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Vol. 228 No. 01 |
Dominion Resources Inc. will pursue the sale of most of its oil and natural gas exploration and production assets to focus on growing its electric generation and energy distribution, transmission, storage and retail businesses. As part of the repositioning, the company will retain its low-risk Appalachian basin properties, because of their value to the company's natural gas pipeline, storage and gathering businesses. These properties account for about 17% of Dominion's proved reserves and 8% of average daily production.
Santos Ltd. said it plans to rebalance its E&P portfolio by divesting all of its US interests, refocusing exploration toward Australia, Asia and the Middle East. Continued high demand for energy in the US has made it a good time to bring this portfolio to market, according to the company. Santos' US operations produced 2.1 boe during 2005, and include ongoing exploration and development activities on more than 180,000 acres onshore and offshore the Texas Gulf Coast, and western Colorado.
Production Access, Inc. and Petris Technology Inc. have announced a joint cooperation agreement to integrate Production Access' Operations Center and Petris' PetrisWINDS DrillNET. This mutual effort will combine the capabilities of these drilling and well data products to increase data access and reuse while improving overall quality and operational safety. Operations Center provides an integrated platform for the management of data for drilling and wellwork and production operations, while DrillNET provides a complete suite of planning tools for drilling program design and execution.
Ability Group ASA (AGR), the Norway-based oil technology and services group, agreed to acquire SeaVation Ltd, the UK-based provider of subsea excavation and pipeline trenching services. SeaVation, with headquarters in Aberdeen, specializes exclusively in the design, manufacture and operation of underwater soils engineering systems.
Aabar subsidiary Dalma Energy, currently operating 18 rigs, has bought four new rigs for US$80 million. The new rigs have a capacity of 2,000 hp and can drill to depths of over 20,000 ft. The purchase caps a $250-million fleet expansion plan that Dalma had undertaken in October 2004. The company has also opened offices in Libya to expand its operations in that region. Dalma Energy operates in Saudi Arabia, Oman, India and Qatar.
Wellbore Energy Solutions (WES) has been launched as a wellbore cleanout tool rental/services company. Located in Broussard, Louisiana, WES specializes in the rental of wellbore cleaning equipment throughout the Gulf Coast region and international markets. The company�s rental tool offerings will include casing scrapers, brushes, magnets and other tools designed for well cleanout and displacement.
Enventure Global Technology has acquired Houston-based Triad Pipe & Steel Co., a supplier of specialty oil country tubular goods. Enventure delivers expandable tubular and drilling management solutions to operators worldwide.
Petrie Parkman & Co. has raised $500 million in capital commitments on behalf of Red Technology Alliance, LLC. With Riverstone LLC, First Reserve Corp. and Oaktree Capital Management LLC as investors, Red Technology Alliance can participate in upstream investment opportunities utilizing the expertise and technology of Halliburton Energy Services, Inc. The venture will focus on technically demanding exploration and exploitation projects, primarily in the Rocky Mountains and offshore Gulf of Mexico, where Halliburton Energy Services� knowledge and innovation will have the most impact.
Flowserve Corp. has opened a new administrative headquarters for its Flow Solutions Europe, Middle East, and Africa (EMA) operations. Located in Essen, Germany, the facility houses a Quick Response Center (QRC) that provides local sales, service, support and manufacturing of seals and associated products, and a Learning Resource Center (LRC) that offers best-practices maintenance training programs regarding pumps and seals for employees and customers.
Schlumberger has agreed to acquire Reslink, a Norway-based company that offers engineering applications and products for sand management, zonal isolation and intelligent well completions. With engineering and manufacturing centers in Algard, Norway, and Houston, Texas, Reslink A.S. specializes in development of wire-wrapped sand screens for sandface completions and in-flow control devices.
IPSCO Inc. has acquired NS Group, Inc. As part of the deal, IPSCO paid $66 per share in cash for each issued and outstanding share of NS Group�s common stock. The aggregate price was about $1.46 billion, including NS Group�s net cash. With this transaction, IPSCO will broaden its energy product offering and become the leading North American supplier of tubular products. IPSCO�s energy product offering has also been expanded to include NS Group�s seamless pipe and premium oilfield services provided by ULTRA, NS Group�s recent acquisition.
The Petrotechnical Open Standards Consortium (POSC), was relaunched and rebranded in November 2006 as Energistics. The organization�s mission is to deliver the upstream oil and gas industry the means to produce, deploy and maintain common information and data standards, and facilitate a global community of open standards users who will expand the adoption and drive the deployment of technical standards, while increasing their economic relevance. More than 180 participants attended the 2006 Standards Summit.
Nexans has acquired the Australian firm Olex, a leader in the southern Asia-Pacific cable industry. This acquisition reinforces Nexans� position in energy cables and doubles its exposure to the markets of the Asia-Pacific region. The cost of the operation was A$515 million. Also, Nexans signed a partnership agreement with Bel Stewart, a producer of electronic components, which will allow both firms to offer a comprehensive product range.
Parker Hannifin acquired Cabett Subsea, a Houston-based designer and manufacturer of fluid-handling systems and services used in deepwater oil and gas E&P. Cabett�s revenues totaled $25.1 million in 2005. The company produces steel tube hydraulic and electro-hydraulic umbilicals, typically made in 3- to 16-mile continuous lengths, at its 85,000-sq-ft dock-side manufacturing plant in Freeport, Texas. Cabett will be integrated into Parker�s Fluid Connectors Group.
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