Finance News

Almost all segments in the oilfield service sector showed gains on a quarterly basis in the second quarter of 2019, according to a recent analysis by Rystad Energy. The only exception was the land drilling segment, where revenues fell by 7% compared to the previous quarter. The decline in land drilling is driven by decreased revenues in the United States where the drilling activity is slowing down. Industry players see increased oil price uncertainty and E&P spending cuts underlying the slowdown.

A second oil discovery in the Orinduik Block was announced earlier this week. The Joe-1 exploration well was drilled to a final depth of 2175 meters and encountered a high-quality oil-bearing sandstone reservoir of Upper Tertiary age.

Rever Offshore, a leading subsea services provider to the oil and gas industry, continues to be on track for a successful 2019 as it announces a number of project awards and successfully completed campaigns with CNR International, Perenco and Spirit Energy, among other production and exploration majors.

McDermott International, Inc. has announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott's industry-leading technology business, with valuation exceeding $2.5 billion. Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through.

Equinor (OSE: EQNR, NYSE: EQNR) is launching a share buy-back program of up to USD 5 billion over a period until the end of 2022. The first tranche of the program of around USD 1.5 billion is commencing today and will end no later than 25 February 2020.

Well Conveyor AS, a Norwegian downhole technology company, has received equity investment from Chevron Technology Ventures (CTV), a division of Chevron U.S.A. Inc. Combined with additional investments from existing investors ProVenture and Investinor, the company raised 15.7 MNOK ($1.8 M).

The Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP), Brazil’s national agency for petroleum, plans to increase the diversity of upstream oil and gas operators present in Brazil as a result of three licensing rounds organized in fall 2019, continuing a strategy that is expected to boost oil production by 1 million barrels per day (mmbd) by 2025 through recent licensing and the current Pre-Salt area development, says GlobalData, a leading data and analytics company.

BP announces that it has agreed to sell its entire business in Alaska to Hilcorp Alaska, based in Anchorage, Alaska. Under the terms of the agreement, Hilcorp will purchase all of BP's interests in the state for a total consideration of $5.6 billion.

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