Month: October 2017

 

 

 

 

Oil Voice: Oilfield Services Industry is Rising Globally

According to a report, the global oilfield services market accounted for USD 102.08 billion in 2016 and is expected to reach USD 127.31 billion by 2022, growing at a CAGR of 3.8% between 2017 and 2022.

Global oilfield services market is expected to witness positive growth within the forecast period on account of increasing consumption of oil & gas resources. This has encouraged the key players across the globe to invest in the exploration and production of oil & gas in order to meet the demands of the population. Oilfield service companies assist in the setting up of oil and gas wells. In general, these companies manufacture, repair and maintain equipment used in oil extraction and transport. The services are also helpful in good logging, perforation, zonal isolation, well stimulation, sand washing and setting tubing plugs. Oilfield services and equipment are critical for the upstream sector and account for a large share of oil and gas companies’ spending.

The increased consumption of oil and gas across the globe is expected to be the major driver for the oilfield services market. The growing demand has resulted in various government and private sector investments in the drilling and exploration of oil and gas resources. Moreover, increasing shale gas production is expected to further propel the growth of the oilfield services market within the forecast period. The increased focus on renewable energy in order to combat the global climate change issues is expected to curb the growth of the oilfield services market in the coming years. However, technological advancements in oil and gas exploration coupled with the lifting of Iranian oil export sanctions is expected to open new avenues of opportunities for the oilfield services market within the forecast period.

Offshore and onshore are the application segments of the global oilfield services market. The onshore application dominated the global oilfield services market across the forecast period and is expected to continue its dominance in the forecast period. The new exploration and drilling activities are expected to spur the growth of the offshore segment of the oilfield services market. Hence, it is expected to be the fastest-growing segment of the global oilfield services market within the forecast period.

North America accounted for the largest share of the global oilfield services market in 2016 and is expected to grow in light of the increased oil and gas exploration activities in the region. North America is also expected to register the fastest growth rate during the forecast period owing to the production of oil & gas from oil sands, tight gas and natural gas from coal, in Canada, combined with shale gas activities in the U.S.

The key players in the global fuel cells market are Baker Hughes Inc., Halliburton Company, Schlumberger Limited, Weatherford International PLC, Superior Energy Services Inc., National Oilwell Varco Inc., China Oilfield Services Limited (COSL), Archer Limited, Expro International Group Holdings Ltd., and GE Oil & Gas among others.

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Fugro: New hydrography centre update

Fugro has announced plans to establish a Hydrography Centre of Excellence in Houston, Texas. The Houston-based center will handle a wide range of hydrographic project types, including nautical charting, cable routing and Law of the Sea boundary claims.

The new center is part of a reorganization of the company’s hydrography services, including relocating key staff and assets from its San Diego office to its U.S. headquarters in Houston and consolidating resources to regional hubs that house a wider range of geophysical and geotechnical offerings.

Fugro is also formalizing its coastal-zone mapping services using complimentary geophysical and geotechnical techniques to benefit a wide range of applications including resource development, infrastructure siting, coastal management and emergency response.

Fugro USA’s president said that the company collects more than 1 million square kilometers of high-resolution bathymetry data annually via its involvement with seabed mapping initiatives such as the Shell Discovery XPRIZE and Seabed 2030, as well as through providing data for customers like NOAA.

Link     Fugro Link

 

 

 

 

Lundin Petroleum: Bites dust in Barents Sea well

Lundin Norway has completed drilling of exploration well 7220/6-3 on the Børselv prospect in PL609 on the Loppa High in the southern Barents Sea. The well was dry.

The well was drilled approx. 20 kilometers north of the oil and gas discovery 7220/6-2 R (Neiden), 30 kilometers northeast of Johan Castberg and approx. 250 kilometers northwest of Hammerfest, according to Norway’s petroleum regulator, the Norwegian Petroleum Directorate (NPD).

Lundin said on Thursday that the main objective of the well was to test the reservoir properties and hydrocarbon potential of Permian-Carboniferous carbonate reservoirs.

According to the company, the well encountered a 380 meters thick sequence of carbonates with medium to poor reservoir quality. Oil shows were found, but the reservoir was water bearing.

Extensive data acquisition was carried out in the reservoir, including conventional coring.

The well was drilled with the semi-submersible drilling rig Leiv Eiriksson to a total depth of 1,275 meters below mean sea level and in a water depth of 450 meters. Lundin gained consent to use this rig for the Børselv prospect well and a drilling permit for the well back in late June.

The well will now be permanently plugged and abandoned. The oil company added that the drilling rig would now proceed to drill the Hufsa prospect in PL533.

Lundin Norway is the operator of PL609 with a 40 percent working interest. The partners are DEA Norge and Idemitsu Petroleum Norge with 30 percent working interest each.

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PESA: Welcomes New Advisory Board Members

The PESA Advisory Board Members contribute to the direction of PESA, promote PESA participation within their own companies and strengthen PESA’s membership ranks via their personal industry connections. The PESA Board of Directors has nominated and approved three new Advisory Board Members: Michael Reeves, President & CEO, Rubicon Oilfield International; Andrew Way, President & CEO, Exterran Corporation; and Warren Zemlak, President & CEO, BJ Services, Inc.

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Michael Reeves
President & CEO
Rubicon Oilfield International
Michael Reeves, Chief Executive Officer, co-founded Rubicon in 2015 and is focused on leading organic and acquisition-driven growth, building an extraordinary, high-integrity team, and delivering superior value for customers, employees and investors.

Michael has more than 20 years of domestic and international leadership experience within the public and private upstream oilfield product and service organization. After graduating from Imperial College, London with an engineering degree in 1994, Mike started his oilfield career as a wellsite MWD/LWD/DD engineer.

The first 16 years of his career were split between Schlumberger and NOV, leading progressively larger businesses while living and working in the Middle East, Europe and North America. In the years since, Michael has led various private equity-backed businesses, Including as the CEO of XACT Downhole Telemetry and Varel International Energy Services.

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Andrew Way
President & CEO
Exterran Corporation
Andrew Way is President, Chief Executive Officer and director of Exterran Corporation. He also serves as President of Exterran Energy Solutions, L.P. Prior to joining Exterran in 2015, he was CEO of Drilling and Surface at GE Oil & Gas. Way started his GE career in 1996 in the supply chain and operations organizations of GE Aircraft Engines.

He held roles of increasing responsibility before moving to GE Capital in 2001 and later served as the Managing Director of GE Equipment Services. In 2007, he joined the GE Oil & Gas business in Florence, Italy, leading Service Operations and serving as its Global Supply Chain & Manufacturing leader. In 2010, he was promoted to a GE company officer and became a Vice President leading the Turbo Machinery Global Services business. Way is also an officer of certain Exterran majority-owned subsidiaries.

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Warren Zemlack
President & CEO
BJ Services, Inc.
Warren Zemlak has served as President and Chief Executive Officer since January 2017. With more than 28 years of experience, Warren has held progressively senior global and North American leadership roles encompassing operations, technology, business development, manufacturing and executive positions related to cementing, hydraulic fracturing, coiled tubing and completion services.

Prior to joining BJ Services, Warren served as President and Chief Executive Officer of Allied Energy Services. Previously, he served as Vice President Well Services and Senior Vice President of Production Services at Schlumberger where he was responsible for pressure pumping, completions and artificial lift.

Warren’s technical and operational expertise has resulted in several patents related to reservoir stimulation, subsea intervention and horizontal drilling technology. Additionally, he has led business optimization throughout several market cycles in both public and private entities. He completed a field engineering cross-over program from Dowell Schlumberger in 1991 (Bottesford, England), as well as several Schlumberger Management Development programs supported by IMD (Lausanne, Switzerland) and other select academic institutions.

Link     PESA Link