Quantum Energy Partners , has announced the formation of Renaissance Offshore (“Renaissance”) with offshore industry veteran Jeffrey Soine. Supported by a $300 million equity commitment from Quantum, Renaissance will primarily engage in acquiring and redeveloping legacy oil producing properties in the shallow water Gulf of Mexico.
The Renaissance team is led by seasoned Gulf of Mexico executive Jeffrey Soine who will serve as Chief Executive Officer and President. Soine previously served as Executive Vice President of the International Business Unit for Woodside Energy, as well as President of Woodside Energy (USA). Prior to Woodside, Soine was Acquisitions Manager for W&T Offshore where he successfully acquired assets in the Gulf of Mexico. Joining Soine, as Chief Financial Officer and co-founder, is Brian Romere. Romere previously served in the same capacity at Anglo Suisse Offshore Partners and King Ranch Oil & Gas.
Immediately after formation, Renaissance closed on an acquisition of the Ship Shoal 266 field located approximately 75 miles off the coast of Louisiana with an average water depth of 180 feet, from Union Oil Company of California, a Chevron subsidiary. The Ship Shoal acquisition provides Renaissance with a solid production base for the new company, and offers numerous opportunities to increase production over the near term.
Soine commented, “With the recent shift in focus of the majors and large independents to unconventional resources, and continued oil price strength, market conditions are ripe for a well funded, focused acquirer to pursue opportunities on the Gulf of Mexico shelf. Quantum’s strong financial sponsorship and energy industry expertise provides a great complement to our team’s proven Gulf track record.”
“We are excited to be in partnership with such an experienced team focused on the Gulf of Mexico shelf where we see tremendous opportunity to build an acquisition and exploitation platform that we believe will expose Quantum and its investors to superior returns,” said Garry Tanner, Managing Director at Quantum Energy Partners.
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- USA: W&T Offshore Announces Appointment of Jesus G. Melendrez
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An ambitious exploratory well project has entered the record books – with AGR’s Riserless Mud Recovery (RMR™) system from their Enhanced Drilling Solutions division helping to make it possible.
Woodside called a total section depth of 1,905m (6,250ft) on the Tidepole East-1 exploration well off Western Australia. It was the first time that Woodside had used the Casing While Drilling (CWD) method on one of its wells and the depth reached sets a new world record for the technique.
RMR™ enabled Woodside to use the type of drilling mud needed to maximize the wellbore smearing effect that CWD provides, which helps keep the wellbore stable.
The system allows top-holes to be drilled using weighted mud, with fluid and cuttings returned to the rig and no discharge. It is also able to supply the low pump rates and good hole-cleaning capability required to drill efficiently, despite the relatively narrow annulus that was a feature of this project.
Thanks to RMR™ and the casing being run during the drilling process, there were no losses to the formation during that stage – an all-too-common occurrence with conventional drilling method.
AGR’s ingenuity solves the challenge
Standard internal or external wellhead adapters could not be used on this project for the RMR’s™ Suction Module (SMO) without extensive modification to the Permanent Guide Base, or without causing difficulties when it came to landing the High Pressure Well Head (HPWH) on the Low Pressure Well Head (LPWH) later on in the operation.
AGR’s ingenuity provided the solution, with an internal adapter being devised that could be split. This meant that the casing could be drilled down with the SMO in place.
General Manager EDS Asia Pacific, Bernt Eikemo, said: “When it was time for the HPWH to be landed on the LPWH, the SMO could simply be lifted off the LPWH using two ‘tugger’ winches on the rig, with an ROV performing the split.
“This of course has never been done before but, with a simple design and good communication with the ROV Company, it proved to be a great solution and it took next to no time for the ROV to release the locking pins and split the adapter.”
The operation went smoothly, with an impressive Rate of Penetration (ROP) achieved of some 60m (197ft) per hour. Bernt added: “This would have been impressive even with conventional drilling. To be able to drill these kinds of wells and others in a quick, simple way like this can potentially create great savings for operators.
“Working within areas with challenging geotechnical conditions, a proper mud system and the ability to have full returns are vital for success. RMR™ is perfect for this application.”
AGR recently surpassed the 500-well landmark for its Cutting Transportation System (CTSTM) and RMR™. Next year will see the first deployment of the company’s EC-Drill™ Managed Pressure Drilling system.
- AGR Signs Deal to Supply RMR to Woodside for Use on Australia’s North West Shelf
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- Norway: Eni Norge Chooses AGR ‘s Technology for Multi-Well Projects in Barents and Norwegian Sea
- Norway: AGR’s Drilling Technology Break Through 500 Wells Milestone
- Norway: NPD Announces Oil Discovery East of Ula Field
- Milestone Achievement for AGR’s Drilling Technology in Chirag Field, Azerbaijan (mb50.wordpress.com)
- USA: Aker Solutions to Open Hi-Tech Drilling Equipment Simulator in – Houston (mb50.wordpress.com)
Woodside Petroleum Ltd., Australia’s second-biggest oil producer, faces delays at its liquefied natural gas projects because of challenges in obtaining funding, customers and regulatory approvals, UBS AG said.
The company may defer a decision on its proposed Browse LNG venture “materially beyond” the third quarter of 2012, Gordon Ramsay and Cameron Hardie, UBS analysts in Melbourne, wrote in a report dated Nov. 25. They cut their rating on the shares to “neutral” from “buy” after Woodside’s 2012 output forecast, which was less than estimated by UBS.
Chief Executive Officer Peter Coleman, who took control of Woodside in May, aims to develop an estimated A$75 billion ($74 billion) in LNG projects with partners including Chevron Corp. The company may sell stakes in its Browse and Pluto ventures in Australia to help fund the developments, he said Aug. 18.
Talks on how to develop the Sunrise LNG venture are at an impasse, and the delays may prompt partner Royal Dutch Shell Plc to focus on other opportunities, the analysts wrote.
Woodside fell the most in more than a year in Sydney Nov. 25 after saying production may range from 73 million barrels of oil equivalent to 81 million barrels next year, compared with a UBS forecast of 91 million barrels.
Shares of the Perth-based oil and gas producer extended their losses today, falling 2.3 percent to A$32.60 at the 4:10 p.m. close in Sydney. The benchmark index rose 1.9 percent.
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- Woodside Petroleum: To Shell or Not to Shell? (blogs.wsj.com)
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