Latest news with #oil
Times of Oman
15 hours ago
- Business
- Times of Oman
Abraj Energy Services expands strategic partnerships
Muscat: Abraj Energy Services has signed a strategic agreement with Petroleum Development Oman (PDO) to provide six onshore drilling rigs for Concession Area 6, a key strategic asset that forms a fundamental pillar of Oman's energy sector. Drilling operations are scheduled to commence gradually starting in the fourth quarter of 2026. This agreement marks a significant expansion point within the long-standing partnership between Abraj and PDO, reflecting Abraj's operational efficiency in delivering competitive, safe, reliable, and high-performance drilling solutions that align with the highest international standards. Houd Khalfan Al Barashdi, Acting Director of Business Development at Abraj Energy Services, stated that the signing of this agreement reaffirms Abraj's operational excellence and the deep trust the company has earned by providing competitive, reliable, safe, and efficient solutions and services to its partners, supported by its advanced fleet and unique technical expertise. He explained that the company is expanding its operational scope with PDO to achieve common goals, affirming its pivotal role in empowering the oil and energy sector and enhancing in-country value. In the context of its continuous expansion, Abraj recently signed an additional contract with BP Oman to provide drilling services in Concession Area 61. Furthermore, it secured a new contract with ARA Petroleum LLC to drill three wells in Concession Area 44. The company also expanded its operations in the Wafra Joint Operations field between Kuwait and Saudi Arabia by signing a contract to provide a third 3000-horsepower drilling rig. This move reflects Abraj's regional expansion strategy and strengthens its position in strategic oil and gas projects across the region. Eng. Sulaiman Abdullah Al Salmi, Team Leader of Gas Well Drilling at Petroleum Development Oman, stated that the strategic relationship with Abraj Energy Services has demonstrated its continuous commitment to PDO's operational, health, and safety standards. He noted that this agreement confirms the joint commitment of Abraj and PDO to enhance Oman's oil and energy sectors through advanced and safe solutions that contribute to achieving operational efficiency and sustainability. Since 2020, Abraj has contributed over OMR850 million in in-country value, achieving an Omanisation rate of approximately 93 percent. In the past three years alone, the company's operations related to PDO have generated OMR79.1 million in local value, equivalent to 78 percent of total expenditure. These figures underscore Abraj's strong commitment to supporting national priorities and its pivotal role in the development of Oman's oil and energy sectors. It is worth mentioning that Abraj concluded 2024 with positive operational and financial results. Revenues reached OMR151.6 million, operating profit before interest, taxes, and depreciation (EBITDA) was OMR53 million, and net profit after tax was OMR16.9 million. The company also recorded exceptional occupational health and safety indicators, completing three consecutive years of incident-free and lost-time injury-free operations across all its operational units. Drilling rigs achieved high utilisation rates exceeding 86 percent, and well maintenance rigs reached 100 percent, reflecting the long-term resilience of its operations and partners' deep trust in its services.
Yahoo
16 hours ago
- Business
- Yahoo
Baker Hughes to buy Chart Industries in $13.6 billion deal
(Reuters) -Oil and gas equipment supplier Baker Hughes said on Tuesday it would acquire Chart Industries in a $13.6 billion all-cash deal, including debt, edging out rival suitor Flowserve. The deal adds to the ongoing consolidation in the oilfield services and industrial supply sector, as companies combine to expand geographic reach, broaden product offerings and improve operational efficiency. Baker has offered Chart Industries' shareholders $210 per share held, representing a premium of about 22% based on the last close, implying an equity value of about $9.44 billion, according to Reuters calculation. The transaction is expected to close by mid-year 2026.
Reuters
16 hours ago
- Business
- Reuters
Baker Hughes to buy Chart Industries in $13.6 billion deal
July 29 (Reuters) - Oil and gas equipment supplier Baker Hughes (BKR.O), opens new tab said on Tuesday it would acquire Chart Industries (GTLS.N), opens new tab in a $13.6 billion all-cash deal, including debt, edging out rival suitor Flowserve (FLS.N), opens new tab. The deal adds to the ongoing consolidation in the oilfield services and industrial supply sector, as companies combine to expand geographic reach, broaden product offerings and improve operational efficiency. Baker has offered Chart Industries' shareholders $210 per share held, representing a premium of about 22% based on the last close, implying an equity value of about $9.44 billion, according to Reuters calculation. The transaction is expected to close by mid-year 2026.
The Sun
17 hours ago
- Business
- The Sun
Donald Trump demands UK drills for more oil, blasts high taxes on North Sea energy firms
DONALD Trump has called for a 'drill, baby drill' approach to North Sea oil saying it's a 'treasure chest' for the UK. The US President called on Sir Keir Starmer to 'incentivise' the drillers which could drive up UK growth and bring about lower energy bills. The US leader also hit out at the 'high taxes' imposed on oil and gas which were first brought in following a rise in prices at the start of the Ukraine war. His intervention came as he enters his final few hours of a five-day private visit to Scotland with the final leg visiting his Aberdeenshire golf course. Trump is in the north east of Scotland as he opens a new golf course at his resort in Menie. During his inauguration speech, Trump said that the US will 'drill, baby, drill' and also export US energy around the world. Trump had already backed Aberdeen, which is the oil capital of Europe, and hit out at wind turbines describing them as 'ugly monsters'. Mr Trump, writing on his Truth Social network, said: 'North Sea Oil is a treasure chest for the United Kingdom. The taxes are so high, however, that it makes no sense. 'They have essentially told drillers and oil companies that, 'we don't want you'. 'Incentivize the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people!'
Bloomberg
18 hours ago
- Business
- Bloomberg
Donald Trump Tells UK's Starmer North Sea Oil Taxes Are Too High
US President Donald Trump urged Keir Starmer to extract more oil from the North Sea and criticized UK taxes on fossil fuels in his latest criticism of the prime minister's policies on a five-day visit to Scotland. As the UK shifts to greener energy such as renewables and nuclear, and away from fossil fuels, Starmer's Labour government has said it won't issue new licenses for North Sea oil and gas extraction, though it will honor existing ones. Last year, Labour upped a windfall tax on oil and gas producers to 38% from 35%, bringing total taxation of the industry to 78%.
