Showing posts with label oil and gas production. Show all posts
Showing posts with label oil and gas production. Show all posts

December 21, 2007

Gazprom 'working hard' to deliver to Japan - executive


TOKYO (Thomson Financial) - Russian gas giant Gazprom said Friday it was 'working hard' to start gas supplies for Japanese firms from its major Sakhalin-2 project amid a report of a delay.

'Although the supplies contracts were signed before we joined the project, we are working hard to provide LNG (liquid natural gas) supplies as agreed in the contracts,' Gazprom's deputy board chairman Alexander Annenkov told a press conference in Tokyo.

He declined to give a specific date.

He is visiting Japan to woo potential investors and engineering and chemical firms to take part in a massive pipeline project, which would develop and link gas field across Russia, especially in Siberia.

Gazprom is the majority shareholder in the consortium developing the Sakhalin-2 reserves.

It took charge this year after the other partners in the project -- British-Dutch energy major Shell and Japanese trading houses Mitsui and Mitsubishi Corp (other-otc: MSBHY.PK - news - people ) -- agreed to sell shares under pressure from the Kremlin.

Japan would be the key customer of Sakhalin-2 as Asia's largest economy has virtually no natural energy resources of its own.

But there have been fears of delay because of disputes last year between the consortium and the Russian government before Gazprom's entry.

Alexander Khoroshavin, governor of Russia's Sakhalin island north of Japan, was quoted as saying on Friday by Interfax news agency that the project will miss the 2008 planned start date.

'The initial projects of Sakhalin-2 foresaw LNG deliveries in 2008, but the company has encountered certain difficulties in the pipeline construction,' Khoroshavin said.

'The delay means the deliveries will not begin in 2008' and can only start in the spring of 2009, he said.

Khoroshavin said the problems affect the 800-kilometer (500-mile) pipeline meant to take gas from the north-east of Sakhalin island to a port in the south, where the LNG is then exported by ship to Japan.

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December 18, 2007

Follow the dots ..

Halliburton and National Oilwell launch alliance; team starts work on contract in Mexico

HOUSTON--July 6, 2004--Halliburton's (NYSE:HAL) Baroid Product Service Line, in alliance with National Oilwell, announced the launch of their first major project in Mexico under the new Baroid/National Oilwell Alliance to provide solids control and waste management services and equipment at the rig site. Further, the team was recently awarded a solids control and waste management service and equipment contract in Bangladesh while similar operations are already under way in the United States, Venezuela and Brazil.

Under all contracts, Halliburton provides all fluids services at the rig site, including field maintenance, while National Oilwell builds and supplies the necessary equipment and systems. The team is working on projects for both land and offshore operations.

"Drilling waste management costs are increasing significantly and are expected to continue to rise as global markets demand higher environmental performance," said Simon Seaton, Halliburton's global operations manager for the Baroid Product Service Line. "The alliance allows Baroid to offer comprehensive waste management services and a complete line of state-of-the-art solids control equipment."

The alliance between Baroid and National Oilwell, initiated in September 2003, allows Baroid to offer an increased participation in the solids control and drilling waste management market.

"The alliance brings together Baroid's broad experience in waste management, environmental compliance, and solids control optimization with National Oilwell's expertise in rig design, solids control and waste management systems," said Tab Tettleton, Global Product Manager for National Oilwell. "The Baroid/National Oilwell Alliance provides significant advantages to our customers, including vastly improved efficiency in solids control equipment and processes."

Halliburton, founded in 1919, is one of the world's largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services and Engineering and Construction Groups. The company's World Wide Web site can be accessed at www.halliburton.com.

National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry. National Oilwell's web address is www.natoil.com.


National Oilwell to buy Grant Prideco

By James Politi in New York

Published: December 17 2007 15:39 | Last updated: December 17 2007 18:35

National Oilwell Varco on Monday agreed to buy Grant Prideco for $7.5bn in cash and stock, in a deal that unites the two Houston-based oil services companies amid a wave of consolidation in the sector driven by high oil prices.

National Oilwell is paying $58 per share for Grant Prideco, composed of $23.20 in cash and the rest in shares, valuing the group at a 22 per cent premium over its closing price of $47.46 on Friday.

The combined group will have a market capitalisation of about $32bn, supplying technology and equipment such as pipes for oil and gas drilling to the world’s largest energy groups.

The deal comes on the heels of the $18bn merger announced in July of GlobalSantaFe and Transocean, two of the oil services sector’s largest companies, which raised pressure on rivals to respond.

“We are delighted with the way this transaction advances our strategic goal of providing more products and services to our customers. We believe Grant Prideco’s product range will add new growing market segments to National Oilwell Varco and benefit our customers’ needs worldwide,” said Pete Miller, National Oilwell chief executive.

The companies said that the deal would add to National Oilwell’s earnings and cash flow in 2008, assuming cost-savings of $40m.

But investors appeared unconvinced by the deal, sending National Oilwell shares down 6.5 per cent to $72.38 in morning trading. National Oilwell merged with Varco in a $2.5bn deal in 2004 and has seen the value of its shares more than treble since then.

While the deal is a sign that mergers and acquisitions activity by strategic buyers remains possible despite the credit squeeze, the market reaction suggests that shareholders could be sceptical about companies spending on acquisitions in an environment of tight lending and uncertainty over the economy.

Also in the US energy industry, Plains Exploration & Production agreed to sell a portfolio of assets in the Permian Basin, Texas, and New Mexico to rivals Occidental Petroleum and XTO Energy for $1.75bn.

Although high oil prices have driven consolidation among suppliers to the large US energy groups, there has been relatively little deal activity among the large US oil groups.

Goldman Sachs advised National Oilwell and Credit Suisse advised Grant Prideco.



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