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China's independent oil companies boost investments in Iraq
Chinese independent oil companies are intensifying their activities in Iraq, aiming to double their production to 500,000 barrels per day (bpd) by 2030, according to a Reuters report. This strategic move comes as some global majors have scaled back from these markets, which are traditionally dominated by China's state-run entities. The smaller Chinese producers, led by industry veterans, are drawn to Iraq by more attractive contract arrangements and the potential to leverage lower costs and faster project development. Geo-Jade Petroleum, United Energy Group, Zhongman Petroleum and Natural Gas Group, and Anton Oilfield Services Group have secured half of Iraq's exploration licences in recent rounds. Currently, China's CNPC is a major player, responsible for more than half of Iraq's production at large oilfields such as Haifaya, Rumaila and West Qurna 1. These companies are recognised for their rapid project execution, which appeals to the Iraqi Government. Their increasing presence signifies a shift for Iraq, which is under pressure to expedite energy projects and has previously resisted increasing Chinese influence over its oilfields. Furthermore, the agility and risk tolerance of these smaller companies allow them to develop oilfields in two to three years, significantly faster than Western counterparts. Iraq's improved political stability and investment climate are cited by executives as key factors in attracting both Chinese and Western companies. The country is seeking to significantly boost its oil output, targeting more than six million barrels per day by 2029. Iraq's shift from fixed-fee agreements to profit-sharing contracts has been instrumental in attracting Chinese independents. Geo-Jade Petroleum CEO Dai Xiaoping was quoted as saying: 'Chinese independents have much lower management costs compared to Western firms and are also more competitive versus Chinese state-run players.' Despite concerns over transparency and technical standards, the cost-effective approach of Chinese companies remains attractive to Iraq. While some Western companies are making a comeback, with TotalEnergies and bp planning significant investments, the trend of Chinese operators' expansion in Iraq's oil sector is clear. In May, a consortium spearheaded by Geo-Jade decided to fund the South Basra endeavour, encompassing the enhancement of the Tuba field in Iraq's southern region to a capacity of 100,000bpd. This included the construction of a refinery capable of processing 200,000bpd. With an investment pledge of $848m (6.09bn yuan), Geo-Jade is set to rejuvenate production at the predominantly idle field, aiming to achieve production of 40,000bpd by mid-2027. "China's independent oil companies boost investments in Iraq" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11 minutes ago
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Barcode scanner maker Zebra in $1.3 billion deal to buy Elo Touch, boosts forecasts
(Reuters) -Barcode scanner maker Zebra Technologies is expanding its retail-focused business with a $1.3 billion buyout of touchscreen maker Elo Touch Solutions, after upbeat second-quarter results fueled by growing sales of its devices. Shares of the company rose nearly 7% in premarket trading on Tuesday as it raised its annual targets for revenue and profit, also benefiting from the acquisition of Slovakian 3D imaging company Photoneo. As more businesses digitize operations, demand has grown for Zebra's handheld computers, barcode scanners and tracking devices that help store workers manage inventory, warehouse staff move goods and delivery teams monitor shipments. The all-cash deal for Elo Tech, expected to close in 2025, will help Zebra offer frontline workers Elo's self-service kiosks, payment terminals and touchscreen systems. "This acquisition represents the next step in our journey to accelerate the connected frontline," Zebra CEO Bill Burns said, adding it would expand the company's addressable market by $8 billion. Elo Touch, whose products are used by companies such as JCPenny, has annual sales of about $400 million. Its buyout will immediately add to Zebra's earnings and generate about $25 million of additional core profit three years after close. Zebra's performance in the April-June quarter also benefited from lower-than-expected tariffs, with the company diversifying its supply chain across China, Vietnam, Malaysia and Mexico. It had raised prices on most North America products in April, in anticipation of cost pressures from tariffs. The company expects annual sales growth of between 5% and 7%, compared with a prior forecast of 3% to 7%. Annual adjusted profit per share is expected to be between $15.25 and $15.75, up from $13.75 to $14.75. Sales jumped 6.2% in the second quarter to $1.29 billion, in line with estimates. Adjusted profit was $3.61 a share, above estimates of $3.32, according to data compiled by LSEG. Sign in to access your portfolio
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Leidos raises full-year profit forecast on robust demand for weapons
(Reuters) -Defense contractor Leidos Holdings raised its full-year adjusted profit forecast on Tuesday, as demand for its technical services and munitions remains robust amid simmering geopolitical tensions. Shares of the company were up 4% in premarket in trading. Rising tensions around the world in the wake of a protracted Russia-Ukraine war and tensions in the Middle East have boosted the market for arms, benefiting defense contractors. The company has followed peer Northrop Grumman in lifting its 2025 profit forecast. Leidos now expects its annual adjusted profit at between $11.15 and $11.45 per share, compared with its prior forecast of $10.35 to $10.75. However, the Reston, Virginia-based company trimmed its full-year revenue forecast range and now expects it to be between $17 billion and $17.25 billion, from $16.9 billion and $17.3 billion previously. Leidos provides technology services to government agencies as well as commercial clients and is also a maker of drones and aerial defense systems. It also provides services in the areas of health, environmental sciences and transportation. It posted a second-quarter adjusted profit of $3.21 per share. Analysts on average had anticipated a quarterly profit of $2.66 per share, according to data compiled by LSEG. Its revenue rose about 3% to $4.25 billion, edging past estimates of $4.24 billion.
