News / International

SLB Launches EWC™ Electric Well Control Technology for Cost-Efficient, Safe Drilling Operations

SLB, a Global Energy Technology Company, has launched its new EWC™ electric well control technologies, which aim to lower costs and enhance the safety of drilling operations. Traditionally, well control systems have relied on hydraulic systems, which involve a complex network of hoses, valves, and actuators, making them expensive to install and requires costly routine maintenance over their lifetime. The EWC technology allows for instant and precise control and monitoring of blow out preventer (BOP) onshore and offshore, leveraging industrial internet of things (IIoT) components to provide real-time pressure readouts without conventional gauges.

Kazakhstan Reaches Record Oil Production of 2.12 Million bbl/d, Exceeding OPEC+ Quota

Kazakhstan has increased in February its crude oil and gas condensate production by 13% to a record of 2.12 million barrels per day (bbl/d), exceeding its quota of of 1.468 million bbl/d agreed upon within the OPEC+ group of oil producers. as Reuters reported. Excluding gas condensate, Kazakhstan's crude oil production surged by 15.5% from January to 1.83 million bbl/d, which takes into account Kazakhstan's tons per barrel ratio of 7.5. The Tengiz oilfield saw production increase to 904,000 bbl/d last month from 640,000 bbl/d in January, following the completion of maintenance and due to an expansion program.

Baker Hughes, Frontier Infrastructure to Deploy Large Scale CCS Project, Power Solutions in US

Baker Hughes has partnered with Frontier Infrastructure, a Tailwater Capital portfolio company, to accelerate the deployment of the Sweetwater Carbon Storage Hub (SCS Hub) and power solutions in the US. The SCS hub, one of the largest open-source carbon sequestration assets in the country, is designed to support industrial emitters across the region and ethanol facilities across the Midwest, providing open access for carbon storage through the hub’s CO2-by-rail strategy. Spanning nearly 100,000 acres in Wyoming, the SCS Hub is expected to store over 350 million metric tons of CO₂ once fully operational. 

ADNOC, OMV Partner to Form $60B Global Petrochemical Giant

ADNOC and OMV have entered into a binding framework agreement to combine their shareholdings in Borouge plc and Borealis AG into a new entity called Borouge Group International, worth over $60 billion. Upon completion, this new company will acquire Nova Chemicals Corp. for $13.4 billion, including debt, as per the ADNOC Share and Purchase Agreement with Nova Holding Company. Combining both agreements with the ongoing Borouge-4 expansion project will establish Borouge Group International as a global polyolefins powerhouse, making it the fourth-largest producer worldwide by nameplate capacity.

Equinor Announces New Gas Discovery in Norwegian Sea

Equinor announced a gas and condensate discovery in the Mistral Sør exploration well located in the Halten area in the Southern part of the Norwegian Sea, with preliminary estimates of 3-7 million standard cubic meters of recoverable oil equivalent (19-44 million barrels of recoverable oil equivalent.

Sinopec Adds 1.3B Barrels of Shale Oil Reserves in East China

Sinopec Corp announced on Monday that the Chinese government has certified approximately 180 million metric tons, equivalent to about 1.3 billion barrels, of new geological reserves at two of its shale oil plays. These reserves are located at the Xinxing field in the Jiyang trough of the Bohai Bay basin and the Qintong field in the Subei basin.

Turkey Seeks to Resume Iraq-Turkey Pipeline Operations at Maximum Capacity

Turkey seeks to resume operations of Iraq-Turkey pipeline at maximum capacity once it resumes flows through Turkey’s Ceyhan as Reuters reported. Turkey halted pipeline operations since March 2023 following a ruling by the International Chamber of Commerce (ICC) that ordered Ankara to pay $1.5 billion in damages to Baghdad, Iraq for unauthorized exports between 2014 and 2018. "This pipeline has been ready for 1.5 years already. We want the Turkey-Iraq pipeline, especially the two pipelines of 650 km from our Silopi to Ceyhan to be used," said Turkish Energy Minister Alparslan Bayraktar. "We want some of the oil passing through this line to go to the refinery in Kirikkale and also via ships through Ceyhan to refineries in Turkey or to different refineries in the world so that the capacity of the line can be used at the maximum level," he added.

Shell Announces Next Phase of Transformation with New Executive Committee Structure

Shell announced on Tuesday its plans for further changes to its Executive Committee and leadership structure to support its strategy to deliver more value with less emissions. The company will delayer its senior leadership to focus on three primary areas: Integrated Gas, Upstream, and Downstream, Renewables and Energy Solutions, while also elevating Trading and Supply.

Libya Announces First Public Bid Round for Oil Exploration in 17 Years

Libya plans to launch a Public Bid Round for exploration after a 17-year hiatus, said Masoud Suleman, acting Chairman of the National Oil Corporation (NOC). Libya’s Prime Minister confirmed that this round represents a clear message that Libya is ready to open up to international companies within a modern and transparent investment environment, noting that the GNU worked to remove the obstacles facing the oil and gas sector, which led to achieving distinguished production rates, as crude oil production reached 1.4 million barrels per day (bbl/d), with plans to strengthen Libya's position as a major energy supplier.

Aramco Reports 12% Profit Decline in 2024 Amid Lower Crude Prices

Aramco has reported a 12.4% decline in net income in its fiscal year results of 2024, reaching 398.4 billion riyals ($106.25 billion), from 454.8 billion riyals ($121 billion) recorded in 2023 due to lower realized crude oil prices and sales revenues.

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