1. Oilfield service providers Expro group and Frank’s international merged in full stock trading
Expro group and Frank’s International announced a final agreement under which the two companies would merge into an all stock deal. Upon completion, Expro shareholders will own about 65% of the consolidated entity and Frank’s shareholders will own about 35%. The two companies have decades of market leadership in well construction, well flow management, subsea well access, well intervention and production services. The deal will create a leading service provider with a broad portfolio of functions throughout the well life cycle.
2. BP abandons three new oil projects in Kazakhstan to focus on renewable energy
BP said it had been working 18 months to assess offshore blocks such as boshoy zhambil, zhemhuzhnaya and kalamkas sea, which decided not to invest in the future. The three oil projects were abandoned to focus on renewable energy and existing businesses.
Last year, BP said it would restructure its company, focus on clean energy and cut its hydrocarbon business by 40 per cent over the next 10 years. Since the announcement of a strategic change, the company has sold a range of oil and gas assets, while investing heavily in offshore wind power.
3. Petrogas awarded the North Sea contract to maersky drilling company
Maersk drilling company reported this week that it has signed a single well contract with petrogas E & P of the Netherlands to maintain and sidetrack well A9 of p9 horizon oilfield in the North Sea of the Netherlands. The contract, which starts next month, is worth about $4.5 million and lasts for 45 days.
4. Masdar and Petronas will explore renewable energy opportunities
Masdar, the Abu Dhabi clean energy company, has signed an agreement with Petronas to explore renewable energy opportunities in Asia and other countries.
Masdar said in a statement on Thursday that as part of the agreement, the two companies will focus on developing utility scale ground installation and floating solar projects in places such as Malaysia and Vietnam, as well as offshore wind power projects.
5. Total works with Microsoft to promote digital innovation and achieve zero net profit
Total and Microsoft have agreed to work together as strategic partners to further promote the digital transformation and support the progress of net zero emissions.
To achieve its ambition to achieve zero net emissions by 2050, total is building a portfolio of renewable energy and power activities that will account for 40% of its sales by 2050.
6. Equinor has new oil discoveries near the existing Barents Sea field
Equinor and its partners, V å r energi and petroro, discovered oil in exploration well 7220 / 7-4 of production license 532 in the Barents Sea. It is estimated that the current recoverable resources range from 5 million to 8 million standard cubic meters, equivalent to 31 million to 50 million barrels of oil equivalent.
7. Lukoil’s net profit fell nearly 98% in 2020
Due to the decline in oil demand and price caused by the pandemic, Lukoil’s net profit decreased by 97.6% to 15.2 billion rubles (US $205.6 million) in 2020 and 640.2 billion rubles (US $8.6 billion) in 2019.
8. Sparrows signed a five-year contract with an oil giant
Sparrows group, a professional provider of engineering and maintenance services, has signed a new five-year contract with “oil and gas giant operators” to provide crane services for its seven onshore and offshore assets in North America. Sparrows did not disclose the name of the operator or the total contract value.
Post time: Mar-12-2021