In 2021, the fields produced 11 billion cubic meters of gas and 12 million barrels of condensates and LPG. Both fields are operated by BP and partners. BP holds a 45.89% stake in In Amenas and a 33.15% stake in In Salah. The acquisition involves BP’s stakes in the In Salah and In Amenas gas fields in southern Algeria. Rome-based energy biggie Eni signed an agreement to acquire British supermajor BP’s Algeria business, including two major natural gas fields. ( Halliburton Concludes Sale of Its Operations in Russia)Ģ. sanctions over Moscow’s military action in Ukraine and mentioned that it would further close down its operations in the country. In March, Halliburton suspended its operations in Russia in response to U.S. Although the terms of the sale were not disclosed, HAL’s Russian assets were valued at around $340 million prior to the exit. BurService is independent of Halliburton. The management team, BurService LLC, is the new owner and operator of HAL’s former business and assets in Russia. The company has wound up the sale of its operations to a Russia-based management team comprising its former employees. Houston, TX-based provider of technical products and services to drillers of oil and gas wells, Halliburton, recently declared that it is no longer in charge of operations in Russia. Natural gas notched a much bigger weekly loss, primarily due to unfavorable weather forecasts and a spurt in production Recap of the Week’s Most-Important Storiesġ. oil prices moved slightly lower after the Energy Information Administration ('EIA') showed builds in oil and fuel stockpiles in its latest weekly release.

West Texas Intermediate (WTI) crude futures lost a marginal 0.1% to close at $86.79 per barrel, while natural gas prices declined 9% to end at $7.996 per million British thermal units (MMBtu). Overall, it was another bearish seven-day period for the sector. Developments associated with Liberty Energy ( LBRT Quick Quote LBRT - Free Report), SM Energy ( SM Quick Quote SM - Free Report) and Cheniere Energy ( LNG Quick Quote LNG - Free Report) also made it to the headlines. On the news front, oilfield services biggie Halliburton ( HAL Quick Quote HAL - Free Report) completed the sale of its Russian operations, while Italy-based energy major Eni ( E Quick Quote E - Free Report) agreed to purchase its European peer BP’s gas business in Algeria. It was a week when both oil and natural gas prices registered decreases.

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