All articles tagged with #oilfield
Lukoil has declared force majeure at Iraq's West Qurna-2 oilfield due to US and UK sanctions disrupting its operations, leading to halted payments and potential exit from the project if issues persist beyond six months.
The UK government has admitted in court that the approval of the Rosebank oilfield, the country's largest untapped oilfield, was unlawful due to inadequate environmental impact assessments that failed to consider the climate effects of burning the extracted oil and gas. This admission came during a legal challenge by climate groups against the Rosebank and Jackdaw fields. The case could lead to a pause in drilling activities while further assessments are conducted, potentially leaving the decision to proceed with drilling to the Labour government. Companies involved argue they acted lawfully based on the government's initial consent.
Exxon Mobil has agreed to acquire U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, making it the largest producer in the largest U.S. oilfield and securing a decade of low-cost production. The deal, set to close in early 2024, combines the largest U.S. oil company with one of the most successful names in the shale revolution. The acquisition will leave four of the largest U.S. oil companies in control of much of the Permian Basin shale field and its infrastructure. Despite facing scrutiny, the companies are likely to complete the deal as they argue that they will account for a small fraction of the global oil and gas market.
Baker Hughes beat profit estimates for Q1 2021 due to rising oil prices and increased demand for its equipment and services. Despite oil price volatility, the company remains optimistic about the outlook for energy services, citing factors such as the development of liquefied natural gas projects. Baker Hughes anticipates double-digit spending growth by upstream oil and gas companies this year, and full-year revenue of between $24 billion and $26 billion. The company's shares rose by 2.5% in early trading.