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Schlumberger News

21 Jun 2023

Offshore Oil Spending to Rise More Than 20% This Year

© JT Jeeraphun / Adobe Stock

Offshore oil and gas exploration spending will increase more than 20% globally this year and the growth will continue into the next, oilfield services firm SLB said on Wednesday."Offshore is experiencing a renaissance, with significant breadth and anticipated durability," SLB Chief Executive Olivier Le Peuch said at the JP Morgan Energy Power and Renewable Conference, according to a draft of the speech posted on the company's website.SLB, the world's largest oil services and equipment provider, said it expects to see a long tail of activity with 65 lease rounds concluding globally this year, i

01 Mar 2023

PXGEO Names Tony Bowman CEO

(Photo: PXGEO)

Offshore seismic survey firm PXGEO announced it has appointed Tony Bowman as chief executive officer, effective April 3, 2023.Bowman joins PXGEO from an executive career at Schlumberger. During his almost 30-year tenure, he held a number of senior roles across multiple geographical locations, including president, WesternGeco as well as president, Schlumberger Information Solutions.Bowman’s appointment follows the departure of CEO Duncan Eley, who has decided to resign and leave PXGEO.

28 Nov 2022

Chevron Can Resume Key Role in Venezuela's Oil Output, Exports

© Vallehr / Adobe Stock

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.

17 Jun 2022

James Fisher Names Vernet CEO

(File photo: James Fisher)

U.K.-based marine services company James Fisher and Sons plc announced it has appointed Jean Vernet as chief executive officer.He will take up this position on September 5, 2022, succeeding Eoghan O’Lionaird who will step down from his position on the board and as CEO. O’Lionaird will  remain employed by the group until June 13, 2023, to ensure a smooth and effective transition of responsibility.Vernet has considerable experience working in the offshore energy sector in both the U.K. and around the world. Most recently, he was CEO of Smiths Group’s largest division, John Crane.

01 Mar 2022

Offshore Energy: Are Decommissioning Costs set to Spiral?

Supply chain innovation: Allseas’ Pioneering Spirit is currently having its 20,000-tonne capacity jacket lifting system installed. Load tests took place in late January. The first commercial project is due in April. The jacket lift system means that no barges are needed. Pioneering Spirit will be able to lift large jackets from the seabed in one piece, tilt them on deck and transport them to shore for dismantling. The illustrations show how the system will work. Image courtesy Allseas

As offshore market activity recovers and continues to increase through the next decade, as we expect it to, oilfield service (OFS) capacity is expected to tighten.As offshore market activity recovers and continues to increase through the next decade, as NorthStone Advisors expect it to, oilfield service (OFS) capacity is expected to tighten. In NorthStone Advisors’ view, this will create a period of increased scarcity and cost inflation, presenting significant cost and schedule risk to decommissioning programs.Many eyes are on the UK…

22 Jul 2021

TGS, PGS, WesternGeco in 6,400 sq km Seismic Survey Offshore Malaysia

Credit: PGS

Offshore seismic data and services trio TGS, PGS, and Schlumberger's WesternGeco, have secured pre-funding for a 6,400 square kilometer multi-client 3D survey starting in October in the Sarawak Basin, offshore Malaysia.The survey is the first phase of a multi-year contract awarded by the Malaysian national oil firm Petronas in 2020 through competitive bidding to acquire and process up to 105,000 square kilometers of multi-client 3D data over a 5-year period in the Basin. The first…

01 Jun 2021

Equinor Sanctions $8B Bacalhau Field Development in Brazil

Credit: Equinor

Norwegian oil and gas company Equnior has made a final investment decision for the development of the Bacalhau field offshore Brazil.The development of the field located in the Santos Basin will cost around $8 billion. Arne Sigve Nylund, Equinor’s executive vice president for Projects, Drilling, and Procurement said: "This is an exciting day. Bacalhau is the first greenfield development by an international operator in the pre-salt area and will create great value for Brazil, Equinor, and partners.

27 Jan 2021

Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment

A Polarcus seismic vessel - Credit: Eburlid/Wikimedia - CC BY-SA 3.0

Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude."The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers…

27 Sep 2020

Milaha, Schlumberger to Build Stimulation Vessel

(Photo: Milaha)

Qatar's maritime and logistics firm Milaha said it entered into a formal agreement with U.S. headquartered oilfield services firm Schlumberger to cooperate on projects that will localize the energy sector supply chain, including the construction of a Qatari offshore oil well stimulation vessel.Milaha said its offshore and marine arm signed the memorandum of understanding (MOU) that will support value building projects while jointly driving Qatar Petroleum-led Tawteen program,…

12 Feb 2020

Schlumberger Intros Egypt Upstream Gateway

The Egyptian Ministry of Petroleum and Schlumberger introduce the Egypt Upstream Gateway, a unique and innovative national project for digitizing subsurface information and delivering a digital subsurface platform to ensure Egypt's subsurface data is kept evergreen.The Egypt Upstream Gateway will also be a platform to promote Egypt's exploration and production potential worldwide.The Egypt Upstream Gateway will leverage the GAIA digital subsurface platform and provide additional value-added solutions—enabled by digital technology and domain expertise—using the DELFI E&P cognitive environment capabilities and technologies."Leveraging…

09 Feb 2020

Unique Group Acquires APAC Marine Unit

Integrated marine and subsea solutions provider Unique Group has announced the acquisition of the Australian-company Western Advance’s Marine Division.The provider of services and solutions for the offshore, subsea and life support industries also announced the appointment of Chris Forde as its new regional vice-president.Western Advance’s integration with Unique Group ties in with the Group’s strategy to enhance its portfolio of autonomous solutions for marine, offshore and subsea industry operations in the region.Harry Gandhi, chief executive officer at Unique Group, said: “Over the years, Unique Group has built a strong presence in APAC offering survey equipment, buoyancy and ballast, diving and life support and on-site engineering products and services to our customers.

02 Dec 2019

Nexans Designs Power Umbilicals for OneSubsea

OneSubsea, the subsea technologies, production and processing systems division of Schlumberger, has contracted Nexans to design and supply two 120-km (75-mi) power umbilicals for a subsea multiphase compression system at Norske Shell’s Ormen Lange gas field in the Norwegian Sea.The French player in the cable and optical fiber industry said that the system will help extend the production life of the Ormen Lange field, Norway’s second-largest gas field that currently supplies 20 percent of the UK’s gas needs.Located in the Norwegian Sea, the Ormen Lange gas field produces about 70 million cubic meters of gas a day that is piped to the onshore Nyhamna processing plant.

08 Oct 2019

Digitalization: Oil Industry Could Save up to $100Bln

The global oil and gas industry can save as much as $100 billion through automation and digitalization in the 2020s, energy research firm Rystad Energy said."As much as $100 billion can be eliminated from E&P upstream budgets through automation and digitalization initiatives in the 2020s. Service companies are reinventing themselves to help operators unlock these savings," said the study by  Rystad.In 2018, $1 trillion was spent on operational expenditures, wells, facilities and subsea capital expenditures across more than 3,000 companies in the upstream space. There are varying degrees of potential savings within offshore, shale and conventional onshore activity budgets…

24 Jun 2019

Oilfield Services Pricing Rises

Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016, oilfield service companies have since regained some of the lost ground, thanks first and foremost to industry consolidation among players that has concentrated the market over the past couple of years,” said Audun Martinsen, head of oilfield service research at Rystad Energy.“Pricing power is likely to be further strengthened within the service industry…

19 Dec 2018

Biggest Spenders of 2018

The biggest spenders of 2018 (VV.com)

With less than a week until Christmas and most of our presents bought, we're feeling the pinch. However, that's nothing compared to the amount that some have been spending this year. VesselsValue's Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018.USAJP Morgan Global Maritime is the US company who has spent the most on second hand vessels: 308 million USD so far in 2018. However, they have changed their purchasing strategy half way through the year.

11 Dec 2018

Amerisur Resources Hits Oil at Indico Well in Colombia

UK-based independent full-cycle oil and gas company confirmed that Indico-1 well in Colombia reached target depth of 10,604 feet and encountered the Lower Sands of the Une formation.The South America focused oil and gas producer, which owns 30% non-operated working interest in the Indico-1 well, said the Lower Sands package is the same formation which holds the 120 feet oil column discovered at nearby Mariposa, which lies some 6.5 kilometres to the North West of Indico-1.The Mariposa well has produced at a stable rate of approximately 3,200 barrels of oil per day in natural flow from 10 feet of perforations near the top of the 120 feet oil column for over a year…

18 Nov 2018

Shearwater Completes Acquisition of Schlumberger's Seismic Fleet

Norway-based provider of marine geophysical services Shearwater GeoServices Holding  announced the completion of the acquisition of the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger.The owner of world’s largest fleet of high-end seismic vessels said in a release that the transaction was completed following receipt of relevant regulatory approvals and satisfaction of customary closing conditions.“We are now an industry-leading full-range geophysical services company with a solid financial and strategic platform. We are eager to move ahead as one strong combined business with global reach…

03 Oct 2018

Subsea 7, OneSubsea Bag Gulf of Mexico Contract

Offshore oil services firm Subsea 7 has announced the award of a sizeable contract by Fieldwood Energy to Subsea Integration Alliance, a global partnership between Subsea 7 and OneSubsea, a Schlumberger company.The award is for the deepwater Katmai field development in the US Gulf of Mexico’s Green Canyon 40, said a press release from the company.This supplier-led integrated subsea development solution, combines OneSubsea’s subsea production systems (SPS) and Subsea 7’s subsea umbilicals, riser and flowline systems (SURF) expertise.The Subsea 7 scope includes project management, engineering, procurement, construction and installation of 40 km of pipe-in-pipe production flowline (12” outer pipe and 8” inner pipe)…

12 Sep 2018

Borr Drilling Aims to Start Paying Dividends by 2020

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Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into one of the largest owners of jack-up rigs which drill in the shallow waters.Schlumberger, the world's top oil service firm, is Borr Drilling's largest shareholder with a stake of 14.2 percent."We have an ambition to return a significant part of cash back to shareholders quickly ...

12 Sep 2018

Offshore Optimism is Cautiously on the Rise

file Image (CREDIT: Harvey Gulf)

Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement regarding the beleaguered Offshore Service Vessel (OSV) marketplace. In a July 2017 report, following an analysis of 44 participants in the business, the restructuring team wrote: “The industry faces grave financial pressure…

29 Aug 2018

Harvey Gulf to Reflag Some Assets as it Expands International Reach

Harvey Gulf International Marine has confirmed that it is going global with the reflagging of both Offshore Supply and Fast Supply Vessels to facilitate work in Mexico.Harvey will open additional offices in Mexico through its affiliate, Harvey Gulf International Marine de Mexico S.A.P.I. de C.V. Harvey will also establish itself in Trinidad and Guyana by opening offices and redeploying shore base personnel and vessels to those areas.Harvey will certify vessels for operation under Mexican flags to ensure its customers can receive Harvey service levels for their expanding Mexico operations. In addition to Harvey Gulf de Mexico’s office in Mexico City…

22 Aug 2018

Shearwater to Buy Schlumberger’s Seismic Business

Norwegian marine geophysical services company Shearwater GeoServices Holding AS has entered into a definitive agreement to acquire the marine seismic acquisition assets and operations of Schlumberger’s geophysical services product line, WesternGeco.The transaction, which remains subject to regulatory approvals and other customary closing conditions, is expected to close in the fourth quarter of 2018.Houston based Schlumberger will receive cash consideration based on an enterprise value of $600 million plus a 15 percent post-closing equity interest in Shearwater. For a limited period, Schlumberger  will be entitled to payments under an earn-out agreement linked to future vessel usage over and above specific thresholds.

22 Jun 2018

Schlumberger Wins in US Supreme Court on Patent Damages

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The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision overturned a lower court's ruling that had enforced limits on applying U.S. patent law overseas and reduced by $93.4 million the damages sum that rival ION Geophysical Corp had to pay for infringing Schlumberger technology that helps find oil and gas beneath the ocean floor.