Blog Archives
Helix Completes Sale of ERT (USA)
Helix Energy Solutions Group, Inc. has closed the previously announced sale of Energy Resource Technology GOM, Inc. (ERT), the Company’s oil and gas subsidiary, to Talos Production LLC, a wholly owned subsidiary of Talos Energy LLC, a privately held Houston-based oil and gas company.
Proceeds from the transaction were approximately $620 million in cash, as well as overriding royalty interests in ERT’s successful Wang discovery and certain exploration prospects. Jeffries & Company, Inc. served as the exclusive financial advisor to Helix in conjunction with the transaction.
A portion of the cash proceeds from the sale of ERT will be used to repay the Company’s term loans and revolving credit facility indebtedness as required by the governing credit agreement.
Owen Kratz, President and Chief Executive Officer of Helix, stated that “the sale of ERT is an important milestone in the Company’s previously announced strategic plans to grow its Well Intervention and Robotics businesses.”
Related: Helix Sells Oil and Gas Subsidiary for up to $700 Mln
Helix Completes Sale of ERT (USA)| Offshore Energy Today.
- Talos Buys Energy Resource Technology (pehub.com)
- Helix Energy (HLX) to Divest Energy Resource Tech in ~$700M Deal (streetinsider.com)
- Helix Energy sells oil and gas subsidiary to Talos (bizjournals.com)
Alcoa Oil & Gas to Supply Drill Pipe to Fugro
Alcoa Oil & Gas, an Alcoa business, will supply 5,300 meters (17,400 feet) of Aluminum Alloy Drill Pipe (AADP®) to Fugro McClelland Marine Geosciences of Houston and Fugro Singapore PTE, LTD for use in offshore geotechnical survey drilling projects. Fugro McClelland Marine Geosciences is a world leader in marine geophysics and seafloor mapping in support of resource development, engineering and scientific projects.
Fugro will use Alcoa’s 5-inch diameter AADP® for global, offshore, geotechnical surveys in water depths ranging up to 3,000 meters (1.8 miles). These surveys are a critical first step in determining whether a site is geologically suitable for a particular application, such as construction of offshore oil and gas drilling or production platforms. Alcoa’s drill pipe is composed of high-strength, aluminum alloy tube connected by a proprietary thermal joining technology, which enables conventional steel tool joints to be used with an aluminum alloy pipe body. This innovative coupling of aluminum and steel provides a strong yet lightweight solution for deep water drilling resulting in increased cost efficiencies.
“We decided to use Alcoa Aluminum Alloy Drill Pipe because it is approximately half the weight of steel, allowing us to double our offshore operating depth,” said Ken Taylor, Operations Manager, Fugro McClelland. “Another factor in our decision was Alcoa’s status as a worldwide leader in aluminum, which can support our efforts with advanced metallurgical technology and innovation.”
Alcoa produces the aluminum tubes at its Lafayette, Indiana, facility.
“Fugro’s decision to use Alcoa’s AADP for such a critical application is a testament to our core value proposition, which is to extend the drilling range of existing assets,” said Jay Grissom, Marketing Director of Alcoa Oil & Gas.
Alcoa’s AADP® was also successfully used in complicated deep water drilling applications by Brunei Shell Petroleum Co. Sdn. Bhd., offshore Seria, Brunei, to a total depth of 7,485 meters (4.6 miles) in about 60 meters (197 feet) of water.
Alcoa Oil & Gas to Supply Drill Pipe to Fugro| Offshore Energy Today.
- Alcoa (AA) Unit Enters AADP Supply Agreement with Fugro Companies (streetinsider.com)
Total: Significant Oil Find in U.S. Gulf of Mexico
Total announces a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. The discovery well encountered several hundred feet of net oil pay in Lower Tertiary sands which included several high-quality intervals.
Total estimates this discovery can have a potential of several hundred million barrels of oil. Further appraisal will be needed to confirm its size and commerciality.
“The North Platte discovery represents another example of Total’s bold exploration strategy targeting large exploration opportunities. It also demonstrates the efficiency of our alliance with Cobalt signed in 2009,” said Marc Blaizot, Total’s Senior Vice President Exploration.
Total is in a strategic alliance with Cobalt International Energy to explore for oil in the Deepwater Gulf of Mexico. The North Platte discovery is the first Lower Tertiary Wilcox formation well drilled by the Alliance. The results of the well confirm the northern extension of the Wilcox formation and the presence of liquid hydrocarbons. Therefore, this validates the major potential of this new exploration area of the Gulf of Mexico in which Total holds a substantial acreage position with several follow-on prospects.
North Platte is located in a water depth of approximately 4,400 feet (1,340 m) and was drilled to a total depth of approximately 34,500 feet (10,520 m). Total holds a 40% interest in the North Platte discovery along with Cobalt (60%, operator).
Total: Significant Oil Find in U.S. Gulf of Mexico| Offshore Energy Today.
Corpus Christi, TX: Apache to Add CNG Gas Fuelling Dispensers at Midland Stripes Stores
Stripes LLC, a subsidiary of Susser Holdings Corporation announced it is partnering with Apache Corporation to add natural gas fueling dispensers at selected Stripes® convenience store locations.
Initially, compressed natural gas (CNG) fueling capability will be available at two Stripes locations in the Midland, Texas area.
Steve DeSutter, Stripes President and CEO – Retail, said, “Adding natural gas to our conventional motor fuel products reinforces our mission to give Stripes customers what they want at a great price in our convenient store locations.
“We certainly see the role of natural gas in our energy future, and we are looking forward to participating as it evolves as a viable alternative transportation fuel. We plan to evaluate the results of our pilot project in West Texas, and if it is successful, we expect to gradually roll out CNG fueling capabilities in other Stripes markets,” DeSutter said.
Steve Farris, Apache’s Chairman and Chief Executive Officer, said: “Natural gas discovered and produced in the United States is a smart alternative to conventional fuels. It’s cheaper, cleaner, and abundant.
“We use it for our fleet cars and trucks with great results, lowering operating costs and reducing our environmental footprint. Partnering with Stripes provides our fleet and other CNG users with a more convenient fueling experience as well as access to their stores and other amenities.”
Today compressed natural gas is priced 30% to 40% lower than gasoline or diesel on a gallonequivalent basis, which means a big savings at the pump. According to industry experts, natural gas is kinder to the environment by reducing vehicle exhaust emissions, and because of our nation’s abundant natural gas reserves, it represents a more secure American energy supply. According to the Department of Energy Clean Cities Alternative Fuel Pricing Report and the Institute of Energy Research, known domestic resources could satisfy the nation’s needs for more than 100 years.
Apache to Add Gas Fuelling Dispensers at Stripes Stores, USA LNG World News.
Helix ESG’s T1200 Trencher Completes First North Sea Oil and Gas Project
Helix Energy Solutions Group’s new T1200 burial and trenching unit is quickly establishing a positive track record following the completion of an oil and gas project in the North Sea. The T1200 features a 1,200hp jet trenching spread, capable of burying product in water depths to 3,000m (10,000ft).
T1200 was deployed to bury a 14km long (8.7 mile), 10 inch export pipeline that included a 3 inch piggyback methanol line. The project specialization called for the line to be buried 2m (6.5ft) deep, with one meter of covering fill. The subsea trenching unit’s water jetting system trenched and simultaneously buried the pipeline under 1.4m (4.5ft) of sand in a continuous run that took just 48 hours.
The successful project is the T1200’s first oil and gas operation, and proves the versatility of the asset which has also been deployed to trench and bury high voltage undersea cables used to transport electricity from offshore wind farms to onshore power stations.
The T1200, operated by Helix ESG’s robotics subsidiary, Canyon Offshore, performed its first trenching job in early July 2012 at the Sheringham Shoal offshore wind farm trenching and burying an approximately 700m (2,300ft) long power cable between the wind turbines. Out of the 80 sections required in the field, the T1200 trenched and buried 37.
The T1200 was built in the UK by Forum Energy Technologies’ Perry Slingsby Systems ROV brand. The T1200’s design was based around the time proven T750 trencher( also owned and operated by Canyon Offshore) but has over 50 percent greater power and the capacity to trench larger diameter products (36 inches) to burial depths of 3m (10ft) depending on soil strength.
Subsea World News – Helix ESG’s T1200 Trencher Completes First North Sea Oil and Gas Project.
- ROV Support Vessel Grand Canyon Completes Sea Trials (Norway) (worldmaritimenews.com)
Corpus Christi, TX: Tamar Platform En Route to Israel
Tamar production platform has left the Keiwit Shipyards in Corpus Christi, Texas, USA, and is now on the way to its location offshore Israel, according to Globes, the Israeli financial newspaper.
It took 18 months for the 280 m platform to be completed, and the project has been described as “the largest infrastructure project in Israeli history.”
Noble Energy, operator of the Tamar field, did not immediately respond to an e-mail seeking comment.
The Tamar platform will be located in approximately 800 feet of water and will be able to process 1.2 billion standard cubic feet of gas per day. The Tamar field is estimated to contain 8.4 trillion cubic feet of gas and will be produced through several subsea wells connected to the platform by 150 km long flow lines. The single-lift topsides facility has four deck levels and weighs nearly 10,000 tons.
Globes further reports that the platform is expected to reach its destination during the fourth quarter this year. First production is scheduled for March 2013.
Noble Energy operates Tamar with a 36 percent working interest. Other owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent, and Dor Gas Exploration with the remaining four percent.
Triton Diving Services Buys LOD’s Diving Assets (USA)
Triton Diving Services, LLC, an affiliate company of Grey Mountain Partners (“Grey Mountain”), has acquired the diving assets of Louisiana Oilfield Divers (“LOD”), including the Premier Explorer, a 208-foot, 4-point vessel.
Mark Jeansonne, CEO of Triton Diving Services, said, “The LOD acquisition strengthens Triton’s position as the dominant shallow water (0-300’) commercial diving contractor operating in the Gulf of Mexico. The additional capacity provided by this acquisition will allow us to better serve our customers.”
Beth Lesniak, Vice President of Grey Mountain, said, “With a 20-ton lift capacity, accommodations for 40 crew and a fully functioning machine shop, the Premier Explorer vessel is an excellent addition to Triton’s growing dive service vessel fleet. We look forward to serving customers that have already utilized the Premier Explorer and enhancing our ability to respond to our customers’ current needs in the Gulf of Mexico and abroad.”
Triton Diving Services Buys LOD’s Diving Assets (USA)| Offshore Energy Today.
USA: Caterpillar to Produce More Gas Fueled Equipment and Engines
Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives, announced at the inaugural Natural Gas for High Horsepower Applications (HHP) Summit on Sept. 27 its intentions to go ‘all-in’ on natural gas and produce even more natural gas-fueled equipment and engines for a variety of applications.
Joel Feucht, Caterpillar’s director of gas engine strategy for the energy and power systems businesses, made the announcement during his keynote address at HHP Summit 2012, a first-ofits-kind event that examined the economic and environmental benefits of using the clean-burning, domestically abundant natural gas in fuel-hungry high horsepower applications.
“We have decided to go all-in on gas,” declared Feucht during his keynote address at HHP Summit on Sept. 27. “We are going to invest because we see a global market long term. Large engines are going gas. It’s not debatable; it’s our conclusion.”
Feucht’s remarks confirmed that Caterpillar will provide natural gas fuel as an option for engines across its many high horsepower lines for marine, rail, mining, earthmoving and drilling operations. The company recently announced its first expected liquefied natural gas (LNG)-powered will likely include Cat 793, 795 and 797 mining trucks, and locomotives produced by Electro-Motive Diesel (EMD), a unit of Caterpillar’s Progress Rail Services.
“There is huge economic incentive to move to natural gas,” Feucht stated noting that price of oil and gas are going to stay disconnected for the foreseeable future thereby creating an economic incentive to use natural gas in fuel-hungry high horsepower applications.
Current users of natural gas to power high horsepower equipment are realizing a cost savings of 30 to 50 percent. New technologies expanding access in North America have contributed to the low-cost of natural gas.
Caterpillar to Produce More Gas Fueled Equipment and Engines, USA LNG World News.
- Caterpillar: The largest chicken on the planet (fuelfix.com)
- Panelists: Natural gas can beat diesel as oil field fuel (mysanantonio.com)
- Making the case for natural gas over diesel (fuelfix.com)
- Natural gas-powered locomotive drives CN into eco-friendly(er) future (news.nationalpost.com)
- Westlake Securities Represents Applied Natural Gas Fuels, Inc. in Capital Raise for Expansion of Natural Gas Liquefaction Plant (prnewswire.com)
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