Weatherford News

TDI-Brooks International, Inc. announced it has appointed Paul Walker as its director of laboratory operations, tasked with leading the company's geotechnical, geochemical and environmental labs.Walker began his career at Humble Geochemical where he was tasked with method development, instrument maintenance, and general lab and project management. He then joined Baseline Resolution where he continued developing and optimizing specialized pyrolysis and hydrocarbon separation methods for onshore and offshore petroleum systems.

Chevron Corp on Saturday received a U.S. license allowing the second-largest U.S. oil company to expand its production in Venezuela and bring the South American country's crude oil to the United States.The decision grants broader rights for the last big U.S. oil company still operating in U.S.-sanctioned Venezuela. However, it restricts any cash payments to Venezuela, which could reduce the oil available to export.License terms are designed to prevent state-run oil firm Petróleos de Venezuela, known as PDVSA PDVSA.UL, from receiving proceeds from Chevron's petroleum sales, U.S. officials said.

Coatings manufacturer AkzoNobel has appointed Michael Stulberg As New Regional Commercial Director For Marine And Protective Coatings Americas.According to the company, Stulberg brings to the role extensive expertise across sales and product management for both US and international markets as a result of 25 years in the oil and gas industry.Most recently Director Of Sales at Weatherford International, he was responsible for business growth, driving top-level profitability, sales…

Norwegian investment company Standard Drilling said Tuesday it had sold its 33.3% ownership in the VLCC Gustavia S, following the updated company strategy. Standard Drilling, which in 2013 sold off its offshore drilling rigs, only to return as offshore vessel owner in 2016, in January 2020 entered the tanker market by acquiring a 33.3% ownership in the newly built Gustavia S VLCC.Now, the company has sold its stake in the 300 000 TDW ECO Design Crude Oil Tanker built by Daewoo Shipbuilding & Marine Engineering Co and fitted with scrubber technology delivered by Wärtsila. The transaction values the vessel at USD 93 million, where Standard…

The multinational oil and natural gas service company Weatherford International announced it has signed an $80 million liner-hanger frame agreement with Norwegian oil and gas company Equinor.The four-year deal represents the largest liner-hanger frame agreement ever signed by Weatherford, said the Irish-domiciled company.Mark Hopmann, President of Completions for Weatherford said, “Weatherford is the market leader for liner-hanger technology across the North Sea. Guided by a principle of flawless execution, we deploy our liner hangers for reduced operating expenses and superior performance reliability.”Originally developed for the North Sea, Weatherford liner-hanger systems offer durability in routine and quality-critical applications throughout the world.

Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a "prepackaged" Chapter 11 bankruptcy - after more than four years without making a profit.Weatherford expects to implement the Restructuring Agreement through a "pre-packaged" Chapter 11 process and expects to file U.S. chapter 11 and Irish examinership proceedings. As part of this process, Weatherford intends to continue engaging in discussions with, and begin soliciting votes from, its creditors in connection with a proposed Plan of Reorganization prior…

Irish-domiciled multinational oilfield services company Weatherford said it has made a major enhancement to its ForeSite production optimization platform, which combines physics-based models with advanced data analytics to improve performance across wells, reservoirs, and surface facilities on a single, secure platform.Weatherford, which first introduced the ForeSite platform in May 2017, said the new release expands predictive failure analytics to electric submersible pumping systems (ESPs) and adds complete optimization capabilities for plunger-lifted wells.The platform expands capabilities in reciprocating rod lift by adding predictive failure analytics for ESP systems.

Finalists for the Offshore Achievement Awards 2019 have been revealed last week.The annual awards, which are hosted by the Society of Petroleum Engineers (SPE) Aberdeen Section, give recognition to the best talent, performance and innovation in the offshore energy industry. The award is supported by principal sponsor TAQA.This year’s shortlist recognises exceptional companies, both large and small, ground-breaking technological developments and individuals who go above and beyond in the sector.Over 90 entries were received…

The Philippines, eager to resume development of vital oil and gas reserves off its coast, will likely need to reach an accord with a Chinese government infuriated by last week's ruling that granted Manila a big victory in the South China Sea. The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out, so the clock is ticking for it to develop offshore fields that China shows no sign of loosening its grip on. Beijing has refused to recognise the ruling by the Permanent Court of Arbitration that granted the Philippines sovereign rights to access offshore oil and gas fields, including the Reed Bank, a shallow tablemount some 85 nautical miles off its coast.

Venezuelan state oil company PDVSA is in talks with oil services companies to turn unpaid bills into financial instruments, a process known as securitization, its president, Eulogio del Pino, said in a statement on Saturday. Several oil services companies suspended or slowed operations this year due to difficulties in obtaining payment from PDVSA, which is struggling because of low oil prices and a decaying socialist economy. Del Pino last month said PDVSA signed financing agreements with Weatherford International Plc and Halliburton Co and was close to a deal that would allow Schlumberger to boost its presence in the OPEC nation. "We trade commercial debt for financial debt…

Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are being stacked or idled as the rig count there declines. Oil companies are retrenching while crude prices remain weak, with smaller operators and the shallow-water sector scaling back the most. As the situation unfolds, MarineNews asked David Barousse, general manager at Fleet Operators, Inc., a marine transportation firm in Morgan City, La., for his take on today’s predicament and what the future holds.

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award. The 2015 awards will be presented May 4, in the NRG Center Rotunda Lobby. The Spotlight on New Technology Awards—a program for OTC exhibitors—showcase the latest and most advanced hardware and software technologies that are leading the industry into the future. In support and recognition of innovative technologies being developed by small businesses…

Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices. The Baker Hughes/Halliburton talks have stalled after the companies weren't able to agree on issues including price, people familiar with the matter said Friday. As oil prices fall, oil field service companies get squeezed, one industry lawyer said.

Tullow Oil plc announces the successful results from a series of exploration, appraisal and testing activities conducted in Blocks 10BB and 13T onshore Kenya. The Etom-1 well in Block 13T is the most northerly well drilled to date in the South Lokichar basin, 6.5 km north of the previous Agete-1 discovery. The well encountered approximately 10 metres of net oil pay, extending the proven oil basin significantly northwards. Based on this result the ongoing 550 sq km 3D seismic survey in the South Lokichar basin has been extended to cover a further 247sq km in this northern area, including several similar prospects which are scheduled to be drilled in 2015. The Weatherford 804 rig drilled the Etom-1 well to a final depth of 2,000 metres.

Venezuela's state-run oil firm PDVSA said on Saturday a $2 billion pre-payment from Russian oil producer Rosneft will be destined in part to develop its coveted Orinoco belt. State-run Rosneft earlier on Saturday announced a flurry of deals including a long-term contract with PDVSA for 1.6 million tonnes of oil and 7.5 million tonnes of oil products within five years. Venezuela is struggling with stagnant oil and natural gas production, and has its sights set on the vast southern Orinoco belt as a way to boost production. "We're focusing all our technological capacity to develop this oil province which will give us 150 years of production at a rate of 6 million barrels per day, (as per) our aim for 2019," PDVSA President and Energy Minister Rafael Ramirez said in a statement.

Venezuelan state oil company PDVSA on Wednesday said it had been granted a total of $2 billion in credit lines by oilfield services companies Halliburton Co, Schlumberger NV and Weatherford International Ltd. "What we have signed is for the companies to increase activities in our country, in some cases doubling them," PDVSA President and Energy Minister Rafael Ramirez said at a ceremony in the western city of Maracaibo. By giving credit lines to PDVSA, the companies will be able to increase their service contracts with OPEC member Venezuela. The deal may allow PDVSA, whose cash-flow problems are well known, to postpone payments of accumulated debts to its main service providers.

Greene’s Energy Group (GEG), a provider of integrated testing, rentals and specialty services, has appointed Tracy Cummins as director of business development within the rental and products business unit, announced President Frank Mathews. Based in Houston, Cummins will develop, review and report the rental and products business unit’s visions and strategies. He will also guide corporate decision-making regarding the implementation of strategic commercial and operational plans.

The chief executive of energy services company Proserv has been named Ernst & Young Scotland Entrepreneur of the Year 2013. Judges praised David Lamont for molding “a phenomenal business of a truly global nature” in overseeing a 25% year-on-year growth during his two years at the company which operates from 30 sites across the globe. A panel of experts picked Mr. Lamont ahead of 28 other business leaders and he will now go forward to represent Scotland at the UK Entrepreneur of the Year final in October.

Greene’s Energy Group (GEG) named David Lang as Mid-Continent Regional Manager for the Testing and Services business unit, announced President Eric Langlinais. Based in Lafayette, La., Lang will provide leadership, direction and operational support to the facility managers in the Bossier City, La.; Kilgore, Texas; Ardmore and Weatherford, Okla.; Ft. Smith and Conway, Ark.; and Dodge City, Kan. facilities. Prior to his new role, Lang was Store Manager for Eagle Oilfield Services, a subsidiary of Greene’s Energy Group.

Variable Bore Rams, Inc. (VBR) contracted by Weatherford Asia Pacific to provide Blowout Preventer (BOP) rams. Equipment stocking will begin in Feb. 2013 and will allow for the quicker deployment of rams in the Asia Pacific region. The range of stock will include rams of multiple sizes in varying categories including 7-1/16 inch, 3-15M; 11-inch, 3-10M; 13-5/8-inch, 3-10M; 18-3/4-inch, 10-15M; and 21-1/4-inch, 2M. “We have a long standing relationship with Weatherford UK Ltd which significantly influenced being chosen for this contract,” said company President Hines M. “Chip” Marshall, Jr. The venture will be headed by the Weatherford Pressure Control Business unit and Variable Bore Rams, Inc.’s International Operations department.

Simmons & Co in Aberdeen completed 14 deals in 2012 valued $2.3-billion, more than double the 2011 total value. The corporate finance advisers to the energy sector have played a significant role in many of the most prominent transactions that took place across the oil and gas service sector in 2012 including deals subsea, well services, drilling and completions sectors. Colin Welsh, chief executive officer at Simmons said: "Getting the best result for our clients in the current environment has been challenging because the market dynamics keep changing as new buyers emerge and the sector becomes more geographically diverse. It helps that we focus exclusively on energy because our market intelligence is always current".

A energy production technology services company Proserv has bolstered its rapidly-evolving global footprint and specialist integrated services after acquiring major US company Total Instrumentation & Controls (TIC). The acquisition of Houston-based TIC, which specializes in advanced process and control systems equipment and has a second manufacturing facility in Lafayette (LA), also significantly increases Proserv’s talent pool by more than 300 people to over 1600 with the entire American-based workforce joining forces with the company under the Proserv mantle.

Greene's Energy Group Names Boutwell Manager, Technology and Business Development -Rental & Products. Greene’s Energy Group (GEG), a provider of integrated testing, rentals and specialty services, has named Doyle Boutwell as Manager, Technology and Business Development – Rental & Products, announced Frank Mathews, President – Rental & Products. Based in Houston, Boutwell will be responsible for the management of strategic and ongoing product development, emerging technologies and related business integration. Additionally, he will assist various business units with project management.