by Daniel J. Graeber
Washington (UPI) Nov 21, 2017
Forming a partnership across a range of expertise gives drilling service players a leg up for at least five years, mostly Norwegian-focused companies said.
Aker BP, which formed as a result of a tie up with the Norwegian subsidiary of BP, said Tuesday it entered into partnerships with a subsidiary of drilling services company Halliburton, Maersk Drilling, and Odfjell Drilling, which has its headquarters in Oslo.
Maersk, which continues to struggle after last year's market downturn, said the arrangement lets each partner play to its strength.
"With this alliance and the unique integrated well delivery model, we are leveraging our collective experience and capabilities to reduce waste across the value chain," CEO Jørn Madsen said in the joint statement.
Under a five-year agreement lauded as a "one for all, all for one" collaboration, Halliburton will work for Aker BP on activities performed by either Maersk or Odfjell, provided the terms of the contract model are acceptable for each particular license area.
Aker BP's third quarter production was up more than 120 percent from last year, with an average realized price for oil at $55 per barrel. Income of $596 million was 140 percent higher than last year, when it realized a price for oil at $47 per barrel.
Production cost per barrel for the company, however, was more than double the level from last year.
"The drilling and wells alliances will further strengthen our one team approach and enhance integration and productivity along the value chain," Tommy Sigmundstad, a senior vice president at Aker BP, said.
French supermajor Total in August acquired the oil unit of Danish shipping giant A.P. Moller-Maersk for $7.45 billion, taking on $2.5 billion of the debt held by Maersk Oil in the process. Under the deal, Total could be the second-largest offshore operator in northwest Europe, which is the seventh largest oil and gas producing region in the world.
International revenue for Halliburton was $2.3 billion in the third quarter, a 4 percent increase from the previous term.
Washington (UPI) Nov 20, 2017
A decision spanning two U.S. presidential terms came to a head Monday when regulators in Nebraska cleared a remaining hurdle for the Keystone XL oil pipeline. Referencing long-standing concerns about the Sandhills region in Nebraska, some of which were the source of legal battles, regulators on the state Public Service Commission sided against the preferred route for Keystone XL and ins ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|