APA, Sinopec to recover $900MM of “backlogged costs” in Egyptian project

(Bloomberg) --APA Corp. and its Chinese partner in an Egyptian oil project will recover almost $900 million in prior investments under a new drilling contract with the North African nation. APA was the day’s best performer in the S&P 500 Index. Source: www.worldoil.com Author: Gerson Freitas Jr.

Oil prices reach four-week high as markets account for Omicron

(Bloomberg) --Oil rose in tandem with equity markets as investors weighed the rapid spread of omicron against signs it may be milder than previous variants. West Texas Intermediate futures surpassed $75 a barrel on Monday for the first time in a month amid light trading. Daily omicron infections in the U.S. have surpassed those in the delta wave...

Hunting PLC forms JV with India’s Jindal SAW Limited

International energy services group Hunting PLC agreed to form a new 49%:51% joint venture with Jindal SAW Limited, the Indian conglomerate. The agreement formalizes a closer working partnership between the two businesses, following the formation of a strategic alliance in 2019 when Hunting and Jindal began cooperating to develop their presence in...