1. Shell will sell Russian gas stations as part of its exit plan
Shell is discussing the sale of its chain retail gas station in Russia, shell neft, as part of its exit plan after the Russian Ukrainian crisis. Lukoil PJSC, Russia’s second-largest oil producer, is the most likely buyer, with its own retail network. It is reported that shell’s retail network covers more than 370 sites in 28 cities in Russia.
Shell’s main investment in Russia includes cooperation with Gazprom PJSC in Sakhalin-2 LNG project. It also played a role in financing the controversial undersea Nord Stream 2 gas pipeline from Russia to Germany.
2. The three oil service giants won equinor’s $2.1 billion drilling service extension contract
Oil service companies Baker Hughes, Halliburton and Schlumberger have signed a contract extension agreement with Norwegian national oil company equinor to provide comprehensive drilling and well services for the oil fields operated by equinor in Norway.
Equinor said on Friday that the total estimated value of the contract extension of drilling services is about NOK 14 billion (about US $1.47 billion), which will be distributed among 18 fixed platforms and 10 mobile drilling rigs, and up to 2000 people will participate.
3. Us drilling companies added oil and gas rigs for the seventh consecutive week
Baker Hughes’ data show that as of the week of May 6, the number of oil and gas drilling rigs, an early indicator of U.S. future production, increased by 7 to 705, the highest level since March 2020. Baker Hughes said that compared with the same period last year, the total number of drilling rigs increased by 257, an increase of 57%.
Since the Russia Ukraine incident, the US authorities have been urging oil companies to produce more oil and natural gas to reduce domestic prices and help allies break their dependence on Russian energy.
4. Energy giant shell Q1 profits hit a new high since 2008
On Thursday (May 5) local time, energy giant shell announced the first quarter financial report of 2022. Thanks to soaring oil and gas prices, shell Q1 profits reached the highest level in nearly 14 years.
The results showed that shell’s adjusted net profit in the first quarter was US $9.13 billion, exceeding market expectations and the highest quarterly profit since 2008. However, it should be noted that shell’s profit in the first quarter does not include the huge write downs caused by the planned launch of the Russian market
Post time: May-12-2022