Service Companies

Done right, Alberta energy diversification strategy could actually work

Markham on Energy

Alberta energy diversification should include partial bitumen upgrading, petrochemicals, expansion of oilfield services/manufacturing Economic diversification rarely works. Canadian governments have wasted many billions over the decades, chasing this or that economic flavour of the week that never pans out. But the Alberta government finds itself in the unique position of being able to back an […]

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Permian Basin producer brings oilfield services in-house. Example of a new trend?

USA

Permian Basin-based Amazing Energy Oil and Gas buys Jilpetco Inc., Gulf South Securities, Inc. to improve efficiencies, lower costs American oil and gas producers are pulling out all the stops to drive down costs in a low-price environment, including using in-house staff and equipment to service their wells instead of contracting to service companies. This sort of

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Basic Energy Services reports decline in drilling, servicing rigs compared to 2014

Energy Financial

October saw an increase in fluid service hours, as utilization remained strong in Permian Basin Basic Energy Services, Inc. today reported selected operating data for the month of Oct. 2015.  Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 44,400 producing a rig utilization rate of 44%,

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Aly Energy Services closes equity deal, renegotiates debt until 2017

Energy Financial

Aly Energy says it anticipates upturn in oilfield business before new debt matures in 2017 Texas-based drilling services company Aly Energy Services, Inc. says it has raised over $3 million in capital and renegotiated its debt, as the industry continues to struggle with low oil prices and E&P cutbacks. The company (OTCQB: ALYE) announced Monday that effective Sept.

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Halliburton, Baker Hughes selling oilfield firms as part of merger

Energy Financial

Halliburton selling one company, Baker Hughes selling three Halliburton (NYSE: HAL) and Baker Hughes (NYSE: BHI) are selling businesses that in 2013 earned revenue of $5.2 billion as part of their merger process, the companies announced Monday. The companies are being put up for as part of Halliburton’s pending acquisition of Baker Hughes. Pursuant to the

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Squeezing service companies isn’t enough to lower oil production costs – study

News

Service companies are key to lowering shale production costs, say experts A new study argues that simply squeezing service companies for more cost reductions isn’t enough to save up to $1.5 trillion of upstream projects and oil producers need to work smarter if they hope be profitable at $50/barrel oil. Consultancy Wood Mackenzie says operators are seeking an

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New magnesium down-hole fracking tools that dissolve promise to lower costs

Innovation

High interest in magnesium products from tool makers, service companies says British manufacturer Down-hole fracking tools made of magnesium that dissolves after use promise to save time and money for American oil producers, according to Magnesium Elektron. SoluMag is a proprietary high-strength, soluble magnesium alloy developed specifically for making down-hole oil and gas industry fracking tools. The

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