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Nabors sees ‘huge potential’ in Venezuela
Nabors sees ‘huge potential’ in Venezuela
Pittsburgh, 29 October (Argus) — US-based drilling rig operator Nabors sees "huge potential" to grow its rig count in Venezuela and expects its Lower 48 rig count to extend gains into the fourth quarter. Nabors said the broader outlook for Venezuela is improving, with customers considering new long-term drilling programs. "With the right commercial arrangements, Venezuela could quickly become a meaningful contributor to our international business," president and chief executive Anthony Petrello said on an earnings call. Venezuela has slowly re-emerged as an oil exporter following the lifting of US sanctions after the 3 January seizure of former leader Nicolas Maduro and years of underinvestment. Crude output for the country has increased by 200,000 b/d since January to 1.2mn b/d in September but remains well below its past peak of 3mn b/d . Nabors won a multi-year drilling contract in Venezuela in the third quarter and is redeploying an idle US rig to meet its undisclosed client's schedule. The country currently has nine working rigs, down from more than 85 in 2013, Petrello said. Nabors retained a small employee presence in the country during the downturn and maintained its rigs there to the best extent possible. Nabors is tracking more than 20 additional rig opportunities in Venezuela, excluding potential increases by vertically integrated operators with their own rigs, Petrello said. The company has five idle rigs in Venezuela ready to respond to increased activity. "We are evaluating a number of opportunities with long-standing customers and other customers in Venezuela to start operations next year," Petrello said. Nabors expects its international drilling rig count to average 92-93 rigs in the fourth quarter and exit the year with 92 rigs. Intensified hostilities in the Middle East delayed some rig growth and equipment deliveries during the quarter. Nabors received suspension notices for five rigs in Saudi Arabia and pushed one rig deployment from the fourth quarter into the first quarter because of the disruption. Despite those delays, it remains on schedule for 18 new-build rigs to begin operations in the fourth quarter, chief financial officer Miguel Rodriguez said. In its US business, Nabors' average Lower 48 rig count increased by six sequentially in the third quarter to 73. The company ended the quarter with 74 rigs and expects to average 75 rigs in the fourth quarter, exiting 2026 with 76-77 rigs, Rodriguez said. Nabors expects tight US rig availability and consistent global demand to support further price gains. By Brad MacAulay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fed holds rate steady, awaits more data: Update
Fed holds rate steady, awaits more data: Update
Adds Warsh comments, details, economy background Houston, 28 October (Argus) — The US Federal Reserve on Wednesday held its target interest rate steady at 3.75-4pc, pausing after last month's hike as policymakers weighed renewed inflation pressures against signs of a softer US labor market. The Federal Open Market Committee (FOMC) voted to keep the federal funds target range unchanged, saying the "accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal." The vote to hold was 10-2, with governor Lisa Cook and Cleveland Fed president Beth Hammack dissenting in favor of an increase. The decision by the FOMC was broadly expected even as policymakers had said in September they expected at least one more hike by the end of the year. The Fed raised rates by 25 basis points in September to 3.75-4pc, its first increase since July 2023. Fed chairman Kevin Warsh told reporters after the meeting Wednesday that Fed policymakers remain primarily focused on elevated inflation while describing US employment conditions as "positive". The FOMC said in its statement that economic activity is expanding at a "strong pace" compared with a "solid pace" in the September statement. The statement Wednesday reiterated that "uncertainty remains elevated," largely due to geopolitical tensions, while domestic spending is "resilient" and capital investment is "robust". After Wednesday's decision, the CME FedWatch tool showed an 82.6pc probability of a quarter point hike at the final meeting of the year in December. The Fed has been balancing inflation pressures that are accelerating on Gulf war-related energy spikes against a cooling labor market. Consumer prices rose by 3.7pc in September from a year earlier, accelerating from a 3.4pc annual increase in August. The labor market has shown signs of weakening. US employers added just 29,000 jobs in September, down from a downwardly revised 133,000 in August, while the unemployment rate edged up to 4.2pc, still near multi-decade lows. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fed holds rate steady, awaits more data
Fed holds rate steady, awaits more data
Houston, 28 October (Argus) — The US Federal Reserve on Wednesday held its target interest rate steady at 3.75-4pc, pausing after last month's increase as policymakers weighed renewed inflation pressures against signs of a softer US labor market. The Federal Open Market Committee (FOMC) voted to keep the federal funds target range unchanged, saying it would await the "accumulation of more information" to help it set policy. The decision by the FOMC was broadly expected. The Fed raised rates by 25 basis points in September to 3.75-4pc, its first increase since July 2023. Most participants at the September meeting indicated another increase would likely be appropriate by the end of this year. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Lithium Americas' Thacker Pass acid plant advances
Lithium Americas' Thacker Pass acid plant advances
London, 28 October (Argus) — Lithium Americas announced on 26 October that construction crews had recently completed the final major crane lift at the sulphuric acid plant (SAP) at its Thacker Pass lithium project in Nevada. The lift involved installation of the 120ft Final Absorbing Tower (FAT), a key component in the sulphuric acid production process used to extract lithium from clay ore. With the plant's major equipment now in place, construction will now focus on steel erection, duct installation and piping. The sulphuric acid plant burner is designed to produce 750,000t of sulphuric acid, converting sulphur into acid for lithium processing while using waste-heat recovery technology to generate power for the site. At full operating rates, the plant is expected to consume roughly 250,000t/yr of sulphur. The project is expected to become one of North America's largest lithium sources, with mechanical completion on track for end-2027 start-up but Argus expects ramp up in 2028. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.