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Drillers, hold on for an ugly ride

Posted on 20 January 2009 in News

Marshall Adkins

With the US natural gas market facing a demand problem on top of supply troubles, it’s possible for the US land rig count to decrease by 60% or even 70% in the coming year, said Marshall Adkins, managing director of Raymond James & Associates, at the IADC Houston Chapter Luncheon on 20 January.

In fact, we may have to shut in 10 billion cu ft of gas a day for three to four months this summer. “We’ve never seen anything like that,” he said.

With oil, the short-term outlook is bad but uncertain (improvement is possible). On the negative side, the global economic meltdown is pulling down both demand and pricing. On the positive side, oil’s long-term outlook remains strong. Plus, OPEC will certainly make further cuts in production this year – perhaps up to 3 million bbl/day. There’s also been a downward trend in non-OPEC supply, with Russia being a key factor in that decline and global credit problems possibly accelerating the fall.

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IADC Advanced Rig Technology Committee finalizing top drive survey

Posted on 20 January 2009 in News

 Had top drive downtime? Here’s your chance to provide feedback that will help you, your company and the industry. The Reliability Subcommittee of the IADC Advanced Rig Technology Committee is finalizing a short but comprehensive survey on top drive downtime, which should be announced in a few weeks.

The survey asks for information on top drive failures, type of top drive, time in service, and other key information.

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IADC Denver Chapter is now Rocky Mountain Chapter

Posted on 20 January 2009 in News

 In an effort to increase participation from individuals and companies operating in the Rockies Region, the IADC Denver Chapter has officially changed its name to the IADC Rocky Mountain Chapter.

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In Jan/Feb DC: Critical Issues in Drilling & Completions

Posted on 20 January 2009 in News

 Industry leaders discuss the challenges ahead for the global drilling industry in the new issue of Drilling Contractor, out in early February. Ten experts, representing a mix of oil companies, drilling contractors and service companies, will share insights on upcoming and current obstacles, as well as advice on how this industry can learn from previous soft cycles in order to survive in a tough market.

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Maersk Developer semi delivered

Posted on 20 January 2009 in News

 Maersk Developer

The Maersk Developer was delivered to Maersk Drilling on 2 January. It is the first in a series of three highly advanced deepwater development semisubmersibles the company has under construction in Singapore. Its initial programme is for Statoil Gulf of Mexico for drilling in the US Gulf of Mexico with further assignment rights to Woodside Energy. The contract has a duration of four years.

 

 

 

 

 

 

 

 

 

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ConocoPhillips announces $12.5 billion capital budget for 2009

Posted on 20 January 2009 in News

 ConocoPhillips has approved a 2009 capital budget of $11.7 billion. Loans to affiliates and contributions to fund an upstream business venture with EnCana bring the total to $12.5 billion. At the same time, the company announced it expects to reduce its overall workforce by 4%, citing “the current business environment.” “We also intend to reduce our contractor headcount,” said Jim Mulva, chairman and chief executive officer.

He stated that the capital program will continue to fund significant projects while deferring or slowing others. “We are positioning ourselves in the current business environment to live within our means in order to maintain financial strength,” he said.

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Manufacturers' input sought for IADC training catalog

Posted on 06 January 2009 in News

 IADC, under the auspices of its Advanced Rig Technology Guidelines Subcommittee, is developing a comprehensive catalog of training available through manufacturers of automated or mechanized rig equipment.

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Sneak preview: IADC Well Servicing Committee calls for renewed focus on derrick integrity

Posted on 06 January 2009 in News

Joe Eustace

The global well-servicing industry should renew its focus on mast integrity, IADC Well Servicing Committee chairman Joe Eustace, Pioneer Production Services, writes in an editorial in the upcoming January/February edition of Drilling Contractor.

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Rowan is first to achieve full IADC Competence Assurance accreditation

Posted on 06 January 2009 in News

 Rowan Drilling UK has become the first drilling contractor company to achieve full accreditation status for IADC’s Competence Assurance Accreditation Program. “Rowan’s competence program is now fully compliant with the accreditation criteria, thanks to the efforts of Jean-Francois Basse, training and competency manager for Rowan, and other Rowan staff,” said Brenda Kelly, IADC director of accreditation and certification.

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W. Matt Ralls named Rowan CEO, president

Posted on 06 January 2009 in News

W. Matt Ralls

Rowan Companies announced that, effective 1 January 2009, its board of directors has named W. Matt Ralls as the company’s new president, chief executive officer and member of the board of directors, succeeding D.F. McNease, who announced his retirement in late October 2008.

“Mr Ralls will be an outstanding leader to Rowan’s already strong management team,” said Rowan director Jack Lentz.

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