Technology North America Exclusives

Nine Expands With $493 Million Magnum Oil Tools Acquisition

Analysts expect the acquisition of Magnum—the number two player in dissolvable frack plugs—to give Nine Energy Service ‘incremental exposure’ to the downhole tools market.

The digital oil field is not a technology issue; it’s a business model issue.

Market forces mandate better evidence-based tools to drive decisions in oilfield services pumping operations.

Report: As Wind Projects Age, O&M Costs Will Rise

The phasing out of the Federal Production Tax Credit will mean a decline in new wind projects and increased operating and maintenance on older assets.

Tailored drilling software and optimization services offer cost-effective options.

Completion North America

Baker Hughes, H.C. Freitag, drilling, completion, technology, shale, unconventional, DUG Rockies, oil, gas

Drilled but uncompleted wells in the U.S. provide an opportunity to examine new shale drilling and completion technology.

Range Resources, technology, proppant, Cowen, energy, Joe Frantz Jr., University of Texas, production, oil,

Technology advances have continued to lead to production and efficiency gains in recent years for Range Resources. The company is now working with a Texas university on a new logging tool to be built by Gearhart.

Refracking, shale, horizontal drilling, IHS, Bloomberg

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.

A process called forward-osmosis is applied to clean water used in hydraulic fracturing.

Contracts North America

Vista will pay Monterrey-based Jaguar a further $10 million to compensate the firm for past investments in the projects, or so-called carry costs, the firm said in a statement.

Pemex said it expected the contract in the Olmos Field, located in the northern border state of Coahuila, to yield investment of $617 million, aiming to reach daily production of about 117 million cubic feet of gas by 2021.

Statoil (NYSE: STO) and Accenture (NYSE: ACN) have signed a three-year master service agreement for Accenture to accelerate the delivery of Statoil’s global digitalization initiative.

TGS continues to strengthen its onshore position with new seismic projects in key shale basins of North America, such as the Permian Basin, Scoop/Stack and the Montney.

DOF Subsea said on Nov. 1 it has been awarded two contracts, securing utilization for several vessels in the Subsea IMR Projects segment.

Digital North America

The industry can benefit quickly by approaching Big Data from the place of maximizing value by minimizing complexity.

Predictive analytics

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.

Companies embrace prescriptive analytics to improve production.

Data-driven models can shed light on factors that influence operations.

Technology and an abundance of data are forcing oil and gas companies to make changes and prepare for new ways of operating.

Equipment North America

Drillers added one oil rig in the week to Oct. 27, bringing the total count up to 737, Baker Hughes, a GE company, said in its closely followed report Oct. 27.

The oil rig count fell seven to 736 in the week to Oct. 20, the lowest level since June, Baker Hughes, a GE company, said in its closely followed report.

Drillers cut five oil rigs in the week to Oct. 13, bringing the total count down to 743, the lowest since early June, Baker Hughes, a GE company, said in its closely followed report.

The oil rig count fell by two to 748 in the week to Oct. 6, Baker Hughes, a GE company (NYSE: BHGE), said in its closely followed report.

Drillers cut three oil rigs in the week to Sept. 8, bringing the total count down to 756, the least since June, Baker Hughes, a GE company (NYSE: BHGE), said in its closely followed report.

Operations North America

Analysts with Tudor, Picking, Holt & Co. said Ensign’s proposed acquisition of Trinidad would create one of the largest North American land drillers with critical mass in many key international markets.

Pemex’s crude production slipped 7.3% in the quarter to an average of 1.866 million barrels per day (MMbbl/d), while natural gas production fell 9.7% to 3.915 billion cubic feet per day.

Renaissance Oil Corp. got an early foot in the door to develop these potentially giant fields.

Canadian oil and gas producer Baytex Energy said it would buy rival Raging River Exploration for about C$2.8 billion (US$2.13 billion) to expand in the oil-rich Duvernay Field in Alberta.

The combined company will operate under the Akita name and have a fleet of 44 high-spec drilling rigs with operations in several major resource basins in the U.S. and Canada.

People North America

David Pursell has been named senior vice president, Planning and Energy Fundamentals, at Apache Corporation (NYSE: APA), effective March 12.

Carlos Alberto Treviño Medina, Pemex CEO

He replaces José Antonio González Anaya, who has been appointed as the country’s minister of finance and public credit. González Anaya acted as the head of the state-owned company since February 2016.

Oil And Gas: What’s In It For Millennials?

The industry can take plenty of steps to help attract and retain the younger generation.

Populist Andres Manuel Lopez Obrador would require Pemex take minimum stakes in all future oil contracts, and may also revoke two dozen contracts already signed with oil companies, Reuters reported.

Lourdes Melgar previously served as deputy energy minister for electricity, will leave the government as it continues to implement the energy reform, Reuters reported.

Regulations North America

Mexican president-elect Andres Manuel Lopez Obrador welcomed a deal between Mexico and the U.S. to overhaul the North American Free Trade Agreement (NAFTA) that he said preserved Mexican “sovereignty” in the energy sector.

President Donald Trump said on Aug. 25 that the U.S. could reach a "big Trade Agreement" with Mexico soon.

Mexican President-elect Andres Manuel Lopez Obrador will seek to end the country's massive fuel imports, nearly all from the U.S., during the first three years of his term while also boosting refining at home.

Mexico oil and gas, Mexico energy reform

How effective Mexican regulators are at managing concerns and informing stakeholders will impact the pace of the country’s energy reformation journey.

A U.S. judge has ordered two former finance executives at Penn West Petroleum, now known as Obsidian Energy, to face regulatory charges that they helped engineer a multi-year accounting fraud.