Companies in the news

March 2000 Vol. 221 No. 3 Company News Ocean Energy, Inc., agreed to sell all of its interests and assets in its East Bay Complex in South Pass 24, South Pass 27 and South Pass 39 fields.

March 2000 Vol. 221 No. 3
Company News

Ocean Energy, Inc., agreed to sell all of its interests and assets in its East Bay Complex in South Pass 24, South Pass 27 and South Pass 39 fields.

Schlumberger Ltd. purchased all the worldwide assets of Secure Oil Tools from Stellarton Corp.

Security DBS’s newly-transformed, Dallas-based, roller cone drill bit facility is designed to enhance opportunities, manufacturing consistency, reduce machine set-ups, cycle times and ultimately lower client drilling costs.

Aberdeen-based Wood Group Engineering acquired Houston-based Alliance Engineering.

Broken Arrow Petroleum Co. abandoned the proposed merger with Octapus, Inc.

National Oilwell, Inc., acquired certain assets and the U.S.-based operations of Republic Supply Co., including about 20 distribution locations.

Berkley Petroleum Corp. completed its purchase of Symmetry Resources.

Dresser Industries, Inc., completed the sale of its 49% joint venture (JV) interest in Ingersoll Dresser Pump Co. to a subsidiary of its JV partner, Ingersoll-Rand Co.

Diamant Drilling Services was created to produce specialized diamond drilling equipment. Focus will be on reducing drilling costs through innovative solutions and using products tailored to the localized needs of its customers.

Santa Fe Snyder reported record year-end proved reserves of 386 million boe, a replacement ratio of 337%, at a finding and development cost of $4.93/bbl. Reserves added from the merger with Snyder Oil are not included.

Noble Drilling Corp. formed a JV with Lime Rock Partners, which acquired the Ocean Scotian and renamed it the Noble Julie Robertson.

CMS Energy Corp. signed a letter of intent with Quicksilver Resources, Inc., to sell all of its Michigan producing properties, including the stock of Terra Energy Ltd. The sale represents a significant part of the non-strategic assets sale CMS intends for this quarter.

EnerVest Energy, L.P., acquired interests in 10 wells and over 13,000 undeveloped acres located near the Rock Springs uplift of Sweetwater County, Wyoming.

Kerr-McGee Corp. acquired Repsol S.A.’s upstream UK North Sea operations, including two producing fields, two fields identified for development and 11 additional exploration blocks.

Talisman Energy set its production target for 2002 at 500,000 boepd. Production in 2000 should average 400,000 boepd, a 29% increase over 1999.

ADB Systems acquired the consulting services division of Bonner & Moore Associates, Inc., including COMPASS, its Enterprise Asset Management software system. It will be incorporated into ADB’s Houston operations.

Tulsa Winch, Inc., acquired DP Manufacturing, Inc.

Bravo Natural Resources, Inc., was formed to acquire and enhance producing oil and gas properties in Mid-Continent and East Texas.

McMoran Exploration Co. purchased interests in 56 exploratory leases containing about 260,000 gross acres, in Louisiana Gulf of Mexico, in water depths of up to 1,978 ft. Shell retained an overriding royalty interest in each of the properties.

Coflexip Stena Offshore and Cal Dive International agreed to enter a new business arrangement to replace their JV, Quantum Offshore Contractors. The new agreement will enable the firms to consult and cooperate with one another on a project-by-project basis.

Baker Hughes Inteq began construction on its design-built, fast-track, $20-million, 23,674-sq-ft integrated facility located on its world headquarters site in Houston, Texas. The new concrete tilt wall additions to the existing facility will include space for testing and electronic assembly, instrument characterization and other support facilities. The existing office, manufacturing and warehouse facility will also be renovated.

Blue Dolphin completed its acquisition of 75% ownership interest in American Resources Offshore Inc.

Lundin Oil AB and Red Sea Oil have agreed in principle to combine the two companies.

IPRM AS is a new 50/50 JV company formed by Det Norske Veritas and Integrated Petroleum Risk Management IPRM AS to optimize the development and operations of oil and gas fields.

Ultra Petroleum set its capital expenditure budget at $20.5 million. Funds are earmarked for drilling completions and related field activity.

Mahler AGS (Germany), Generon (USA), Italifilo Engineering (Italy) and SMC Asia Gas Systems Co. (China) will now operate as one company under Messer AGS. Products will continue to be offered under individual brand names.

SWACO, a division of M-I Drilling Fluids Canada, Inc., acquired SCC Environmental Group Inc. of St. Johns, Newfoundland, Canada.

Integrated Intelligence Network Group Plc, an independent online information and oil and gas news provider, changed its name to energy24.com.

Weatherford International, Inc., acquired Gas Services International, expanding Weatherford’s global platform of full-service capabilities in the Asia-Pacific and Middle East areas.

Dynegy Inc. and Illinova completed their merger, creating a new firm retaining the name Dynegy Inc.

Denerco Oil sold its 50% share of Dansk Operatorselskab i/s (Danop) to DONG. Danop will be incorporated as an independent division of DONG.

Schlumberger Ltd. purchased all the worldwide assets of Secure Oil Tools from Stellarton Corp.