Business/economics
Schneider Electric says the deal advances its vision of creating intelligent industrial ecosystems that connect physical assets with digital insights across the asset life cycle.
The firm’s latest analysis puts the bulk of the blame on a fragmented supply chain.
The supermajor said the fields are not expected to contribute meaningfully to its production profile by 2030.
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The depth of the world’s offshore projects has steadily increased over the past 30 years—and so has its production base. The growth trend will continue thanks to new fields offshore Brazil, Guyana, and the US. -
The most read stories reflect interest in the digital transformation, the energy transition, and shale operations.
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Devon exits the asset that served as the company’s cornerstone for almost two decades and is known to the world as the birthplace of the shale revolution.
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Reduced investment in US shale will continue to weigh down the global oilfield services market through 2020.
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Directional drilling and measurement-while-drilling technology has become so democratized in the Texas shale sector that no provider holds more than 8% of the market share.
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Total has agreed to acquire interests in two blocks in the offshore Kwanza Basin from Angola’s state-owned Sonangol and has received an extension on its offshore Block 17 production licenses.
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BP has signed a deal with a joint venture between Petrofac and SOCAR, the Azeri state oil company, to support its osshore and onshore operations in the Caspian Sea. These include the offshore Azeri-Chirag-Gunashli and Shah Deniz fields, along with the associated Baku-Tbilisi-Ceyhan pipeline, the South Caucasus pipeline, and the Western Route export pipeline.
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The latest move to consolidate the US shale sector will add 1,500 drilling locations to the buyer's portfolio. It also reflects that all-stock or mostly-stock deals are now the sector’s preferred acquisition vehicle.
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The company said it will avoid the pumping business's “structurally disadvantaged position” and instead focus on well servicing and water logistics.
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The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.
