Oil & Gas Equipment & Services

TotalEnergies has agreed a 15 year digital drilling and engineering contract with SLB covering global upstream projects, while separately taking final investment decision on full field development of the Absheron gas and condensate field in Azerbaijan. The SLB agreement introduces integrated digital well planning tools intended to centralise data and support drilling decisions across TotalEnergies' portfolio. The Absheron project is designed around automation and lower emission infrastructure to support regional gas supply and energy transition goals, with a targeted 2029 start up and four subsea wells plus an onshore plant to be delivered. Investors are told to watch project updates between now and that start up, including capex guidance and disclosures on how widely the SLB DrillPlan system is used across the wider upstream portfolio. The article frames both moves as reinforcing TotalEnergies' existing push into gas and power and its focus on digitalisation, rather than as a rewrite of the investment narrative.

Weatherford said Equinor selected it as primary provider of completion systems for the Statfjord and Oseberg licenses on the Norwegian Continental Shelf, significantly expanding its role in supporting Equinor's North Sea operations. The company also said it was awarded a two-year extension across several strategic frame agreements to provide its integrated completions portfolio, helping Equinor improve operational efficiency, enhance well performance, and maximize production throughout the life of the well. Weatherford said the contract extension and expanded completions scope reinforce its commitment to the Norwegian Continental Shelf and reflect continued investment in innovative technologies that improve well performance and increase operational efficiency. Shares of Weatherford gained 0.9% post-market Thursday following the announcement.

SLB N.V. has expanded its long-term digital subsurface collaboration with TotalEnergies SE by adding Chevron Technical Center, a division of Chevron U.S.A. Inc., as the second global operator in the initiative. The collaboration, known as Arena, was established by SLB and TotalEnergies in 2024, and Chevron will contribute investment, intellectual property and technical expertise while adding capabilities in uncertainty analysis, optimization and field development planning. Arena focuses on improving decisions across reservoir engineering and geoscience, with embedded experts from Chevron and TotalEnergies at SLB technology centers designed to shorten feedback cycles and bring operational requirements directly into product development. The three companies have already collaborated on the Intersect reservoir simulator, and Arena extends that relationship into a broader digital framework focused on open and extensible technologies. SLB and TotalEnergies currently carry a Zacks Rank #3 (Hold) each, while Chevron Corporation and Equinor ASA each sport a Zacks Rank #1 (Strong Buy).

Baker Hughes has agreed two large Venezuela deals to redevelop gas and oil infrastructure, according to an announcement in early October 2026. One agreement sets up an alliance to repair and expand Venezuela's natural gas network, a step toward possible future LNG exports, while a separate partnership supports new upstream and midstream oil and gas projects across the country. The practical test is whether the alliance with PDVSA, Lindsayca and Fulcrum and the MOU with New Stratus quickly convert into specific, OFAC cleared contracts with disclosed scope and value. The Venezuela work fits alongside Baker Hughes' existing Industrial & Energy Technology orders, including data center power orders of US$2.2b and US$7.1b of IET orders in Q2 2026, rather than replacing that story. Baker Hughes is a US based energy services provider with a reported market value of about $57.0b.

Halliburton and TotalEnergies have signed new agreements in Venezuela, deepening Western oil companies' push into the country's 303 billion barrels of crude reserves. Halliburton signed two memoranda of understanding with Brazil's Eneva and engineering firm WESCA to deploy digital technologies and subsurface interpretation tools for field evaluation and development planning in the Orinoco and Maracaibo basins. TotalEnergies' deal with PDVSA includes the Travi light crude field in Monagas state, reversing its 2021 withdrawal from the Petrocedeno joint venture. The moves follow a U.S. agreement signed on 2 September by Energy Secretary Chris Wright covering 65 billion barrels of proven reserves across 17 fields, a 100-year concession that President Donald Trump called "the biggest oil deal in world history." Chevron has raised Venezuelan output from 40,000 barrels per day to 250,000 bpd, with CFO Eimear Bonner projecting a 50% increase to 420,000 bpd by the end of 2028, while BP has opened a permanent Caracas office and secured a license for Phase 2 of the offshore Loran gas field.

TechnipFMC's 66kV Dynamic Inter-Array Cable has achieved qualification to the CIGRE TB 862 standard for floating wind, sending shares of the subsea energy systems provider up 3.3% in the afternoon session. The qualification followed an 18-month testing program that included 1.5 million flex-fatigue cycles verified by Bureau Veritas. The achievement builds on existing CIGRE TB 722 and IEC 63026 qualifications and confirms the dynamic cable completed defined electrical, mechanical, and fatigue testing. TechnipFMC said the qualification allows it to supply the cable within an integrated Water Column iEPCI scope, ahead of showcasing the system at the Floating Offshore Wind 2026 conference in Aberdeen. The shares closed the day at $70.31, up 2.2% from the previous close.

Baker Hughes has signed two agreements aimed at expanding Venezuela's natural gas and energy infrastructure, including a partnership that could eventually pave the way for the country's first LNG exports. The oilfield services giant signed a strategic alliance with Venezuela's state-owned PDVSA, Lindsayca and Fulcrum LNG focused on restoring and expanding the country's natural gas infrastructure. Initially, the partners will identify infrastructure upgrades needed to meet PDVSA's own gas requirements and increase supplies to Venezuela's domestic market, including natural gas used for electricity generation, while over the longer term they plan to evaluate and potentially finance new open-access midstream and LNG infrastructure that could let PDVSA and other Venezuelan producers commercialize stranded gas resources and eventually export LNG. Baker Hughes CEO Lorenzo Simonelli said a central goal was creating an integrated gas value chain capable of turning Venezuela's substantial resources into reliable domestic supplies and future export opportunities, with Baker Hughes providing technology covering field development, gas infrastructure and LNG, Lindsayca contributing engineering, construction and operational capabilities, and Fulcrum focusing on midstream and LNG development, financing and market access. The agreement remains a cooperation framework rather than a final investment commitment, with individual projects requiring separate agreements and approvals and compliance with U.S. sanctions and export controls, including applicable authorizations from the Treasury Department's Office of Foreign Assets Control. Separately, Baker Hughes signed an MoU with New Stratus Energy covering potential future Venezuelan oil and gas developments, and the company already has a substantial footprint in Venezuela after operating there for more than 60 years, including more than 1,200 oil production systems and around 240 turbomachinery units across 23 sites.

Baker Hughes said Monday it signed agreements with Venezuelan state oil company PDVSA, engineering firm Lindsayca, and LNG developer Fulcrum LNG to develop natural gas infrastructure in Venezuela, with financial terms not disclosed. Under the first alliance, the three companies will combine their capabilities to develop the infrastructure needed to process, transport, commercialize, and potentially export natural gas. Baker Hughes said the agreements establish an enterprise deal framework that can connect upstream resource development, midstream infrastructure, gas monetization, and liquefied natural gas commercialization. Separately, Baker Hughes signed a memorandum of understanding with New Stratus Energy to support future oil and gas projects in the country. Chairman and CEO Lorenzo Simonelli said Venezuela holds tremendous potential to become a significant contributor to the evolving global energy landscape, and that the agreements are designed to bring world-class resource opportunities, project development, energy infrastructure and technologies, and financing expertise together to realize this.

Oceaneering International announced that its Aerospace and Defense Technologies segment, known as ADTech, has secured a follow-on contract from the U.S. Navy to support the Dry Deck Shelter program. The five-year award, which includes one base year and four option years, carries a potential value of $154 million. The agreement covers maintenance, overhaul, engineering and field change services for Dry Deck Shelters, specialized systems that help enable the deployment of special operations forces and undersea vehicles. Oceaneering has supported the Navy's Dry Deck Shelter program since 2002, and the company said its ADTech segment provides engineered solutions for U.S. Navy undersea programs. The full $154 million value depends on the exercise of the four option years, with the initial base-year award providing the foundation for continued engagement with the Navy.

Halliburton confirmed to Argentine authorities in early October 2026 that it and its subsidiaries will not work on the Malvinas Islands' Sea Lion project or conduct any hydrocarbon activities in the surrounding area, while separately signing memoranda of understanding with Eneva S.A. and WESCA to support oil and gas development opportunities in Venezuela. The two moves together reframe Halliburton's regional exposure, regulatory risk profile and future contract pipeline across Latin America, with the Venezuela agreements offsetting some perceived lost optionality around Malvinas through a different Latin American pathway for international revenue, offshore and unconventional exposure. Those agreements sit alongside recent multi-year wins in Suriname, Brazil and Cyprus, reinforcing that the key short-term catalyst remains Halliburton's ability to execute on higher-complexity international contracts at acceptable margins and with controlled start-up costs. Halliburton's narrative projects $25.1 billion in revenue and $2.7 billion in earnings by 2029, requiring 3.9% yearly revenue growth and an earnings increase of about $1.1 billion from $1.6 billion today, and yields a $43.44 fair value, a 36% upside to its current price. More optimistic analysts had already assumed revenues of about US$26.8 billion and earnings near US$3.4 billion before the Venezuela and Malvinas news, while other fair value estimates put the stock as low as $34.03.

Oceaneering International's Aerospace and Defense Technologies segment has secured a follow-on U.S. Navy contract for Dry Deck Shelter maintenance, overhaul, engineering, and field change services, a five-year agreement with a potential value of US$154,000,000 supporting special operations forces and undersea vehicles. The award strengthens the near-term catalyst of growing ADTech revenues while modestly reducing the risk that earnings depend too heavily on deepwater oil and gas project activity. It follows the July 2026 Defense Innovation Unit CAMP shortlisting for an Extra Large Uncrewed Undersea Vehicle, together pointing to ADTech increasingly supporting undersea defense missions. Oceaneering's narrative projects $3.5 billion revenue and $103.3 million earnings by 2029, requiring 6.5% yearly revenue growth and an earnings decrease of $246.8 million from $350.1 million today, with a $46.00 fair value implying 4% upside. The most pessimistic analysts assumed earnings might fall toward about US$119 million by 2029, a view the new Navy contract could meaningfully test.

Flowco Holdings Inc. has closed its acquisition of Lifting Solutions Energy Services Inc., a vertically integrated manufacturer of artificial lift technologies, for approximately US$113 million in cash based on a CAD/USD exchange rate of 0.71. The sellers are also eligible to receive contingent consideration of up to C$10 million based on Lifting Solutions' 2027 financial performance, payable in early 2028. Founded in 2014 and headquartered in Edmonton, Alberta, Lifting Solutions is a leading provider of continuous rod and progressing cavity pumps serving wells across Canada, the United States, the Middle East, and other international markets. Flowco said the deal adds continuous rod and PCP technologies to its artificial lift offering, provides a scaled Canadian and international platform, and is expected to be accretive to earnings and free cash flow per share. The transaction was structured on a cash-free, debt-free basis and funded with borrowings under Flowco's ABL facility.

Oceaneering International announced Thursday that its Aerospace and Defense Technologies segment has been awarded a follow-on U.S. Navy contract to provide Dry Deck Shelter maintenance, overhaul, engineering, and field change services. The five-year contract consists of one base year and four option years, and carries a potential value of $154M. The company said the work supports the safe and reliable deployment of special operations forces and undersea vehicles.

SLB's OneSubsea joint venture has secured a contract from ExxonMobil Moçambique for the first phase of the Rovuma liquefied natural gas project offshore Mozambique. The award covers subsea trees, manifolds, umbilicals and control systems, along with engineering, procurement, manufacturing and installation services. SLB OneSubsea also intends to establish a service base in Mozambique to support Rovuma LNG and serve other regional operators and future subsea developments. SLB currently carries a Zacks Rank #3 (Hold), and the contract reinforces its position in large-scale subsea work as rising offshore and LNG spending supports demand for its technology and equipment.

Venezuela's oil and gas industry is drawing renewed interest from international energy companies, with fresh agreements involving major producers and oilfield service firms pointing to stepped-up development of the country's hydrocarbon resources. Eni and PDVSA signed a 25-year hydrocarbon participation contract on Sept. 2, 2026, making Eni the exclusive operator of the Junín-5 heavy-oil area, which holds 35 billion barrels of certified oil in place and currently produces approximately 12,000 barrels per day; the partners plan to invest approximately $1.5 billion annually, with production expected to reach around 400,000 barrels per day by 2030. Chevron announced updated agreements on Sept. 2, 2026, covering its Venezuelan joint ventures and additional acreage in the Orinoco Belt, underpinning plans to invest more than $7 billion over the next five years and more than double production to approximately 600,000 barrels per day versus 2026 levels, after output from its three Venezuelan joint ventures rose 15% through the second quarter of 2026. TotalEnergies and PDVSA signed a memorandum of understanding on Sept. 19, 2026, setting a framework for energy cooperation, though scope and value were not disclosed, while Halliburton announced MOUs with Eneva and WESCA on Sept. 21, 2026, to support field evaluation and development planning in Venezuela. Over the past year, Eni shares have advanced 55.4%, while TotalEnergies, Halliburton and Chevron have gained 43.3%, 29.3% and 31.5%, respectively, as crude oil held above $90 per barrel.

SLB said its OneSubsea joint venture won a contract from ExxonMobil for the Rovuma LNG project in Mozambique. The award covers subsea production systems for the first phase of the deepwater gas development offshore Mozambique. Under the deal, OneSubsea plans to establish a services base in Mozambique to support long term field operations and local capacity. SLB, a US based energy services group with a market cap of about $76.4 billion, operates OneSubsea in the specialised niche of subsea hardware and services for complex deepwater LNG projects such as Rovuma. The company's Production Systems segment, which analysts connect to EBITDA margins above 20% and expected synergies of about US$120 million, is the area to watch for order intake and backlog at upcoming quarterly results through 2027.

ExxonMobil has selected SLB's OneSubsea joint venture to supply subsea production systems for the first phase of its giant Rovuma LNG development in Mozambique, advancing one of Africa's largest planned energy projects toward a final investment decision. The contract covers subsea trees, manifolds, umbilicals and control systems, along with engineering, procurement, manufacturing and installation services, and OneSubsea plans to set up a service base in Mozambique to support local training, employment and regional supply chains. The award follows roughly $1.1 billion in pre-investment contracts ExxonMobil and its Area 4 partners granted in August for long-lead equipment and early construction, and the earlier selection this month of a Saipem-Jan De Nul consortium for upstream engineering, procurement, construction and installation work. The offshore development is expected to initially involve 18 subsea wells and an extensive network of pipelines and manifolds. Rovuma LNG's planned onshore facilities would consist of 12 liquefaction modules producing a combined 18.6 million tonnes of LNG annually, and ExxonMobil has said the project could ultimately support more than 40 million tonnes per year of LNG capacity.

Technip Energies has been awarded contracts by Petkim, a subsidiary of SOCAR, for the development of a proposed integrated petrochemical complex in Aliağa, Türkiye. The contracts cover the license for a world-scale mixed-feed ethylene cracking unit, plus the integrated Process Design Package and Front-End Engineering Design services for the overall complex. The FEED scope includes a steam cracker designed for approximately 1,200 KTA ethylene and 550 KTA propylene, an 850 KTA HDPE/LLDPE complex made up of two 425 KTA trains, and a 550 KTA polypropylene plant integrated with the new cracker. The award covers the licensing, PDP and FEED phases and marks an important step in the project's technical development ahead of any Final Investment Decision by Petkim. Stéphane Mespoulhes, Senior Vice President Ethylene and Polyolefins at Technip Energies, said the early engagement will help establish the technical foundations for an efficient, flexible and competitive project. The award was recorded in Q3 2026 in the Project Delivery and Technology, Products & Services segments.

BOMESC announced on September 29 that its wholly-owned subsidiary Tianjin BOMESC signed a contract with SBM for the construction of topside modules for a floating production storage and offloading vessel. The contract value is approximately 1.6 billion to 2.1 billion yuan, comprising a fixed price plus variable price. Upon completion, the FPSO will be deployed in South America. The contract mainly covers the design, procurement, and construction of the topside modules, with completion planned for the second half of 2028. The company stated that this contract will secure its workload and have a positive impact on current and future performance.

BOMESC's wholly owned subsidiary has signed an FPSO topside module construction contract worth approximately 1.6 billion to 2.1 billion yuan. The contract was one of the key announcements disclosed by the company that evening. On the same day, Huazhijie plans to acquire an 83.51% stake in Geliming, and its shares will resume trading on the 30th; Jianyan Institute's shares will be suspended from trading on the 30th due to a related party planning major matters involving the company; Sanyou Lianzhong plans to issue convertible bonds of no more than 660 million yuan to fund projects including relay production expansion in the photovoltaic, energy storage, and computing power sectors; Shibei Hi-Tech's wholly owned subsidiary signed a commercial housing sale contract worth 569 million yuan; and Dongyangguang's controlling shareholder proposed that the company repurchase shares worth 600 million to 1.2 billion yuan.

BOMESC announced on September 29 that its wholly-owned subsidiary Tianjin BOMESC has signed a construction contract with Single Buoy Moorings Inc. for topside modules of a floating production storage and offloading vessel, with a contract value of approximately 1.6 billion to 2.1 billion yuan. The main scope of the contract covers design, material procurement, and construction of the FPSO topside modules, with the amount consisting of a fixed-price portion plus a variable-price portion calculated based on current estimated workload. Upon completion, the FPSO will be deployed in South America. The contract effective date is September 24, 2026, with completion planned for the second half of 2028.

BOMESC's wholly owned subsidiary Tianjin BOMESC Offshore Engineering Company Limited has signed a contract with Single Buoy Moorings Inc. for the construction of topside modules for a floating production storage and offloading vessel. The contract value is approximately 1.6 billion to 2.1 billion yuan, and the FPSO will be deployed in South America upon completion. The contract effective date is September 24, 2026, with completion planned for the second half of 2028. Delivery will be free on board at the company's dock, and module construction will be carried out at the company's Lingang Offshore Heavy Industry construction base. The contract value consists of a fixed price portion plus a variable price portion calculated based on the currently estimated workload, with final settlement based on the actual completed workload confirmed by both parties at contract close. The counterparty SBM is a wholly owned subsidiary of SBM Offshore established in Switzerland. SBM Offshore is headquartered in the Netherlands and specializes in the design, construction, installation, operation, and maintenance of offshore floating production facilities. Nearly 100 percent of Tianjin BOMESC's business comes from international clients. The company previously delivered the FPSO SEPETIBA for SBM, the first FPSO project in which hull construction, topside module fabrication, and final assembly were all completed domestically in China. In January 2025, it also signed a contract with STS VOF for FPSO topside module construction worth 750 million to 1 billion yuan, marking its entry into the Suriname FPSO market.

BOMESC announced that its wholly owned subsidiary Tianjin BOMESC has signed a contract with SBM for the construction of topside modules for a floating production storage and offloading vessel. The contract value is approximately 1.6 to 2.1 billion yuan, comprising a fixed price plus a variable price. Upon completion, the FPSO will be deployed in South America, with work mainly covering topside module design, procurement, and construction, scheduled for completion in the second half of 2028. The company said the contract signing will secure its workload and have a positive impact on current and future performance.

Baker Hughes reported accelerating growth in its Industrial & Energy Technology business, with first-half 2026 IET bookings surging 79% to nearly $12 billion as part of total company orders of $18.66 billion, up 38% from $13.49 billion a year earlier. IET revenues rose 7% year over year to $6.64 billion in the six months ended June 2026, while segment EBITDA climbed 25% to $1.36 billion, and the company's remaining performance obligations reached a record $40.1 billion, including $37.1 billion from IET. Management raised full-year 2026 IET order guidance to $17.5-$19.5 billion and said it expects Horizon 2 orders to exceed $45 billion. Second-quarter adjusted EBITDA margin hit a record 18.3%, up from 17.6% in the first quarter, and free cash flow rose to $1.11 billion from $210 million, while management guided to 2026 revenues of $27.35 billion and adjusted EBITDA of $4.85 billion. The July 2026 Chart acquisition expands Baker Hughes into thermal management, air and gas handling, carbon capture and lifecycle services, with management targeting $325 million of annualized cost synergies by year three.

China Oilfield Services announced that its controlling shareholder, China National Offshore Oil Corporation, increased its holdings in the company between September 24, 2026 and September 28, 2026, at a total cost of about 36.6514 million yuan. Of this, it purchased 410,000 A-shares for 4.9356 million yuan and 5 million H-shares for 31.7158 million yuan. After this equity change, China National Offshore Oil Corporation's shareholding ratio rose from about 50.91% to about 51.02%. In the first half of 2026, China Oilfield Services recorded revenue of 23.787 billion yuan and net profit attributable to the parent company of 2.009 billion yuan.

Halliburton Company announced on September 21 that it had signed memorandums of understanding with Brazilian energy company Eneva and Venezuelan engineering firm WESCA to pursue oil and gas opportunities in Venezuela. Under the MoU with Eneva, the two partners will build on their existing relationship to identify and pursue development opportunities in the country, while the WESCA agreement will focus on field evaluation and development planning, including the use of digital technology and subsurface interpretation. The deals could give the oilfield services provider an early position in the largest oil reserves in the world, as Venezuela pushes to lift production from the current 1.25 million barrels per day to 3 million bpd. Halliburton operated in the country for nearly nine decades before suspending its primary Venezuelan operations in 2020 amid tightening US sanctions, and Francisco Tarazona, Senior Vice President Latin America at Halliburton, said the agreements highlight the company's efforts to help customers unlock value from their assets. The agreements are MoUs and not closed contracts, and Halliburton has provided no financial details, production targets, or spending commitments, leaving the near-term impact limited by Venezuela's regulatory and infrastructure challenges.

Akamai Technologies shares jumped 23% after the company announced a seven-year, $11.6B agreement with Anthropic to provide cloud infrastructure and software supporting CPU workload growth at scale, a deal that could reach $20B if certain conditions are met. As part of the agreement, Akamai granted Anthropic warrants representing about 5% of its common stock, with 2% expected to vest initially and the remaining 3% tied to an additional $9B in cloud service purchases over the seven-year term. Fathom Holdings rose 23% and Neighborhood Intelligence gained 4% after the companies agreed to explore an alternative transaction replacing their previously announced merger agreement, under which NXH would contribute its roughly 38.8% direct and indirect stake in tZERO Group, Medici-related fund assets, and its investment in GrainChain to Fathom, with the contributed digital assets valued at no less than $130M, in return for newly issued Fathom shares and an expected controlling interest in Fathom. Select Water Solutions climbed 6% after agreeing to acquire private water midstream company Pilot Water Solutions for $700M in cash and stock, plus up to $15M in contingent consideration, comprising $600M in cash and $100M in Class A shares, with debt financing commitments from JPMorgan Chase and Bank of America and an expected close in Q4 2026. Scholastic plunged 12% after reporting wider-than-expected FQ1 losses and a 4% Y/Y revenue decline driven by soft educational spending, though it reaffirmed its full-year 2027 outlook for revenue growth of 2% to 4%, adjusted EBITDA of $135M to $145M, and free cash flow of $35M to $40M. Zscaler fell 4% after appointing Ross Tackett as Chief Revenue Officer effective October 1, 2026, succeeding Mike Rich, who is stepping down for personal reasons but will remain as a strategic advisor through December 31, 2026.

SLB announced it has been awarded four integrated well construction contracts by Aramco to support oil and gas development across the Kingdom of Saudi Arabia. Under the three-year contracts, SLB will manage end-to-end well construction services and deliver more than 450 wells, with an optional extension of up to two years. The awards represent a significant expansion of SLB's integrated well construction business in the Kingdom and build on decades of collaboration between the two companies. SLB's integrated model combines digital drilling workflows with automated drilling, evaluation, fluids, cementing, and completions products and services. Steve Gassen, executive vice president of Geographies for SLB, said awarding these advanced well construction programs at scale reflects Aramco's confidence in the company's integrated model and capabilities.

SLB has been awarded a contract by Equinor to expand real-time leak detection, virtual flow metering and digital production monitoring across the Johan Sverdrup Phase 3 development in the North Sea, while Invictus Energy selected SLB for drilling and well services at the Musuma-1 exploration well in Zimbabwe. The two awards highlight growing adoption of SLB's digital and high-end drilling technologies across both mature offshore hubs and frontier onshore basins. SLB's investment narrative projects $42.2 billion in revenue and $5.6 billion in earnings by 2029, yielding a $61.39 fair value that implies 18% upside to its current price. Some analysts assume a tougher path, with revenue growing only about 2.6% a year to roughly US$39.3 billion and earnings to about US$4.9 billion. The company's expanded NVIDIA collaboration to build an AI Factory for Energy also underlines its push to scale higher margin digital workflows across production and reservoir management.

ProPetro Holding Corp.'s PROPWR business unit has signed new long-term contracts with a subsidiary of Targa Resources Corp. to commit approximately 230 megawatts of power generation capacity. With these additions, total capacity committed under contract for PROPWR now stands at approximately 510 MW, a figure that also reflects previously announced oil and gas power capacity no longer under contract. The recontracting lets PROPWR redeploy that capacity to Targa and free additional megawatts for potential data center deployments in 2027 and beyond. The behind-the-meter power will support Targa's continued investment in natural gas processing infrastructure in the Permian Basin, with full deployment expected in early 2028. ProPetro Chief Executive Officer Sam Sledge called Targa one of the premier midstream operators in the country and said the awards highlight PROPWR's ability to deliver dependable power at scale.

Halliburton has signed memorandums of understanding with Eneva and WESCA to advance energy development opportunities in Venezuela's oil and gas sector. Under the agreement with Eneva, Brazil's largest private natural gas operator, the two companies will identify and launch new development projects in Venezuela, building on work they have previously done together in Brazil. A separate MoU with WESCA will see Halliburton contribute to field evaluation and development planning activities in Venezuela, with the existing collaboration focused on enhancing reservoir understanding and supporting decision-making through digital technology and subsurface analysis. Halliburton Latin America senior vice-president Francisco Tarazona said the agreements highlight the company's efforts to help customers unlock value from their assets through technology, collaboration and execution excellence. Halliburton has operated in Venezuela for almost 90 years and maintains several bases in the country. Earlier this month, Halliburton secured a bundled well construction and completions contract from Eni for the Cronos project offshore Cyprus, an ultra-deepwater development in Block 6 of the Cyprus Exclusive Economic Zone, covering integrated drilling, well construction, automation and completions services for exploration and development wells.

Technip Energies and SABIC have entered into an exclusive Licensing Collaboration Agreement under which Technip Energies will act as the worldwide licensor of SABIC's Low-Density Polyethylene Clean Tubular Reactor technology, known as CTR. The agreement expands the long-standing cooperation between the two companies and pairs SABIC's industry-leading technology with Technip Energies' extensive experience in polyolefins. Technip Energies has supported the CTR technology since 1996, contributing to basic design, engineering, construction and start-up activities. Stephane Mespoulhes, Senior Vice President Ethylene and Polyolefins at Technip Energies, said the deal strengthens the company's position as a key player in LDPE technology licensing and will help producers scale efficiently, safely and reliably. Technip Energies generated revenues of 7.2 billion euros in 2025 and is listed on Euronext Paris.

On September 21, the oilfield services engineering concept rose 3.02% intraday, with Offshore Oil Engineering up 7.43%, Bomesc up 6.25%, Renzhi up 2.82%, Tong Petrotech up 2.82%, and Zhongman Petroleum up 2.71%. In terms of news, according to People's Daily, Offshore Oil Engineering under CNOOC announced on the 15th that Qatar's BH EPIC project has begun construction at the international high-end equipment manufacturing base in Qingdao, Shandong. This is the largest international offshore oil and gas engineering turnkey project undertaken by a Chinese company in terms of contract value, the broadest scope of business, and the highest overall construction difficulty. A research report from Changjiang Securities pointed out that the Middle East, leveraging its low crude oil cost advantage, is accelerating its extension into downstream industry chain segments such as chemical processing, which will continue to drive growth in oilfield services demand. Chinese oilfield services companies still hold a low market share in the region and possess significant high-growth potential. The report also noted that in the first half of 2026, the overall performance of the oilfield services and process industries was stable but showed significant structural divergence. On the order side, advance receipts and contract liabilities grew 5% year-on-year in the second quarter, with mining equipment and offshore oilfield services growing 17% and 10% respectively. On the revenue side, total second-quarter revenue grew 2% year-on-year, with mining equipment and industrial gases growing 15% and 13% respectively. Although net profit attributable to the parent company declined 20% overall, mining equipment and graphite equipment achieved high growth of 64% and 74% respectively. Overseas business became an important growth driver, with industry overseas revenue increasing 14% year-on-year in the first half of 2026, far higher than the 1% domestic growth rate.