Foster Wheeler, SOCAR Team Up to Form New Company

- Foster Wheeler, SOCAR Team Up to Form New Company

Thursday, July 14, 2011
Foster Wheeler AG

Foster Wheeler announced that a subsidiary of its Global Engineering and Construction Group has signed a Memorandum of Understanding (MoU) to cooperate to form a jointly-owned company with The State Oil Company of Azerbaijan Republic (SOCAR) in the Republic of Azerbaijan.

SOCAR is a state-owned company engaged in the fields of oil and gas exploration, production, transportation and marketing and intends to build an oil, gas processing and petrochemical complex in Garadag, Republic of Azerbaijan.

The new jointly-owned company will focus on providing process, engineering, procurement, construction supervision and project management services associated with the development of the new oil, gas processing and petrochemical complex.

The new entity will provide the same services for upstream, midstream and downstream oil and gas projects developed by SOCAR both in the Republic of Azerbaijan and in other countries.

In line with the principles outlined in the MoU, Foster Wheeler and SOCAR will prepare a joint action plan for the establishment and incorporation of the new company, with its headquarters in Baku.

"Foster Wheeler and SOCAR already have a strong working relationship, including cooperation for the design of the Aegean oil refining facility in Turkey for SOCAR and its joint-venture partner," said Umberto della Sala, Interim Chief Executive Officer, Foster Wheeler AG. "We are very pleased to sign this MoU, which signals our commitment to Azerbaijan and which will take our relationship with SOCAR to a new level. Foster Wheeler will bring to the new joint company its worldwide organization resources, technical expertise and international project execution capability on all of SOCAR's key business areas."

"We consider Foster Wheeler one of the most respected companies in the world and we very much look forward to the formation of this new joint-venture company," added Rovnag Abdullayev, President, SOCAR. "We are confident that Foster Wheeler will be able to inject into the new entity its proven know-how and its recognized capability to deliver successful projects."

Oil & Gas Post

Promote Your Page Too
LINK

WESI, TEI Join Forces to Form New Company

- WESI, TEI Join Forces to Form New Company

Thursday, July 07, 2011
Waterford Energy Services Inc.

Waterford Energy Services (WESI) and Trendsetter Engineering (TEI) have entered into an agreement to form a joint venture company to leverage the strengths of both companies in the areas of subsea solutions, drilling, completions and well control.

"We are well positioned to provide expertise and solutions to Canadian clients in areas such as capping stacks and containment, secondary blow out preventer (BOP) controls, subsea trees, manifolds, and related equipment. Our primary goal is to provide the Canadian offshore market with a capping stack and containment service," said Ian O'Leary, Project Manager at Waterford Energy NL Inc.

"We have developed a First Response Well Containment System (FRWCS) using equipment and technology located in Newfoundland and Labrador so we will be able to provide an immediate and local response to contain spills at the source. The technology we're using is the first of its kind in Newfoundland and Labrador and in Canada. We can help protect and save our environment in a timely manner, and show that our province has the capability and infrastructure to be a legitimate industry center, serving Canada and the North Atlantic region."

Delays in oil spill response time can have disastrous consequences as demonstrated by the 2010 spill in the Gulf of Mexico. Reliance on comparable containment systems located elsewhere in the world would result in potentially catastrophic delays in mobilization to Newfoundland and Labrador, Nova Scotia, the Gulf of St Lawrence, Beaufort Sea, or other parts of Canada due to their location and possible contractual commitment(s) to other operators.

WESI has consulted extensively with the Canada-Newfoundland Offshore Petroleum Board (CNLOPB) to ensure alignment with evolving regulatory requirements and the CNLOPB has been very supportive of the direction WESI is taking with the containment system. O'Leary said its FRWCS is designed to be compatible with the rigs operating in the harsh North Atlantic environment.
"We have the ability to export this capability to frontier regions where exploration is in its early stages. We're confident that this is the answer to an existing gap in the local oil and gas industry. With the locally-based FRWCS, we can be ready to protect our waters and coastlines, sustain future growth, and help industry explore in a responsible manner."

WESI's containment system is managed by an advisory board of world class industry experts and local professionals in areas such as spill response, subsea equipment, environment-health-safety, insurance and law; their role is to assist in the design and oversight of the manufacturing and commissioning process. O'Leary said Canadians should feel confident that the best industry practices and equipment will be located in an area where immediate access is assured. "We have the equipment and expertise to create a solution to oil spills off our coast and beyond, helping to ensure that past tragedies are never to be repeated."

Oil & Gas Post

Promote Your Page Too
LINK

Shell, CNPC Form Alliance for Well Manufacturing JV

- Shell, CNPC Form Alliance for Well Manufacturing JV

Monday, June 20, 2011
Royal Dutch Shell plc

Shell and China National Petroleum Company (CNPC) have signed a Global Alliance Agreement emphasizing their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China.

The two parties also signed a Shareholders Agreement to establish a Well Manufacturing joint venture (50% CNPC and 50% Shell) subject to further corporate and government approvals. It is intended that the joint venture will develop an innovative, highly automated Well Manufacturing System (WMS) that could significantly improve the efficiency of drilling and completing new wells onshore. The details of the parties' respective contributions to the joint venture will be agreed during the transition phase over the coming months.

Peter Voser, Chief Executive Officer of Royal Dutch Shell plc, and Jiang Jiemin, Chief Executive Officer of CNPC, attended the signing ceremony in Beijing. Peter Voser said, "CNPC and Shell are collaborating in a variety of projects globally with the aim of investing for profitable growth, and to meet the world's growing demand for cleaner, affordable energy. The Shareholders Agreement for the Well Manufacturing JV underscores how Shell and CNPC are working together to develop gas resources using innovative and cost competitive technologies."

Full scale commercialization of tight gas, shale gas and coal bed methane can require the drilling of hundreds of wells each year, over many years. It is intended that the WMS will be designed to drill and complete wells in a standardized and repeatable manner, using advanced automation techniques. The system aims to incorporate the best technology and procurement capabilities from both partners.

The joint venture intends to use state-of-the-art technologies such as automated directional drilling and drilling optimization, including technologies pioneered by Shell in its North America tight gas operations. The WMS joint venture is expected to source the majority of its rigs, services and drilling equipment from low-cost suppliers in China. This combination could unlock substantial natural gas resources cost-efficiently, and on a large scale.

Oil & Gas Post

Promote Your Page Too

Coastal Governors Form OCS Coalition

Coastal Governors Form OCS Coalition

Monday, May 02, 2011
Consumer Energy Alliance

Governors from four key coastal U.S. states announced Monday the formation of the Outer Continental Shelf (OCS) Governors Coalition, a group whose goal will be to promote a constructive dialogue between the federal government and states when it comes to the responsible development of energy resources offshore.

The coalition's mission was described in an open letter of invitation to governors from other coastal states sent today by Louisiana governor Bobby Jindal, Texas governor Rick Perry, Mississippi governor Haley Barbour and Alaska governor Sean Parnell. The engagement was officially announced by Governor Barbour during a panel discussion organized by Consumer Energy Alliance at the Offshore Technology Conference in Houston. Governor Barbour was joined by U.S. state officials from each of the participating states.

The letter explains the critical role that offshore oil and gas development has played in creating thousands of high-paying American jobs, and laments how federal decisions affecting the industry have been made with little consultation of state officials. The governors say the coalition will serve "as a mechanism to foster an appropriate dialogue between the coastal states and the Administration and ensure that future actions are done with adequate state input."

Consumer Energy Alliance president David Holt moderated the panel during which the announcement was made, and issued the following statement:

"Consumer Energy Alliance, representing both producers and consumers of energy, supports and applauds the collaboration of these four governors in promoting an open discussion about the benefits of producing American energy offshore, not only for their individual states, but for the entire nation and our economy. In a post-Macondo environment, these governors have seen the federal government significantly limit their ability to access critical domestic natural resources along the Outer Continental Shelf, subsequently denying their citizens and the entire nation reasonable energy prices and high-paying jobs in an unstable economy.

"By simply communicating effectively and more often, federal and state regulators can gain a better understanding of the benefits of safe offshore oil and gas exploration and production, and come to a consensus on how to make the most of American energy resources that will help improve domestic energy security, U.S. competitiveness and our economic well-being..Successful domestic oil and gas development will not only provide us with a more secure supply of energy, but it will also provide more opportunity for industries across all sectors of our economy."

Consumer Energy Alliance (CEA) is a nonprofit, nonpartisan organization, comprised of more than 160 affiliate members, including energy consumers and producers, and tens of thousands of consumer advocates, that supports the thoughtful utilization of energy resources to help ensure improved domestic and global energy security, stable prices for consumers and balanced energy policy for America.

Oil & Gas Post

Promote Your Page Too