfield services (OFS) sector, the effects are indirect but may be significant if unmitigated by national oil companies (NOCs) and OFS suppliers.

China’s Oil Supertankers Face $5.2-Million Fee per U.S. Port Call

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

The U.S. move to penalize China-built and China-owned vessels calling at U.S. ports could lead to an oil supertanker made in China and operated by a Chinese company facing a fee of up to $5.2 million per call at a U.S. port, shipbrokers have estimated.

The U.S. last week announced fees on vessel owners and operators of China based on net tonnage per U.S. voyage. The previous proposal was a per-port-entry fee of up to $1.5 million on Chinese-built vessels, and up to a $1 million per-port-entry fee on any vessel (Chinese-built or non-Chinese-built) for operators that have any Chinese-built vessels in their fleet or orderbook.

China Axes Imports of Most U.S. Commodities in Escalating Trade War

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

China slashed its imports of many U.S. energy and agricultural commodities in March amid intensifying trade and tariff tensions with the United States, which are set to further reduce Chinese purchases of American goods this month and in the coming months.
China’s LNG imports from the United States crashed to zero in March as China slapped tariffs on American LNG and other energy products, making these uneconomical for Chinese buyers.
Last year, U.S. LNG represented about 5% of China’s imports of the super-chilled fuel.

ADNOC signs term LNG offtake with two Chinese buyers

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

ADNOC has signed term deals for the supply of LNG with Chinese buyers ENN Natural Gas and state-owned Zenhua Oil, Reuters reported on Saturday.

Privately owned natural gas company ENN Natural Gas agreed to buy about 1 million tonnes per year for a period of 15 years. The deal represents ADNOC’s largest-ever LNG supply contract with a Chinese buyer, according to the report.

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