Archive for oilfied

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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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.

Mr. President, Now That We Need It, Give Us Our Oil Back

Posted in Gas Industry, Oil Drilling with tags , , , , , on April 13, 2012 by amandarandjtech

Raymond J. Learsy

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Columnist

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Friday, April 13, 2012

  • Iran is cheering
  • Speculators are profiting
  • Oil producers celebrating
  • Our nascent economy tottering
  • Household budgets being ripped apart
  • Home owners in Maine freezing

You are sitting on some 700 million barrels of oil in our Strategic Petroleum Reserve (SPR) bought and paid by both the 99% and even the 1%.

Here we are living an economic and political emergency while the tool we have to deal with this issue remains untapped.

A reasonable release from the SPR would immediately drop the price of oil significantly and in turn keep gasoline prices from rising further in the months ahead and very possibly keep the economic recovery on track. In June 2011, when the Department of Energy announced it would be releasing 30 million barrels of oil, the price of oil dropped almost immediately by $4.00/barrel (“White House to release 30M barrels of oil” Politico 06.23.11) sending the speculators running for the hills.

Back then when the release was announced Speaker of the House John Boehner bridled:

Everyone wants to help the American people and lower prices at the pump — especially now, in tough economic times. And it is good that the Obama Administration is conceding that increased supply will lower those costs. But by tapping the Strategic Petroleum Reserve, the President is using a national security instrument to address his domestic political problems. The SPR was created to mitigate sudden supply disruptions. This action threatens our ability to respond to a genuine national security crisis and means we must ultimately find the resources to replenish the reserve — at significant cost to taxpayers.

This time around Mr. Boehner and everyone else should understand high, ever higher, oil prices are Iran’s most effective weapon. It will help the mullahs realize the cash flow they need to maintain their authoritarian rule while playing nuclear roulette. Embargoing swaths of their oil exports will have little or no impact if their saber rattling, together with the help of the oil speculators, pushes oil prices to ever higher highs.

Mr. President, pull the plug on the SPR now, and let the oil flow.

Raymond J. Learsy is the author of Oil and Finance: The Epic Corruption Continues and Over a Barrel: Breaking Oil’s Grip on Our Future. He has worked as a commodities trader, private investor and is currently a member of the Woodrow Wilson International Center for Scholars. Learn more at www.raymondlearsy.com.

Original article found here

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

What equipment makes up a rig?

Posted in Gas Industry, Oil Drilling with tags , , , , , , on March 30, 2012 by amandarandjtech

Rig Equipment

Drilling rigs typically include at least some of the following items: See Drilling rig (petroleum) for a more detailed description.

  • Blowout preventers: (BOPs)

The equipment associated with a rig is to some extent dependent on the type of rig but (#23 & #24) are devices installed at the wellhead to prevent fluids and gases from unintentionally escaping from the borehole. #23 is the annular (often referred to as the “Hydril”, which is one manufacturer) and #24 is the pipe rams and blind rams. In the place of #24 Variable bore rams or VBR’s can be used, they offer the same pressure and sealing capacity found in standard pipe rams, while offering the versatility of sealing on various sizes of drill pipe, production tubing and casing without changing standard pipe rams. Normally VBR’s are used when utilizing a tapered drill string (when different size drill pipe is used in the complete drill string).

  • Centrifuge: an industrial version of the device that separates fine silt and sand from the drilling fluid.
  • Solids control: solids control equipments for preparing drilling mud for the drilling rig.
  • Chain tongs: wrench with a section of chain, that wraps around whatever is being tightened or loosened. Similar to a pipe wrench.
  • Degasser: a device that separates air and/or gas from the drilling fluid.
  • Desander / desilter: contains a set of hydrocyclones that separate sand and silt from the drilling fluid.
  • Drawworks: (#7) is the mechanical section that contains the spool, whose main function is to reel in/out the drill line to raise/lower the traveling block (#11).
  • Drill bit: (#26) device attached to the end of the drill string that breaks apart the rock being drilled. It contains jets through which the drilling fluid exits.
  • Drill pipe: (#16) joints of hollow tubing used to connect the surface equipment to the bottom hole assembly (BHA) and acts as a conduit for the drilling fluid. In the diagram, these are “stands” of drill pipe which are 2 or 3 joints of drill pipe connected together and “stood” in the derrick vertically, usually to save time while tripping pipe.
  • Elevators: a gripping device that is used to latch to the drill pipe or casing to facilitate the lowering or lifting (of pipe or casing) into or out of the borehole.
  • Mud motor: a hydraulically powered device positioned just above the drill bit used to spin the bit independently from the rest of the drill string.
  • Mud pump: (#4) reciprocal type of pump used to circulate drilling fluid through the system.
  • Mud tanks: (#1) often called mud pits, provides a reserve store of drilling fluid until it is required down the wellbore.
  • Rotary table: (#20) rotates the drill string along with the attached tools and bit.
  • Shale shaker: (#2) separates drill cuttings from the drilling fluid before it is pumped back down the borehole.
  • File:Oil Rig NT8.jpg