Archive for drilling rig

Statoil Takes Helm at Eagle Ford Asset

Posted in Gas Industry, Oil Drilling, R&J Technical Services with tags , , , , , , on July 1, 2013 by amandarandjtech
by  Statoil ASA
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Press Release

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Monday, July 01, 2013

Statoil announced Monday that the company as of July 1 has assumed operatorship for all activities in the eastern part of its Eagle Ford asset in Texas. The Statoil-operated activities fall mainly within Live Oak, Karnes, DeWitt and Bee counties.

“This is an important milestone for Statoil’s development as an operator in the U.S.,” said senior vice president for U.S. Onshore, Torstein Hole.

“We now have operational activities in all our onshore assets, Bakken, Marcellus and Eagle Ford. Our organization in Houston is eager to further develop our Eagle Ford holding as operator and we look forward to engaging with communities and landowners in the eastern part of our joint venture acreage,” he underlined.

Statoil entered into the Eagle Ford shale in 2010, through a 50/50 joint venture with Talisman Energy USA Inc. Talisman initially acted as operator for the jointly owned acreage, under an agreement where Statoil was to attain operatorship for half the acreage at a later stage.

Last year, the companies agreed that Statoil, through a phased transition, would take responsibility for operations in the eastern half of the asset.

This acreage falls mainly within Live Oak, Karnes, DeWitt and Bee counties. Talisman will continue with operational responsibility for the western acreage, which is principally in McMullen, La Salle and Dimmit counties. The joint ownership for the total acreage is not impacted by the splitting of operational responsibilities.

Statoil has already taken over operations on three drilling rigs in the Eagle Ford. From July 1 the company has also assumed responsibility for producing wells, processing facilities, pipelines and infrastructure, and a field office in Runge, Karnes County.

Statoil Takes Helm at Eagle Ford Asset

“Both companies have been committed to executing the transition in a safe and responsible manner, whilst ensuring maximum value creation in the joint venture. We are also committed to continue the relationship and further develop strong ties with our host communities,” said Torstein Hole.

Statoil holds approximately 73,000 net acres in the Eagle Ford. Production stands at 20,200 barrels of oil equivalents per day (boepd) (Statoil share) from around 300 producing wells.

Statoil has been active in U.S. shale plays since 2008. Besides its activity in the Eagle Ford, Statoil holds significant positions in the Marcellus and the Bakken plays. Production from these positions is a strong contributor to Statoil’s North American growth strategy, where the ambition is to produce more than 500,000 boepd in 2020. Statoil’s global ambition is to produce 2.5 million boepd in 2020.

In North America, Statoil is established with U.S. offices in Houston and Austin, Texas; Stamford, Connecticut; Anchorage, Alaska; Williston, North Dakota and Washington DC and Canadian offices in Calgary, Alberta and St. Johns, Newfoundland and Labrador.

The company also owns and operates the South Riding Point crude oil terminal in the Bahamas and has a representative office in Mexico City, Mexico.

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Fears Confirmed that Isaac Stirred Up Macondo Oil

Posted in Gas Industry, Oil Drilling with tags , , , on September 7, 2012 by amandarandjtech
by  Jon Mainwaring
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Rigzone Staff

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Thursday, September 06, 2012

Original article found here

Fears Confirmed that Isaac Stirred Up Macondo Oil

Fears that Hurricane Isaac might have stirred up crude oil left over in the Gulf of Mexico after the Deepwater Horizon accident more than two years ago have been confirmed by BP after officials closed a 13-mile stretch of beach Tuesday due to tar balls and oil being reported.

According to the Associated Press, a BP spokesman said late Wednesday that the company was working with the Coast Guard, state officials and land managers to clean up oil on the Fourchon beach on the Louisiana coast and that clean-up crews would be there Thursday.

On Tuesday the Louisiana Department of Wildlife and Fisheries Secretary announced the emergency closure of a portion of coastal waters due the emergence of a large tar mat and concentrations of tar balls on beaches in the area. The LDWF banned all commercial fishing in these waters.

BP still has hundreds of workers operating on the Gulf Coast cleaning up oil that was leaked into the GOM from the Macondo prospect, where Deepwater Horizon was drilling.

The BP spokesman added that the storm had served a good purpose since it had made visible where the company can clean up.

Last week the Huffington Post reported that Garret Graves, chairman of Louisiana’s Coastal Protection and Restoration Authority, had warned up to one million barrels of oil is estimated to remain in the GOM because BP had failed to clean it all up.

In a statement sent to Rigzone on Thursday at noon (UK time) BP said:

“As anticipated prior to Hurricane Isaac making landfall, there are reports of residual Macondo oil along the shorelines near Fouchon Beach and Grand Isle. These are areas that were in active response prior to Isaac, so it was expected by the Gulf Coast Incident Management Team – which includes the United States Coast Guard, state representatives, other federal representatives, and BP – that these could be areas where highly weathered residual oil might be exposed.

“In accordance with the GCIMT’s Severe Weather Contingency Plan, with the arrival of Hurricane Isaac operations were suspended across the response area.  As areas are opened by the FOSC and appropriate safety assessments have been completed, we are redeploying crews to these areas to resume response operations.

“Under the direction of the Coast Guard and in accordance with the Gulf Coast Incident Management Team sampling protocols, we also anticipate testing this material to determine its origin.

“It is important to note, however, that there have been 90 reports of oil releases from other sources since the storm, and it is imperative that the parties responsible for that oil act in the same manner as BP and respond quickly in following Coast Guard directions.”

Fears Confirmed that Isaac Stirred Up Macondo Oil

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

New Website up and running

Posted in Electricians, Oil Drilling with tags , , , , on August 20, 2012 by amandarandjtech

R and J Technical Services is proud to announce the launch of our new website.  We’ve re-vamped our page to highlight our operations and employment opportunties. Take a minute to see the click on our new additions and find out more information on our company.  www.PowerProsUSA.com

National Oilwell to Acquire Robbins & Myers for $2.5B

Posted in Electricians, Gas Industry with tags , , , , on August 10, 2012 by amandarandjtech
by  Karen Boman

Rigzone Staff

Thursday, August 09, 2012

Original article found here

Houston-based oilfield service company National Oilwell Varco Inc. (NOV) will acquire Robbins & Myers in an all-cash transaction valued at approximately $2.5 billion, NOV said Thursday.

The combination of NOV and Robbins & Myers’ manufacturing infrastructure and portfolios of technology will allow NOV to further advance its presence in the oil and gas markets it services, NOV Chairman, President and CEO Pete Miller said in a statement on Thursday.

“Robbins & Myers has many complementary products with those National Oilwell Varco currently offers the industry,” Miller said. “I am particularly enthusiastic about the prospect of incorporating their downhole tools, pumps and valves into National Oilwell Varco Petroleum Services & Supplies and Distribution & Transmission segments.”

The transaction will allow Willis, Texas-based Robbins & Myers “to join forces with an industry leader that will enable its business segments to fully capitalize on their respective strategies, enhance leadership positions in niche applications, and execute growth plans at a faster pace,” said Pete Wallace, president and chief executive officer of Robbins & Myers, in a statement Thursday.

The agreement calls for Robbins & Myers’ shareholders to receive $60/share in cash in return for each of the approximately 42.4 million shares outstanding. The acquisition is expected to close in the fourth quarter of calendar year 2012.

The deal is the latest in a series of acquisitions made by NOV this year as the company seeks to expand its product offering and customer base.

In April of this year, NOV announced an agreement to acquire Schlumberger Limited’s Wilson distribution business segment. NOV completed that acquisition in May.

NOV also unveiled plans to acquire CE Franklin, a Canadian supplier of products and services to the energy industry, for CAD$240 million. Schlumberger was the largest shareholder of CE Franklin.

In February, Subsea 7 and NKT Holding agreed to sell their NKT Flexibles joint venture to NOV for $672 million.

GHS Research sees NOV’s acquisition of Robbins & Myers as positive for both parties, with Robbins & Myers shareholders getting a respectable takeout price in an all-cash deal, GHS analyst Brian Uhlmer said in a research note Thursday.

The agreement for $60/share is a 28 percent premium to Robbins & Myers closing price on Aug. 8 and an approximately 12 percent premium to its 52-week high.

NOV will get the Robbins & Myers business for less than nine times earnings before interest, taxes, depreciation and amortization, but likely even less as it shaves $50 million to $75 million out of the cost structure.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

Williston in the News

Posted in Gas Industry, Oil Drilling with tags , , , , on June 1, 2012 by amandarandjtech

Williston has made the news yet again!  To check out the recent local Utah news story, follow the link below. 

  http://www.kutv.com/news/top-stories/stories/vid_598.shtml

Hiring Warehouse Clerk!

Posted in Oil Drilling with tags , , , on May 22, 2012 by amandarandjtech
We’re hiring! Have you heard the buzz of what’s going on in Williston? Have you wanted to get involved but haven’t known how? Well fantastic news!! R & J is hiring for a Warehouse Clerk position. MUST have previous experience. Housing option available, top pay and benefits, and a chance to see what the hype is all about. Qualified individuals can apply directly through our website at www.powerprosusa.com.

A Look at Past Oil Projections and Where It Could Be Headed

Posted in Oil Drilling with tags , , , on April 6, 2012 by amandarandjtech
A Look at Past Oil Projections and Where It Could Be Headed

Rigzone published an article in November 2011 that noted Auto Delinquency Rates (ADR), as tracked by TransUnion, were not suggesting the United States would enter another recession anytime soon. We also pointed to a historical pattern highlighted in an earlier article that was dichotomous regarding oil prices and demand. Specifically, this article posited that based on trading patterns from mid-Summer to early October, crude prices would likely rise while demand would fall as we entered calendar year 2012.

Following Up on Rigzone’s Past Predictions:

First, TransUnion reported last month that the fourth quarter national auto delinquency rates continued to drop on a year over year basis. So, we now have another quarter under our belts with historically low ADRs sustaining. When you add on top of this an industry consensus calling for a strong year in auto sales, incrementally additional new loans will likely help ADRs remain low throughout 2012.

A Look at Past Oil Projections and Where It Could Be Headed

Second, one would have to have been in total seclusion to not know that oil prices have risen over the past six months. Specifically, since October 7, 2012 (the time of our first article noting the pattern at play), WTI front-month futures are approximately 25 percent higher, even better than the average 15 percent return that our analysis projected. When looking at month average oil prices, the front month contract averaged $106 per barrel during March 2012, up 24 percent from September 2011 average.

Third, global demand for crude oil is in fact lower. According to the U.S. Energy Information Administration (EIA), average crude consumption was 89.33 million barrels per day (MMbopd) during September 2011. For February 2012, the most recent month of reported data, crude consumption was 89.23 million barrels. We note that March demand has seasonally fallen relative to February levels. Over the past three years, the average drop from month-to-month was 0.56 MMbopd. Combining these two observations implies that March demand could fall by 0.66 million barrels or seven-tenths of a percent drop over six months.

A Look at Past Oil Projections and Where It Could Be Headed

Due to all the uncertainties surrounding the embargo with Iran, Rigzone does not have a near-term projection on future crude prices at this time.

The Wall Street Journal surveys some of the world’s leading economist to get their views. In the most recently conducted WSJ survey from March 2012, 34 economists pegged the price of oil at $104 per barrel upon exiting 2012. Thus, signaling a consensus of little expectation for oil prices to end the year higher than current levels.

 
by  Trey Cowan
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Rigzone Staff

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Wednesday, April 04, 2012

 
Original article found here