Business/economics
Proposed and final notices of sale represent nearly 80 million acres in the Gulf of Mexico and approximately 1 million acres in Alaska’s Cook Inlet.
The US and UK sanctioned Russian independent Lukoil International and state-owned Rosneft in a bid to pressure Russia over Ukraine.
Ranger acquires American Well Services for $90.5 million, adding 39 workover rigs and boosting its fleet by 25%.
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Chinese firms stepped in for the majors in Brazil’s two underwhelming offshore auctions. -
Spain’s Repsol will assume 100% interest in and operatorship of the joint venture as Equinor leaves the 9-year partnership.
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Just three firms submitted bids in an auction many are deeming as a disappointment for Brazil.
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The 2019 World Oil Outlook projects tight-oil supplies to rise to at least 75% of total US production before retreating.
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Lower oil prices, increased operator focus on capital discipline, and diminishing access to capital are choking off once-soaring US oil production growth.
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The US major has had a stake in the field since it started production in 1997. It produced 584,000 B/D of oil last year.
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The world’s most profitable company will be listed on a domestic exchange next month. The final valuation of the company is yet to be determined.
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NextDecade and Mubadala Investment Co. have reached agreement for Mubadala to purchase $50 million of NextDecade’s common stock in a private placement. The capital buoys the development of the Rio Grande LNG export solution linking Permian Basin associated gas to the global LNG market.
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Technip Energies will work on a backlog comprising more than 50% in LNG-related business. Retaining the TechnipFMC name, RemainCo will generate nearly 90% of its revenue outside the US and Canada.
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Service firms are diversifying their portfolios, in part driven by large-scale budget cuts among operators since the industrywide downturn.
