Oil rig service provider Precision Drilling Corp. is acquiring all of the issued and outstanding common stock of CWC Energy Services Corp. for total consideration of approximately $141 million. The purchase price consists of 947,909 shares of Precision stock, valued at approximately $88 million at the close of the market on Sept. 1, $14 million in cash, plus the assumption of CWC’s outstanding debt, Precision said and CWC in separate press releases on Thursday. With the transaction, Precision adds 62 marketed service rigs and seven marketed drilling rigs in Canada and 11 marketed drilling rigs in the US, including seven…
Author: Automotivedealernews.com
Russia’s budget slipped back into the black last month as the government cuts spending and a rise in non-oil revenue offsets a drop in energy revenue. The surplus in August reached nearly 456 billion rubles ($4.7 billion) in one of the biggest monthly additions this year, according to Bloomberg calculations based on Finance Ministry data released on Friday. In a televised government meeting just hours earlier, Prime Minister Mikhail Mishustin put the latest surplus at 230 billion rubles. Russia’s budget remains under pressure from the financial drain of the war in Ukraine. Still, August’s fiscal performance helped narrow the deficit…
Nigeria’s state oil company has expressed reservations about Eni SpA’s sale of a subsidiary to local producer Oando Plc that could complicate the transaction. The Italian firm announced on September 4 an agreement to sell to Oando one of its units that has a 20 percent operating stake in four onshore oil and gas blocks. The deal is the latest in a series of asset sales by international producers in onshore and shallow water areas of the Niger Delta. Failure to obtain prior authorization from Nigerian National Petroleum Co. for the sale “constitutes a serious breach” of the contract governing…
The latest US Energy Information Administration (EIA) fuel update report described a mix of fuel prices in the US. The report, which was released earlier this week, showed a downward price trend for US regular gasoline and an upward trend for on-highway diesel. U.S. regular gasoline prices were $3.868 per gallon on Aug. 21, $3.813 per gallon on Aug. 28 and $3.807 per gallon on Sept. 4, according to the report, which noted that diesel prices on US highways reached $4.389 per gallon on September 4. August 21, $4.475 per gallon on August 28 and $4.492 per gallon on September…
Kelt Exploration Ltd. has acquired new gas processing capacity through several firm service agreements that are expected to double its current production capacity over the next three years, the company said in a press release Thursday. Kelt said it signed gas processing agreements with “certain midstream companies that are building a new gas processing plant and expanding an existing gas processing plant” in the area of its Wembley/Pipestone division. The names of the companies were not disclosed. Kelt expects to increase firm-duty crude gas processing capacity in the division from 37 million cubic feet per day (MMcfpd) to 109 MMcfpd…
Russia plans to cut diesel exports from its main western ports by a quarter this month amid seasonal refinery maintenance and government efforts to keep more fuel at home to ease rising domestic prices. Diesel cargoes from Russian Black Sea and Baltic ports, including some batches from Belarus, are set at 1.874 million tonnes this month, nearly 25% less than the August plan, according to industry data seen by Bloomberg . That’s the equivalent of 466,000 barrels a day, about 600,000 barrels a day from last month’s schedule, Bloomberg calculations show. It is also Russia’s lowest diesel export plan since…
Arena Energy LLC and White Fleet Drilling LLC have mobilized a refurbished WFD 400 jack-up drilling rig in the Gulf of Mexico (GOM). The WFD 400 will support Arena’s drilling and development activities as well as third-party operators’ plug and drop operations in the GOM for the next 15 to 20 years, Arena said in a press release Thursday . The platform is currently under contract and on site performing plug and abandonment work for an external operator in the shallow waters of the GOM, according to the release. White Fleet acquired the decommissioned rig in 2022 and subsequently moved…
Oil posted a second straight weekly gain after supply curbs by OPEC+ leaders Saudi Arabia and Russia were extended for the rest of the year. In addition to an already tight fuel market, Russia plans to cut diesel exports from its main western ports by a quarter this month and keep more supplies at home due to seasonal refinery maintenance. The news sent diesel futures higher, outpacing gains in crude oil. The underlying metrics of the oil market complex point to tougher conditions after OPEC+ leaders extended their production cuts. The December-to-December spread in West Texas Intermediate, a favored oil…
Common BMW N63 problems The BMW N63 was one of the most advanced V8 engines when it hit the market in 2008. BMW’s new engine for performance sedans and SUVs had several things that made it unique, from its all-aluminum construction, direct injection and “hot-V”. ” design that was the first of its kind in a production engine. The N63 was a more than formidable engine and would go on to power many of BMW’s best performance and luxury vehicles throughout the 2010s. The N63 platform would be found in models such as the 550i, 650i, 750i, X5, X6 and…
An oil tanker carrying Russian crude is now approaching the coast of Brazil after a 16-day journey from a terminal in the Arctic Sea. The Aframax Stratos Aurora-class tanker is now about 500 miles from the Latin American country’s waters, according to ship tracking data compiled by Bloomberg. She loaded about 650,000 barrels from Murmansk on August 22 and briefly showed destination Madre De Deus, Brazil, before switching to Atlantic to place the order. If the tanker discharges to Brazil, it would be the first time Russian crude has been sent to the South American country since at least 2016,…