GE Vernova signs deal to support Amazon's data center expansion
The renewable energy company GE Vernova announced on Tuesday that it had signed an agreement with Amazon’s cloud services to support its data center expansion plans. GE Vernova stated that the agreement with Amazon Web Services would help address global energy demand and improve grid security, reliability, and carbon emissions. Big Tech has spent billions on developing AI technology, infrastructure and cleaner energy sources.
Trump's tariffs threaten Canada's oil and natural gas drillers
Canada's oilfield services and drilling sector has already begun to show signs of slowing down due to the threatened tariffs by U.S. president Donald Trump. This has sparked fears that a rebound in this industry could be halted if these levies are implemented. The Canadian drilling industry lost thousands of jobs between 2014 and 2020 as a result of low oil prices, and the COVID-19 pandemic.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the fifth consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for a fifth consecutive week for the first since May 2022. In the week ending February 28, the oil and gas rig counts, an early indicator for future production, increased by one, to 593, its highest level since June. Baker Hughes reported that despite this…
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.2%.
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.5%.
US drillers added oil and gas drilling rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since December 2023. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending February 14 to 588. Baker Hughes reported that despite this week's increase in rigs the total count is still 33 rigs or 5% lower than this time last.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 8 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first eight-week period. The number of oil and gas drilling rigs, a good indicator of future production, increased by six in the week ending January 31. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year.
Baker Hughes: US oil & gas rig count at lowest since Dec 2021
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row to the lowest since December 2021, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, fell by four to 576 in the week to Jan. 24. RIG-USA-BHI, RIG-OL-USA-BHI…
Egypt and Eni announce that drilling ships will begin work on the Zohr gas fields
Egypt's Petroleum Ministry said that a drilling ship would arrive in Egypt next month, as Eni begins work to increase production at the massive Zohr offshore field. Egypt planned to become one of the world's major gas exporters after Eni found the field in 2015. However, domestic gas production has fallen in Africa since 2021 and reached a six-year minimum in 2024.
US drillers reduce oil and gas rigs in the US for the second week running - Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the second week running for the first since early October. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending November 22 to 583, the lowest level since early September. This brings the total number of rigs down by 39 or 6% from this time last.
Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September. This is a reduction of 34 rigs, or 6% from the same time last year.
Baker Hughes: US Rig Count Remains Steady
U.S. energy firms this week kept the number of oil and natural gas rigs operating unchanged for a record third week in a row, according to energy services firm Baker Hughes' data going back to 1987.The oil and gas rig count, an early indicator of future output, was steady at 585 in the week to Nov. 8, Baker Hughes said on Friday. Baker Hughes said that puts the total rig count down 31 rigs, or 5% below this time last year.
Baker Hughes reports that the US oil/gas rig counts are stable this week. Pennsylvania has fallen to a 17-year low.
Baker Hughes, a closely watched energy services company, said that the U.S. firms maintained the same number of oil and gas rigs this week. The count fell to a low not seen in Pennsylvania for 17 years, according to its report. The number of oil and gas drilling rigs, a good indicator of future production, was 585 during the week ending October 25. Baker…
UK energy services company Hunting reduces profit forecast due to lower oil prices
Hunting Plc, a British energy services company, slashed Tuesday its profit forecast for the entire year. This was partly due to the prospect of lower client activity in the remainder of the calendar year as a result of lowered oil prices and a renewed drop in U.S. Natural Gas pricing. The CEO Jim Johnson stated that "While the outlook for international and offshore sectors of the industry remains firm…
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S. West Texas Intermediate Crude Futures rose 31 cents or 0.45%, to $69.53 per barrel.
Oil prices stable after 7% drop in a week
Early trading on Monday saw oil prices stabilize after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 8 cents or 0.11% to $73.14 per barrel at 0120 GMT. U.S. West Texas Intermediate Crude Futures rose 10 cents or 0.14%, to $69.32 per barrel.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the fourth consecutive week. In the week ending October 18, the oil and gas rig counts, which is an early indicator of future production, dropped by one to 585. Baker Hughes reported that the total number of rigs is down by 39, or 6% from this time last.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since four weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending October 11. Baker Hughes reported that the total number of rigs was down by 36 or 6% compared to this time last. Baker Hughes reported that oil rigs increased by two this week to 481.
Macquarie will take a minority stake in D.E. Shaw's green power arm could be worth up to $1.73 billion
Macquarie Group’s asset management division has acquired a minority stake of the green energy arm of U.S.-based investor D.E. The Australian company announced on Tuesday that it would invest up to $1.73 billion in equity into D.E. Macquarie Asset Management, a fund managed by Macquarie Asset Management, and D.E. Shaw Renewable Investments, or DESRI (Development Energy Services and Renewable Investments)…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 5 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added the most oil and gas rigs in a week in the past year. In the week ending Sept. 13, the oil and gas rig counts, a good indicator of future production, increased by eight to 590. This is a return to levels seen in mid-June. This was the largest increase since the week of Sept. 15, 2023.
