Thursday, November 14, 2019

Oil Field News

Allan Joins RMEC

Kai Livingston and Vic Allan (Photo: RMEC)

Oilfield services firm RMEC has appointed an oil and gas industry veteran to boost its operations as it prepares for its next stage of international growth.Vic Allan has joined the company from American multinational corporation Halliburton, where he spent 28 years working his way up through the slickline division. Most recently, he…

Japanese Firms in Brazilian FPSO Gig

Image: MODEC

Japanese companies have decided to proceed with the deepwater floating production, storage, and offloading system (FPSO) charter project for the Petrobras-operated Búzios pre-salt oil field located offshore Brazil.MODEC, Mitsui & Co., Mitsui O.S.K. Lines (MOL), and Marubeni Corporation have agreed that Mitsui, MOL, and Marubeni will…

Southeast Asia Bullish on OFS Market

Graph: Rystad Energy

Offshore project sanctions in Southeast Asia could lift greenfield investments in the oilfield services market by nearly 70 percent in 2020, said Rystad Energy.According to Norwegian energy research firm, the growth will be driven by a handful of new mega-projects across Malaysia, Myanmar and Vietnam, according to the latest tally…

Iran Finds New Oil Field of 53bln Barrels

Hassan Rouhani. Photo: Official website of the President of the Islamic Republic of Iran

Iran has discovered a new oil field in the country’s south with an estimated 50 billion barrels of crude oil in the oil-rich Khuzestan province, its president Hassan Rouhani said.However, the US  sanctions against Iranian oil could make it difficult for the oil to find its way to international markets.Rouhani made the announcement in a speech in the desert city of Yazd.

Iran Finds New 53 Bln Barrel Oilfield

© Azat Valeev / Adobe Stock

Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday."Workers and the exploration arm of the National Iranian Oil Company ...have found an oilfield with 53 billion barrels of reserves," Rouhani said in a televised speech in the central city of Yazd.The field stretches over 2…

West of Shetlands Ups Offshore Production

Graph: GlobalData Plc

West of Shetland production likely to overtake North Sea for Shell and BP’s UK portfolios by 2020, said a report.Over the last four years oil and gas production in the West of Shetlands has risen and with that, a growing relevance for the biggest players still active in the UK continental shelf (UKCS), says GlobalData.The company’s…

PGNiG Ups Stake in Duva Field, Norway

Pic: PGNiG

PGNiG Upstream Norway bought 10 percent shares in the PL636 and PL636B licenses in the North Sea from Pandion Energy, thus increasing its ownership in the Duva field to 30 percent.Duva oil and gas field (formerly Cara) is located in the Norwegian sector of the North Sea at a water depth of 360m. The field is jointly owned by Idemitsu Petroleum Norge (30%)…

McDermott Appoints Krummel as CFO

Chris Krummel (Photo: McDermott)

McDermott International announced the appointment of Chris Krummel as Executive Vice President, Chief Financial Officer, effective immediately. Krummel joined McDermott in 2016 and previously served as the company's Global Vice President, Finance and Chief Accounting Officer. He replaces Stuart Spence, who has resigned from McDermott…

MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes

Photo: MOL Group

MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan…

Stuck Pipe Solution Cut Through

(Photo: Churchill Drilling Tools)

Oilfield services company Churchill Drilling Tools announced four successful drill-string severs using its HyPR HoleSaver, following stuck pipe events across the Middle East, including two in the UAE.Over the last six months, four drilling teams from three major Middle East operators deployed the HyPR stuck pipe solution. All successfully cut their drill-strings in a matter of hours, a 100% success rate.

Drilling Ban Proposals Divide Democrats

AdobeStock / © Shamtor

In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars in projected tax revenues from the drilling industry in the Permian Basin…

Weatherford Wins Russia Contracts

Oilfield services firm Weatherford announced it has signed two contracts totaling $67.4 million for drilling services with two major operators in Russia.The first contract spans two-and-a-half years. Operations began in July 2019 and will last through the end of 2022. Weatherford will provide logging-while-drilling (LWD), measurement-while-drilling (MWD)…

Lundin Petroleum's Q3 Beats Forecast

(Photo: Lundin Petroleum)

Swedish oil firm Lundin Petroleum , a partner in Norway's giant Sverdrup oilfield, posted a smaller-than-expected decline in third-quarter earnings on Thursday, while raising output forecasts and cutting capital spending guidance.Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $411 million in the third quarter from $504 million a year earlier as crude prices declined…

U.S. NatGas Prices Near 25-year Low as Glut Weighs

AdobeStock / © Kasto

In the shale field that helped launch the U.S. natural gas boom a decade ago, Chesapeake Energy Corp this month set aside its last drilling rig. The problem for the once No. 2 U.S. gas producer was not a lack of gas, but too much of it.A long, steady increase in U.S. gas production – much of it a byproduct of the shale oil boom – has prices for the fuel heading toward a 25-year low, with output outpacing U.S.

Baker Hughes Profit Rises on Strong Foreign Demand

AdobeStock / © Diter

Baker Hughes Co reported a rise in quarterly adjusted profit on Wednesday, helped by increased demand for its oilfield services and higher margins for its turbomachinery such as gas turbines and compressors.The company's results contrasted with steep falls in revenue reported by some of its rivals in the oilfield services industry…

Oilfield Services Firms Moving Beyond Oil

Graph: Rystad Energy

Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling…

Premier Oilfield Group Names Keenan CEO

Paddy Keenan is the new CEO of Premier Oilfield Group (Photo: Premier Oilfield Group)

Premier Oilfield Group has appointed Patrick “Paddy” Keenan as CEO, beginning October 28, 2019, the oilfield services company announced on Tuesday.Keenan brings to the role experience in both the US and international oil and gas industries, having held leadership roles in a number of oilfield service companies, including technology startups, and was also the CEO of an exploration & production (E&P) company.

Hunting Warns on Profit

(Photo: Hunting Plc)

British oilfield services firm Hunting Plc warned on Tuesday that annual core profit would be at the lower end of market expectations as it grapples with a slowdown in the U.S. onshore drilling market, sending its shares down as much as 7%.Without giving numbers, Hunting said profit for the third-quarter had declined compared with…

PetroChina Sets Changqing Production Goals

(File photo: PetroChina)

China's top oil and gas producer, PetroChina, aims to produce 25 million tonnes of crude oil per annum and 42 billion cubic meters (bcm) of natural gas at its Changqing field by 2020, the Gansu provincial government backed media reported on Monday, citing a company spokesman.The spokesman said that the Changqing field also set a target of churning out 28 million tonnes per annum of crude and 45 bcm of gas by 202

Precision Drilling's Quarterly Loss Narrows

© shane / Adobe Stock

Oilfield services company Precision Drilling's loss narrowed for the third-quarter, helped by higher drilling activity across North America, the Canadian company reported on Thursday.Net loss narrowed to C$3.5 million ($2.68 million), or 1 Canadian cent per share, from C$30.6 million, or 10 Canadian cents a share, a year earlier.Revenue fell about 2% to C$376 million($1 = 1.3076 Canadian dollars)(Reporting by Ta