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Ezion to Provide Service Rig for Operations Offshore Myanmar

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Singapore’s Ezion Holdings Limited  has sealed a charter contract with a value of up to USD 118 million over a 3 year period to provide a service rig to be used by a European based multinational oil company to support its oil and gas activities in offshore Myanmar.

The Service Rig is expected to be deployed and working in the field of Yadana before the end of 2012 after its refurbishment and upgrading. Ezion said that the project would be funded through internal resources as well as bank borrowings.  The charter will not have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending 31 st December 2012.

Ezion owns one of the largest and most sophisticated class of Multi Purpose Self Propelled Jack up Rigs (“Liftboats”) in the world and one of the first to promote the usage of Liftboats in Asia & Middle East. Ezion’s Liftboats are used mainly for well servicing, commissioning, maintenance and decommissioning of offshore platforms.

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Ghana: Aker Solutions Signs Well Service Contract with Tullow

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Aker Solutions has signed a frame agreement with Tullow Ghana Limited to provide well intervention services for the oil company’s Jubilee and Tano deepwater fields offshore Ghana, West Africa.

The initial contract period is for three years, with two additional one-year options (3+1+1). Aker Solutions estimates that the agreement will generate annual revenues of approximately USD 4 million.

Under the agreement Aker Solutions will provide slickline and coiled tubing equipment and services, which are conducted with the objective of maximising production of oil and gas. Aker Solutions has delivered well services to Tullow’s Jubilee field since 2008.

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“Tullow is the largest independent oil and gas exploration and production company operating offshore West Africa. We are pleased to be able to support their ambitious growth plans through providing our technologies and services to increase oil recovery ratios,” says Wolfgang Puennel, head of well intervention services in Aker Solutions.

“Ghana is an up-and-coming oil nation. This new and extended contract with Tullow provides us with a solid long term outlook for our operations there. We will utilise this to set up a more permanent presence in Ghana, which will also drive the need for a larger local workforce. This will put us in a better position to secure further oil service work in the country,” adds Puennel.

Aker Solutions’ contract party is Aker Qserv Ltd.

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Murphy Oil Malaysia Completes Rigless Intervention Campaign Using Welltec Services

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Murphy Oil Malaysia recently completed a highly successful, rigless intervention campaign using Welltec services. Not only did the operation allow immediate production from a “lost” well, but it also saved the time and cost of a rig based sidetrack. The end result is expected to add 20 MMscf/d into the production portfolio.

In the first well, the drift run hung up at 945 ft MD when trying to perforate the well. Based on previous experience, the cause was suspected to be part of a cement wiper plug. This was pushed down to a nipple profile at 4,314 ft MD, leaving it still 1,690 ft above the perforation depth. After only minutes of milling, the Well Miller made it through the plug, which allowed the Well Tractor® to push it down to 6,398 ft MD, approximately 380 ft below the target perforation interval. Thereafter the well was perforated and put on production.

In the second well, a poor cement job had made the primary target zone inaccessible and left an obstruction inside the tubing. With pressing rig commitments there was insufficient time to fix the problem, leaving the well temporarily abandoned and a candidate for future sidetracking. Based on the success of the first well, the Well Tractor and Well Miller were used to push the obstruction from 400 ft to 2,132 ft MD , meeting the objective to prepare the well for sidetracking.

However, it was decided to attempt to push the obstruction as far as possible. Using the Well Tractor and Well Miller the well was cleared well beyond the sidetrack target depth to an eventual Hold Up Depth of 8,743 ft MD. Getting this far down the production string allowed access to two of the three reservoirs in this well, which could now be completed for production rather than scheduled for a sidetrack workover.

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