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NOV announces joint venture to provide high-specification drilling rigs and advanced drilling equipment

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National Oilwell Varco (NOV) has announced the signing of an agreement with Saudi Aramco to form a joint venture in the Kingdom of Saudi Arabia. Through its manufacturing and fabrication facilities in the Kingdom and NOV’s drilling technologies, the joint venture will provide high-specification land rigs, rig and drilling equipment and offer certain aftermarket services. Additionally, the companies announced their proposed joint venture will establish an education center to train Saudi technicians in the maintenance and operation of the sophisticated drilling technology that the venture will bring to the Kingdom. The joint venture will be supported by a commitment from the previously announced Saudi Aramco Nabors Drilling Company to purchase fifty onshore drilling rigs from the NOV / Saudi Aramco ...

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IADC supports House Natural Resources Committee passage of BLM Onshore Permitting Bills

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The U.S. House Committee on Natural Resources passed three bills that will eliminate delays in the Bureau of Land Management’s (BLM) onshore permitting process. IADC supports today’s passage of H.R. 6087: Removing Barriers to Energy Independence Act; H.R 6088: Streamlining Permitting Efficiencies in Energy Development Act and H.R. 6107: Ending Duplicative Permitting Act. IADC is also supportive of the committee’s passage last week of H.R. 6106: Common Sense Permitting Act. In response, IADC President Jason McFarland issued the following statement: “IADC has long been a supporter of energy laws and regulations that responsibly enable the exploration and production of oil and natural gas on Federal lands. Unfortunately, despite soaring production levels in the U.S., production on Federal lands continues to ...

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KCA Deutag awarded contract on UK platforms

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Global drilling and engineering contractor KCA Deutag announced that its offshore business unit has been re-awarded a new drilling contract on the North Alwyn and Dunbar platforms by Total. The contract is for the provision of platform drilling services and has an initial term of three years with an option to extend by two years. “We have been the drilling contractor on the Dunbar and North Alwyn platforms for approximately 20 years now and are pleased that, by working closely with our client, we have yet again been able to offer them a cost-effective yet innovative drilling solution with a firm focus on crew training and competence,” Rune Lorentzen, President of Offshore, said.

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Open-source technology could reduce time and cost required to develop digital technologies

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By Kelli Ainsworth Robinson, Associate Editor Open-source software has enabled other industries to fast-track technology development by allowing companies to build on the work that other companies have done. “It has accelerated growth for so many other industries, and it’s about time that we did the same,” Theresa Baumgartner, Drilling Research Engineer for Shell, said at the Q2 2018 IADC Drilling Engineers Committee (DEC) Technology Forum in Houston on 13 June. Open-source software, which could be used for real-time drilling analytics and automation, may help operators and drilling contractors quickly adopt these technologies and build onto them with new algorithms. However, if open source is to become common place in the industry, companies must change how they view competition and ...

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Susan Farrell: Oil prices to stay volatile amid geopolitical tensions, increased production from US unconventionals

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There is tremendous uncertainty in the oil markets right now, particularly on the supply side. For example, Venezuela’s production decline began to accelerate in late 2017, contributing to the higher oil prices. This year, production in the country has moved into an apparent free fall and is forecast to take 1 million bbl/day out of the market by year-end, said Susan Farrell, VP of IHS Markit. In this interview from the 2018 IADC World Drilling Conference in Copenhagen, Denmark, on 19 June, Ms Farrell also discuss potential impacts from Iran sanctions, as well as US unconventionals production, which is expected to increase both in 2018 and 2019. Watch the video to learn more about Ms Farrell’s forecast.

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Transocean keeps focus on business strategy, customer alignment as it embraces ‘creative destruction’ through digital transformation

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Sometimes innovation emerges from new technologies that enable a novel product offering or expansion of an existing product line. However, the most successful innovation takes root in new thinking, a new twist, a new angle or a paradigm shift that is aligned with business strategy to deliver value. As businesses and industries digitally transform, the driving force should be business strategy, with technology playing the fundamental role in the innovation process...

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