Latest news with #oilfield
Wall Street Journal
12 hours ago
- Business
- Wall Street Journal
Baker Hughes Logs Higher Second-Quarter Profit, but Revenue Slides
Baker Hughes BKR 0.43%increase; green up pointing triangle posted higher profit in the second quarter despite a decline in revenue. The company, which provides oilfield products, services and digital solutions, on Tuesday posted a profit of $701 million, or 71 cents a share, compared with $579 million, or 58 cents a share, a year earlier.
Bloomberg
18 hours ago
- Business
- Bloomberg
Halliburton to Retire Some Gear Amid Weakening Oilfield Demand
Halliburton Co. is idling some oilfield equipment in response to deteriorating demand among shale companies. The world's largest provider of hydraulic fracturing is forecasting shrinking margins in its biggest business line as weakening demand weighs on the prices it can charge, Chief Executive Officer Jeff Miller said Tuesday. The company plans to idle or retire some equipment.
The National
19 hours ago
- Business
- The National
Iraq and US company Schlumberger sign deal to develop Akkas gas field
Iraq signed a major contract with US oilfield services company Schlumberger on Tuesday to develop the Akkas gas field, as the country seeks to boost domestic gas production. Under the deal, Schlumberger will drill wells at the Akkas field, aiming to raise production levels to 100 million standard cubic feet per day, the country's Oil Minister, Hayan Abdel Ghani, said after the signing ceremony. The production target from the field, in the western province of Anbar, is estimated at 400 million standard cubic feet per day, from the current 40 million level, he added, without giving a timetable. 'This is a long-awaited and big achievement,' the minister said. Additional contracts will be signed to build surface installations and lay pipelines connecting the wells to central processing units, he added. The gas produced at Akkas will be used to fuel the Anbar combined cycle power plant, which is under construction by the Ministry of Electricity, Mr Abdel Ghani said. Rights to develop the field were first awarded to South Korea's state-run Korea Gas in 2010. Kogas signed a deal to develop it in 2011 but withdrew when the field was captured by ISIS, then retaken by Baghdad in late 2017. In 2024, Ukraine's Ukrzemresurs was contracted to develop the field, but the government terminated the deal months later due to delays. Despite being Opec's second-biggest producer, Iraq is dependent on Iran for about a third of its electricity needs. It buys 50 million cubic metres of natural gas and 500 megawatts of electricity a day from Iran. Baghdad has been under pressure from the US to wean itself off Iranian energy imports, which have been subject to US sanctions since 2018. In recent years, Iraq has taken measures to develop its natural gas resources and reduce the shortfalls in the electricity sector. The country's natural gas reserves stand at about 3,714 billion cubic metres, according to oil ministry figures.
Yahoo
a day ago
- Business
- Yahoo
Halliburton quarterly profit falls on weak North America drilling demand
(Reuters) -Oilfield services firm Halliburton reported a fall in profit for the second quarter on Tuesday, hurt by weak North America demand. U.S. President Donald Trump's trade policy heightened uncertainty in the energy industry, with trade war expected to curb global economic growth and, subsequently, demand for energy. The company had flagged a second-quarter earnings impact from the tariffs and lower oilfield activity in North America as producers evaluated drilling and completions at weak oil prices. "Oilfield services market will be softer than I previously expected over the short to medium term," said Halliburton CEO Jeff Miller said in a statement. The company posted quarterly revenue from its North America segment at $2.26 billion, compared with $2.48 billion a year earlier. The company reported a profit of $472 million, or 55 cents per share, for the quarter ended June 30, compared with $709 million, or 80 cents per share, a year earlier. Sign in to access your portfolio
Emirates 24/7
a day ago
- Business
- Emirates 24/7
China brings major oilfield in Bohai Sea into production
China National Offshore Oil Corporation (CNOOC) announced Tuesday that a newly developed oilfield in the Bohai Sea has started production, marking a significant step in the country's offshore energy exploration. The Kenli 10-2 oilfield, located in the southern waters of the Bohai Sea, is the largest lithologic oilfield discovered in China's offshore areas, with proven geological reserves exceeding 100 million tonnes. The initial phase of development will involve the production of 79 development wells, with an anticipated peak daily output of 3,000 tonnes of oil and gas equivalent. The oil field will also have a second phase of development. The oilfield lies in waters about 20 metres in depth, but presents substantial technical challenges due to its complex heavy oil composition. To overcome the obstacles, CNOOC created a sophisticated reservoir development technology system specifically tailored for heavy oil extraction. Cai Hui, a CNOOC expert, stated that the system enables the precise mapping of underground reservoir structures and allows for targeted high-temperature steam injection to enhance oil extraction. "The successful launch of Phase I of the Kenli 10-2 oilfield cluster marks a new era in the development of complex offshore heavy oil reservoirs in China," said Yan Hongtao, Vice President of CNOOC. "It is a key step toward our annual production target of 40 million tonnes from the Bohai oilfields this year." Follow Emirates 24|7 on Google News.
