Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

- Viking Moorings Inks 2-Year Agreement with Deep Sea Anchors

Wednesday, September 07, 2011
Viking Moorings

Viking Moorings has signed a two-year agreement with Norwegian company, Deep Sea Anchors (DSA) to supply its industry leading deep water 'torpedo' anchors to mooring installations worldwide. The announcement was made at Offshore Europe in Aberdeen where Viking Moorings is exhibiting in the Deep Water Zone.

The agreement, which will cover all regions of the world outside Norway, will allow Viking Moorings to provide an even greater breadth of integrated anchoring solutions to its clients with, once a suitable project is identified, an exclusive agreement with DSA put in place to supply it anchors.

The Deep Penetrating Anchor (DPA), also known as the 'torpedo' anchor, is a dynamically installed anchor which is released freely from a predetermined height over the seabed using gravity as the installation force. The anchor penetrates well below the mudline and sets into stiff clay sediments providing a secure and cost effective anchoring solution irrespective of water depths and allowing for both taut leg and catenary mooring installations.

Other benefits include simplified installation, precise positioning and the elimination of the need for hydraulic and electrical lines which are often used for traditional anchor installations.

"Viking is all about providing greater innovation, greater choice and the optimal mooring solution for our customers," said Viking Moorings Chief Executive – Mooring Solutions, Wolfgang Wandl.

"Having considered a number of our recent mooring installations to be ideal for torpedo anchoring, the formal teaming up with DSA, one of the few providers of such anchors, was an obvious fit. There's no better forum to showcase these new capabilities than the Deep Water Zone and Offshore Europe this year and we look forward to a mutually collaborative arrangement with DSA."

"Deep Sea Anchors is very pleased to have signed this agreement with Viking Moorings," said Ivar Erdal, CEO of Deep Sea Anchors. "Working with Viking Moorings is a perfect match for us, combining our unique anchoring solutions for soft seabed and deep waters with Viking Moorings' comprehensive mooring services and dedicated team of experts.

He continued, "Viking Moorings' knowledge and presence in many countries and regions where our DPA's can be applied with success and to the great benefit of clients was a major reason for entering into this agreement. Being a small and focused company, market entrance remains a challenge - a challenge which can be made easier through this agreement."

Using gravity, the DPA™ anchor starts its descent under cable control before accelerating at up to 100 kilometers per hour for the final 75 meter drop, shooting the anchor deep into the seabed sediments to attain sufficient holding capacity. The anchor penetrates typically 25-35m into stiff clay sediments thus allowing for taut leg as well as catenary mooring. The anchors are not affected by waves and can be deployed at depths of between 500 and 3000 meters. Deep Sea Anchors is based in Trondheim, Norway.

Viking Moorings provides total mooring solutions to operators and drilling contractors, consisting of initial mooring design and analysis, rig move procedures, risk assessments and safety approvals, equipment rental, installation and support, chain inspection, spooling services and logistics services, marine sales, repair and maintenance.

Through a comprehensive evaluation of seabed conditions, Viking Moorings decides upon the optimal anchoring solution for each client whether it be a DPA or more traditional anchoring solution. Other anchors that Viking Moorings supplies to its customers includes the Vryhof Stevpris MK6 and MK 5 anchors, the Vryhof Stevshark anchor, the Stevin anchor, the Bruce Twin Shank and Dennla MK4 anchors and a number of others.

Oil & Gas Post

Promote Your Page Too
LINK

Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd

- Lufkin Industries Announced It Signed Agreement To Acquire All Assets Of Quinn's Oilfield Supply Ltd



Sep 6, 2011

Lufkin Industries (NASDAQ:LUFK) announced it has signed an Asset Purchase Agreement to acquire substantially all of the assets of Quinn's Oilfield Supply Ltd., including certain affiliates, for about $303 million in cash subject to certain adjustments.

John F. Glick, President and Chief Executive Officer of Lufkin, stated, "The acquisition of Quinn's continues our strategy of expanding our product portfolio in artificial lift systems, while at the same time extending our sales and service network in the increasingly active oil provinces of the United States and Western Canada. The integration of Lufkin's surface beam pump unit with Quinn's downhole rod pump will enhance Lufkin's ability to package complementary products and allow us to better optimize the rod lift system to the benefit of our customers. Quinn's is well positioned to benefit from the large increase in unconventional oil plays as oil shale wells generally transition to artificial lift approximately 18 to 24 months after completion. Quinn's downhole rod pumps and PCPs are also a clear fit with our Automation strategy of integrating downhole devices and instrumentation to monitor and control production."

Lufkin Industries has a potential upside of 62.3% based on a current price of $58.83 and an average consensus analyst price target of $95.5.

Oil & Gas Post

Promote Your Page Too
LINK

TAG Enters Farmout Agreement with Apache in NZ East Coast Basin

- TAG Enters Farmout Agreement with Apache in NZ East Coast Basin

Friday, September 02, 2011
TAG Oil Ltd.

TAG Oil reported that it has entered into a farmout agreement with Apache to explore and potentially develop oil and natural gas resources in the East Coast Basin of New Zealand.

Apache has agreed to conduct a multi-phased exploration, appraisal and potential development program within TAG's East Coast Basin exploration permits PEP 38348, PEP 38349 and PEP 50940. The Permits comprise in excess of one million prospective acres of onshore oil and gas opportunities located on the southeast portion of the North Island. TAG currently holds a 100% working interest in the properties.

Apache has agreed to pay for a portion of TAG's direct costs incurred to date, as well as providing TAG a full carry on three phases of operations to a maximum agreed cost in each phase. If the agreed cost is exceeded in any phase, or if additional operations are conducted, Apache will pay a majority share of any drilling or seismic costs in the specified percentages set out in the Agreement.

Each phase of operations will include an aggressive program of both 2D / 3D seismic and drilling with Apache earning an increasing interest in the Permits as follows:

• Phase 1: Apache will earn a 50% interest in 5,120 acres of the Permits after operations are conducted and by committing to Phase 2.
• Phase 2: Apache will earn a 25% interest in the Permits after operations are conducted and by committing to Phase 3.
• Phase 3: Apache will earn a 50% interest in the Permits after operations are conducted and by committing to Phase 4 operations.

Subject to certain conditions, the planned exploration work program will be conducted over the next four years. Seismic operations will start in 2011 with drilling to commence in 2012.

Apache will be the Operator for all activities undertaken pursuant to the Agreement, excluding the initial four vertical wells of the work program that TAG will operate with Apache's assistance. Apache will spend up to $100 million upon completion of Phase 3 to earn a 50% interest in the Permits. At the end of Phase 3 operations TAG will remain as operator of the Permits. If Apache commits to Phase 4 operations, all costs will then be shared equally between Apache and TAG going forward.

TAG Oil CEO, Garth Johnson, commented, "TAG Oil is excited and honored to partner with Apache in the East Coast Basin to achieve a common goal of converting the potential of the East Coast Basin to proven reserves with integrity, respect and excellence in a safe and environmentally responsible manner. We are planning an aggressive exploration program with Apache with a starting date of September 2011 to initiate seismic acquisition with drilling to begin in early 2012"

Oil & Gas Post

Promote Your Page Too
LINK

Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco

- Royal Dutch Shell Awards Enterprise Framework Agreement to Tyco



Aug 31, 2011

Tyco International's (NYSE:TYC) flow control unit has been selected by Shell (NYSE:RDS-A) to provide butterfly valves to Shell globally.

The five-year Enterprise Framework Agreement covers more than 2,500 of Tyco's Vanessa, Winn, NeoTecha, Sapag brand butterfly valves, for use in projects, maintenance repair operations and turnaround applications.

David Dunbar, president of Tyco Valves & Controls, a unit of Tyco Flow Control said, "We appreciate the confidence Shell has shown in Tyco Flow Control with this EFA. As Shell grows, Tyco can scale with the company, bringing technology, leadership and service wherever they are needed."

Tyco International (NYSE:TYC) has a potential upside of 25.3% based on a current price of $41.9 and an average consensus analyst price target of $52.5.

Oil & Gas Post

Promote Your Page Too
LINK

Eni Signs Libya Agreement, Paving Way to Restart Of Operations

- Eni Signs Libya Agreement, Paving Way to Restart Of Operations

Monday, August 29, 2011
Dow Jones Newswires
ROME
by Giada Zampano

Italy's energy giant Eni said Monday it signed a memorandum with the Libyan National Transitional Council, or NTC, that strengthens co-operation in the country and paves the way to the restart of Eni's oil and gas operations there.

Under the terms of the agreement Eni and NTC committed "to creating the conditions for a rapid and complete recovery of Eni's activities in Libya and to doing all that is necessary to restart operations on the Greenstream pipeline" that brings gas from Libya to Italy.

Following previous pledges by the Italian government, Eni will provide a first supply of refined petroleum products to the transitional government, to contribute to the basic and most urgent needs of the Libyan population.

Eni will also provide technical assistance to assess the state of facilities and energy infrastructure in Libya and to define the type and extent of operations required to safely restart the activities.

Eni, which is the largest foreign player in Libya, has been active in the country since 1959.

Monday, the Italian company said it is evaluating with NTC "various possible forms of co-operation in order to ensure the timely resumption of operations in the oil and gas sector and to enhance the country's natural resources to benefit the Libyan people and in respect of the existing contract."

Copyright (c) 2011 Dow Jones & Company, Inc.

Oil & Gas Post

Promote Your Page Too
LINK

Cooper Subsidiary Enters Farm-In Agreement for Romania Stake

- Cooper Subsidiary Enters Farm-In Agreement for Romania Stake

Friday, August 26, 2011
Cooper Energy Ltd.

Cooper announced that its wholly owned subsidiary, CE Bobocu Pty Ltd (CE Bobocu), has entered into a staged farm-in agreement with Zeta Petroleum (Romania) SRL (Zeta), a wholly owned subsidiary of Zeta Petroleum Limited (UK) (Zeta Petroleum), to earn up to a 50% interest in the Bobocu Gas Field on-shore Romania (Farm-in Agreement).

The Bobocu Gas Field is described in Cooper Energy's announcement of August 2, 2010.

The Farm-in Agreement replaces the Share Subscription Agreement and Joint Study and Bidding Agreement between Cooper Energy and Zeta Petroleum announced by Cooper Energy on August 2, 2010.

Subject to the satisfaction of certain conditions to the proposed acquisition by Key Petroleum Limited (Key) of all of the shares in Zeta Petroleum, the existing shareholding of Cooper Energy in Zeta Petroleum will be exchanged for Key shares.

The Farm-in Agreement is conditional on various matters, including:

• Implementation of the Key Proposal.
• Formal approval of the arrangement by the Cooper Energy and CE Bobocu boards of directors.

The drilling of the first well in the Bobocu Gas Field under the Farm-in Agreement is conditional on various matters, including:

• Key / Zeta Petroleum raising US $4 million to be made exclusively available for the purposes of the Bobocu Gas Field first well program.
• Zeta depositing US $2.24 million (of the US $4 million raised) in an escrow account.

Under the Farm-in Agreement, CE Bobocu will contribute farm-in costs up to a cap of US $2.24 million towards the first well in the Bobocu Gas Field.

All operations in relation to the first well will be operated by Zeta.

Following completion of the first well, CE Bobocu may elect to withdraw from the farm-in or to proceed.

If CE Bobocu elects to withdraw from the farm-in, CE Bobocu will be reimbursed from the escrow account all of CE Bobocu's expenditure on the first well.

If CE Bobocu elects to proceed, it will acquire (subject to governmental approvals and at no further cost) a 20% interest in the Bobocu Gas Field and have the right to earn up to a 50% interest in the Bobocu Gas Field.

CE Bobocu can surrender its right to earn in at any stage and will be entitled to retain the interest earned to that date. CE Bobocu will thereafter only be obliged to contribute its participating interest share of costs in respect of any further work on the Bobocu Gas Field.
Should it elect to proceed to each stage, CE Bobocu's financial obligations in relation to these subsequent programmes (in respect of which CE Bobocu will be the operator) are as follows:

Drilling of additional well	$1.8MM, plus 30% of costs thereafter	To earn an aggregate 30% interest
Design of plant	$2MM, plus 30% of costs thereafter	To earn an aggregate 40% interest
Construction of plant	$7.4MM, plus 30% of costs thereafter	To earn an aggregate 50% interest

Steve Twartz, Cooper Energy Exploration Manager, commented, "This revised arrangement provides CE Bobocu an option in the evaluation of the Bobocu Gas Field. Should the first well be successful, CE Bobocu will have preserved its risk managed options to earn further interests in the Bobocu Gas Field. Alternatively, should the first well not be successful, CE Bobocu can withdraw and it will have incurred no costs in respect of the first well."

Oil & Gas Post

Promote Your Page Too
LINK

Legacy Reserves Enters Equity Distribution Agreement for Up to $60 Million In Units

- Legacy Reserves Enters Equity Distribution Agreement for Up to $60 Million In Units



Aug 25, 2011

Legacy Reserves (NASDAQ:LGCY) entered into an Equity Distribution Agreement with Knight Capital Americas. Pursuant to the terms of the Agreement, the Partnership may sell from time to time through Knight, as the Partnership's sales agent, the Partnership's common units representing limited partner interests having an aggregate offering of up to $60 million.

Sales of the units, if any, will be made by means of ordinary brokers' transactions on the Nasdaq Global Select Market at market prices, in block transactions or as otherwise agreed by the Partnership and Knight.

Legacy Reserves (NASDAQ:LGCY) has a potential upside of 27.5% based on a current price of $26.68 and an average consensus analyst price target of $34.

Oil & Gas Post

Promote Your Page Too
LINK

Australia Pacific LNG Finalizes Subscription Agreement with Sinopec

- Australia Pacific LNG Finalizes Subscription Agreement with Sinopec

Tuesday, August 09, 2011
Origin Energy Ltd.

Origin Energy advised that the Subscription Agreement facilitating the acquisition by Sinopec of a 15% ownership interest in Australia Pacific LNG has been completed.

In addition, all conditions precedent have now been met for the sale of 4.31 million tonnes of LNG per annum by Australia Pacific LNG to Sinopec, commencing in 2015.

Australia Pacific LNG received US $1.765 billion for the 15% ownership interest. As a consequence, ConocoPhillips' and Origin Energy's ownership interest in Australia Pacific LNG has been diluted to 42.5% each.

This investment by Sinopec provides a net reduction in funding requirements of US $750 million to each of Origin and ConocoPhillips (being 42.5% of US $1.765 billion).

Origin Managing Director and Chairman of Australia Pacific LNG, Mr. Grant King said, "We officially welcome Sinopec to Australia Pacific LNG as a shareholder and foundation customer. We look forward to working alongside ConocoPhillips and Sinopec to deliver the Australia Pacific LNG project, drawing on the extensive experience and capabilities within the joint venture in CSG production, development and operation of LNG facilities."

Oil & Gas Post

Promote Your Page Too
LINK

CGGVeritas Signs Strategic Agreement with Spectrum

- CGGVeritas Signs Strategic Agreement with Spectrum

Friday, July 29, 2011
CGGVeritas

CGGVeritas has signed a strategic agreement with Spectrum, a Norwegian multi-client company, for the contribution by CGGVeritas of its 2D Multi-client marine library for a consideration in cash and a major equity position in Spectrum.

CGGVeritas has reached a strategic agreement with Spectrum whereby Spectrum will purchase over 500,000 km of CGGVeritas 2D marine Multi-client library, not including select Joint Venture data such as the Kazakhstan library, for a consideration of $40 million to be paid in cash and in shares. With a 25% equity stake in the company, and as part of the agreement CGGVeritas will gain a seat on the Spectrum Board and will provide seismic expertise, technology and services including acquisition, processing and data management to the company.

Jean-Georges Malcor, CEO of CGGVeritas said, "We are very pleased to establish a strategic relationship with Spectrum, who is recognized in the industry for their expertise and commercial development of successful 2D marine libraries. Together, through our combined capabilities we will be able to better meet the 2D marine seismic requirements of our clients."

Closing is expected in mid-September and is subject to all necessary approvals. The two companies will work together to smoothly and effectively address prior CGGVeritas governmental and national agreements and obligations.

Oil & Gas Post

Promote Your Page Too

Beach, Icon Enter Farmin Agreement for ATP 855P

- Beach, Icon Enter Farmin Agreement for ATP 855P

Friday, July 15, 2011
Beach Energy Ltd.

Beach and Icon have resolved their dispute in relation to the prospective ATP 855P tenement, and have agreed to work together under a Farmin Agreement executed today.

Under the terms of their agreement:

• The Federal Court proceedings will be discontinued;
• Icon has now transferred a 40% interest in ATP 855P to Beach (subject to Ministerial approval);
• Beach will drill a horizontal pilot unconventional well into one of the strata comprising the Roseneath, Epsilon & Murteree sequence, then case and suspend the well, suitable for fracture stimulation, which is expected to occur within 30 days of rig release from the well;
• Beach will fund Icon's share of the farmin operations at an estimated cost of $16 million (gross), with the exception of a $1.75 million contribution to be made by Icon;
• the cost of fracture stimulation, completing and flow testing the well will be paid by the Joint Venture parties in proportion to their Participating lnterest shares;
• Beach will be recommended by Icon to be the operator of the ATP 855 permit;
• Icon will be recommended by Beach to undertake the management of coal seam gas operations in both ATP 855P and PEL 218 Post Permian Joint Ventures; and
• Beach will effect the assignment of Icon's Phase 2 Post Permian PEL 218 interest upon Ministerial consent to the transfer of a 40% interest to Beach in ATP 855P, giving Icon a 33.333% interest in the PEL 218 Post Permian Joint Venture.

The interests of the parties in ATP 855P following this agreement are:

• Beach Energy Limited (40%)
• Icon Energy Limited (40%)
• Deka Resources Pty Ltd (10%)
• Well Traced Pty Ltd (10%)

Both Beach and Icon are pleased with this agreement, and look forward to working closely together with each other and the other ATP 855P participants to develop the exciting prospects offered in the emerging shale gas play in the Nappamerri Trough in southwest Queensland.

Oil & Gas Post

Promote Your Page Too
LINK

Wood Group Secures 2-Year Frame Agreement with Shell Canada

- Wood Group Secures 2-Year Frame Agreement with Shell Canada

Thursday, July 14, 2011
Wood Group

IMV Projects, a Wood Group company, has been awarded a two-year frame agreement by Shell Canada Energy to provide engineering, procurement and project management services to Shell's upstream oil & gas projects in Western Canada.

IMV Projects has worked for Shell since 2004, executing a variety of new projects in Western Canada and offshore Alaska, including the project management, engineering, procurement and construction management of the grass-roots 20,000 BOPD Orion steam-assisted gravity drainage (SAGD) facility.

"At IMV Projects, we recognize that our clients' success depends on our ability to understand their project objectives and to meet exceptional standards of quality and efficiency," stated Kevin O'Brien, president of IMV Projects. "We have worked closely with Shell Canada to align with their business model and corporate goals and are pleased to be extending our relationship."

Oil & Gas Post

Promote Your Page Too
LINK

FMC Technologies Inks Agreement with Statoil

- FMC Technologies Inks Agreement with Statoi

Tuesday, July 05, 2011
FMC Technologies Inc.

FMC Technologies has signed an agreement with Statoil for the manufacture and supply of subsea workover adapters. The award has a value of approximately $43 million in revenue to FMC Technologies.

FMC's scope of supply includes eight workover adapters for horizontal subsea production trees, five adapters for drill pipe landing strings as well as topside controls. The equipment will be manufactured at FMC's facility in Kongsberg, Norway. Deliveries will commence in the second quarter of 2012.

"This equipment will support workover operations at four fast-track fields in the North Sea," said Tore Halvorsen, FMC's Senior Vice President of Global Subsea Production Systems. "It provides added flexibility and brings standardization to Statoil's workover system portfolio."

Oil & Gas Post

Promote Your Page Too
LINK

U.S. Energy Enters Second Eagle Ford Agreement

- U.S. Energy Enters Second Eagle Ford Agreement

Thursday, June 30, 2011
U.S. Energy Corp.

U.S. Energy Corp. has entered into a second participation agreement with Crimson Exploration Inc. to acquire an interest in an Eagle Ford oil prospect and associated leases located in Zavala and Dimmit Counties, Texas.

Under the terms of the agreement, USE will acquire 30% of Crimson's working interest (~23% net revenue interest) in approximately 7,186 acres (2,156 acres net to USE). All of the leases are currently held by production and produce approximately 200 gross BOE/D (46 net BOE/D) from the Austin Chalk formation. It is estimated that under current spacing there is a potential for up to 44 gross (13.5 net) drilling locations on the acreage. All drilling and leasing on this prospect will be on a heads up basis. This acquisition brings USE's total acreage in the Eagle Ford to approximately 11,861 gross acres (3,558.5 acres net to USE) with the potential for up to 70 gross and 21.3 net Eagle Ford drilling locations. The prospect also has additional Austin Chalk and Buda formation production potential. For competitive reasons, the financial terms of the transaction will not be disclosed at this time.

The prospect is in the Eagle Ford shale oil window in Zavala and Dimmit Counties, Texas. Crimson will operate and tentatively plans to spud the first horizontal well in the prospect in October 2011. The well is planned to be drilled to a total drilling depth of 12,500 feet (~6,000 ft. vertical, ~6,500 ft. horizontal), and to be completed with 15 to 20 fracture stimulation stages.

"We are pleased to announce another oil venture with Crimson Exploration. These assets complement our existing Leona River acreage and provide both U.S. Energy and Crimson with a potential multi-year drilling inventory in the Eagle Ford oil window," stated Keith Larsen, CEO of U.S. Energy Corp. "We look forward to drilling our first well on this acreage in the near future and to continue seeking additional Eagle Ford opportunities with Crimson as well," he added.

About U.S. Energy Corp.

U.S. Energy Corp. is a natural resource exploration and development company with a primary focus on the exploration and development of its oil and gas assets. The Company also owns the Mount Emmons molybdenum deposit located in west central Colorado. The Company is headquartered in Riverton, Wyoming and trades on the NASDAQ Capital Market under the symbol "USEG."

Oil & Gas Post

Promote Your Page Too
LINK

TTS Inks Jackup Agreement with Jurong Shipyard

- TTS Inks Jackup Agreement with Jurong Shipyard

Tuesday, June 21, 2011
TTS Group ASA

TTS has signed a Letter of Intent with Jurong Shipyard Pte Ltd in Singapore, for delivery of a high performance drilling equipment packages for a new CJ70 jackup to be built for North Atlantic Drilling Ltd.

The new jack up, named West Linus, is specifically built to operate on the Norwegian Continental shelf and has been contracted to ConocoPhillips for five years. The new rig is an advanced, ultra large, harsh environment, high performance drilling unit matching the specifications of the largest jack ups in the world.

The new drilling equipment package has a value of approximately NOK 350 million plus various optional equipment yet to be decided on. The drilling equipment is scheduled for delivery during 3Q and 4Q 2012. TTS Energy has also granted Jurong Shipyard two options valid until September 30th, 2011 for identical drilling equipment packages.

TTS Energy has previously supplied a similar drilling equipment package to West Elara, which is a CJ70 jackup rig currently being finalized at Jurong Shipyard for North Atlantic Drilling where Seadrill holds a majority share. West Elara has been contracted to Statoil under a five year contract on the Norwegian Continental Shelf.

"We are very pleased to again have been chosen to deliver a high specification rig package to Jurong Shipyard and North Atlantic Drilling," said Johannes Neteland, President & CEO of TTS Group. "This new contract confirms our strong position in the high end drilling equipment market," he added.

Oil & Gas Post

Promote Your Page Too

Aker Signs 3-Year Frame Agreement with Eni

- Aker Signs 3-Year Frame Agreement with Eni

Tuesday, June 21, 2011
Aker Solutions

Aker Solutions' geo business has signed a three-year frame agreement with Eni Norge AS to supply sub-surface consultancy services within the areas of geology, geophysics, petrophysics, reservoir technology, well site and operations geology. Contract value is undisclosed.

The agreement is valid a period of three years. In addition, Eni Norge has options to extend the agreement with three one-year periods.

"This is an important contract for us with an oil company that has great ambitions for its activities in Norway," said Helge Nyrønning, head of sales and marketing in Aker Solutions' geo business.

"We are currently experiencing significant growth in demand for our services on the Norwegian continental shelf, which remains a highly attractive offshore market. To be awarded long-term frame agreements like this demonstrates that we possess the expertise that is needed to support oil companies with their exploration and field development work," added Nyrønning.

Aker Solutions' sub-surface consultancy business delivers services through the whole subsurface value chain, from exploration to production. The unit comprises a team of 70 geologists, geophysicists and reservoir engineers. Its main fields of activity are geological and geophysical interpretation, petrophysics, reservoir modeling and simulation, well site geology as well as production technology and operations.

Aker Solutions' contract party is Aker Geo AS.

Oil & Gas Post

Promote Your Page Too

Nostra Terra Enters Agreement for Verde Stake

- Nostra Terra Enters Agreement for Verde Stake

Monday, June 20, 2011
Nostra Terra O&G Co. plc

Nostra Terra has entered into an agreement with Plainsmen Partners LLC ("Plainsmen Partners") to acquire a 16.25% working interest in the Verde prospect, located in south-eastern Colorado.

The leases cover approximately 636 net acres in which an initial test well will be drilled into the Mississippian formation to a projected total depth of 5300 feet. The total estimated cost of the well is US$ 1,131,691, of which Nostra Terra's estimated portion is US $183,900. The net revenue interest of Nostra Terra's 16.25% working interest is 13.41%. Drilling of the well is expected to begin during 3Q, 2011.

Highlights of the Verde Field Development project include:

• Shallow oil, with the potential of associated natural gas;
• Regional structural mapping suggests subsurface closure;
• Confirmation of subsurface high-structural block by 3D Seismic;
• Multi-pay potential of Marmaton, Morrow/Keyes & Mississippian reservoirs;
• Analogous to geological settings of several substantial oilfields.

3D seismic has been shot and interpreted that supports the subsurface mapping of a structural high being 25 to 50-feet up dip to historical production from the Lower Morrow Keyes. Should the drilling of the initial test well on the Verde prospect prove successful, two to three further development wells (PUDs) could be drilled, in which Nostra Terra also has the right to participate.

Lower Morrow/Keyes target

The Lower Morrow/Keyes Sand has produced, to date, from 4 wells down dip within the immediate area, which have an accumulated historic production of approximately 60,000 barrels of oil. The last two of these wells were plugged in 1991, due to the prevailing economics of the day, when producing approximately 3 to 5 barrels of oil per day. The proposed drill location is positioned to recover "attic" oil in the Keyes at a higher location on the structural feature.

Mississippian target

The Mississippian section has not been adequately tested on top of the structural feature, and is considered an exploration target.

One well on the south flank of the Verde structure had drill stem test ('DST') recovery of 190-feet of slightly oil cut mud; another well on the southeast flank had DST recovery of 70-feet of drilling mud with dead oil.

Marmaton target

The Marmaton, at 3700 feet, had an oil show on DST down dip. Interpretation of the 3D seismic shows 25 feet of Marmaton closure at the proposed location, and an amplitude anomaly indicating attractive reservoir thickness.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented, "Nostra Terra is delighted to have entered into this agreement with Plainsman Partners, which further diversifies the Company's operational relationships. The acquisition of a 16.25% working interest follows Nostra Terra's plans of continually upgrading our portfolio. We are also excited to be drilling in a location that is up dip from previous production. This could provide the participants in the Verde prospect with the opportunity to set up offset development wells."

Oil & Gas Post

Promote Your Page Too

Shoaibi Group Inks Agreement with Emerson

- Shoaibi Group Inks Agreement with Emerson

Thursday, June 16, 2011
Shoaibi Group

Shoaibi Group has signed an exclusive distribution agreement with Emerson Process Management, a wholly-owned Emerson
company, to offer a complete line of multi-phase flow meters and products for reservoir management and production optimization in the Kingdom of Saudi Arabia.

The agreement complements the Shoaibi Group's existing rights for distributing Roxar's reservoir management software in the Kingdom. An Emerson Process Management-owned company, Roxar's complete line of products includes instrumentation for topside, subsea and downhole monitoring, high temperature reservoir monitoring, multiphase metering, sand erosion sensors and oil in water monitoring and corrosion detection.

Khalid Al Shoaibi, Group Director commented, "We are pleased to have been appointed by Emerson as the exclusive distributors of Roxar's full range of products in the Kingdom of Saudi Arabia. Combined with our existing portfolio of reservoir management software, this will no doubt position us as the ultimate solutions provider for reservoir management and production optimization in the region."

John Currie, Vice President Roxar from Emerson Middle East & Africa said, "With rising production costs and growing demand, the global oil and gas industry is faced with the challenge of not only producing cost-effectively but also prolonging reservoir productivity and ensuring revenue growth. Emerson's Roxar products not only assist in production optimization, and improved decision making, but also help operators to maximize reservoir performance. Considering Shoaibi Group's strong market knowledge and presence in Saudi Arabia, and in depth knowledge of the oil and gas industry, we are confident of the success of this partnership and the business growth it will bring."

Oil & Gas Post

Promote Your Page Too

WATER STANDARD Inks Global Frame Agreement with Shell

- WATER STANDARD Inks Global Frame Agreement with Shell

Wednesday, June 15, 2011
WATER STANDARD

WATER STANDARD has signed a global frame agreement with Shell for engineering services related to the development of water based enhanced oil recovery methods and produced water treatment.

"We are extremely pleased to be working with Shell in support of Shell's ground breaking global enhanced oil recovery programs" said Amanda Brock, CEO of WATER STANDARD. "WATER STANDARD has been working with Shell to develop sustainable long term water treatment solutions. We look forward to our continued collaboration."

Oil & Gas Post

Promote Your Page Too

GE O&G Inks Frame Agreement with Shell Brasil for Offshore Projects

- GE O&G Inks Frame Agreement with Shell Brasil for Offshore Projects

Tuesday, June 14, 2011
GE O&G

GE O&G has signed a three-year frame agreement valued at approximately $30 million to supply 26 subsea wellhead systems and associated services to Shell Brasil Ltda. for exploration and production projects offshore Brazil. The agreement means GE Oil & Gas will supply all Shell Brasil's requirements for subsea drilling systems for all offshore exploratory and development wells to be drilled by Shell Brasil at least until the end of 2013.

Under the agreement, GE will supply 13 MS-700 Slimbore and 13 MS-700 deepwater high capacity (DWHC) systems. The GE MS-700 is the only subsea wellhead system on the market with metal-to-metal sealing, and has demonstrated high reliability for projects offshore Brazil.

Suheyl Ozyigit, Wells Delivery Manager for Shell Brasil said, "Based on our previous experiences, we are confident that the new agreement with GE will help us to reach our ongoing exploration and production goals. The agreement also meets our delivery requirements, provides competitive pricing and includes substantial local content."

Fernando Martins, Vice President—Latin America, Drilling & Production, GE Oil & Gas, said, "We're very pleased to again have been selected to help Shell Brasil achieve its deepwater production goals. The new frame agreement builds upon our successful relationship with Shell Brasil and further supports our growing role as a technology supplier for projects offshore Brazil, one of the world's most active oil and gas development regions."

GE's MS-700 technology offers high flexibility in terms of casing programs and is designed to help Shell Brasil reach exploratory and development targets in ultra-deep water reservoirs efficiently, saving operational rig time and costs. Most of the new projects will be located in the Santos and Campos basins offshore Brazil.

Under the new frame agreement, Shell Brasil will be able to leverage the operational lessons learned and benefits coming from earlier applications of the same MS-700 Slimbore technology. GE had a similar contract with Shell Brasil from 2007-2010 for the supply of wellhead systems for the BC-10 phase 1 development.

Much of the equipment will be manufactured at GE's facility in Jandira, São Paulo State, Brazil. Shipments are expected to start by September 2011.

The latest agreement with Shell Brasil underlines GE's position as a leading supplier of subsea drilling systems for offshore operators in Brazil. Since 2007, when GE acquired VetcoGray, the GE drilling & production business has provided more than 300 subsea wellhead systems to 11 different operators for projects offshore Brazil.

Underscoring its commitment to Brazil, GE has announced that it plans to invest $500 million to expand its operations in the country, including the establishment of a multi-disciplinary Research and Development Center in Rio de Janeiro. Among the focus areas for the new center will be advanced technologies for the oil and gas sector. In addition, GE's recent acquisition of Wellstream, a leading producer of flexible pipe equipment, significantly expands GE's capabilities to serve the Brazilian offshore market.

Oil & Gas Post

Promote Your Page Too

Det norske, Partners Sign Agreement for Block in Barents Sea

- Det norske, Partners Sign Agreement for Block in Barents Sea

Friday, June 10, 2011
Det norske oljeselskap ASA

Det norske and partners DONG and Edison have signed agreements for production license 613 at the Ministry of Petroleum and Energy.

Production license 613 was awarded in the 21st licensing round. The license is located in the northern part of Loppa High in the Barents Sea. The license covers blocks 7322/10 and 11.

The work program that the companies have now committed themselves to, includes acquisition of 3D seismic over the area. The decision to drill an exploration well must be taken within three years. Acquisition of seismic is planned to start already this year, and the first partner meeting will take place as early as next week.

Work with this license will be placed at Det norske's office in Harstad.

Licensees in PL 613:

• Dong E&P Norge (operator) 40 percent
• Det norske oljeselskap 35 percent
• Edison International Norway 25 percent

Oil & Gas Post

Promote Your Page Too