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ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

TNK-BP ENTERS INTO US$2.0 BN LOAN FACILITY AGREEMENT WITH A CLUB OF INTERNATIONAL BANKS

Thursday, October 21st, 2010

TNK-BP entered into a US$2.0bn unsecured dual tranche facility agreement with a club of international banks.

The new facility is the largest debt transaction arranged by TNK-BP since inception. The maturity of the loan is 3 years and the interest rate is 1.75% per annum above LIBOR. The facility is to be used for general corporate purposes.

The facility consists of 2 tranches amounting to $1bn each. The first tranche will be utilized to cover the financing requirements envisaged by the Company’s 2010 business plan. The second tranche is available for TNK-BP in a form of a committed line and could be drawn by the Company in full or in part within 6 months depending on the Company’s financial needs.

The facility generated a strong demand in the bank market which resulted in 16 banks participating in the transaction, namely: Bayerische Landesbank, BANK OF AMERICA MERRILL LYNCH, The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP PARIBAS (SUISSE) SA, CITIBANK INTERNATIONAL PLC, LONDON, Credit Agricole Corporate & Investment Bank, Deutsche Bank, HSBC Bank plc, ING Commercial Banking, Intesa Sanpaolo SpA, Mizuho Corporate Bank, Ltd., Nordea, The Royal Bank of Scotland, SOCIETE GENERALE, Sumitomo Mitsui Banking Corporation Europe Limited and WestLB AG, London Branch.

WestLB AG acted as a coordinator, documentation and facility agent.

TNK-BP Chief Financial Officer, Jonathan Muir commented: “The size and price of this transaction as well as the number of banks participating in the deal show the strong market interest to TNK-BP’s credit. This success confirms the confidence of the international lending community in the operating and financial strengths of our company. The loan will provide us with greater financial resources and flexibility to manage our future growth opportunities”.



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Major Arctic Oil & Gas Event Launch

Thursday, October 21st, 2010

The challenge of finding, developing and operating Arctic oil and gas fields is one of the upstream industry’s most pressing issues, with a new event being launched in Russia to identify and discuss emerging technology needs and how to accelerate their adoption and
implementation.

The SPE 2011 Arctic & Extreme Environments International technical conference and exhibition will be held in October next year in Moscow.

The 3-day event will feature an exclusive conference, including daily plenary sessions featuring world-renowned speakers and a mixture of panel discussions and technical presentations.

The industry peer-reviewed conference will address technical challenges for Arctic and extreme environments, with particular emphasis on current onshore Arctic operations and the specific challenges faced offshore, such as those being tackled by the owners of the multi-billion dollar Shtokman gas field currently in its development phase in the Russian sector of the Barents Sea.

With several of the world’s leading oil and gas-producing countries forging ahead with plans to find and develop new resources in their Arctic territories, the need to advance and refine technologies and procedures so that the region is developed in a safe, environmentally responsible and commercially viable manner is paramount.

The event is being organised “in response to industry needs and growing demand” by the respected industry partnership between Reed Exhibitions and the Society of Petroleum Engineers (SPE), which is already responsible for the established biennual SPE Russian Oil & Gas Exploration and Production technical conference & exhibition in Moscow, being held next week.

Estimated 90 billion barrels of oil lying in Arctic territories. The E&P industry has of course been exploring and producing oil and gas from Arctic environments for many decades, both on and offshore. However, exploring and operating there remains extremely technically
challenging.

Russia, Canada, Norway, the United States and Denmark are all focused on the eventual and further development of their Arctic territories, both on and offshore, all drawn by an area estimated by the U.S. Geological Survey organisation to hold up to 90 billion barrels of oil and 30% of the world’s undiscovered gas resources.

The industry has many research projects underway studying potential solutions such as ‘on-ice seismic’, which offers an alternative to open water marine acquisition for near-shore shallow water operations. This
essentially allows companies to acquire seismic in areas of shallow water when they are frozen, without disturbing local wildlife.
There are also joint industry projects such as that lead by the SINTEF research institute, to develop advanced clean-up techniques. Experiments are being carried out on ways to detect oil in ice, burn oil in broken ice, and disperse oil in broken ice. And in Alaska, Shell is developing a specialised shallow-water containment system.

Industry experts have long stressed the need to transform the forecast resources of the Arctic, amongst others, into real production resources as soon as possible. However the eventual development of Russia’s Arctic oil fields, for example, remains a serious challenge for all those companies involved.

Technologies will have to focus on expanding the window of opportunity on the Arctic shelf, usually icebound for all but 3 months of the year. This will mean in particular a need for technologies that can increase operating times, such as platforms that can continue operating in icy conditions, and the building of subsurface structures for safe operation of subsea wells. There is also a requirement for newbuild ice-class tankers, underground facilities for the treatment and pumping of oil, and the need for immediate and constant monitoring of the well sites.

Event Director Vasyl Zhygalo of Reed Exhibitions commented: “Building upon the success of our SPE Russian Oil & Gas technical conference and exhibition series in Moscow, and thanks to the strong partnership between the Society of Petroleum Engineers and Reed Exhibitions, we are delighted to be launching SPE Arctic & Extreme Environments International 2011. This will follow our established format of a highly technical conference and exhibition, and is in response to the growing demand from the global oil and gas industry for a world-class technical E&P event focused on the Arctic and surrounding harsh environments.”

The conference will be supported by an exhibition showcasing industry-leading companies demonstrating the very latest technology and Arctic operations. Student contests and workshops will also run alongside.

Next year’s event will be held 18-20 October in Pavilion 75 at the All-Russia Exhibition Centre in Moscow.

For more information go to: www.arcticoilgas.com



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BAKER HUGHES ACQUIRES RESERVOIR MODELING SOFTWARE DEVELOPER

Thursday, October 7th, 2010

JOA JewelSuite software provides a seismic-to-simulation reservoir
integration platform for all Baker Hughes technology offerings

HOUSTON, TX – October 7, 2010 – Baker Hughes (NYSE: BHI), announced today
that its subsidiary has acquired the remaining interest in oil & gas
reservoir modeling software developer JOA Oil & Gas BV, which owns and
develops software for technical, scientific, and exploration and
production applications. Baker Hughes Nederland Holdings acquired 40% of
JOA Oil & Gas in 2009.

JOA Oil & Gas is the developer of JewelSuite™ software, an integrated
reservoir modeling tool that uses patented 3-D gridding technology to
build accurate reservoir models for fields with complex geology. The
JewelSuite software platform also provides connectivity between the
generated models and reservoir simulators – a capability designed to
further improve overall simulation accuracy.

“With the acquisition of JOA, Baker Hughes’ Reservoir Development Services
(RDS) group can provide field development and geomodeling solutions for
the most complex development options and reservoirs,” notes John Harris,
president of Baker Hughes’ RDS group. “JewelSuite software has the
potential to become a leading reservoir integration platform for
technologies ranging from geosteering to modeling the performance of
inflow control devices.”

Gerard de Jager, founder of JOA Oil & Gas, says the global presence of
Baker Hughes may accelerate the growth of the JewelSuite software package.
“Baker Hughes recognizes the integration capabilities of the JewelSuite
seismic-to-simulation workflow. We look forward to joining the Baker
Hughes RDS group and to enhancing the application of the JewelSuite
software development kit by larger independents, international oil
companies and national oil companies.”

Source: www.bakerhughes.com



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Polarcus receives Letter of Intent for large 3D seismic acquisition program

Thursday, October 7th, 2010

Polarcus Limited (OAX: PLCS) announced today that the Company has received a Letter of Intent for a series of consecutive 3D seismic acquisition projects offshore South America. The minimum program duration is estimated at three and a half months, with the potential to expand to five months.

Further, pursuant to the earlier announced notifications regarding the Seismic Charter Agreement between Polarcus and TGS (latest notification dated 25 February 2010), the Company has duly notified TGS of the aforementioned Letter of Intent and TGS has determined not to exercise their Right of First Refusal for a second and final 6 month extension to the charter. Accordingly the Company has formally accepted the referenced Letter of Intent.

The program will be acquired by POLARCUS NADIA upon completion of the vessel’s current charter period with TGS in mid-November 2010 and is subject to the execution of a service contract.



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