Tag Archive | "Weatherford"

Weatherford sees Cash-Neutral end to Zubair Project

By John Lee.

In its results for the first quarter of 2015, oil services company Weatherford said it expected “a positive cash outcome on the Zubair project in Iraq as milestones are achieved and continued control of capital expenditures,

The company added that “reduction in working capital balances and managing a cash neutral end to the Zubair project in Iraq which will contribute enough to more than offset any reduction in earnings.”

Bernard J. Duroc-Danner, Chairman, President and Chief Executive Officer commented:

“Our approach is to treat this down cycle as an opportunity to become a much leaner, more efficient and streamlined organization. Our key focus areas of cost management, cash generation and talent development will pay dividends in improved market share, margins and reduced debt levels by year end.”

(Source: Weatherford)

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Iraq Awards $348m in Drilling Deals

By John Lee.

Iraq has awarded oil drilling deals with a combined value of $348 million.

Associated Press reports that Weatherford picked up two drilling contracts, one for nearly $95 million and another for $82.4 million.

Another contract worth $96.7 million went to China’s Bohai, while COSL, a division of the China National Offshore Oil Corporation (CNOOC), won a contract for $73.8 million.

The deals relate to work at oil fields in Maysan province that are being developed by China’s state-owned CNOOC.

(Source: Associated Press)

(Picture: a Weatherford rig at Bazirgan oilfield in Maysan)

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Gulf Keystone Starts Drilling at Shaikan-7

By John Lee.

Gulf Keystone has announced the commencement of the Company’s drilling campaign to explore deeper, yet untested horizons of the world class discovery at the Shaikan field, which the Company operates.

Shaikan-7, the first deep exploration well on the Shaikan block, is targeting the mid to lower Triassic and, potentially, Permian horizons, spudded late on Sunday 16 June 2013. The well is being drilled with the Weatherford Rig 319 (3000HP) close to the crest of the Shaikan structure, approximately 1 km east of the Shaikan-1 discovery well.

Shaikan-7 is being drilled to the lower Triassic to evaluate the potential for significant quantities of light oil and identify commerciality of the deeper Triassic reservoir. The well is then expected to penetrate the Permian, the deepest undrilled horizon to date on the Shaikan structure.

This vertical well is planned to reach a total depth below 4,500m in the Permian and the drilling is expected to take about 9 months.

Commenting on today’s announcement, John Gerstenlauer (pictured), Chief Operating Officer, said:

As we are about to commence implementation of our Field Development Plan for the Shaikan discovery and start Jurassic production from the newly constructed Shaikan production facility, the spudding of our first deep exploration well adds a new and exciting dimension to Gulf Keystone’s work programme in 2013.

“With Shaikan-7, we hope to confirm our expectations of major reservoirs beneath the deepest horizon drilled to date and add to what is already recognised as one of the world’s largest onshore conventional oil & gas developments.

(Source: GKP)

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New Oil Find in Iraqi Kurdistan

Gulf Keystone notes today’s update by MOL Hungarian Oil and Gas Plc., the operator of the Akri-Bijeel Block in the Kurdistan Region of Iraq (in which Gulf Keystone has a 20 per cent working interest), on its extensive exploration and appraisal programme.

Bakrman-1 Exploration Well Discovery

Bakrman-1, the first exploration well to target the Bakrman structure on the Akri-Bijeel Block, has made a new Triassic discovery. This is the second discovery on the block following the Bijell discovery made in 2010.

Bakrman-1 spudded in May 2012, 32 km to the north-west of the Bijell-1 discovery well. The well was drilled to a total depth of 4,100 metres in the Kurra Chine B formation in the Triassic, following which a well testing programme commenced, targeting reservoir zones in the Jurassic and Triassic. Two open hole tests and three cased hole tests have been performed to date. According to the operator, the second open hole well test performed at 3,930-4,100 metres MD (measured depth) in the Kurra Chine B formation in the Triassic resulted in calculated daily flow rates of approximately 2,616 barrels of light (32 to 35 degrees API gravity) oil per day and a gas rate of approximately 5.86 million standard cubic feet per day. The well testing programme is ongoing and is expected to be completed in April 2013.

Gulak-1 Exploration Well

Gulak-1, the fourth exploration well to be drilled on the Akri-Bijeel block and the first exploration well to target the Gulak anticline, spudded in July 2012 and has been drilled 21 km to the east from the Bijell-1 discovery well and 5 km to the south from the Bekhme-1 exploration well to a total depth of 3,641 metres in the Kurra Chine B formation in the Triassic. The well test programme, consisting of five tests, has now been completed. In the course of the DST#4 performed at 2,385-2,420 metres MD in the Sargelu and Naokelekan formations in the Jurassic, minor inflows of between 22-30 degrees API oil were encountered. Following the completion of the DST#5, it is proposed that the well will be suspended.

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Weatherford Completes New Well at Bazargan

By John Lee.

Missan Oil Company has announced that the US company Weatherford has successfully completed an oil well at the Bazargan field.

It has also rehabilitated another well in the same field, and one at the Faqa oil field.

According to a report from AIN, this brings the number of wells Weatherford completed at Bazargan to 17, from a total of 20 in the contract.

(Source: AIN)

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45 New Oil Wells Drilled in Maysan

By John Lee.

The Missan Oil Company has announced the completion of 45 new oil wells in the province as well as the rehabilitation of a number of old wells.

The Director General of the Company, Ali M’arij, told AIN that “the Chinese company PetroChina drilled 30 new oil wells and rehabilitated six old ones in Halfaya oil field.

Additionally, Weatherford drilled 15 new oil wells, and rehabilitated several others at the Bazirgan field.

(Source: AIN)

(Photo: Weatherford rig at Bazirgan oilfield)

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14 Wells Drilled at Bazargan Oil Field

The Director General of Missan Oil Company has announced that 14 of the 20 oil wells at Bazargan [Bazirgan] oil field have been drilled.

He said that Weatherford accomplished the drilling operation in record time, and they were working on three of the remaining six wells.

The wells have provided production capacity of 6,900 bpd.

(Source: AIN)

(Picture: Weatherford rig at Bazargan oilfield)

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Weatherford Completes Well #25 at Bazargan

The Missan Oil Company has completed the Bazargan [Bazirgan] oil well #25, which is reported by AIN to have a capacity of 170, 000 barrel per day.

Ali Maarij, the Director General of the company said:

The US company Weatherford  recently finished digging Bazargan well within Bazargan field … The well entered the service with 11 wells out of 20 implemented.

(Source: AIN)

(Picture: Weatherford rig at Bazargan oilfield)

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