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Oilfield Technology
August
2015
August 2015
World news
Team Oil Tools acquires Odessa Packer Services -
purchase backed by private equity firm
TeamOil Tools, LP has announced that it has acquired all the outstanding shares of
Odessa Packer Services, Inc. Founded in 1982, Odessa is an oilfield packer and downhole tool
service company focused on the Permian Basin market.
Team is focused on the design, manufacture, sale and service of downhole completion
products. In October 2014, Team acquired Schlehuber Oil Tools as part of its ongoing effort to
grow its Permian operations. Team is backed by Intervale Capital , a private equity firmwhich
invests exclusively in oilfield manufacturing and service companies.
Adam Anderson, Team’s CEO, will oversee the combined business. Anderson commented, “We
are very pleased to welcome Odessa’s employees to the Team family. The Permian basin is the
largest oilfield market in the world and we feel fortunate to be able to expand our presence there
with the addition of Odessa.”
Steve Hughes and Leonard Neatherlin, Odessa’s President and Vice President of Operations,
respectively, will manage operations for Odessa and work in close coordination with managers
of Team’s other Permian locations in Midland, Denver City and Levelland. Hughes and Neatherlin
commented, “We’re very excited to join Team as an important part of the company’s Permian
Basin presence. It has been a pleasure getting to know Teammanagement and Intervale.”
Tuan Tran, Principal at Intervale Capital added, “We are delighted to partner with the
exceptional team at Odessa. The addition of OPS to the Team platformmarks an important stage
in our efforts to expand our business in the Permian. We are confident that the combination will
create compelling cross-selling opportunities and allow Team to better serve its growing Permian
customer base.”
First output from Don
Pedro and San Miguel wells
Nostra Terra has announced that the first
wells of the Don Pedro Prospect, in which
it has a 1% working interest (as announced
on 27 April 2015) and the San Miguel
Prospect, in which it also has a 1% working
interest (as announced on 18 May 2015),
are now in production.
The drilling operations were
successfully concluded on the initial test
wells of the Don Pedro and San Miguel
prospects. Each test well was drilled to a
vertical depth of approximately 5300 ft in
order to take a full, conventional core and
to obtain additional petro physical data
on the target formation. Each well was
then turned horizontally, reaching a total
measured depth of 10 000 ft.
In addition to the encouraging
hydrocarbon shows encountered during
drilling operations, the well results will
be used to confirm whether or not the
predictive geological tools employed
in planning this initial well have been
successful.
Gazprom Neft ESPO crude
exports reach 10 million t
Following the supply of a further
100 000 t of East Siberian Pacific Ocean
(ESPO) crude to the Chinese market in
July, total volumes of ESPO crude exports
by Gazprom Neft since the commencement
of supplies have now reached 10 million t.
Payment for all ESPO crude supplies
despatched by Gazprom Neft to China
throughout 2015 have been made in
Chinese currency: negotiations with
purchasers on potential payment in rubles
are ongoing.
Anatoly Cherner, Gazprom Neft CEO
for Logistics, Processing and Sales,
commented: “The main buyers of ESPO
crude are China and Japan, although we
also make deliveries to other countries
in the Asia—Pacific region. In expanding
exports eastwards Gazprom Neft is
diversifying delivery destinations as well
as developing a system for payment
in national currencies, promoting the
company’s sustainable growth and
development.”
BG Group starts up sixth
FPSO in the Santos Basin
BG Group has announced first oil from the
Cidade de Itaguaí
floating, production,
storage and offloading (FPSO) vessel,
the sixth unit to start production across
the Group’s significant discoveries in the
Santos Basin, offshore Brazil. The FPSO
will produce from the Iracema North area
of the Lula field in the Petrobras-operated
BM-S-11 block.
Anchored 240 km off the coast of
Rio de Janeiro, the
Cidade de Itaguaí
is
approximately 2220 m above the ocean
floor. This is the second leased FPSO
deployed on the Iracema development and
will double the gross production capacity
to 300 000 bpd and 16 million m
3
of natural
gas per day from the area. The FPSO will
also be able to store 1.6 million bbls of oil.
BG Group has a 25% interest in Block
BM-S-11 (Petróleo Brasileiro S.A., operator,
65% and Petrogal Brasil S.A., 10%).
BG Group also has a 30% interest in Block
BM-S-9 (Petróleo Brasileiro S.A., operator,
45% and Repsol Sinopec Brasil 25%).
Successful appraisal well
on the Edvard Grieg field
Lundin Petroleum has announced
that its wholly owned subsidiary
Lundin Norway AS has completed
the drilling and logging of appraisal
well 16/1-23 S on the Edvard Grieg field in
the Norwegian North Sea.
The well was located in PL338
and was drilled approximately 2.4 km
southeast of the Edvard Grieg platform.
Ashley Heppenstall, President and
CEO of Lundin Petroleum, commented
on the operation, saying that “The
Edvard Grieg southeast appraisal well
has been successful. This well, together
with last year’s appraisal well in the
same area of the field, will in my opinion
result in an increase to the Edvard Grieg
reserves at the end of this year. The low
incremental cost of developing such
barrels will add value to the Edvard Grieg
asset.”
