Baker Hughes, General Electric Co's oilfield services arm, reported a better-than-expected quarterly profit on Wednesday, helped by higher activity in LNG markets and rise in international demand for oilfield services.Revenue from the company's oilfield services segment…
With offshore market gaining momentum the main driver of employment is shifting from shale to offshore.According to new analysis by energy research firm Rystad Energy, increased activity in onshore shale basins such as the Permian in the US…
China's Sinopec Group on Thursday said its Sinopec Engineering Incorporation subsidiary had signed a contract to work on two pipeline projects at Saudi Aramco's Marjan oilfield in Saudi Arabia.That comes as Aramco awarded $18 billion in contracts to boost capacity at Marjan and its Berri oilfield…
Norwegian oil and gas firm Equinor ASA on Sunday said it will sell a 16% stake in Lundin Petroleum AB for about $1.56 billion, and in return acquire an additional 2.6% stake in Johan Sverdrup oilfield.Equinor agreed to sell about 54.5 million Lundin shares at a price of 266…
Oilfield service company Baker Hughes, a GE Company (BHGE) has entered into a joint venture with the California-based Artificial Intelligence (AI) software provider C3.ai to accelerate the digital transformation in the oil and gas industry.'AI…
Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016…
Brazilian antitrust regulator Cade has approved the purchase by independent oil firm PetroReconcavo of 34 oilfields owned by Petroleo Brasileiro SA , the government's official bulletin showed on Friday.Cade said the sale did not reduce competition…
Brazil's Petroleo Brasileiro SA is nearing the sale of two oilfields in a process that could fetch around $1 billion and aid the state-run oil firm in its bid to reduce debt.Petrobras, as the company is known, has set a June 5 deadline to receive…
While the oil and gas industry shows signs of stabilization, the imbalance in value and margins between exploration and production (E&P) companies and the oilfield service segment is significant, according to a report by Deloitte.A major worry…
Baker Hughes reported negative free cash flow for the first quarter at a time energy investors have been pushing companies to aggressively shore up capital for dividends and buybacks, sending its shares down as much as 8.5 percent.Oilfield service companies…
Industrial automation and information company Rockwell Automation and oilfield services provider Schlumberger have teamed up to create what they're calling the first fully integrated digital oilfield automation solutions provider.The new Houston based joint venture…
The global oil service suppliers might have to wait until 2025 before the market reaches its former glory seen before the oil price collapsed.For drilling companies, it will take even longer, says analyst firm Rystad Energy.'The global oilfield…
Norway's BW Offshore is considering whether to buy Brazil's Maromba oilfield from Petroleo Brasileiro (Petrobras) and Chevron, for an undisclosed price, the Oslo-listed company said on Monday.A final deal is subject to board approvals and other conditions…
Lundin Petroleum must redesign the electricity supply to its Edvard Grieg oilfield, in line with plans laid when the company won permission to develop the North Sea resource in 2012, the Norwegian energy ministry said on Friday.Currently powered with gas turbines…
Ouro Preto has cut its bid for two shallow water mature oilfield clusters from Brazil's state-run oil company Petroleo Brasileiro, flagging a drop in oil prices in recent months, three sources with knowledge of the matter said.Ouro Preto, a…
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