Tuesday, July 16, 2019

Baker Hughes News

Saudi Aramco, BHGE Open Research Center

(Photo: Saudi Aramco)

Saudi Aramco signaled its commitment to cutting edge technology and developing global partnerships with the opening yesterday of a “game-changing” Baker Hughes GE (BHGE) research facility at Dhahran Techno Valley.The facility will house a number of state-of-the-art technologies…

US Drillers Add Rigs

© Alexey Zakirov / Adobe STock

U.S. energy firms this week increased the number of oil rigs operating for a second week in a row with oil futures up about 12% over the past couple of weeks despite plans by most producers to cut spending on new drilling this year.The rig count, however, was still down 92…

BHGE to Bring AI to Oilfield

© Siarhei / Adobe Stock

Oilfield service company Baker Hughes, a GE Company (BHGE) has entered into a joint venture with the California-based Artificial Intelligence (AI) software provider C3.ai to accelerate the digital transformation in the oil and gas industry."AI in the oil and gas segment…

US Rig Count Climbs

© ronniechua / adobe Stock

U.S. energy firms increased the number of oil rigs operating for the first time in the past three weeks as U.S. crude futures soared around 10% this week.Big energy price declines over the prior couple of months, however, prompted one analyst to cut rig count forecasts…

Lower oil prices start to rebalance the market

© zhu difeng / Adobe Stock

Lower oil prices are starting to rebalance the oil market by slowing the rise in U.S. crude output and encouraging Saudi Arabia and its allies to extend production cuts through the end of 2019.U.S. crude production rose 241,000 barrels per day (bpd) to 11.905 million bpd in March from February, according to the U.S.

Bechtel Bags Rio Grande LNG EPC Deal

Image: NextDecade

US project management services provider Bechtel has won the engineering, procurement, and construction (EPC) contracts totaling $9.565 billion for the LNG export project developer NextDecade-led Rio Grande liquefied natural gas (LNG) project in the US.The fully wrapped lump-sum turnkey (LSTK) EPC contracts include cost…

Oil Prices Fall After Trump's Tariff Threat Against China

© Jim / Adobe Stock

Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents.

Baker Hughes Profits from Foreign Focus

© xmentoys / Adobe Stock

Baker Hughes reported negative free cash flow for the first quarter at a time energy investors have been pushing companies to aggressively shore up capital for dividends and buybacks, sending its shares down as much as 8.5 percent.Oilfield service companies, including bellweather Schlumberger NV and Halliburton Co…

US Rig Count Dips

© FerrezFrames / Adobe Stock

U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18, bringing the total count down to 825…

US Rig Count Climbs

© tjphoto / Adobe Stock

U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.Companies added 15 oil rigs in the week to April 5, the biggest increase since May, bringing the total count to 831…

US Rig Cuts Continue

© photostock77 / Adobe Stock

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to its lowest in nearly a year as independent producers follow through on plans to cut spending on new drilling with the government cutting its growth forecasts for shale output.Drillers cut nine oil rigs in the week to March 22…

Oil Majors Rush to Dominate US Shale

© pavantt / Adobe Stock

In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells…

Urquhart Joins Reactive Downhole Tools

Niall Urquhart (Photo: Reactive Downhole Tools)

well completion solutions provider Reactive Downhole Tools announced MOnday it has appointed Niall Urquhart as VP Eastern Hemisphere.Urquhart brings to the position more than 10 years of experience in the oil and gas sector, including project engineer for Baker Hughes…

US Rig Count Lowest Since April 2018

© bomboman / Adobe Stock

U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts.Drillers cut one oil rig in the week to March 15, bringing the total count down to 833…

BP Dishes Greater Tortue Ahmeyim Contracts

Oil major BP has awarded subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment contracts to services providers McDermott International and Baker Hughes, a GE company (BHGE), for the Greater Tortue Ahmeyim natural gas project, located…

U.S. Drillers Cut Rigs to Lowest Level since May

© Shamtor / Adobe Stock

U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow through on plans to cut spending even though oil majors plan to spend more.Drillers cut nine oil rigs in the week to March 8…

US Rig Count Lowest Since May 2018

File Image: an idled oil rig in a shipyard (CREDIT: AdobeStock / © Nightman

U.S. energy firms this week cut the number of oil rigs operating to the lowest in almost nine months as some producers follow through on plans to cut spending despite an over 20-percent increase crude futures so far this year.Drillers cut 10 oil rigs in the week to March 1…

US Rig Count Climbs

© helivideo / Adobe Stock

U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies added three oil rigs in the week to Feb. 15, bringing the total count to 857…

Schlumberger Names Olivier Le Peuch as COO

Olivier Le Peuch (Photo: Schlumberger)

Schlumberger NV on Friday named Olivier Le Peuch as chief operating officer, setting him up as a possible successor to Paal Kibsgaard for the top role at the world's largest oilfield services company.Le Peuch has previously served as the president of Schlumberger's…

US Drillers Add Oil Rigs Again

File Image: AdobeStock / © Mike Mareen

U.S. energy firms this week increased the number of oil rigs operating for the second time in three weeks after oil prices soared over 18 percent in January.Companies added 7 oil rigs in the week to Feb. 8, bringing the total count to 854, General Electric Co's Baker…