RUSSIAN INVESTMENTS TO IRAN
According to IRNA, a senior official at the National Iranian Oil Company (NIOC) said on Friday that the country has signed three memoranda of understanding (MoU's) with three leading Russian oil companies for bilateral cooperation.
Deputy Managing Director of NIOC for Developing projects and Engineering Gholam-Reza Manouchehri said that the documents were inked between Iran and the Lukoil, Tatneft and zarubezhneft of Russia.
The deals were signed during a recent visit to Tehran of a 35-member Russian delegation comprising representatives of Russia's giant oil companies, he said.
It is expected that the MoU's to be finalized in a near future, Manoucheri said.
Russian oil companies are potential investors who prefer to invest on industrial oil projects in Iran, he said.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.