Friday, 9 October 2026

Weatherford International secured a two-year extension of several existing agreements with Equinor, according to World Oil. The company was selected as the primary provider of completion systems for the Statfjord and Oseberg fields on the Norwegian Continental Shelf.

Under the extended agreements, Weatherford will provide its integrated well completions portfolio, World Oil reported.

Drilling Tools International (DTI) has signed a definitive agreement to acquire Aberdeen-based Saltire Energy Limited and Foxley Energy Limited, according to World Oil.

The consideration is approximately USD 80 million in cash plus 17.4 million shares of DTI common stock, World Oil reported.

The transaction is expected to close in the first quarter of 2027.

DTI expects the Eastern Hemisphere to account for approximately 40% of combined revenue after the acquisition, World Oil reported, compared with 18% of its standalone revenue in the second quarter of 2026.

Stardust Power has opened a project execution hub office in Houston, Texas, according to Solar Builder. The battery chemical manufacturer will use the facility to support its lithium refinery in Muskogee, Oklahoma.

Solar Builder reported that the Muskogee refinery is a USD 1.2 billion project focused on battery-grade lithium for electric vehicle products.

Stardust Power selected Houston partly for its proximity and for the city's reputation as a global energy capital, according to Solar Builder.

US stocks finished lower on Wednesday in broad-based weakness, according to the Newsquawk US Market Wrap. The Russell 2000 and equal-weight S&P 500 underperformed the major indices.

Treasuries recovered from earlier weakness to finish mixed to firmer, with the curve bull steepening as the front end led the rally while the long end was little changed.

Crude oil settled lower after choppy trade, as participants weighed conflicting US and Iran developments alongside supply updates, according to Newsquawk.

Allianz Trade set out its economic scenarios running to 2028, flagging three tensions that surfaced in Q2 2026 and sharpened in early September: a Middle East energy shock, bond selling that moved across the US, Japan and Europe, and fresh skepticism toward the AI boom.

The energy shock, according to Allianz Trade, traces to the Middle East.

On the bond side, selling pressure started in the US, carried into Japan and then reached Europe, pushing central banks and governments into inconsistent policy moves, the firm said.

The third tension turns on the AI boom. Allianz Trade cited talk of chip and electricity shortages, worries over a speculative bubble, and weak returns from spending on advanced models.

Stocks slipped as Brent crude climbed to about USD 104 per barrel, according to Finimize. Pricier energy can keep inflation elevated and make central banks less willing to cut interest rates, Finimize reported.

The fixed income sell-off was primarily driven by oil prices remaining higher for longer rather than normalising around USD 70 per barrel, said Valentine Ainouz.

Government funding requirements are expected to remain structurally elevated because spending on AI and defence is treated as a matter of national sovereignty, according to Delano.

BGF has completed a multi-million-pound minority investment in Centre for Energy Equality (CEE), an organisation founded to ensure equal access to safe, affordable and sustainable energy.

According to uktechnews.info, the funding will help CEE grow its advisory services and commercialise products intended to accelerate grid innovation, reduce energy inequality and support vulnerable households.

Uganda's Capital Markets Authority has approved the distribution of Dangote refinery's initial public offering in Uganda while restricting its marketing to high-net-worth individuals and professional investors, according to Pulse Uganda.

The approval allows the offering to reach the country's wealthiest and professional investor base rather than retail buyers.

Separately, Instrumentation and Control Engineer Markfred Akachukwu said two years working at Dangote Petroleum and Petrochemicals Refinery's Captive Power Plant shaped his approach to engineering, according to Tuko.

Transocean added approximately USD 1.1 billion to its firm offshore drilling backlog through an Equinor agreement and a new Norske Shell contract offshore Norway, according to World Oil.

Final approval converted approximately USD 1 billion of the previously announced Equinor contract value into firm backlog.

The new Norske Shell contract offshore Norway is expected to contribute approximately USD 62 million to firm backlog, excluding additional services. The agreement includes an option for one additional well.

Devon Energy Corporation has agreed to sell its Eagle Ford assets in Texas to Crescent Energy Company for USD 4.2 billion in cash.

Crescent Energy valued the deal at an estimated net purchase price of approximately USD 3.85 billion, according to the company's announcement.

The acquired assets include approximately 68 Mboe/d of net production and more than 600 Tier 1 net locations normalized to 10,000 feet, Crescent Energy said.

The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions, according to Crescent Energy.