Weatherford clawing back cash….
Financially struggling oilfield services firm Weatherford International finally has found a buyer to acquire its Middle East onshore drilling rig business for $287.5 million as part of its long-term divestiture plans.
Weatherford, which is based largely out of Houston, has aimed to sell the business since early 2017. ADES International Holding, a company in the United Arab Emirates, will buy the Weatherford unit. ADES operates in the Middle East and northern Africa.
Weatherford recently sold its North American hydraulic fracturing business to industry leader Schlumberger, and unloading its land rig business was the next step in its downsizing effort to reduce its debt and stablize the company financially….. (read the rest of the story here)
China DPG stops import of US Crude…
An independent Chinese refiner has suspended crude oil purchases from the United States and has now turned to Iran as one of its sources of crude, media reports, citing an official from the refiner, Dongming Petrochemical Group.
What’s more, the source said that Beijing is planning to slap tariffs on U.S. crude oil imports and replace them with West African and Middle Eastern crude, including crude from Iran. China has already said that it will not comply with U.S. sanctions against Iran and it seems to be the only country for now in a position to do this. (read the rest of the story here)
The one thing that could drive oil price to $250…
Crude oil prices could jump as high as US$250 a barrel if Iran goes through with its threat to close the Strait of Hormuz in response to U.S. pressure on oil buyers to cut their Iranian purchases to zero, RTÂ reports, quoting analysts.
The most bullish among these analysts was Artem Avinov from online broker TeleTrade, who saw prices skyrocketing to US$250 a barrel if the Strait of Hormuz is blocked, disrupting about 17 million bpd in seaborne oil trade. Avinov, however, added that this course of events is very unlikely, suggesting Iran would instead opt for “a quick economic or military retaliation, which will lead to the lifting of restrictions.†(read the rest of the story here)
BHP auctioning off shale assets…
BP Plc is in the lead to acquire the U.S. onshore shale oil and gas assets of BHP Billiton Ltd after submitting an offer worth well in excess of $10 billion, people familiar with the matter said on Friday.
The move represents a big bet by BP on U.S. oil and gas production at a time when energy prices are rebounding. It would allow it to significantly rebalance its business with oil production, after focusing largely on natural gas assets. (read the rest of the story here)
How fast can you loose $5 Billion…
John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash.
Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry. (read the rest of the story here)
