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Vol. 229 No. 3 |
GE Oil & Gas has entered into an agreement to acquire the Hydril Pressure Control business from Tenaris. Upon completion, the acquisition will expand GE’s oil and gas portfolio and complement VetcoGray’s Capital Drilling Equipment business. Hydril’s product line includes BOP systems, parts, and repair and field services to maintain its installed base of products.
Spain-based Repsol YPF was honored as a 2008 technology winner by the editors of IEEE Spectrum, the trade publication of IEEE, for Repsol’s Kaleidoscope Project. The project-a partnership of geophysicists, computer scientists and organizations from around the world-has developed advanced computerized techniques of seismic imaging technology used for oil and gas exploration to reveal oil and gas deposits that had been invisible to traditional imaging techniques.
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CGGVeritas, a global provider of geophysical services and equipment, has opened a new regional headquarters and data processing and imaging center in Singapore. The facility was designed with an open-plan environment to encourage teamwork and collaboration. The company employs 220 staff members in Singapore, from more than 10 nations. The building houses CGGVeritas’ data processing and imaging hub, featuring a visualization center powered by advanced computer capabilities, rapid data loading, high-speed networking and high-resolution graphics. The center translates processed seismic data into graphic 3D representations of the Earth’s subsurface to provide insight into the production potential of oil and gas reservoirs.
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Broussard, Louisiana-based Workstrings LLC, a Superior Energy Services company, announced the acquisition of Oiltek. Headquartered in Bogota, Colombia, with operations in Yopal and Nevia, Oiltek is a provider of inspection and hardbanding services and a specialized supplier of production, refinery and drilling equipment and parts.
A subsidiary of John Wood Group PLC has acquired Houston-based Producers Assistance Corp. (PAC), a provider of technical operations and maintenance support services to the US onshore oil and gas industry. PAC has a workforce of more than 300 people and services facilities in Texas, Louisiana, New Mexico and other states.
GE Sensing & Inspection Technologies signed an agreement to acquire Rheonik, a manufacturer of high-accuracy coriolis mass flowmeters used in the hydrocarbon industries. Rheonik is headquartered in Munich, Germany. The company’s flowmeters measure flow from 0.5 g/min. to 1,500 t/hr.
Baker Hughes has opened a major new facility in Dubai, UAE. The new center is located on a 25-acre site in the Techno Park at the Jebel Ali Free Zone. The complex includes the Middle East Asia Pacific (MEAP) Region Headquarters and the Eastern Hemisphere Education Center, as well as an operations building and a manufacturing plant. More than 800 full-time employees will work at the site.
Allis-Chalmers Energy Inc. has entered into a definitive merger agreement providing for the acquisition of Bronco Drilling Co. At the effective time of the merger, stockholders of Bronco Drilling will receive consideration with an aggregate value of about $437.8 million, composed of $280 million in cash, and Allis-Chalmers common stock valued at about $157.8 million. The combined company will have an enterprise value of about $1.4 billion. Bronco Drilling will continue as a wholly-owned subsidiary of Allis-Chalmers.
Raytheon Co. has sold its technology for extracting heavy oil to Schlumberger. The technology, which uses a combination of radio frequency energy and critical fluids, had been developed as part of a joint development program between Raytheon and CF Technologies, a privately held company specializing in critical fluid technology.
Perenco has completed the acquisition of Barrett Resources (Peru) LLC, a company holding oil and gas licenses in Peru. The principal asset of Barrett, which is now known as Perenco Peru Ltd, is its 100% interest in the license contract for Block 67 in the Maranon Basin, containing Paiche, Dorado and Pirana Fields.
Total professional and student membership in the Society of Petroleum Engineers (SPE) grew 8% to a record 79,300 members worldwide in 2007, including an increase in members under age 35. SPE includes engineers, scientists, technicians, managers, operators, educators and other professionals who work in the global upstream oil and gas industry, as well as students who are studying petroleum engineering or a related field. Membership increased in virtually every region of the world, with the largest growth occurring in the Middle East, including India, which increased 15%.
Production Management Industries, LLC (PMI), a Superior Energy Services company, announced a multi-year alliance agreement with Innovative Cleaning Solutions GoM, LLC (ICS). PMI will provide automated tank cleaning with the removal of liquid drilling muds from marine supply vessels and drilling rig systems in the Gulf Coast region and all waters of the Gulf of Mexico. The new process automates and simplifies cleaning, and significantly reduces the waste stream (wash water) generated during conventional cleaning.
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