BP Pays Down $4.5B of Debt with TNK-BP Proceeds

BP plc is using $4.5 billion of cash it has received from OAO Rosneft to pay down its debt, the company said Friday. The funds have been received by BP as part of the deal it made with the Russian state oil company to take over the UK firm's 50-percent stake in TNK-BP Ltd.

In October, BP agreed a deal with Rosneft that has seen it acquire 18.5-percent of the Russian firm's stock as well as some $12.5 billion in cash. BP will use $8 billion in a program to buy back its own stock.

BP Chief Executive commented in a company statement Friday:

"BP is moving on to the next phase of its business in Russia, becoming the largest private shareholder in Rosneft, Russia's leading oil company. In the process we have also released cash, equivalent to at least six years of BP's anticipated future dividends from TNK-BP. We look forward now to working closely with Rosneft and together developing opportunities to create value for both companies."

The $4.5 billion is designed to help BP maintain a strong balance sheet as it continues to pay out billions of dollars in damages as a result of the Deepwater Horizon disaster in April 2010.

In November 2012, BP and the U.S. government agreed to resolve all Federal charges and all Securities and Exchange Commission claims connected to Deepwater Horizon in return for $4.5 billion.

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.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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27-1/2″ Rotary Table National Style – New

27-1/2? New National Style Rotary Table w/Solid Body Pin Drive Master Bushing (Chinese Origin) Stock Houston, TX

Rotary Table Specifications:
Weight 13,675 Lbs.
Table axis to center inner row sprocket teeth: 53-1/4?
Height overall: 27?
Width: 65-3/4?
Length: 94?
Static Load Rating: 450 Tons

 

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Crude Settles Lower on Cyprus Worries

Crude-oil futures prices settled weaker Thursday, knocked lower by concerns over the ongoing debt crisis in Cyprus and worries it could spread further into Europe.

Traders said high U.S. oil inventories and weak demand in the world's biggest oil consumer also kept prices down.

The European Central Bank has warned it won't extend beyond Monday the emergency funding that has kept Cypriot banks in operation while a bailout plan was being negotiated. The Cypriot Parliament rejected an earlier package that included a tax levy on bank accounts in the island nation, fueling fears of a run on banks, which have been ordered to close this week.

Worries about Cyprus sparked fears debt problems could flare anew elsewhere in Europe and have weighed on the euro, sending the common currency down against the dollar. In times of dollar strength, some investors using foreign currencies avoid dollar-based investments such as oil futures as they become pricier due to currency issues.

"Cyprus is completely unresolved" and people are becoming "a little more cautious" about buying crude-oil futures, said Peter Donovan, vice president at Vantage Trading.

Mark Waggoner, president of Excel Futures, said the oil market was overbought and in need of a correction. But he expects prices will recover once the market is no longer "spooked" over Cyprus. That front-month Nymex crude held above its 20-day average on trading charts of $92.29 a barrel signaled potential for recovery, he said.

Light, sweet crude oil for May delivery on the New York Mercantile Exchange settled 1.1%, or $1.05 lower, at $92.45 a barrel. May ICE North Sea Brent crude oil fell $1.25 to $107.47 a barrel.

For the second time this week, Brent's premium to the U.S. benchmark narrowed to the lowest level since last July. The spread was $15.02 a barrel Thursday.

Brent crude supplies have been rising after output snags have been resolved, and are facing increased competition from higher flows of similar grades of oil from West Africa. Shell said Thursday it was restoring shipments of Bonny Light crude after a pipeline was shut earlier this month after being damaged in an attempted oil theft.

At the same, more U.S. outlook is making its way to the U.S. Gulf refining region by pipeline and rail, where it competes directly with imports, putting further pressure on Brent and similar crudes.

The Energy Information Administration reported Wednesday U.S. crude-oil stocks fell by 1.3 million barrels last week, while analysts expected a 1.7-million barrel rise. The surprise decline followed nine straight weeks of increases that plumped up inventories by 24 million barrels.

But even with the decline, crude stocks, at near 383 million barrels, are unusually high and 12% above the five-year average for this time of year, the biggest surplus in two months. At the same time, the EIA said U.S. oil demand dropped last week to its lowest level since January.

April-delivery reformulated blendstock gasoline futures settled 4.57 cents lower, at $3.0706 a gallon, while April heating oil rose 0.42 cent, to settle at $2.8963 a gallon.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Union Drilling to Present at GHS Conference

Posted on Thursday, July 14th, 2011 at 11:25 pm

FORT WORTH, Texas, July 14, 2011 /PRNewswire/ — Union Drilling, Inc. (NASDAQ: UDRL) announced today that Tina Castillo, Chief Financial Officer, will participate in the Global Hunter Securities Conference, which will be held in San Francisco on July 17-19, 2011.

Union Drilling’s presentation at the conference will be webcast live on Monday, July 18, 2011 at 9:30a.m. Pacific time (12:30p.m. Eastern).To listen to the live audio webcast and view accompanying presentation material, visit the Investor Relations section of Union Drilling’s website at www.uniondrilling.com.A replay of the webcast will be archived on the site shortly after the presentation concludes.

About Union Drilling

Union Drilling, Inc., headquartered in Fort Worth, Texas, provides contract land drilling services and equipment to oil and natural gas producers in the United States. Union Drilling currently owns and markets 71 rigs and specializes in unconventional drilling techniques.

UDRL-G

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Premier On Track for 75,000 Barrels Per Day

UK oil and gas independent Premier Oil confirmed Thursday production guidance of between 65,000 and 70,000 barrels of oil equivalent per day (boepd) for 2013.

Reporting its final results for 2012, Premier said that it should achieve an exit rate for 2013 of 75,000 boepd once its Huntington and Rochelle fields in the North Sea come on stream. First oil is expected from Huntington at the end of this month, while Rochelle is now expected to be on stream around mid-year after storm damage occurred to the initial development well on the field.

The firm's production in 2012 increased 43 percent to 57,700 boepd from 40,400 boepd in 2011.

Key project milestones expected in 2013 include the completion of the first phase of development drilling on the Solan project and the final sanction of the Catcher project, both in the UK North Sea. Meanwhile, concept selection for the Sea Lion project off the Falkland Islands in the South Atlantic is also expected to be completed during 2013 (Premier entered the Falkland Islands by acquiring operatorship of the estimated 300 million-barrel Sea Lion field in 2012).

Premier also said that it plans 15 exploration and appraisal wells for 2013. Five of these will be high-impact wells targeting in excess of 150 million boe, including Luno II (already spud), Matang (Indonesia) and Bonneville (UK), whose well results are expected imminently.

Premier added that, as well as its Sea Lion prospect in the Falkland Islands, it has a number of maturing play-opening prospects ongoing in Kenya, Norway and Iraq that are set for drilling in 2014 and 2015.

"Premier has built a strong asset portfolio which will act as a springboard for significant further growth over the medium-term. We have a number of development projects coming on-stream in the short-term, an exploration portfolio with increasing materiality and another key leg to our business as a result of our entry into the Falkland Islands," Premier Chief Executive Simon Lockett commented in a statement.

"Over the last seven years, our team has transformed the size and profitability of our business; the strategy we put in place in 2005 has delivered this growth. The next three years will see a further transformation of the business as we increase production and generate significantly greater cash flows."

Premier reported a record profit after tax for 2012 of $252 million (2011: $171.2 million). The company also said it had increased its reserves and resources by 51 percent to 773 million boe.

Analysts at London-based investment bank finnCap described the results as containing "a good set of numbers". 

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.

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ENI Awarded Five GOM Exploration Blocks

Italy's ENI reported Friday that it has been awarded five offshore exploration blocks in the Gulf of Mexico. ENI was the highest bidder for five offshore exploration blocks within the Central Gulf of Mexico Lease Sale 227 that took place in New Orleans.

The blocks are located in the Mississippi Canyon and Desoto Canyon, in water depths of 1,400 feet to 8,000 feet. ENI said they consolidate the firm's acreage position in two key areas in the Gulf of Mexico, where the company currently holds a total of 174 exploration leases.

ENI holds lease interests in 281 blocks in the Gulf of Mexico and is one of the leading producers in the area. The firm's total daily net production in the US is currently around 88,000 barrels of oil equivalent.

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2000 HP 1320UE National Diesel Electric Land Rig – Used

MAST:
Manufacturer Pyramid
Height 157ft
Base 30ft
Hookload 1,000,000 lbs on 12 lines

SUBSTRUCTURE:
Manufacturer Pyramid-Swing-Up
Floor Height 25ft
Casing Load 1,000,000 lbs
Setback Load 600,000 lbs

DRAWWORKS:
Manufacturer National 1320-UE
Max Hoist Capacity 940,000
Drilling Line DIA 1-1/2”
Motors 2x GE752 DC Series
Auxiliary Brake Baylor 7838

TOP DRIVE:
Manufacturer Varco TDS-11SA
Capacity 500 Tons
Power Independent House

ROTARY TABLE:
Opening Size 37-1/2”
Power Independent GE752

RIG POWER:
Engine Manufacturer 4x Detroit 16V Series
Horsepower Rating 1500 HP
Generator Manufacturer Marathon
Generator Info 600V, 1050 kW, 60 Hz

SCR HOUSE:
SCR Manufacturer GE Gen III
MCC Manufacturer GE 7700
Generator Cubicles 4x
SCR Bays 4x

MUD PUMPS:
Manufacturer: Gardner Denver PZ-11
Horsepower Rating 1600HP x 2
Power 2x GE752 (each pump)
Pressure 5,000 PSI

MUD SYSTEM:
Shakers 3each Brandt King Cobra
Construction Round Bottom Tanks
Active Mud System 1,400 BBL

PRESSURE CONTROL:
BOPS 13-5/8” 5M Hydril Annular
13-5/8” 10M Double Ram&Boosters
13-5/8” 10M Single Ram

Manifold 10,000 PSI 4×3 with hydraulic choke and console on floor

Closing Unit Six (6) Station Closing Unit with remote station on drill floor

HOUSES & TANKS:
8’ x 25’ Doghouse with lockers
8’ x 40’ Parts Warehouse & Crew Change
400 BBL Water Tanks with 2x Pumps
14,000 Gallon Diesel Fuel Tanks with 2x Pumps
100 BBL Trip Tank

AUXILIARY EQUIPMENT:
Wireline unit, OWI Model 1600 Explorer Unit with .092 line. Iron Roughneck pipe handler
Two (2) air hoists, 5 ton each
Low profile catwalk and pipe racks (10 sets)
Manual tongs with jaws assortment
5” drill pipe elevators
5” drill pipe slips
500 ton bails
3 ½ – 7” pneumatic pipe spinners
National 500 ton hook block
Two (2) Sullivan Palatek 50 H.P. screw type air compressors rated at 210 CFM each. Model SPS-200-116 air dryer.
Electric drill line spooler 7500’

RIG TECHNOLOGY FEATURES:
Rotating mousehole
Auto Driller
Rig Moving System

This rig features rig moves with mast/substructure raised with full setback between wells with the newest design in SCR Technology and an AC driven Top Drive that exhibits the safest features currently offered. Also the solids equipment is mounted on a separate skid to provide less items to rig down and save time between rig moves. This rig is being offered with the following inventory as a package. The rig package being offered is a US made 2000HP Diesel Electric Complete Land Rig package. This rig was originally built and packaged in 2008. This rig has been drilling since then in Texas.

Download Brochure on 2000HP Rig in Adobe HERE
Download Inventory on 2000HP Rig in IE HERE

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H2O Offshore Becomes Leading Unique Water Treatment Co with Acquisition

H2O Offshore, Inc., a leading water treatment equipment provider, has acquired Lafayette-based Owens Manufacturing & Specialty Company, Inc., announced H2O President Jess Fike.

With the addition of Owens' wastewater treatment products to H2O's Crapzapper division, H2O is now a one-stop source for all the unique water treatment needs of the oil and gas industry.

With a well-known presence in the global marine and offshore market, Owens' products will still be available to domestic and international drilling companies and oil and gas operators.

"Both companies are both thrilled and confident in the opportunities this acquisition brings," said Fike. "H2O has a long history of being committed to environmental safety and high-quality work, so it was essential that any partner shares the same values. We are glad to have this well-respected global marine equipment manufacturer join the H2O team."

Owens was among the first to offer USCG-certified marine sanitation devices in the 1960s, and its new line of IMO-certified units represent state-of-the-art technology in maintenance-free marine sewage treatment devices.

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GE752 Series Wound DC Traction Motor – Remanufactured

Continuous rating: 750 VDC, 1050 amps, 975 rpm, 5284 ft. lbs., 1000 hp

New frame
Series wound
Single shaft extension
Terminal strip
New XP lockout device
New Drilling hub
New 535 mcm 2 KV, DLO leads
New continuous commutator Teflon creepage band
Spiral grooved commutator
New heaters, 240 volt, 500 watt
New Carbon Steel heavy duty 10 HP, 3600 Rpm,460 Volt Blower
New stainless steel heavy duty pressurized Junction box with bolt on connections, (1)”A” and (1) “B” type to be located on the left-hand side facing commutator end.

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MOG Extends Gas Sales Contract with Repower

Italy-focused Mediterranean Oil & Gas (MOG) reported Thursday that its Medoilgas Italia subsidiary has signed a gas sales contract that will see all the company's production from its Guendalina gas field sold to Repower Italia from Oct. 1. 2013 until Sept. 30, 2014.

Repower has already purchased all production from Guendalina since April 1, 2012 to Sept. 30, 2013 under the firms' existing deal.

The new contract includes an option for the company to sell all or part of its onshore Italy gas production that is connected to the Italian gas distribution network to Repower at the same payment terms. Currently, around 75 percent of the company's onshore Italy gas production is connected to the gas distribution network with the remaining 25 percent sold to local customers.

MOG Chief Executive Dr. Bill Higgs commented in a company statement:

"We are very pleased to renew our relationship with Repower until the end of the thermal year ending in 2014. Repower has proven to be a good customer in what continues to be a challenging gas market in Italy."

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Noreco Nears Huntington First Oil

Norwegian Energy Company ASA (Noreco) reported that the Huntington field development is approaching first oil.

All risers are connected to the subsea facilities, and consequently the entire Huntington system is fully connected from the wells to the FPSO Voyageur Spirit. The final subsea preparations for first oil and pre-commissioning are being finalized prior to start up which is anticipated shortly.

The operator projects first oil by the end of March 2013. This projection is dependent on weather conditions and completion of final technical work according to plan. After a ramp-up period the field is expected to produce around 6,000 barrels oil equivalents per day net to Noreco.

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National P-400 Swivel – Rebuilt

National P-400 Swivel, rebuilt with data book.

Sorry, I could not read the content fromt this page.

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Total Powers up New Supercomputer

French major Total announced that it is inaugurating its new Pangea supercomputer Friday. The computer, located at the company's Scientific and Technical Center in Pau, France, will make Total one of the top 10 international firms in terms of computing power, it said.

The $77.5 million-investment in the new computing power is aimed at improving the time it takes to model subsurface and simulate the behavior of reservoirs, as well as improving the precision of these activities. The Pangea supercomputer was commissioned on 17 January for the Seismic Imagery and Interpretation Department of Total's Center for Hydrocarbon Research. It will be used as a tool to assist decision-making in the exploration of complex geological areas and to increase the efficiency of hydrocarbon production in compliance with safety and environmental standards, Total added.

Designed by Silicon Graphics, the supercomputer has a computing capacity of 2.3 petaFLOPS– meaning it can perform one million, billion simple calculations (or floating-point operations) per second. It will have 110,000 CPUs and required 2.8 megawatts of electric power, with heat generated from the computer recovered to provide all the heating the Scientific and Technical Center needs.

The Pangea computer should beat BP's new high-performance computing center that it began building at its Westlake Campus in Houston, Texas, in December. The HPC – also to be used for processing seismic and geological data – is designed to process information at a rate of up to two petaFLOPS. BP expects this to be ready in mid-2013.

Ahead of the inauguration Friday, Total Upstream President Yves-Louis Darricarrère, commented in a statement:

"We are proud of this leap forward in our performance which positions us in the vanguard of high technology at international level. This supercomputer – 15 times more powerful than its predecessor – has been specifically designed to meet the main technical challenges facing our industry. Its intensive computing capacity constitutes a key competitive asset that is an integral part of the group's bold exploration strategy."

Currently, the world's fastest supercomputer is the non-commercial Cray Titan – which is used for scientific projects at the Oak Ridge National Laboratory in Tennessee and was built with funding from the US Department of Energy. The Titan has a processing speed of 17.59 petaFLOPS.

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.

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Premier On Track for 75,000 Barrels Per Day

UK oil and gas independent Premier Oil confirmed Thursday production guidance of between 65,000 and 70,000 barrels of oil equivalent per day (boepd) for 2013.

Reporting its final results for 2012, Premier said that it should achieve an exit rate for 2013 of 75,000 boepd once its Huntington and Rochelle fields in the North Sea come on stream. First oil is expected from Huntington at the end of this month, while Rochelle is now expected to be on stream around mid-year after storm damage occurred to the initial development well on the field.

The firm's production in 2012 increased 43 percent to 57,700 boepd from 40,400 boepd in 2011.

Key project milestones expected in 2013 include the completion of the first phase of development drilling on the Solan project and the final sanction of the Catcher project, both in the UK North Sea. Meanwhile, concept selection for the Sea Lion project off the Falkland Islands in the South Atlantic is also expected to be completed during 2013 (Premier entered the Falkland Islands by acquiring operatorship of the estimated 300 million-barrel Sea Lion field in 2012).

Premier also said that it plans 15 exploration and appraisal wells for 2013. Five of these will be high-impact wells targeting in excess of 150 million boe, including Luno II (already spud), Matang (Indonesia) and Bonneville (UK), whose well results are expected imminently.

Premier added that, as well as its Sea Lion prospect in the Falkland Islands, it has a number of maturing play-opening prospects ongoing in Kenya, Norway and Iraq that are set for drilling in 2014 and 2015.

"Premier has built a strong asset portfolio which will act as a springboard for significant further growth over the medium-term. We have a number of development projects coming on-stream in the short-term, an exploration portfolio with increasing materiality and another key leg to our business as a result of our entry into the Falkland Islands," Premier Chief Executive Simon Lockett commented in a statement.

"Over the last seven years, our team has transformed the size and profitability of our business; the strategy we put in place in 2005 has delivered this growth. The next three years will see a further transformation of the business as we increase production and generate significantly greater cash flows."

Premier reported a record profit after tax for 2012 of $252 million (2011: $171.2 million). The company also said it had increased its reserves and resources by 51 percent to 773 million boe.

Analysts at London-based investment bank finnCap described the results as containing "a good set of numbers". 

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.

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Western Energy Alliance brazenly flubs facts in new poll

Western Energy Alliance is hard at work spinning their new survey, which underscores the lengths to which they’ll go to increase the profit margins of the billion dollar oil and gas industry – even when that means putting water, public health, and local communities at risk.

WEA announced their new poll a month ago, but just released the results today. Was it because they needed all that time to figure out how to spin the poll?

Unfortunately for WEA, since they included so many factually incorrect statements in the poll, they won’t be able to use their results for much other than spin sessions. And, this isn’t the first time that WEA and their vice president for government affairs, Kathleen Sgamma, haven’t been able to keep their facts straight or master basic grade school multiplication skills.

While WEA’s poll also spins that the public supports hydraulic fracturing, there are already 351 towns and cities across the U.S. that have taken action to limit or ban fracking within their borders.

Here’s a look at some of the most glaring factual errors from the WEA poll materials:

WEA claim #1: “The government has prevented oil and natural gas development on federal lands, even though less than one-tenth of 1% of public lands is being used for oil and natural gas today.”

Facts: Both the federal government and industry has aggressively pushed to increase drilling activity on public lands. According to the U.S. Energy Information Administration, production of crude oil is at its highest level since 2002, and data from the Department of Interior show that oil production on federal lands was up 7 percent in 2012. This is despite the fact that nearly 21 million of the almost 39 million acres of public lands leased to the oil and gas industry sit idle.

WEA claim #2: The oil and gas industry do such a great job cleaning up lands where they’ve drilled that they’re considered wilderness, or pristine areas, post-clean up.

Drilling infrastructure in Wyoming. Source: EcoFlight

Facts: Reports on reclamation efforts in Utah, Wyoming and New York have shown that:

restoration attempts often fail and create long-lasting problems that threaten western wildlife;companies fail to provide adequately funded bonding, leaving behind billions in clean-up costs for states such as Wyoming; andthe oil and gas industry often fails to plug depleted wells – industry neglected to plug 89 percent of wells in New York.

In fact, a recent Government Accountability Office (GAO) analysis pointed to a highly inadequate system for funding clean-up of oil and gas wells on public lands.

WEA claim #3: “Increased energy production of American energy from public lands will lead to lower energy costs for consumers.”

Fact: Unfortunately for WEA’s spin team, experts agree – from BusinessWeek to the Energy Security Leadership Council – that the global market actually drives consumer oil prices, not U.S. production levels, so increased U.S. drilling doesn’t lead to lower energy prices.

Polls are only worth the paper they’re printed on if they fail to relay facts in a straightforward and honest way. Clearly, Western Energy Alliance and the companies they represent such as Anadarko and Noble care more about spin than they do about facts.

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Peak Well Systems Launches New Addition to SIM System

Specialist downhole tool provider, Peak Well Systems announced a new addition to its proprietary SIM System range for well remediation and flow control. SIM FloWellTM is slickline-set remedial technology capable of removing formation damage within selected downhole zones and thus improving well productivity.

SIM FloWell is designed to improve well productivity by being able to remove certain types of formation damage (e.g. crushed zones in perforation tunnels, tenacious filter cakes and scales) in both oil and gas wells that are wireline-perforated. The condition of the near-wellbore region is critical to the production of hydrocarbons, and the perforating process is one major contributor to skin damage. The severe compressive force of perforating can reduce the permeability of the surrounding rock, which in turn reduces productivity.

Like the rest of the products within the SIM System range, SIM FloWell is run, set and retrieved on slickline. Used in conjunction with Peak's SIM Plug Systems to provide selective isolation of the zone to be treated, SIM FloWell induces a sudden pressure drawdown in a wellbore, and hence causes a surge of fluid inflow from the reservoir.

"SIM FloWell has been designed specifically for deployment in monobore oil and gas wells that are wireline-perforated. We anticipate that, given the uptake of our SIM System technology by the largest multi-national operators, the SIM FloWell will also be very well received," commenting on the introduction of SIM FloWell, Tim Williams, business development director for Peak Well Systems, said. 

All SIM System products are mechanically set, providing operational flexibility and safety. As a consequence of being run on slickline, it offers operators a cost effective and low risk intervention method to clean-up wellbore damage while conducting routine slickline operations.

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