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Showing posts with label Group. Show all posts
Showing posts with label Group. Show all posts

Wednesday, September 7, 2011

Wood Group Lands Engineering Gig at BP's Quad 204 Proj.

- Wood Group Lands Engineering Gig at BP's Quad 204 Proj.

Wednesday, September 07, 2011
John Wood Group plc

Wood Group Kenny has been appointed by BP to provide engineering design and project management services for the subsea, umbilical, riser and flowline (SURF) infrastructure for BP's Quad 204 redevelopment project West of Shetland. Wood Group Kenny is responsible for the design of $1.2 billion worth of subsea, pipeline and riser infrastructure for the project. The dedicated engineering team is already 50 strong and will expand to 75 in the near future.

Mike Ogden, Wood Group Kenny's project manager for Quad 204 said, "This project presents significant technical challenges integrating new infrastructure within an existing brownfield development. Specific issues include proving the remaining or extended design life of existing systems, challenging metocean conditions and the inclusion of 21 new risers, 15 new flowlines, a range of structures, a re-designed umbilical distribution and control system and 25 new wells into a restricted area already containing 52 wells. WGK are responsible for engineering the entire SURF system from the trees to the connections within the new FPSO and supporting BP through the delivery, testing, installation and commissioning of these systems."

Andrew Train, BP's Project Director, Offshore Activities said, "The recent sanction of the Quad 204 project represents a very significant investment for BP and its Partners in the North Sea. While the industry at large has been aware of the replacement FPSO, the scale and complexity of redevelopment associated with the subsea system has gone relatively unnoticed. In many ways it is likely that redevelopment of the subsea system will be larger than the original development scheme. To manage a project of this scale and complexity and attract the best talent in the industry we have co-located a growing BP and Wood Group Kenny team in a project office in the center of Aberdeen. This office will be a hub of activity allowing detailed design work to be progressed by Wood Group Kenny and facilitate interaction with key suppliers and contractors."

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Thursday, September 1, 2011

Integrys Energy Group Announces Two Acquisitions

- Integrys Energy Group Announces Two Acquisitions



Sep 1, 2011

Integrys Energy Group (NYSE:TEG) announced the acquisition of two operating businesses involved in the compressed natural gas fueling business, Pinnacle CNG Systems and Trillium USA, previously owned by Wagner & Brown, Ltd.

Charlie Schrock, Integrys Chairman, President and Chief Executive Officer said, "Expansion into this business is consistent with our mission of providing customers with the best value in energy and related services. Our decision to enter this market is in response to customer needs, and this is complementary to our existing skill sets in regulated and nonregulated natural gas and electric services."

Integrys Energy has a potential upside of 2.4% based on a current price of $49.79 and an average consensus analyst price target of $51.

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Thursday, August 18, 2011

SMS Appoints Group Business Development Manager

- SMS Appoints Group Business Development Manager

Thursday, August 18, 2011
Sand Monitoring Services Ltd.

SMS (Sand Monitoring Services Ltd.) announced the appointment of Frazer Barclay as Group Business Development Manager at its Aberdeen headquarters. This key appointment will be instrumental in continuing to grow the SMS brand by increasing its core business, global presence and services portfolio.

Frazer, an honors graduate in Geology and Applied Geology from the University of Glasgow, brings with him more than 12 years industry experience related to sub-surface geoscience consultancy and business development. Frazer started his career with Western Geophysical as a geophysicist followed by a move into quantative interpretation with the leading reservoir characterization company Odegaard. Odegaard was acquired by Schlumberger in 2006 and subsequent to this Frazer built a new local consulting group offering production engineering, reservoir engineering, geoscience and geomechanical engineering services. Frazer has worked in several key oil and gas locations including London, Aberdeen, Kuala Lumpur and Perth with his most recent role as Global Geomechanics Sales and Marketing Manager being located in the United Kingdom.

Andrew Kinsler, Field Services Manager for SMS, commented, "We are very pleased to welcome Frazer to SMS during a time of much expansion. His proven track record in sub-surface geoscience consultancy, business development and years of industry experience will prove vital to the SMS growth strategy for 2011/12."

Andrew concluded, "SMS has grown to offer best in class sand monitoring and management services to the oil and gas industry, and our staff are instrumental to this. By employing some of the best talent in Scotland, we are confident that we can continue to strive for improvement and we look forward to implementing Frazer’s specialist skills to do just that."

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Wednesday, July 27, 2011

Drillsearch, BG Group to Jointly Explore Cooper Basin

- Drillsearch, BG Group to Jointly Explore Cooper Basin

Wednesday, July 27, 2011
Drillsearch Energy Ltd.

Drillsearch has formed a strategic joint venture with QGC, a BG Group company, to explore and develop unconventional shale and tight gas resources in the Cooper Basin.

The joint venture involves QGC farming into, and acquiring, a 60% interest in DLS's strategically located ATP 940P covering over 2,000km2 (500,000 acres) of the Central Cooper Basin Nappamerri Trough Shale Gas Fairway.

The agreement places DLS in the unique position in the Cooper Basin of having access to QGC's gas commercialization capacity to support the full scale exploration, appraisal and development of shale and tight gas resources. The Basin is well situated to supply growing gas demand from LNG exports and domestic users in Australia. QGC is currently developing the QCLNG project in Gladstone.
BG Group is an active player in the exploration, development and production of shale and tight gas in North America with major positions in the Marcellus and Haynesville shale gas plays. The Cooper Basin shale gas exploration joint venture with Drillsearch is BG's first shale gas investment in Australia

Drillsearch Chairman Jim McKerlie said, "The JV with QGC is a great outcome for Drillsearch. It is a clear indication that Drillsearch is delivering on its three-prong strategy in the Cooper Basin – Oil exploration on the Western Flank, development of conventional Wet Gas along the Wet Gas Fairway and now delivering a focused exploration and appraisal plan to the Company's unconventional projects in the Cooper Basin."

"With the farmin by QGC and exercise of the options, Drillsearch's share of this unconventional exploration and appraisal program is fully funded. The company has now secured funding for all three prongs of its strategy. We are encouraged by the three oil exploration successes in the Western Flank of the Cooper Basin and progress of Western Cooper Wet Gas which is looking to start production later this year."

Drillsearch Managing Director Brad Lingo said, "This joint venture is significant for both the Cooper Basin and Drillsearch. This landmark transaction puts Cooper Basin shale gas resources on the world stage. This transaction is a major achievement for Drillsearch validating not only the quality of the position the Company holds in the Nappamerri Trough Shale Gas Fairway but also the Company's capability as an exploration operator in the Cooper Basin."

"The transaction with QGC (part of the BG Group, a global leader in gas commercialization), is the most significant milestone in Drillsearch's 24 year history. Importantly, it positions Drillsearch at the forefront of emerging Cooper Basin unconventional resource developments. This provides us with a platform for outstanding long-term growth opportunities and further growth in the Company’s already extensive conventional and unconventional gas projects in the Cooper Basin."

Key features of the transaction include:
  • Execution of a Joint Operating Agreement (JOA) establishing the future joint venture operations in ATP 940P. The focus of the joint venture is to explore and develop shale and tight gas resources in the Central Cooper Basin Nappamerri Trough Shale Gas Fairway;
  • Execution of a Farm-in agreement whereby QGC are committing to a five year $130 million three stage exploration and pilot production appraisal program to acquire a 60% joint venture interest in DLS' 100% owned ATP 940P;
  • DLS will hold a 40% joint venture interest in ATP 940P and be the operator of the joint venture through the exploration and pilot production appraisal stages with the aim to prove up sufficient shale and tight gas resources to support a full scale development project;
  • QGC will fund $90 million of the first $100 million of the five year exploration, appraisal and pilot production program and thereafter QGC and DLS will fund the program on a 60/40 basis;
  • Following the completion of the exploration and pilot production appraisal program, QGC will have the right to become the operator of the joint venture to take the shale and tight gas resources through to full scale development;
  • QGC and DLS have entered into a Gas Marketing Heads of Agreement providing that, as part of a full scale commercial development, QGC offering to buy DLS' 40% share of gas production from ATP 940P and DLS having the right to supply additional gas from its other Cooper Basin permits up to an additional 10% of the ATP 940P joint venture gas production;
  • DLS will issue options to QGC to subscribe for up to 31,622,454 DLS shares at 62 cents per share exercisable any time prior to February 15, 2012 for a 9.9% ownership stake providing DLS with a potential $19.6 million of additional funding;
  • QGC will also reimburse DLS for 60% of its historical past costs, capped at $2.5 million; and
  • QGC will have the right to withdraw from the joint venture after the end of either the first or second stage of the five year work program upon which QGC's 60% interest in ATP 940P reverts to DLS.

The various agreements contain change of control provisions. The agreement under which QGC gains its interest in ATP 940P provides that, should a change of control occur (e.g., another entity gaining more than 50% of DLS shares), QGC can require (1) DLS to sell to QGC at an agreed price DLS' 40% in ATP 940P if that change of control occurs before the completion of the second stage of the exploration program at an agreed price, (2) DLS to sell to QGC at an agreed price a further 5% interest in ATP 940P if that change of control occurs after the completion of the second stage of the exploration program and (3) QGC may become the operator of ATP 940P. The Gas Marketing Heads of Agreement further provides that if DLS is subject to a change of control, QGC may terminate the gas marketing arrangements.

All of the Native Title and Environmental Approval process necessary for the award the ATP 940P to Drillsearch has been completed and the formal award of the permit is currently pending Queensland Government Ministerial approval. The commencement of the ATP 940 JV is subject to completion of this process and approval of the transfer of the interest in the permit once issued to QGC.

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Monday, July 25, 2011

Tullow Acquires Ghanian Interests of EO Group

- Tullow Acquires Ghanian Interests of EO Group

Monday, July 25, 2011
Tullow Oil plc

Further to the announcement made on May 26, 2011 in relation to the conditional acquisition of the Ghanaian interests of EO Group Limited for $305 million, Tullow announced that all of the conditions to the acquisition were satisfied and the acquisition completed today.

This acquisition, with an effective date of 1 December 2010, will increase Tullow’s interest in the West Cape Three Points licence offshore Ghana by 3.5% to 26.4% and increase the Group’s interest in the Jubilee field, which Tullow operates, by 1.75% to 36.5%.

Following the completion, 10,137,196 ordinary shares of 10p each in the capital of Tullow (Shares), are expected to be admitted on July 26, 2011 to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and to trading on the main markets of the London Stock Exchange and the Irish Stock Exchange. The shares satisfy approximately $216 million of the consideration and the balance, which includes certain working capital adjustments, has been paid in cash.

Following Admission, the total number of Shares in issue is 900,315,402, and the total number of voting rights in the Company is 900,315,402. The Company holds no Shares in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

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Friday, July 22, 2011

OCS Group Bags Commissioning Service Contract for Drillship DDD

- OCS Group Bags Commissioning Service Contract for Drillship DDD

Friday, July 22, 2011
The OCS Group

The OCS Group has signed a definitive agreement with COSCO Dalian to supervise and manage the commissioning of the drillship Dalian Developer (DDD).

The Dalian Developer is a 6th Generation ultra-deepwater drillship and will be the world's largest drillship. With a maximum drilling depth of 30,000 ft, the drillship is designed to drill in the water depths up to 10,000 ft. The vessel will be upgradeable for enhanced well intervention capabilities, extended well testing and early field production with 1 million barrels of crude oil storage capacity.

"We are very pleased that COSCO shipyard decided to work with our company for their first drillship project," said Mr. Mark Tranfield, Managing Director of the OCS Group. "This is the third commissioning service contract we have signed in China within two years and we are very keen to continue working for shipyards and other clients in China."

The OCS Group will be assisting COSCO shipyard in giving technical advice as well as developing the commissioning procedures, schedule and philosophy, coordination and communication of the commissioning activities with the shipyard, mechanical completions and handover of documentation. Throughout the DDD project, OCS will also provide its in-house project management software (CMS), Project-TracTM, in order to assist the shipyard in facilitating the commissioning process of the project including planning, scheduling, cost control, reporting, and quality management.

The contract with COSCO shipyard became effective on 20th June 2011 and the vessel is expected to be delivered to the buyer in the third quarter of 2012, according to COSCO Corporation (Singapore) Limited.

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Thursday, July 14, 2011

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."

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Friday, July 8, 2011

BMT Group Appoints Risk Management Specialist

- BMT Group Appoints Risk Management Specialist

Friday, July 08, 2011
BMT Group Ltd.

BMT Group announced the appointment of Jayne Matthews as Manager, Operational Risk. Jayne will be responsible for leading and managing risk and risk support activities, as well as the internal audits of BMT Group and BMT subsidiary companies. She will also take charge of controlling BMT's unique Sustainability Management System (SuMS).

Jayne has over 20 years' experience working in quality management. She also holds a BA in Biochemistry, PHD in Biological Sciences, Post Graduate Certificate in Quality Management, membership of the Chartered Quality Institute and is a Chartered Quality Professional.

Jayne joins BMT Group having run her own management consultancy business for a number of years, specializing in the development of management systems which focused on both quality and the environment.

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Thursday, July 7, 2011

Marcellus Group Develops Middle School Curriculum

- Marcellus Group Develops Middle School Curriculum

Thursday, July 07, 2011
Knight Ridder/Tribune Business News
by Jodi Weigand, The Pittsburgh Tribune-Review

A jobs curriculum funded by the Marcellus shale industry could be in Western Pennsylvania middle schools as early as fall.

Four Marcellus shale drilling companies donated most of the $65,000 that the nonprofit Junior Achievement of Western Pennsylvania spent to research and develop its new Careers in Energy program, said Bill Lucas, JA's chief development officer.

The Energy Corporation of America Foundation, the grant arm of the Denver gas and oil well drilling company, donated $25,000, the largest amount. Other money came from Cabot Oil & Gas, Talisman Energy, Chesapeake Energy and the Marcellus Shale Coalition, a Cecil-based trade group.

"We all realized that no matter what side of the fence you're on, these jobs are here, and if we don't educate our kids about them, we're doing them a disservice," Lucas said.

Marcellus shale gas drilling has been touted as an economic boon for the area. But concerns abound about the impact that the drilling, which uses millions of gallons of water to extract the natural gas, could have on land, water and air.

Junior Achievement assembled an 18-person committee of representatives from the drilling industry, environmental groups and local and state governments to review the final version of the curriculum to ensure it is balanced, Lucas said.

"The one thing we wanted to make sure was that this was going to be completely unbiased," he said. "From an educational point of view, schools wouldn't let us teach it if it wasn't."

Nathan Sooy, a campaign coordinator for Clean Water Action of Pennsylvania, which opposes Marcellus shale drilling, is wary.

"If the industry is going to exist in Pennsylvania, it's going to need to, and probably should, make its way into the vocational school curriculum," he said. "I think the appropriateness of it being in the curriculum depends on what that looks like."

Junior Achievement needs about $35,000 to complete the rollout of the curriculum to about 11,000 middle school students. Marcellus shale gas drilling-related jobs will be among the many the energy industry offers, Lucas said.

Industry-funded curriculum is not unusual for Junior Achievement, which teaches more than 61,000 K-12 students in Western Pennsylvania about work force readiness, entrepreneurship and financial literacy through hands-on programs. It relies on business representatives, parents and other volunteers to teach the lessons.

JA's in-school and after-school programs are free to schools. Locally, Pittsburgh Public Schools and numerous Catholic schools partner with JA.

Careers in Energy is one of two industry-funded educational initiatives in the region. The other is a traveling energy education exhibit funded by the Drake Well Museum, in Titusville, which touts the benefits of oil and gas drilling.

Outside the industry, teachers, an independent nonprofit environmental group, state agencies and the Pennsylvania College of Technology have completed or are working on lessons about Marcellus shale.

What's pushing the effort, said Jeannette Carter, director of outreach for K-12 education at Penn College, which is part of Penn State University, is the desire to impart background knowledge about Marcellus shale like many people have about the steel industry.

"We're ... not understanding the occupations, science and geology of Pennsylvania," she said. "We don't have the knowledge we need to make fact-based decisions about the industry."

Penn College is working with vocational technical teachers to incorporate into existing lessons the skills students might need if they choose a career in Marcellus shale gas drilling. It's also working to include additional lessons in chemistry or geology to touch on things specific to Marcellus shale.

The challenge is keeping the lesson fact-based.

Teachers can pose questions like, "What do we know? What does the research show? What do people think? And then ask students to take a position and support it," Carter said.

The Pennsylvania Geological Survey, overseen by the state Department of Conservation and Natural Resources, recently released a fact-based lesson plan for middle and high school students about the natural-gas-rich rock formation that includes the history of drilling and how it works.

The state Department of Environmental Protection plans to develop its own lesson plan that schools and communities can use detailing the more controversial aspects of water contamination and other environmental issues, a spokeswoman said.

The Junior Achievement program will teach younger students about the science of energy, where it comes from and the pros and cons of both renewable and non-renewable forms, Lucas said. For older students, it will focus on the economic and job side of the industry.

The program takes an approach similar to that of the Drake Well Museum's Mobile Energy Educational Training Unit. The museum, which is located where Edwin Drake drilled the oil well that launched the petroleum industry, is seeking a more substantial place in public education.

Right now the unit travels to fairs, community meetings and vocational technical schools, but project manager Joe Hulsizer said the museum wants to winterize the 44-foot trailer so it can travel during the school year.

The trailer has three sections, with the first focusing on oil well drilling, the second showing artifacts from the Drake museum and the third covering all forms of energy sources, including Marcellus shale.

"There are so many people who don't understand what's involved with all the products we use every day," Hulsizer said. "We wanted to educate the kids because it's going to be up to them to create new forms of energy."

Chartiers Valley Middle School English teacher Lisa Schultz is one local teacher who has taught students about Marcellus shale drilling.

She asked her students to create impartial websites presenting the facts, pros and cons of drilling. She directed them to sources such as the Penn State Cooperative Extension for information.

"I guess I did a good job (of being impartial) because I'm opposed to it in Allegheny County, and most of the students were in favor of it," she said.

Copyright (c) 2011, The Pittsburgh Tribune-Review

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Wood Group Awarded Commissioning Services for Chevron's Big Foot Facility

- Wood Group Awarded Commissioning Services for Chevron's Big Foot Facility

Thursday, July 07, 2011
Wood Group

Wood Group has been granted a multi-million dollar, three-year contract by Chevron U.S.A. Inc. to commission the Big Foot extended tension leg platform (E-TLP) in the deepwater Gulf of Mexico. Work will be performed by DSI, Wood Group PSN's commissioning services business.

DSI's scope of work covers the full commissioning process, from development of procedures, through inspection and testing of every operational component at the South Texas fabrication yards and offshore, to the final hand-over of systems to Chevron.

Big Foot is the eighth TLP/ETLP DSI has commissioned worldwide and is the fifth facility commissioned for Chevron, including the Jack & St. Malo semi-submersible platform in the deepwater Gulf of Mexico, which DSI is currently commissioning.

"Commissioning is critical to the safe start-up of a production facility, proving the integrity and reliability of all safety and operating systems," stated Trey Lambert, president of DSI. "Chevron can rely on DSI to provide safe, consistent and quality commissioning services across its projects."

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Wednesday, July 6, 2011

Gulmar Offshore Group Strengthens Management

- Gulmar Offshore Group Strengthens Management

Wednesday, July 06, 2011
Gulmar Offshore Ltd.

The Gulmar Offshore Group is in the process of strengthening its management team with a series of new recruitments. As part of this process, Steve Davey, who has been in the industry for more than 30 years in various Senior Management positions with Comex, Stena, CTC and Saipem, has now joined the new Management Team as VP Commercial. Steve will have the task to further develop Gulmar's strategy in line with the ambitious expansion plan set by Oaktree Capital Management, Gulmar main shareholder since August 2010.

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Wednesday, June 29, 2011

Shaw Group Deviates Third-Quarter Loss

- Shaw Group Deviates Third-Quarter Loss



Jun 29, 2011

Shaw Group Inc. (NYSE:SHAW) deviated to a fiscal third-quarter loss as the company reported a $48.1 million undermine to account for loans created for a project in South Texas and build up costs on an energy and chemicals project also effected results. Shares dropped 13% to $28.13 in after-hours trading as the latest results were worse than expected and the company issued a weak outlook for the current quarter and next year.

The Shaw Group is currently below its 50-day moving average (MA) of $35.97 and below its 200-day MA of $35.29.

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Tuesday, June 28, 2011

AF Group Awarded Decommissioning Work Offshore Germany

- AF Group Awarded Decommissioning Work Offshore Germany

Tuesday, June 28, 2011
AF Group

The AF Group has been awarded a Letter of Intent with Statoil, on behalf of Gassco as operator, regarding removal and recycling of the Norpipe H7-platform.

The platform is located at the German continental shelf of the North Sea, and has been a part of the pipeline which exports gas to Europe. The Letter of Intent covers planning, engineering, removal and demolition of the installation. The Letter of Intent also includes an option to decommission a similar platform, B11.

Environmental Base Vats on the west coast of Norway will be used as decommissioning site. The site is Europe's most modern decommissioning facility for decommissioned offshore installations.

The contract value is approx. NOK 420 million, excl. abovementioned option works. A condition for the contract is a final decision by the ownership Gassled on the implementation of the removal project.

The work will start immediately, and is planned to conclude by the end of 2016.

"The AF Group has built up expertise and capacity to handle removal and recycling of obsolete petroleum installations. It is therefore a recognition that Statoil, on behalf of Gassco, has chosen us for this mission. The work lays the foundation for further growth within our environmental business in the North Sea," said Pål Egil Rønn, CEO of the AF Group.

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Monday, June 27, 2011

BG Group Signs MOU with Bank of China for $1.5B Funding

- BG Group Signs MOU with Bank of China for $1.5B Funding

Monday, June 27, 2011
BG Group plc

BG Group and Bank of China have signed a key cooperation agreement that enhances the existing close working relationship between the organizations and also allows for up to $1.5 billion of new funding options to support the Group's major growth program.

The Memorandum of Understanding (MOU) signed today builds upon existing commercial relationships between BG Group and Bank of China and confirms the intention to make extended credit facilities available that can be used to help deliver the Group's global growth plans - including its operations in China where the Group has an established commercial presence and where an initial offshore exploration program is underway.

The MOU also identifies other areas of potential cooperation including investment banking services, derivatives products, bank deposits, insurance and international settlement and trade finance facilities. Separately, BG Group already has a US$200m lending facility in place with Bank of China which is just one of a series of committed lending facilities that the company has with a group of international banks. These lending facilities in aggregate have been recently increased and extended and now total US$4.4 billion.

On signing the MOU with the Chairman of the Bank of China Gang Xiao, BG Group Chief Executive Sir Frank Chapman said, "This is a significant agreement for BG Group. It affirms and enhances our existing excellent relationship with the Bank of China. BG Group has a well established presence in China as a result of our LNG sales into this valuable and rapidly growing market, through a long-term sales and equity agreement with CNOOC in our QCLNG project in Australia, and with an extensive exploration program offshore China that has already produced a discovery.

"This agreement builds on our existing facilities with Bank of China and provides the option for substantial additional funding for our commitments in China and also our global growth program."

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Thursday, June 23, 2011

Colombia Oil Group Plans $80B Spend, Govt May Sell 10% -Executive

- Colombia Oil Group Plans $80B Spend, Govt May Sell 10% -Executive

Thursday, June 23, 2011
Dow Jones Newswires
LONDON
by Benoit Faucon

Colombia's Ecopetrol group of oil companies is planning to spend $80 billion through 2020 in a bid to produce 1.3 million barrels a day, a top Ecopetrol executive said Thursday.

Hernando Zerda, head of corporate strategy and business performance, said the government may also sell a 10% stake in Ecopetrol, the main shareholder in the group of oil companies mostly operating in the Latin American nation.

Speaking at the World National Oil Companies Congress here, Zerda said the companies of the Ecopetrol group are set for a total capital expenditure of $80 billion during 2011-2020.

The spending will help achieve a goal to produce 1.3 million barrels a day in the Ecopetrol companies--most of it in Colombia--in 2020, up from just above 700,000 barrels a day today, he said.

The majority of the financing will come from cash generation, but "sometime in the future, we will need to issue new shares" potentially representing 10% of the Ecopetrol capital "if prices are good," he said.

Separately, "the government is considering selling 10%" in Ecopetrol, the executive said.

But both considerations are "not confirmed," he said.

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

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Thursday, June 16, 2011

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."

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General Motors Hires Jack Morton As New Ad Agency

- General Motors Hires Jack Morton As New Ad Agency



Jun 16, 2011

General Motors Co. (NYSE:GM) hired ad agency Jack Morton Thursday. Jack Morton, a unit of Interpublic Group of Cos. (NYSE:IPG) will move its offices to downtown Detroit to be closer to GM's headquarters. They are currently located in Troy, Michigan.

General Motors has a potential upside of 48% based on a current price of $28.95 and an average consensus analyst price target of $42.85. The company is currently below its 50-day moving average (MA) of $30.88 and below its 200-day MA of $33.40.

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Wednesday, June 15, 2011

Sensata Acquiring The Sensor-NITE Group for $325 Million

- Sensata Acquiring The Sensor-NITE Group for $325 Million



Jun 15, 2011

Sensata Technologies Holding (NYSE:ST) announced today that it has reached an agreement to acquire the Sensor-NITE Group Companies from Elex Group for approximately $325 million.

Sensor-NITE is a leading manufacturer of high temperature sensors used in the exhaust after-treatment systems of diesel and some gasoline engines. It's headquartered in Belgium, and has operations in Bulgaria.

Sensata Technologies has a potential upside of 7.8% based on a current price of $33.92 and an average consensus analyst price target of $36.57.

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Thursday, June 2, 2011

Wood Group Wins Contract for Chevron's Jack/St. Malo Facility

- Wood Group Wins Contract for Chevron's Jack/St. Malo Facility

Thursday, June 02, 2011
Wood Group
by SubseaIQ

Wood Group has been granted a multi-million dollar, 42-month contract by Chevron U.S.A. Inc. for the planning, managing and field execution of commissioning for the Jack/St. Malo semi-submersible hub production facility. Work will be performed by DSI, Wood Group PSN's commissioning services business.

The Jack/St. Malo platform will be installed in 7,000 feet of water in the Walker Ridge section of the US Gulf of Mexico and will have an initial design capacity of 170,000 barrels per day of oil.

DSI's commissioning will be performed at a South Texas fabrication yard where the topsides will be fabricated and integrated with the hull, and offshore, during final installation and start-up

DSI has commissioned four other deepwater Gulf of Mexico semi-submersibles, including two that had designs similar to that of Jack & St. Malo. DSI's work for Chevron has included commissioning of the Tahiti spar in the Gulf of Mexico and the South Nemba Enhanced Recovery Project offshore Angola.

"Project commissioning proves the integrity and reliability of all operating and safety systems on a production facility prior to hydrocarbon start-up. Commissioning must be delivered to the highest quality in the deepwater Gulf of Mexico today," stated Trey Lambert, president of DSI. "We look forward to providing these critical services for Jack/St. Malo and to extending our relationship with Chevron."

Wood Group has supported the Jack & St. Malo project throughout its development. Mustang is conducting detailed design for the Jack/St. Malo topsides facilities and the integrated control and safety systems, and J P Kenny is performing detailed design for the deepwater oil export pipeline.

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Wednesday, June 1, 2011

EnerMech Bags Wood Group Contract

- EnerMech Bags Wood Group Contract

Wednesday, June 01, 2011
EnerMech Ltd.

EnerMech has secured a £20 million ($32.9 million) contract to supply tools and rental equipment to Wood Group PSN. The five year contract covers the UKCS and 12 jobs will be created by the Aberdeen company as a result of the contract win.

The deal includes the supply and rental of plant and equipment, including generators, air compressors and lifting and rigging equipment, the supply of hand tools and consumables and the repair, service, maintenance and storage of Wood Group PSN owned equipment.

EnerMech has invested £1.5 million ($2.5 million) on new air compressors, generators and tools and spent a further £400,000 on a new workshop at their Scottish headquarters to service the contract.

Doug Duguid, managing director of EnerMech, said his company's commitment to investing significant capital in new equipment and site facilities was a major driver in securing the contract, the largest in the firm's three year history.

Mr. Duguid said, "Our policy of continual investment in new equipment, technologies and in the latest interactive web-based systems which give clients 24-7 visibility of their assets, gives us a clear advantage over competitors.

"We have completed some ad-hoc work on behalf of Wood Group in the past but this deal signals what I hope will be the start of a long and mutually beneficial relationship, which should offer up further opportunities for both companies.

"Winning this award is a clear indication that Wood Group PSN trusts us to provide a high quality service, delivered by first class personnel and backed up with our extensive on-site facilities which are second to none in the north east of Scotland."

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