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Vol. 59 No. 6

June 2007

Company News

Emerging Technology

  • ConocoPhillips established an 8-year, USD 22.5 million research program at Iowa State University to develop technology that will produce biorenewable fuels. The grant is part of ConocoPhillips’ plan to create joint research programs with universities to produce diverse energy sources.
  • The first Intervention Technology Award was presented to TecWel for its well leak detector, an ultrasonic leak-detection tool. The real-time tool detects and locates ultrasonic energy generated by leaks in the casing or tubing of a well. The award was given by the Intervention and Coiled Tubing Association.

Mergers and Acquisitions

  • Cano Petroleum closed an acquisition of producing oil and gas properties in the Permian Basin for USD 7 million and 404,204 shares of restricted common stock. The acquisition adds 12 million BOE of proved reserves, of which 1 million BOE are proved producing and 11 million BOE are proved undeveloped.
  • GDF Britain purchased a package of interests in 10 offshore licenses from CGGVeritas: seven in the Central North Sea and three in the West of Shetlands area of the UK continental shelf.
  • TGS-Nopec Geophysical and Parallel Data Systems (PDS) have entered into an agreement in which TGS will acquire all shares of PDS. The transaction has been approved by the Board of Directors of both companies and is subject to US regulatory approval.
  • Range Resources sold its Gulf of Mexico (GOM) properties to a private company for USD 155 million. The properties included Range’s interests in 37 platforms in water depths ranging from 11 to 240 ft. Range estimated that the properties contained proved reserves of 40 Bcf equivalent gas, representing 2% of its total proved reserves.
  • Cameron acquired DES Operations. The acquisition provides Cameron with DES’ multiple application reinjection system technology, which enables the installation of multiple processing technologies directly onto a subsea completion.
  • IHS acquired Rapid Technology’s RapiData, which does well-test, pressure, and completions data for the western Canadian Sedimentary basin.
  • Elixir Petroleum and Gawler Resources agreed to merge to create a diversified oil and gas exploration and production company. The merged group will combine emerging GOM production with North Sea exploration.
  • Varel aquired Pendemak Industries, a Canadian-based distributor of oil and gas drill bits. Pendemak will now be known as Varel Rock Bits Canada.
  • Dansk Olie og Naturgas (DONG) Energy will acquire ConocoPhillips Petroleum International Denmark from Phillips Petroleum International for USD 300 million. The acquisition includes the value of reserves and exploration potential as well as synergies with DONG Energy’s downstream gas business.
  • Hercules Offshore bought Todco in a deal valued at USD 2.3 billion, allowing the offshore drilling services company to expand its shallow-water drilling fleet. Hercules expects to strengthen its position in the GOM by adding Todco’s fleet of barge and jackup drilling rigs, which operate close to shore and on the outer continental shelf.
  • John Wood Group bought former joint-venture India partner Triune Projects to take 100% ownership of J.P. Kenny Triune Engineering and has established a group management company named Wood Group Engineering India.

Corporate Moves

  • Fugro-Jason opened a new office in Maracaibo, Venezuela. This office will support ongoing and future projects throughout the country.
  • GeoMechanics International opened an office in Calgary to serve its northern US and Canada clients.

Contracts and Tenders

  • Eni signed an agreement for exploration license Marine XII in Brazzaville, Congo. The area extends 1103 km2 and is 15 km off the Congolese coast. Eni will be the operator of the license with a 90% stake, and Societe Nationale des Petroles du Congo will hold 10%.
  • BJ Services was awarded a contract by Sasol Petroleum Temane (SPT) to provide cementing and filtration services in Mozambique. SPT awarded the contract to support Phase II of its Mozambique Natural Gas Project, which involves the Temane and Pande Gas fields.
  • Technip was awarded a contract by Shell for installation of water-injection flowlines and risers for development of the Ursa and Princess fields in the GOM, about 140 miles southeast of New Orleans.
  • Petronas awarded production-sharing contracts for two ultradeepwater blocks offshore Sabah state. Petronas awarded Blocks N and Q to its listed exploration and production arm Petronas Carigali and to BHP Billiton Petroleum Sabah. The two will develop Block N, where they will drill four wildcat wells and acquire seismic data.
  • Cameron was awarded a contract for USD 127 million to supply subsea systems for Petrobras’ gas production offshore Brazil.
  • Wood Group Engineering was selected by Shell UK to provide engineering design, maintenance, support, and construction management services to Shell’s onshore installations at St. Fergus Gas Plant, Fife Natural Gas and Liquids Plant at Mossmorran, and Fife Braefoot Bay Loading Terminal plus offshore support for the Goldeneye platform.
  • Pride International’s three jackup rigs, Pride Alabama, Pride Colorado, and Pride Mississippi, were awarded 1-year contracts by Pemex Exploracion y Produccion for drilling operations in the GOM.

General

  • Shell Exploration & Production was awarded the 2007 National Ocean Industries Association Safety in Seas Award for contributions to the safety of life offshore for energy workers. Shell received the award for its efforts to recover the Mars tension-leg platform and pipeline after Hurricane Katrina.