Companies in the news
In Tulsa, Okla., Baker Hughes recently opened its Artificial Lift Research and Technology Center (ALRTC)—an employee-designed center for research, engineering, design and testing of artificial lift technologies. The $60-million facility was built to satisfy growing research, development and more extensive testing requirements for the artificial lift sector. The ALRTC features comprehensive equipment needed for self-sustaining, R&D product development and operations.
Exxon Mobil Corporation expects to start production at a record 10 major projects in 2014, adding new capacity of approximately 300,000 net boed, and contributing to profitable production growth, said Rex W. Tillerson, chairman and CEO. “We are adding new volumes that improve our profitability mix with higher liquids and liquids-linked natural gas volumes,” he added. “We’re also driving increased unit profitability through better fiscal terms and reducing low-margin barrel production.” Exxon Mobil’s capital spending will decline to $39.8 billion this year from a peak of $42.5 billion in 2013, said Tillerson.
Calgary-based Bellatrix Exploration Ltd. announced the results of an independent reserve evaluation, effective Dec. 31. The report, completed by Sproule Associates Limited, encompasses 100% of Bellatrix’s oil and gas properties. The company benefitted from a large capital program, as reserves grew 103%, to 212 MMboe, proved and probable (78 MMbbl of oil and 801 Bcfg), with a 10% NPVBT of $2.1 billion in 2013.
Breitling Energy Corp. announced that its previously reported new oil discovery in Taylor County, Texas, Teaff 1, began producing on Feb. 11. The well has averaged 40 to 50 bopd while pumping only 6 hr/day while the company expands its onsite production equipment. Breitling originally announced that the well could be capable of producing 110 bopd. However, at its current rate, Teaff 1 should be able to produce over 160 bopd. The company will continue testing the well while monitoring pressures and fluid entry. Breitling believes that Teaff 1 has three to four offset locations.
Following approval of its drilling plan by the Papua New Guinea Department of Petroleum and Energy, InterOil Corp. has begun drilling the Bobcat-1 exploration well in PPL 238, in the Gulf Province of Papua New Guinea. The Bobcat-1 exploration well will assess the hydrocarbon potential of carbonates within the Bobcat structure, and gather data on shallow marine carbonate reservoir presence, quality and preliminary hydrocarbon volumes.
OneSubsea, a Cameron and Schlumberger JV company, was awarded a contract exceeding $80 million by Pharaonic Petroleum Company (PhPC) to supply subsea equipment for the East Nile Delta END-3 development, offshore Egypt. The scope-of-supply for the four-well systems includes subsea production equipment, wet gas flowmeters, HIPPS, and installation and operational spares. This is an expansion of the Taurt development, to which OneSubsea supplied equipment in 2006. The field is about 43 mi offshore Egypt.
Vallourec, a premium tubular solutions provider, has signed two new service contracts with Petrobras. In the context of these five-year contracts, Vallourec will support Petrobras with a range of services to meet logistical and ultra-deepwater challenges. The contracts follow the renewal of a five-year frame agreement, signed between the companies in late 2012 for tubular products.
Denmark-based Welltec Corporation has been awarded a direct, four-year contract from Ecopetrol Colombia for the supply of Well Tractor conveyance and Well Cutter services. The initial contract value exceeds $5 million, with options to increase, as required. Similar to a previous, January 2012 contract, this nationwide agreement provides conveyance solutions for open-hole, cased-hole, perforation and production logging services, plus new technology additions.
Alcoa Oil & Gas Inc., a business unit of Alcoa, said that Maersk Oil will use 10,000 ft of 5-in. Alcoa aluminum drill pipe (AADP) for use in maintenance and abandonment operations. The company will supply the aluminum pipe to Maersk Oil through AMRTUR Corporation, an industry service provider.
A $75-million, three-year subsea construction services contract has been awarded by Exxon Mobil Canada Properties to Subsea 7. The contract supports the Hebron heavy oil field development, in the Jeanne d’Arc basin, 350 km southeast of St. John’s, Newfoundland. The contract scope includes project management, engineering, and installation of two offshore loading systems, in a 92-m water depth.
Helmerich & Payne has entered into new drilling contracts with Argentina’s YPF Sociedad Anonima. The company plans to deploy 10 existing FlexRigs from the U.S., to work in the Vaca Muerta play, in Argentina’s Neuquen Province, under five-year term contracts. The first rig is expected to begin drilling during the company’s fourth-quarter fiscal year 2014. The remaining nine rigs are expected to be deployed sequentially, reaching full utilization by the end of second-quarter fiscal year 2015.
Packers Plus Energy Services has been recognized as a 2014 TechRev Innovator. For the past five years, TechRev, a platform created to highlight the achievements of local technology companies, has been recognizing accomplishments of the most forward-looking, viable technology ventures in Calgary. The 11 awards presented this year were chosen by a selection committee that considered more than 600 nominees.
High Pressure Equipment Company (HiP), a manufacturer of specialty valves for high-pressure applications, has acquired Staffordshire Hydraulic Services (SHS), a UK distributor and designer of high-pressure equipment. SHS has been a key distribution partner for HiP for more than 40 years. Additionally, SHS markets its own line of standard and customized high-pressure equipment.
Leistritz has reorganized its North American business units, Pumps, Machine Tools, Turbine Components and Extrusion, under the name Leistritz Advanced Technologies Corp., effective immediately. Leistritz specializes in the development, manufacturing and marketing of engineered products with applications in the oil and gas industry.
Select Energy Services is undergoing a business reorganization that allows the company to focus exclusively on all aspects of water logistics, as it relates to oil and gas operations. Accordingly, Select announced the launch of a revamped website, and will spin off its infrastructure and wellsite support-related services into independent entities.
Artificial Lift Company has moved its headquarters to Houston from Great Yarmouth, UK. Situated in the Westchase District, near the Energy Corridor, the company’s offices and warehouse total 28,000 sq ft, with 40 employees based at that location. While supporting global operations, its headquarters consist of engineering, manufacturing, operations and general support services.
CoorsTek has opened a new plant in the Coors Technology Center in Golden, Colo., producing premium lightweight ceramic proppants. The new plant uses state-of-the-art manufacturing equipment and has received all regulatory approvals, including air permits.
- U.S. upstream muddles along, with an eye toward 2024 (September 2023)
- Canada's upstream soldiers on despite governmental interference (September 2023)
- Regional report: Newfoundland and Labrador: Despite some setbacks, NL’s offshore sector continues to ride its large potential to greater progress (September 2023)
- Executive viewpoint (July 2023)
- Utilizing electronic data captured at the bit improves PDC design and drilling performance (July 2023)
- Regional Report- Gulf of Mexico (April 2023)