Top executives believe the merger creates growth opportunities that could lead to a common operating system for both the surface and subsurface, while expanding Cameron’s presence worldwide.
The transaction will expand Schlumberger’s revenue base by more than 20%, Paal Kibsgaard, the company’s CEO and chairman, said in a press call. Schlumberger expects cost synergies of $900 million over two years
Cobalt International made huge discoveries in a seven-year period offshore Angola but cedes interest after a federal investigation, low oil prices and uncertainty for all oil producers.
The Climate & Clean Air Coalition Oil & Gas Methane Partnership said it has identified several low-cost, quick-payback projects that lower methane emissions.
With a cookie-cutter model comes marginal price economics, says Thrust Energy CEO Manatt.
Refracking has been met with enthusiasm—especially when it works—and skepticism, but in order to move forward, the industry needs a large-scale refracking program and more investment IHS says.
Understanding drainage volume and improved permeability of stimulated rock is essential to forecasting production, according to MicroSeismic Inc.
This latest patented invention relates to fluid treatment and, more particularly, to an improved treatment apparatus for destroying aerobic and anaerobic bacteria in fluids used in oil and gas recovery and conditioning of said fluid for reuse, Ecosphere said in the release.
A process called forward-osmosis is applied to clean water used in hydraulic fracturing.
A state oil firm loyal to Libya's official government invited foreign oil firms to discuss existing oil purchase contracts at September conference in Dubai, according to a statement, Reuters reported.
Pacific Exploration and Production Corp., formerly Pacific Rubiales Energy Corp., received a two-year service contract to develop oil Block 192 from state-owned Perupetro, Reuters said.
Saudi Arabia could pump 50 million cubic feet per day of shale gas in 2016, Reuters reported. Unconventional gas potential was appraised in the northwest, Eastern Province and Empty Quarter.
Mahdia covers 3,024 sq km and contains the El Mediouni structure. The well hit oil shows in the Ketatna (Oligo-Miocene) carbonates. The permit will be extended for three years.
The two blocks are in the Pearl River Mouth Basin. Block 16/07 covers 2,743 sq km in about 100m of water. Block 03/33 covers 2,367 sq km in 65m to 145m of water.
For the oil and gas sector, this could mean making drilling adjustments on the spot. It could also mean collecting data from various sources, analyzing it and using that knowledge to grow production and revenue.
For the oil and gas sector the threat remains, but the methods are the same, experts say.
The industry can benefit quickly by approaching Big Data from the place of maximizing value by minimizing complexity.
Using technology to generate, process and analyze data can lead to improved operations.
With big data and predictive analytics, operators can use production surveillance, comparing predictions to new actuals to determine how a particular oil or gas asset is performing. In response, adjustments can be made to improve production and overall operations.
Where ACTIVATE has been used, operators see about an 80% increase in EUR per well and a 66% reduction in cost per barrel of oil equivalent from refracked wells verus new wells, Halliburton said in a news release.
Etienne Roux, vice president of drilling services, said Revolution has drilled 284 vertical-curve lateral wells in a single run in the last year and half. This totals 2.4 million feet.
Manufacturing and engineering firms see the first green shoots of activity improvement as the industry retools for the future.
The TAM FastSwell technology utilizes a proprietary process that alters the geometric design of the elastomer to provide ultra-fast, but predictable and controlled swell rates for challenging downhole conditions.
Shale producers can save 30% of the drilling cost with walking rigs, which can move from one wellbore to another--10 meters in less than an hour, Reuters said.
Rigs were added in formations including the Williston Basin, where three were brought online and the Granite Wash, where one was added. Two rigs were removed in the Permian Basin, which has seen a pick-up in recent weeks.
Drillers added two oil rigs in the week ended Aug. 14, bringing the total count up to 672, the highest since early May, oil services company Baker Hughes Inc. said.
Prosafe said the contract, which begins in first-quarter 2017 with a firm period commitment of three years, will be the first for the Safe Eurus, a vessel designed and built to service the Brazilian market.
Phyllis Mitchell and Kent C. Crago were appointed as vice president of human resources and as vice president of finance, respectively. Mitchell is a Society of Human Resource Management member.
Development of North Pars, Golshan and Ferdowsi gas fields will be offered to investors at the upcoming London conference, according to state news agency Shana, Reuters said.
Maersk Oil has asked for permission to shut its Janice installation, which produces around 7,000 barrels per day from three U.K. North Sea oil fields.
Schlumberger Ltd. (NYSE: SLB) and Cameron (NYSE: CAM) have reached a definitive merger agreement in which the companies will combine in a stock and cash transaction, the companies said in a joint statement.
The deal is valued at $14.8 billion. The agreement was unanimously approved by the boards of directors of both companies.
“This agreement with Cameron opens new and broader opportunities for Schlumberger. At our investor conference in June 2014, we highlighted how the E&P industry must transform to deliver increased performance at a time of range-bound commodity prices,” Schlumberger CEO Paal Kibsgaard said. "With oil prices now at lower levels, oilfield services companies that deliver innovative technology and greater integration while improving efficiency, which our customers increasingly demand, will outperform the market.
Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share, the release said.
Company statement said National Oil Co. of Liberia struggles to meet operational and personnel obligations, Reuters reported. Tullow Oil, Chevron, Anadarko and African Petroleum had been operating in Liberian waters.
According to Iran's oil minister, Bijan Zanganeh, holding an emergency OPEC meeting might help stabilize the price of oil, Reuters reported from a statement from oil ministry news agency Shana.
Elaine Lisenbe joined the company as financial controller in 2011. Valencia Amenson joined the company in 2014 as director of human resources for the U.S.
During his career, Edward E. Horton III helped develop first-generation floating systems. He is a named inventor of standard concepts such as the spar and tension-leg platform.
Hart Energy’s Offshore Executive Conference in November will feature more than 250 senior offshore oil and gas executives. Conference sessions will focus on emerging plays, key technologies and market trends.
Earlier, President Buhari approved the cancellation of controversial offshore processing and crude swap deals for refined oil products between state oil firm NNPC and oil traders, Reuters said.
The change became effective immediately. EMGS has initiated a search for a new CEO.
The next round will be awarded on Sept. 30, and involves five production-sharing contracts covering nine shallow water oil fields along the southern edge of the Gulf of Mexico.
"For Gullfaks, this gas compression means extended lifetime and an increase in the gas recovery rate from Gullfaks Sør Brent from 62 to 74 percent,” said Astri Fritsen, principal engineer for the NPD.
The companies include Portugal's Galp Energia, Petro Rio, Royal Dutch Shell, Angola state oil company Sonangol and Engie, Brazil’s oil regulator ANP said, Reuters reported.
The minimum work program for each block includes the acquisition, processing and interpretation of 300 sq km of 3-D seismic data and the drilling of one exploration well.
The largest field found in the North Sea in three decades could hold as much as 2.9 billion barrels of oil and has an estimated cost of up to $26.8 billion, of which the first phase is budgeted at $14.2 billion.