Companies in the news

India’s state-controlled Indian Oil Corp. and Oil and Natural Gas Corp. formed an alliance, becoming one national oil entity. The alliance will operate through project-wise joint ventures constituted as non-government companies.

Weatherford International, Inc., acquired Austoil Technology Ltd. Meanwhile, Weatherford also acquired ECD Northwest from Clearwater, Inc. ECD provides underbalanced drilling services with a full range of compressible fluid drilling systems, which will complement Weatherford’s rotating blowout preventers and high temperature motor technologies.

LASMO plc agreed to sell a package of southern North Sea gas assets to GDF Britain Ltd., a wholly-owned subsidiary of Gaz de France. Assets include LASMO’s entire interest in the Caister, Boulton, Hunter, Chiswick and Cavendish fields, the CMS and ETS pipeline systems and associated exploration and appraisal acreage.

Bouygues Offshore signed a letter of intent with Kvaerner to acquire 100% of Kvaerner (France) SA, including the company previously known as Sofresid.

Chevron discontinued its talks with ARCO regarding merging the two companies’ E&P operations in West Texas and New Mexico.

Three new 3-D surveys of the White Rose area of Canada’s Grand Banks to be run by CGG Geophysics Canada will focus on merging the surveys as well as improving earlier seismic processing flows.

Ocean Energy, Inc., finalized the sale of its Canadian subsidiary to Quintana Minerals Canada Corp. of Houston, Texas.

Nabors Industries completed its acquisition of Bayard Drilling Technologies and merged it into a special purpose subsidiary of Nabors. Bayard’s fleet consists of 87 land rigs, of which 14 are available for refurbishment and 73 are actively marketed.

Castle Energy Corp. agreed to acquire AmBrit Energy Corp. oil and gas properties. Included are producing properties in Alabama, Louisiana, Mississippi, Montana, New Mexico, Oklahoma and Texas and unexplored acreage in several of these states. Estimated proved reserves are about 27.5 Bcfge.

The newly-created Veritas Exploration Services division will be responsible for advanced, integrated seismic data interpretation and analysis, including a new reservoir characterization group.

M-I L.L.C. completed construction of a liquid mud facility at the C-Port One in Port Fourchon, Louisiana.

Swaco formed an alliance with SCC Environmental Group Inc. of St. Johns Newfoundland, Canada, to provide drilling waste management solutions.

Diaz Resources Ltd, Brittany Energy Inc. and Uniglobe Ventures Ltd. agreed in principle to merge the firms. It will continue to operate as Diaz Resources Ltd.

Stewart Tubular Products, Inc., opened a new office and warehouse facility in Lafayette, Louisiana.

TGS-NOPEC Geophysical Co. and Geco Prakla formed a joint venture to acquire, process, market and deliver non-exclusive 2-D seismic surveys, offshore Brazil. The 52,819-mi, non-exclusive survey will blanket the Santos, Campos and Espirito Santo basins.

The American Energy Group, Ltd., agreed to acquire Maverick Drilling Co.

Schlumberger Oilfield Services formed Holditch-Reservoir Technologies by merging S. A. Holditch & Associates, GeoQuest Reservoir Technologies, Camco Engineering Optimization Resources and the Schlumberger Production Enhancement Group.

McDermott International, Inc., terminated discussions with its majority-owned subsidiary, J. Ray McDermott S.A. citing an inability to reach an acceptable financial agreement. The firms will continue operating under the current corporate and operational management structure.

LICENERGY opened a new office in Perth, Western Australia.

T H Hill Associates, Inc., a drilling engineering firm, and Prentice Training Co., a drilling training and consulting company, formed a new company, Prentice & Hill, LLC. The new firm will provide project engineering and field technicians with training, books and software.

Sterling Fluid Systems (USA), Inc., created the Sterling Service Division which includes the Parts Support Group.

Rotork Controls Inc. acquired Fluid System Srl of Italy and Valvekits Group Ltd. of England.

UTI Energy agreed to acquire Norton Drilling Services, Inc. Meanwhile, UTI and partner REMY Capital agreed to purchase Fracmaster Ltd.

Synergy Oil & Gas, Inc., completed its acquisition of certain Unocal interests in West Starks field in Calcasieu Parish, Louisiana, and in Texas, Felicia Creek in Liberty County, and SW Rugeley field in Matagorda County, Ganado field in Jackson County and various other non-operated properties. Total net production to Synergy’s interest is about 4,200 MMcfgd and 435 bopd.

American Energy Group completed its acquisition of 12.5% to 30% working interests in the Blue Ridge and Boling oil fields, Fort Bend County, Texas, from two of its partners. The acquisitions comprise 12 existing wells and seven development locations, including about 189,000 bbl of reserves.

Dresser-Rand has restructured into regional units in North America, South America, Europe, Mideast-Eurasia-North Africa and Asia-Pacific. The company will maintain its product services and compression services organizations. Each will be headed by an executive VP.

Calpine Corp. agreed to acquire Unocal Corp.’s 75% interest in a geothermal steam field operation at The Geysers area of northern California for $101 million.

Keppel Corp. Ltd. and Hitachi Zosen completed the merger of its shipyard operations and renamed the new entity Keppel Hitachi Zosen Ltd.

Foxboro Co. agreed to acquire the SCADA business of Nuovo Pignone S.p.A., a subsidiary of General Electric (USA).

Canadian Occidental acquired Shell’s working interest in Eugene Island Block 18 field, giving CanadianOxy about a 90% working interest in the field’s reserves.

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Copyright © 1999 Gulf Publishing Company