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Tuesday, May 21, 2019

Baker Hughes News

Image: Venture Global LNG

FERC Approves Venture Global LNG Terminal

The Federal Energy Regulatory Commission (FERC) cleared Venture Global Calcasieu Pass LLC’s proposed liquefied natural gas export project in Cameron Parish, Louisiana, marking the first authorization in two years for a new LNG export facility.Venture Global LNG Inc. said it will start construction immediately on its $5 billion Calcasieu Pass liquefied natural gas export terminal in Louisiana. FERC also cleared  TransCameron Pipeline LLC’s associated natural gas pipeline."With our FERC order in hand and our project contracted with binding 20-year sale and purchase agreements (SPAs) with Shell…

Image: Baker Hughes

BHGE Inks 3-year Contract with Saudi Aramco

Saudi Aramco has awarded major stimulation and well-testing contract to Baker Hughes, a GE company (BHGE). BHGE will deliver a comprehensive well services solution including all cased-hole wireline logging, perforation, well testing, stimulation, fracturing and associated intervention services.By integrating discrete products, services and capabilities into a single offering, BHGE will help Saudi Aramco reduce time, costs and complexity while increasing efficiency.The three-year…

Image: Venture Global

Repsol to Buy LNG from Venture Global

Venture Global LNG announced that it has entered into a 20-year, binding Sales and Purchase Agreement (SPA) with Repsol for the supply of one million tonnes per annum (MTPA) of liquefied natural gas from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish, Louisiana, USA.Under this agreement, Repsol will purchase LNG on a free on board (FOB) basis for a 20-year term, starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility…

Oil Up as U.S., China hit the Trade War Pause Button

Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold". Brent crude futures were at $79.13 per barrel at 0121 GMT, up 62 cents, or 0.8 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week. U.S. West Texas Intermediate (WTI) crude futures were at $71.83 a barrel, up 55 cents, or 0.8 percent, from their last settlement. The U.S.

Pic:  John Wood Group PLC

Wood Wins LNG Platform FEED Contract

The Honghua Group Limited has awarded a $12 million front-end engineering design (FEED) contract to Wood for its liquefied natural gas (LNG) platform development in the West Delta area of the Gulf of Mexico. The main objective of the FEED is to finalize the design of the world’s first offshore platform-based natural gas liquefaction and storage facility. Wood recently completed the pre-FEED for this project. Wood’s scope of work includes the onshore gas pre-treatment plant configuration and layouts…

Jannicke Nilsson and Anders Opedal Photo Statoil

Changes in Statoil’s Top Deck

Jannicke Nilsson has been appointed executive vice president and chief operating officer (COO) in Statoil ASA. She takes over the role from Anders Opedal, who will lead the development of Statoil’s growing and increasingly important operations in Brazil as new country manager. Jannicke Nilsson will assume her new responsibilities on 1. December this year, Anders Opedal will assume his responsibilities 15 January 2017. Nilsson will report to President and CEO Eldar Sætre with her office location being Stavanger…

Ed Sheridan (Photo: AccessESP)

AccessESP Names Sheridan Asia Pacific Region Manager

AccessESP, a provider of rigless electric submersible pump (ESP) conveyance solutions for the worldwide oil industry, has appointed Ed Sheridan as its Asia Pacific region manager. Based in Kuala Lumpur, Malaysia, he will be responsible for increasing market share in the region. Prior to joining AccessESP, Sheridan worked for nine years with Baker Hughes Artificial Lift in the United Kingdom in a variety of sales, technical and operational positions. Most recently, Sheridan worked as AccessESP’s product line manager for Southeast Asia, Indonesia and Australia.

Halliburton to Cut 5,000 Jobs in New Round of Layoffs

Oilfield services provider Halliburton Co , pressured by a prolonged slump in crude oil prices, will further slash its workforce by about 8 percent, or by 5,000 jobs, company spokeswoman Emily Mir told Reuters on Thursday. The more than 70 percent fall in global crude prices since mid-2014 has led to a series of job cuts and additional cost-cutting efforts from several companies including the world's largest oilfield services provider, Schlumberger Ltd . Halliburton has already reduced its global headcount by 25 percent, or almost 22,000 employees, since 2014.

Emco Wheaton Grows Sales Team

Emco Wheaton, a manufacturer and supplier of equipment for liquid, gas and dry bulk products, has announced two additions to the Americas sales team with Holly Damude taking on the role of DRY-BREAK Product Specialist and Eric Rodriguez appointed as Territory Sales Manager. A graduate of the University of Toronto, Holly has been with Emco Wheaton for nearly eight years during which time she has developed extensive knowledge and a great passion for the DRY-BREAK product range. Damude has previously been the Inside Sales Supervisor and an Outside Sales Representative for Emco Wheaton Canada.

Halliburton Seen Facing Antitrust Issues on Baker Hughes Deal

Oilfield services provider Halliburton Co's acquisition of smaller rival Baker Hughes Inc is facing resistance from U.S. regulators who are concerned that the deal could hurt competition, Bloomberg reported. Justice Department lawyers reviewing the proposed $35 billion deal are worried that the oilfield services industry would become too concentrated post the merger, Bloomberg reported, citing a person familiar with the matter. "We are fully committed to our target of closing the pending Baker Hughes acquisition in late 2015…

Tidewater’s OSV Dean Edward Taylor

'80s Brain Drain Haunts Today’s Offshore Layoffs

Companies struggle to balance cost-cutting with skills retention. If you can’t accept the rollercoaster of employment that is the offshore industry, adding and shedding jobs like clockwork through its cyclical ups and downs, don’t get on for the ride. That cold bucket of reality is repeated like a mantra across the industry. Job security and highly paid offshore employment are like mixing oil and water. The emulsion will keep hold for a while until it eventually falls apart when oil prices disintegrate. It’s a pattern industry veterans know well.

US Oil Scrambles to Retain Talent

After 20 years in the oil business, Craig Reed, 62, is thinking about winding down his career just as a second downturn in six years rocks the industry. Reed is part of the baby boomer generation that forms the backbone of the U.S. oil workforce and now weighs retirement as energy firms cut spending and shelve projects. That is a worrying prospect for company executives keen to keep their most experienced workers while they ride out the oil market slump. "Between the politics and uncertainty and cost cutting…

Durkin Appointed COO of Maersk Drilling

Angela Durkin from Baker Hughes will join Maersk Drilling as new Chief Operating Officer (COO). She will assume her new role 1 May 2015 taking over from Jørn Madsen and report directly to CEO Claus V. Hemmingsen. “We are very pleased that Angela Durkin will join Maersk Drilling. Angela brings vast experience with her from Baker Hughes, and with her technical competencies and enormous international experience from an oilfield service provider in the drilling industry, she is just the right fit for Maersk Drilling.

Baker Hughes Reports Q1 Loss

Oilfield services provider Baker Hughes Inc, which is in the process of being acquired by Halliburton Co for $35 billion, posted a quarterly loss compared with a year-earlier profit as it recorded a $772 million charge related to restructuring and other items. Baker Hughes said it would cut 10,500 jobs, or 17 percent of its global workforce, up from 7,000 it said it would cut earlier. The company also said it had closed and consolidated about 140 facilities worldwide, besides idling and writing off excess assets and inventory.

VersaCutter

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award. The 2015 awards will be presented May 4, in the NRG Center Rotunda Lobby. The Spotlight on New Technology Awards—a program for OTC exhibitors—showcase the latest and most advanced hardware and software technologies that are leading the industry into the future. In support and recognition of innovative technologies being developed by small businesses…

O&G Sector Tarnishes Strong US Jobs Report

The U.S. oil and gas sector bled away more jobs last month as sustained low oil prices forced energy producers to reduce spending, suggesting that further pain may be ahead for the struggling industry. A roughly 50 percent drop in oil prices since June has pummeled the U.S. oil sector, prompting a quick drop in activity. The number of oil rigs active in the United States has fallen 40 percent since October. The mining sector of the workforce, which includes oil and gas workers…

US Oilfield Jobs Coninue Unabated

When Ian Sandlin was laid off last week after 13 months working on oil rigs in southeast Texas, he was surprised to have lasted that long. "I knew it was coming," he said. The 27-year-old Houston native is among thousands of workers caught in an accelerating cull of oil field jobs across the once booming U.S. oil industry. Sandlin has since found other off-field work, but his hours and pay have been cut in half and it was not clear how long it would last. Interviews with more than a dozen oil workers and job recruiters suggest this is just the first stage of bloodletting as oil drillers…

US Oilfield Jobs Cull Gains Pace, More Pain Ahead

When Ian Sandlin was laid off last week after 13 months working on oil rigs in southeast Texas, he was surprised to have lasted that long. "I knew it was coming," he said. The 27-year-old Houston native is among thousands of workers caught in an accelerating cull of oil field jobs across the once booming U.S. oil industry. Sandlin has since found other off-field work, but his hours and pay have been cut in half and it was not clear how long it would last. Interviews with more than a dozen oil workers and job recruiters suggest this is just the first stage of bloodletting as oil drillers…

Mass Layoffs Complicate Oil Industry's Long-Term Plans

"This is the really crappy part of the job, and this is what I hate about this industry frankly," the chief executive of oilfield services company Baker Hughes complained as he announced it would lay off 7,000 employees. Baker Hughes is cutting jobs in response to slumping prices and a downturn in drilling activity. So the company will cuts costs, he told investors in a conference call on January 20 to discuss the firm's fourth-quarter earnings and outlook for 2015. More than 100…

The new King of Saudi Arabia, Salman bin Abdulaziz Al Saud

Brent Closes Up, U.S. Crude Down After Saudi King Dies

Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king, Salman, who took the throne on Friday morning after the death of his brother Abdullah, is expected to continue OPEC's policy of keeping oil output steady to protect market share. Some traders did not want to believe that, "clinging on some faint hope that the news is wrong, the Saudis can't possibly mean what they're saying," said Walter Zimmerman, chief technical analyst at United-ICAP.

Kemp: California Drillers Impacted by Prices

California's oil industry is being hit harder than any other state by falling prices because of the comparatively poor quality of its crude and its aging fields. The number of active drilling rigs in the state has more than halved since June 2014, from 48 to just 21, according to oilfield services company Baker Hughes (http://link.reuters.com/ruz73w). The California rig count is the lowest since October 2009, when producers were struggling with low prices in the aftermath of the global financial crisis and deep recession that began a year earlier.

Drillsearch Energy Limited

Drillsearch Appoints Simpson COO

Drillsearch Energy Limited today announced a further strengthening of its senior management team with the appointment of Mr Walter Simpson as Chief Operating Officer, reporting to Managing Director Brad Lingo. The most recent role in Mr Simpson’s 30-year career in oil and gas was with BG Group subsidiary QGC as Technical & Commercial Director, based in Brisbane. He has worked in a number of roles in the oil and gas industry worldwide for BG and other companies including Baker Hughes and BP.

Several representatives from area oil and gas companies will serve on the 2014-2015 American Association of Drilling Engineers (AADE) board to support its educational and community efforts.

AADE Lafayette Chapter Announced Board Members

The Lafayette Chapter of the American Association of Drilling Engineers (AADE) has announced its 2014-2015 board members. Members from oil and gas companies volunteer to serve as officers and committee members in an effort to promote industry education and other community efforts. The 2014-2015 officers for the AADE Lafayette Chapter are: Alden Sonnier, president (MI Swaco); David Gomez, first vice president and programs committee chairman (Chevron); Matt Hensgens, second vice president and membership committee chairman (Chevron)…

Two giants merge

Halliburton & Baker Hughes Merger

Halliburton Company and Baker Hughes Incorporated  today announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction.

Halliburton Seeks to Replace Baker Hughes Board

Baker Hughes Incorporated today announced receipt of notice from Halliburton Company that it intends to nominate candidates to replace the entire board of directors of Baker Hughes at its Apr. 2015 annual meeting. The nominations followed discussions between the parties regarding a potential business combination transaction, and Halliburton's refusal to improve its first and only value proposal. Baker Hughes considers the notice to be an attempt by Halliburton to pressure the Baker Hughes board into accepting a transaction with Halliburton on Halliburton's terms.

Employees work in a lab at the Halliburton Co. facility in Houston.

Merger Talks Feed Energy Sector Deal Speculation

Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices.