Upstream

Bolsonaro To Privatize Petrobras?

Brazilian President Jair Bolsonaro has said he wants to privatize Petrobras, the state-controlled oil company that is under political pressure to lower fuel prices. Shares of Petroleo Brasileiro SA, as the Rio de Janeiro-based producer is known, extended a four-day surge in Sao Paulo following the remarks, outperforming the local equity gauge. Bolsonaro didn’t elaborate on the privatization comments, made during an interview streamed on his Facebook page. Rising energy prices have eroded Bolsonaro’s popularity ahead of reelection next year and put Petrobras under political scrutiny in a country with a history of subsidizing fuel. CEO Joaquim Silva e Luna has been grilled in Congress over the surge in fuel prices but has said the company will continue to adjust to international levels. Oil in New York soared past $81 a barrel last week after the International Energy Agency became the latest to say natural gas shortages are boosting demand for crude. If Petrobras is privatized, it likely won’t happen anytime soon. Economy Minister Paulo Guedes said last month that Brazil plans to take the company private within a decade. He suggested on Wednesday that Petrobras could sell shares and use the proceeds for social programs... > read more

Aramco, World's Most Valuable?

Saudi Aramco is close to claiming the prized position of the world’s most valuable company from Apple Inc. The Saudi state oil giant has soared on the back of higher energy prices, bringing its market value to $2 trillion, just shy of Apple at $2.3 trillion. The share prices of the two corporate giants are symbolic of how the global economy is changing this year. Apple shares have suffered as consumers rein in spending on home entertainment and get back into the world. All that transportation activity has sparked a boom in oil prices that feeds directly to Aramco’s bottom line. There’s reason to believe that Aramco could continue climbing. Bank of America Corp analysts have said the global energy crunch could help propel oil prices above $100 a barrel for the first time since 2014. At the same time, Apple is coming under... > read more

McDermott Selected For GCC

McDermott has signed a Letter of Guarantee to deliver engineering and procurement for the ethylene cracker of the Gas Chemical Complex (GCC) project—the largest polyethylene integration project in the world—with China National Chemical Engineering and Construction Corporation Seven, Ltd (CC7). This agreement follows McDermott's safe and successful delivery of the front end engineering design (FEED) and early works phases of the project. The ethane cracker project is owned by Baltic Chemical Complex LLC, (BCC) a subsidiary of RusGazDobycha, located onshore Russia in the Gulf of Finland. "Our proven experience delivering world-class ethylene cracker projects, underpinned by our collaboration with Lummus Technology and in-house project delivery capability from the FEED to the startup phase, make us the ideal partner to continue supporting CC7 and BCC on the GCC project," said Samik Mukherjee... > read more

ExxonMobil Project Increases

American multinational oil and gas corporation ExxonMobil, which is headquartered in Irving, Texas, has increased its participation in the proposed Acorn carbon capture project in Scotland by signing an expression of interest to capture, transport and store CO2 from its Fife Ethylene Plant. The agreement to include the ethylene plant, located in Mossmorran, Scotland, is in addition to an earlier announced memorandum of understanding to capture and store emissions from gas terminals at the St Fergus complex at Peterhead, Scotland, which includes ExxonMobil’s joint venture gas terminal. The initial phase of Acorn, which is bidding to be in the first wave of carbon capture clusters to be announced by the UK government, has the potential to deliver more than half of the country’s target of capturing and storing 10 million tpy of CO2 by 2030... > read more

Comstock Divests Bakken Assets

Comstock Resources Inc has entered into an asset purchase agreement with Northern Oil & Gas, Inc (NOG) to sell its assets in the Bakken shale for $154 million in cash, subject to adjustment and customary closing conditions. The properties being sold include non-operated interests in over 400 producing wells (65.9 net) with recent production of greater than 4500 net boe/d (approximately 65 percent oil). The sale is expected to close in 4Q21 and will have an effective date of October 1, 2021. Comstock expects to recognize a pre-tax loss of $130-$140 million on the divestiture. EnergyNet is acting as exclusive advisor to Comstock on the sale... > read more

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Halliburton Raises $2.6 Million

The 26th annual Halliburton Charity Golf Tournament raised $2.6 million for over 75 US nonprofit organizations, once again...
> read more

Penn Virginia Closes Lonestar Merger

Penn Virginia Corporation has closed the acquisition of Lonestar Resources US Inc and plans to rename the combined company...
> read more

Baker Hughes on US Rigs

The United States added seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released...
> read more

Upstream News

Halliburton Raises $2.6 Million

The 26th annual Halliburton Charity Golf Tournament raised $2.6 million for over 75 US nonprofit organizations, once again ... > read more

USA Adds Ten More Rigs

The United States has added ten rigs week on week, according to Baker Hughes latest rotary rig count, which was released ... > read more

Bolsonaro To Privatize Petrobras?

Brazilian President Jair Bolsonaro has said he wants to privatize Petrobras, the state-controlled oil company that is under ... > read more

Aramco, World's Most Valuable?

Saudi Aramco is close to claiming the prized position of the world’s most valuable company from Apple Inc. The Saudi ... > read more

McDermott Selected For GCC

McDermott has signed a Letter of Guarantee to deliver engineering and procurement for the ethylene cracker of the Gas Chemical ... > read more

ExxonMobil Project Increases

American multinational oil and gas corporation ExxonMobil, which is headquartered in Irving, Texas, has increased its participation ... > read more

Upstream News

LNG Canada Project Progresses

Three years after taking a final investment decision (FID) on Canada’s first major liquefied natural gas project, the LNG ... > read more

Shale Oil Booming Again in Permian

With publicly traded producers such as Occidental and Chevron preaching discipline, privately owned operators are leading ... > read more

Comstock Divests Bakken Assets

Comstock Resources Inc has entered into an asset purchase agreement with Northern Oil & Gas, Inc (NOG) to sell its assets ... > read more

Shale Consolidations Generate $250m+

A pair of US independents have sold significant positions in major shale plays in order to consolidate their operations elsewhere. ... > read more

Shale Drillers Fear Losing Orders

US shale drillers are increasingly worried that swelling Russian natural gas exports will slash their European market share. American ... > read more

Permian Basin JV for Oryx

Plains All American and Oryx Midstream Holdings LLC, a portfolio company of Stonepeak Infrastructure Partners, have announced ... > read more

Upstream News

Penn Virginia Closes Lonestar Merger

Penn Virginia Corporation has closed the acquisition of Lonestar Resources US Inc and plans to rename the combined company ... > read more

US Shale Producers’ Minimal Expansion

US shale oil production will expand at a “modest rate” over the next 18 months even as prices touch multiyear highs, ... > read more

Valaris Announces Jackup Contract

Valaris Limited has been awarded a 211-day extension to its bareboat charter agreement with ARO Drilling for VALARIS JU-36 ... > read more

Baker Hughes’ Upstream Flare Monitoring

Panametrics, a Baker Hughes business, has made its flare control and digital verification platform, flare.IQ, available to ... > read more

Baker Hughes on US Rigs

The United States added seven rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released ... > read more

TEMS Secures Mexican Contracts

Oil and gas service company TEMS International has been awarded a clutch of new contracts in the Gulf of Mexico. The independent ... > read more

Upstream News

Baker Hughes and Akastor’s MHWirth Merger

The merger of Baker Hughes’ Subsea Drilling Systems business (SDS) and Akastor ASA’s wholly owned subsidiary, MHWirth ... > read more

SilverBow Closes Eagle Ford Acquisition

SilverBow Resources Inc has closed its previously announced all stock transaction to acquire oil and gas assets in the Eagle ... > read more

Shell Eyes Mid-October For Norco Restart

Royal Dutch Shell Plc has tentatively planned the first restart of a production unit at its 230,611 barrel per day (bpd) ... > read more

Diamond Offshore Manages Aquadrill Rig

Offshore drilling firm Aquadrill, formerly known as Seadrill Partners, has entered into a charter hire agreement with drilling ... > read more

ExxonMobil’s Papua New Guinea Deals

ExxonMobil has reportedly signed one or possibly two non-binding agreements with the state of Papua New Guinea with regards ... > read more

Hilcorp Considers Phillips 66 Refinery Purchas

Houston-based oil producer Hilcorp is evaluating Phillips 66’s refinery in Alliance, Louisiana, for conversion into an ... > read more