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.
In June 2021, Uzma, a Malaysian contractor, landed a deal to offer production and oilfield chemicals to the operator of the Bualuang oilfield in the Gulf of Thailand. Uzma stated that the three-year contract with the operator Medco Energi includes manufacturing and oilfield chemicals, including technical services for a chemical management program at the Bualuang field. The deal is on a callout sourced whereby the services will be offered upon Medco Energi's written callout notice and is worth USD 3 million. Medco is the sole owner of the Bualuang field, operating since 2008.
December 2020, Kraton Company, the world's largest sustainable manufacturer of specialty polymers, oilfield chemicals, and high-value pine wood pulping co-product biobased products, announced an extension to its senior secured asset-based revolving credit facility.Â
The merger deal between NexTier Oilfield Solutions and Patterson-UTI in August 2023 was an all-stock transaction.
In June 2023, for example, NexTier Oilfield Solutions and Patterson-UTI announced that they would merge under an all-stock deal.
Aether Industries, a specialty chemical manufacturer, signed a Letter of Intent (LoI) in June 2023 with a leading US-based global oilfield services firm as part of its strategy to become a strategic supplier and contract manufacturing partner. Accordingly, Aether will make four key products for their customer, with significant volumes being supplied into India’s domestic oil and gas applications supporting the ‘Make in India’ initiative.
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)
