Upon the plant’s completion in 2020, Halliburton will begin local manufacturing of specialty chemicals to help customers achieve production and reliability goals in applications from the reservoir to the refinery.
Crude oil futures eased on Feb. 20 in light of the prospect of a continued boom in U.S. shale oil output, although with OPEC determined to restrict its own production to prevent a global surplus of unused fuel, the price held just shy of 2019 highs.
Deals with Schlumberger and Baker Hughes are worth $2.47 billion.
Oil prices jumped to a three-month high as hopes for a U.S.-China trade deal added to the optimism sparked by news that Saudi Arabia was cutting production more aggressively than expected.
Oil stayed within sight of its 2019 high of almost $67 a barrel on Feb. 19, supported by OPEC-led supply cuts although concern about slowing economic growth that would curb demand weighed.
Iran's exports of crude oil were higher than expected in January and are at least holding steady this month, according to tanker data and industry sources, as some customers have increased purchases due to waivers from U.S. sanctions.
Brent crude oil eased on Feb. 18, but remained on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel.
Saudi Aramco has shut part of its Safaniyah offshore oil field after a main power cable was cut by a vessel’s anchor, a source familiar with the matter said on Feb. 15.
Fayadh Nema was named Iraq's deputy minister for upstream oil and gas affairs and Mutasim Akram was also named the new deputy minister of gas affairs.
Brent crude oil briefly reached 2019 highs above $65 a barrel on Feb. 15 as OPEC-led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors.
