Halliburton furloughs 3,500 staff at Houston Headquarters

Halliburton furloughs 3,500 staff at Houston Headquarters

Halliburton will furlough about 3,500 workers at its Houston headquarters as crude prices plunged to an 18-year low. Halliburton Company has released NitroForce a new drilling motor that provides increased power and performance. Halliburton has announced that Pertamina, the largest Indonesian oil and gas company, deployed all of their petro-technical applications. Company has unveiled the SPIDRlive Self-Powered Intelligent Data Retriever. SOCAR-AQS and Halliburton Company have signed a Memorandum of Understanding (MOU) to form a new joint venture (JV). Halliburton has been awarded seven contracts for drilling and completion services for the next phase of field development. Petrofac’s Engineering and Production...

The oil-price war Russia helped create complicates their Arctic plans

The oil-price war Russia helped create complicates their Arctic plans

Oil’s freefall amid a deepening price war and a global pandemic threatens to complicate Russian efforts to turn the Arctic into a major new energy zone. Saudi Arabia’s finance ministry had asked government agencies to propose a 20-30 percent cut in their budgets. Two sources with knowledge of the plans told Reuters on last Tuesday. U.S. shale oil companies have asked oilfield service providers for price cuts of at least 25 percent. Just last month Igor Sechin, the boss of top Russian producer Rosneft PJSC, told President Vladimir Putin regarding this. Asian refiners are increasingly looking to book smaller tankers...

BP can cut spending by 20% this year, CFO says

BP can cut spending by 20% this year, CFO says

BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment. The project is now backed-up by the National Petroleum Agency (ANPG) and will allow the province of Benguela to be mine-free by the end of 2023. BP and Albert Heijn today announce plans to expand their retail cooperation to more than 100 sites across the Netherlands. BP today set a new ambition to become a net zero company by 2050 or sooner. BP begins a new era as Bernard Looney takes over as chief executive...

Aramco slashes CAPEX as the oil-price war hits home

Aramco slashes CAPEX as the oil-price war hits home

Saudi Aramco is slashing planned spending this year in the first sign that plunging demand and the oil-price war the kingdom unleashed are hitting home. It reducing 2020 capital expenditure in response to current market conditions. Aramco Trading Limited (ATL) will expand ATC’s global portfolio as it seeks to become one of the top trading companies in the world. Capital expenditure will be between $25 billion and $30 billion in 2020 and spending plans for next year and beyond are being reviewed. Saudi Aramco is sponsoring the first international Carbon capture. Royal Highness Prince Saud bin Naif bin Abdulaziz, Governor...

BJ Services and Atheon ink contract for next-gen gas fueled frac fleet

BJ Services and Atheon ink contract for next-gen gas fueled frac fleet

BJ Services has entered into a multi-year contract with Aethon Energy for the deployment of the Company’s first TITAN next-generation fracturing fleet in the Haynesville shale. Andrew Gould served as the former Chairman of the Board of Directors and Chief Executive Officer of Schlumberger Limited. The BJ brand is built upon a rich 145-year history. The new company will leverage operational experience and industry expertise to provide customers with leading hydraulic fracturing. Powered by a direct drive natural gas-fueled turbine, the first TITAN prototype pump has completed more than 500 hours of field testing. Enhanced, efficient AP and invoicing processes...

U.S. sanctions second Rosneft subsidiary for shipping Venezuelan crude

U.S. sanctions second Rosneft subsidiary for shipping Venezuelan crude

The U.S. sanctioned a second subsidiary of Russia’s biggest oil producer. The Rosneft CEO expressed his company’s interest in acquiring BPCL. A three-year pact between OPEC and Russia ended in acrimony on Friday. The measure explicitly prohibited U.S. companies from dealing with Rosneft Trading after a three-month wind-down period. Rosneft PJSC allegedly supporting Venezuelan leader Nicolas Maduro. US President Donald Trump on Tuesday imposed sanctions on the trading arm. Russia’s largest oil producer Rosneft posted a 45 per cent growth in fourth quarter. TNK Trading International SA, a Geneva-based Rosneft subsidiary, was sanctioned for helping transport Venezuelan crude oil. Rosneft...

Stress Engineering Services launches new digital flex joint angle monitoring system

Stress Engineering Services launches new digital flex joint angle monitoring system

Stress Engineering Services has developed a digital flex joint angle measurement system for monitoring real-time drilling operations. The global leader in consulting engineering services and solutions has entered into an agreement with Optimum Program Ltd. The acquisition will provide high-resolution pipe ID scanning hardware and imaging software while enhancing SES’s competencies within upstream. The digital flex joint system uses the core technology of the award winning and patented real-time fatigue monitoring system (RFMS). Stress Engineering Services is proud to announce that our Corporate Marketing Director, Alan Carlock. This weekend, Dakota Dickerson clinched the Championship during Rounds 12 & 13 of...

DOE encouraged to add 78MMbbl of U.S. oil to strategic reserve

DOE encouraged to add 78MMbbl of U.S. oil to strategic reserve

America’s emergency oil reserves have been used in the past to provide relief from price spikes caused by wars or hurricanes. United States and Australia have signed a milestone arrangement. U.S. Department of Energy (DOE) announced plans to provide up to $40 million over three years for new research in data. They could be deployed to help oil drillers reeling from the worst market rout in nearly 30 years. U.S. Secretary of Energy Dan Brouillette participated in the Eastern Mediterranean Gas Forum (EMGF). Under a novel plan that’s been pitched by some industry lobbyists. U.S. Department of Energy (DOE) signed...

Russia keeps door open for OPEC amid threats to raise output

Russia keeps door open for OPEC amid threats to raise output

Russia stepped up its price war with Saudi Arabia by warning it can raise oil production, while also saying further cooperation with OPEC is possible. U.S. shale producers on last Monday rushed to deepen spending cuts and reduce future production. Standard Chartered on Monday cut its 2020 and 2021 oil price forecast, saying the price war sparked by the collapse of a deal. Russia’s rouble crashed to its weakest level since early 2016 on Monday. After the collapse of OPEC+ talks last week, Russia could increase output by as much as 500,000 barrels a day in the near future. OPEC...

Rosneft to raise output as soon as current OPEC+ deal ends

Rosneft to raise output as soon as current OPEC+ deal ends

Russia’s state oil company Rosneft is planning to lift oil production as soon as the current OPEC+ deal ends, according to a person close to the company. Rosneft, has agreed to take control of Iraqi Kurdistan’s main oil pipeline. Rosneft has said it signed a number of agreements with Turkey’s leading energy companies on the sidelines of the top level negotiations. This file photo shows the Achinsk oil refining factory, owned by Rosneft. Rosneft has approved deals to sell oil products to BP worth $6 billion. AFP photo. A giant platform transports a 1450-ton-heavy reactor for an oil refining factory...