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LORD Corporation receives second edition API 16F certification

LORD Corporation is now certified to the American Petroleum Institute‘s (API) standard 16F testing for telescopic joint (TJ) packers. Testing was conducted to the second edition of API standard 16F, effective 1 May 2018, a stricter standard than the first edition in that the inner barrel must not be lubricated during testing. The TJ packers now experience more friction than in the first-edition test regimen. “Receiving the API 16F certification is a testament to the demanding conditions our TJ packers can endure,” Maggie Demicco, LORD Product Manager, said. “And with the parts in stock, it enables our customers to gain immediate access to these long-lasting packers.” The testing routine involves wear testing at 50,000 cycles with a short stroke at 25-psi ...

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New acquisition brings additional virtual reality capability for 3T Energy Group

3T Energy Group has acquired virtual reality and software specialist Neutron VR to strengthen its technological capabilities. This is the latest acquisition for 3T Energy Group, which purchased offshore trainer Survivex last year and also includes energy training specialist AIS Training and simulator developer Drilling Systems. Operating from three training centers in Aberdeen, Newcastle and Grimsby and with offices in Bournemouth, Houston, Dubai and China, the deal will help 3T Energy to advance its vision to transform training in the global energy sector through technology. Neutron’s skills will be used to enhance 3T Energy’s products and services portfolio, which includes advanced full-size and mobile simulators, v-learning and integrated software to manage training programs. All 16 personnel from Neutron VR will be retained and relocated to 3T Energy Group’s Newcastle headquarters with the ...

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PermianChain Technologies launches blockchain-based oil and gas trading and investment platform

PermianChain Technologies has launched the prototype of its platform for trading potential oil and gas reserves that have yet to be developed. The blockchain-based approach will make it easier to put a value on reserves before they have been produced, enhancing efficiency and improving understanding of a project’s viability. PermianChain has been designed to augment the way that firms across the oil and gas sector interact and trade. The platform takes a blockchain-based approach using the PermianToken (XPR) to put a value on potential oil and gas reserves and a market where these tokens can be traded securely and transparently. By digitizing oil reserves, it becomes far easier to get a comprehensive understanding of a project’s viability and current status. ...

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Rystad Energy: Frac water demand is skyrocketing

As oil production in the US shale industry soars to record levels, so does the need for water. New research from Rystad Energy shows that demand for so-called frac water has more than doubled from 2016 levels. Current demand in the Permian now exceeds the total US demand of 2016. Rystad Energy forecasts demand will grow by an additional 6% in 2019. In the Permian, demand will likely surpass 2.5 billion bbl by 2020. “Frac water demand has skyrocketed. This surge is driven by both increased activity and higher proppant intensity. But even with such steep growth, market concerns about sourcing challenges and bottlenecks appear to be minimal,” Ryan Carbrey, Rystad Energy Senior Vice President, said. Vast volumes of wastewater are byproducts ...

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New voestalpine Specialty Metals processing facility opens in Houston

It has been announced that voestalpine Specialty Metals (vSM) has opened a new processing facility in Houston specializing in deep-hole drilling, honing and machining services of nickel, stainless and other specialty alloy products. “This expansion continues our commitment to providing oil and gas customers with the highest level of quality, service and on-time delivery” Brian Van Burkleo, Division Manager, said. The new facility provides customers with access to multiple offerings from a single source through the integration of these new processing capabilities with its existing specialty metals service center in Houston. Whether a single piece or a large production run for a specific project, vSM has the machining capacity and personnel to deliver a best-in-class service. Oil and gas customers will benefit from this integrated ...

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Wood Mackenzie: 2019 looks sluggish for upstream M&A

Upstream dealmakers start 2019 facing an uphill battle. Volatile oil prices and bearish equity markets impede deal flow by creating uncertainty, widening the bid-ask spread, altering financial conditions and making companies rethink near-term strategies. In Q4 2018, as these factors emerged, deal count dropped to its lowest level since Q1 2015, with December being the slowest month since January 2015. “It is difficult to see 2019 being a bumper period for upstream M&A,” Greig Aitken, Director, M&A Research, said. “If volatility cedes to stable but lower oil prices, history suggests we’ll see a relatively sluggish year – we tend to see more deals when confidence and investment are high.” “That said, in any environment there are always motivated sellers and opportunistic ...

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