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Onshore Advances

TxDOT to undertake Energy Sector Corridor Improvement program

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Many of the Texas roadways that run through energy-rich areas of the state were not built and designed to handle the constant traffic from heavy trucks that is associated with oil and gas exploration and production. Through the Energy Sector Corridor Improvement program, the Texas Department of Transportation (TxDOT) will undertake improvements to roads that experience high levels of energy-related traffic, Randy Hopmann, Director of District Operations for TxDOT, said at the IADC Shale Energy Workshop in Midland, Texas, on 13 September. In this video from the conference, Mr Hopmann discusses some of the improvements that will take place under the program, including strengthening the pavement structures and adding passing lanes. He also explains how the program will help make Texas roads safer for oil and gas employees and Texas residents alike...

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Premier announces proposed sale of Wytch Farm interests

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Premier announced that it has entered into a sale and purchase agreement to sell its entire interests in licences PL089 and P534, which contain the Wytch Farm field, to Verus Petroleum for a cash consideration of $200 million (subject to certain customary financial adjustments) payable on completion. In addition, Premier will be able to release Letters of Credit totaling approximately $75 million that have been issued in relation to future decommissioning liabilities that are now being transferred to Verus. The effective date of the disposal is 1 July 2017. Wytch Farm is an onshore oil field located in Dorset, United Kingdom, that has been producing since 1979. Verus is a UK-focused independent E&P company backed by HitecVision, a Norway-based private equity investor ...

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Nabors acquires Robotic Drilling Systems

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Nabors Industries announced that it has acquired Stavanger based Robotic Drilling Systems, a provider of automated tubular and tool handling equipment for the onshore and offshore drilling markets. This transaction integrates the highly capable RDS team and product offering with the technology portfolio of Canrig, Nabors rig equipment subsidiary, and strengthens the development of its drilling automation solutions...

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Catoosa Test Facility adds third testing rig

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Catoosa Test Facility has added a third testing rig to the test campus in Jennings, Oklahoma. Nabors Industries has furnished through a subsidiary one of its high-quality drilling rigs under a long-term arrangement to CTF for research and development activities related to drilling operations, advanced wellbore placement technologies and other oilfield tool testing and verification services...

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Devon Energy announces $340 million of non-core asset sales

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Devon Energy announced it has entered into a definitive agreement to monetize its Lavaca County assets in the Eagle Ford play. Combined with other minor asset sales completed across its US operations, proceeds from the company’s recently announced $1 billion divestiture program have now reached $340 million. The Lavaca County transaction is subject to customary terms and conditions and is expected to close by the end of 2017. “These highly accretive asset sales are an important step in executing on our $1 billion divestiture program over the next year,” Dave Hager, President and CEO, said. “The divestiture proceeds will further strengthen our investment-grade financial position and provide us additional flexibility to build operational momentum across our top-tier US resource plays.” ...

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