Oil Field Chemicals Market
November 2023- Kenanga Research is upbeat about the prospects of local oil and gas service and equipment firm Uzma Bhd after concluding a two-day visit to the group's Labuan yards. The yards are under 70 %-owned Malaysia Energy Chemical and Services (Mecas) and 86 %-owned Setegap Ventures Petroleum (SVP), with Mecas specializing in production-related and oilfield chemicals. The research house said the stringent technical requirements from its clients were a reason for a high entry barrier to Mecas' field of industry, at least for local players. It said that Mecas is servicing three out of the total four deepwater projects in Malaysia, which speaks for its proven ability to produce reliable chemical blends to be used in deepwater upstream projects. It reported that the company – with a backlog of deepwater projects currently standing at RM30mil – is on track to achieve an RM60mil revenue for the financial year ending June 30, 2024 (FY24), and to gradually work its way back to RM100mil a year top line achieved before the lockdowns. Kenanga Research said Mecas had registered a significant drop in revenue from 2020 to 2022 as its competitors had undercut prices. The research house, in a note, said that the demand for oilfield chemicals is recovering, and Uzma expects its earnings margin before interest and tax margin to improve from FY24 onwards.
November 2023- Abu Dhabi National Oil Co.'s new $2.1 billion offer to acquire a major stake in Latin America's leading petrochemicals company underscores the push by Middle Eastern oil producers to diversify away from crude. Adnoc is offering 37.29 reais ($7.61) a share to buy most of the 38.3% stake in Brazil's Braskem SA held by troubled industrial conglomerate Novonor SA, according to a statement on November 9th.
Key Companies in the Oilfield Chemicals market include
- Schlumberger Limited (US)
- Halliburton (US)
- Ideal Energy Solutions, LLCÂ (US)
- Kemira (Finland)
- Royal Dutch Shell PLC (The Netherlands)
- Solvay (Belgium)
- Baker Hughes, a GE Company LLCÂ (UK)
- BASF SE (Germany)
- Clariant (US)
