GE Simplifies Energy Businesses
GE announced today that it will reorganize its Energy business into three standalone businesses effective in the fourth quarter of 2012. The Energy headquarters organizational layer will be phased out by the end of 2012. This change will speed decision making, reduce layers and decrease cost. GE Energy Infrastructure includes …
Schlumberger Announces Second-Quarter 2012 Results, Revenues Up 500m USD
Schlumberger Limited (NYSE:SLB) today reported second-quarter 2012 revenue of $10.45 billion versus $9.92 billion in the first quarter of 2012, and $8.99 billion in the second quarter of 2011. Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.4 billion—an increase of 8% sequentially and 20% year-on-year. …
National Oilwell Varco Completes Acquisition of CE Franklin
National Oilwell Varco, Inc. and CE Franklin Ltd. announced today that NOV Distribution Services ULC, a wholly-owned subsidiary of NOV, has completed its previously-announced acquisition of CE Franklinpursuant to a plan of arrangement. The arrangement resulted in NDS acquiring all of the issued and outstanding common shares of CE Franklin for cash consideration of CAD$12.75 per …
TNK-BP Will Reduce Electricity Costs in Artificial Lifting by $31 Million in 2012
TNK-BP plans to cut electricity costs in it`s artificial lift activities by $31 million this year, as part ofthe Company`s energy efficiency improvement program. The Company intends to integrate energy-efficient technologies in 6,020 wells, which is 35% more than in 2011. Artificial lifting accounts for more than half of the electricity consumed by TNK-BP. The application of …
TNK-BP to Spend 670 Million Rubles on Modernization of Process Furnaces at Ryazan Refinery in 2012
TNK-BP will spend over 670 million rubles in 2012 on a programme to upgrade the process furnaces at the Ryazan Oil Refinery Company (CJSC RORC is a member of the TNK-BP group of companies). Fifty of the 56 process furnaces included in the programme are to be upgraded by the …
Fairstar Confirms Commitment to Third New Build Vessel
Fairstar Heavy Transport N.V. (“Fairstar”) confirms that on 3 May 2011 Fairstar had entered into a Shipbuilding Contract with a face value of USD 110 million with China Shipbuilding Trading Company Limited (“CSTC”) and Guangzhou Shipyard International Company Limited (“GSI”) concerning the acquisition and building of a fifth vessel (MV …
Tethys Petroleum: Tajikistan Resource Upgrade 27.5 Billion BOE
Tethys Petroleum Limited is pleased to announce that it has received an updated independent Resource Report for its Tajikistan assets. These cover an area of approximately 35,000 sq. km and the estimated gross unrisked mean recoverable resources are 27.5 billion barrels of oil equivalent (BOE). Key Points: Gross unrisked mean recoverable …
KMG EP has Signed Share Purchase Agreement with MOL Hungarian Oil and Gas Plc. for the Sale of 49% of Shares in JSC Karpovskiy Severniy
KazMunaiGas Exploration Production JSC announced the conclusion of the Share Purchase Agreement with MOL Hungarian Oil and Gas Plc. on sale of 49% of shares in Karpovskiy Severniy JSC. Karpovskiy Severniy JSC is a subsoil use right holder under the Contract for Exploration of Oil, Gas and Condensate at Karpovskiy …
BP Begins Next Stage In TNK-BP Sale Process Due to AAR Request
BP announced today that it is beginning the next stage in the process, required under the TNK-BP shareholder agreement, regarding the potential sale of its shareholding in TNK-BP. This follows the decision of Alfa Access-Renova to exercise its right to enter a period of negotiation to purchase part/ all of …
KMG EP 6 Month Figures Hurt by Strike Action
JSC KazMunaiGas Exploration Production announces that in the first six months of 2012 it produced 6,057 thousand tonnes of crude oil (248 kbopd), including the Company’s stakes in Kazgermunai (KGM), CCEL and PetroKazakhstan Inc. (PKI) which is 254 thousand tonnes or 4% less than in the same period of 2011. JSC Uzenmunaigas (UMG) …