Equinor, Shell form independent producer for the UK

Equinor and Shell are combining their UK offshore oil and gas assets to form a new company that could be the biggest independent producer in the North Sea. 

The incorporated joint venture (IJV), in which the two companies will each hold 50%, will include Equinor’s equity interests in the Mariner, Rosebank and Buzzard fields, as well as Shell’s equity interests in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion. A range of exploration licenses will also be part of the transaction.

The deal had economic effect as of 1 January, but completion of the deal remains subject to approvals and is expected by the end of 2025. 

ExxonMobil makes changes in upstream leadership

Liam Mallon, President of ExxonMobil Upstream Company and Vice President of Exxon Mobil Corp, will retire effective 1 February. Dan Ammann, President – Low Carbon Solutions at ExxonMobil, will take over for Mr Mallon in both positions. Mr Ammann’s current position will be taken by Barry Engle, who joined ExxonMobil in September 2024.

BP, XRG close deal on gas-focused company in Egypt

XRG, ADNOC’s energy investment company, and BP have completed the formation of their joint venture (JV), Arcius Energy. Envisioned to be an international natural gas platform, Arcius Energy will initially operate in Egypt and include interest assigned by BP across two development concessions, as well as exploration agreements. 

The concessions assigned to Arcius Energy include Ghorouk, which contains the producing Zohr field, and the North Damietta, which contains the producing Atoll field, as well as the North El Tabya, Bellatrix-Seti East and North El Fayrouz exploration concession agreements.

Naser Saif Al Yafei, former Senior VP of Strategy, Sustainability & Transformation in ADNOC Gas, was appointed as CEO of Arcius. Katerina Papalexandri, former Vice President for Caspian Gas Business Development at BP, was named CFO.

JV to acquire Vantage’s Tungsten Explorer drillship

Vantage Drilling and TotalEnergies have created a joint venture (JV) entity, TEVA Ship Charter, which will acquire Vantage’s Tungsten Explorer drillship. Vantage will continue to operate the drillship for a 10-year term, with the option to extend for an additional five years. The companies had previously announced a deal in February 2024 in which the operator would buy a 75% ownership interest in the drillship for $199 million.

TWMA appoints Parkes as Group Commercial Director

Drilling waste management specialist TWMA named Jonathan Parkes as its new Group Commercial Director. Mr Parkes, who joined the company in October 2024, has more than 20 years of experience in the energy market. He had previously served as Divisional Director of an energy, maritime and defense company.

Gaspar to succeed Muncrief as Devon President, CEO

Rick Muncrief has announced his retirement from the position of President and CEO and member of the Board of Directors at Devon Energy, effective 1 March 2025. Clay Gaspar, currently Devon’s Chief Operating Officer, will succeed Mr Muncrief in his positions. 

GD Energy adds frac pump manufacturer to portfolio

GD Energy Products has acquired ValTek, a manufacturer of hydraulic fracturing pumps, parts and consumables. The acquisition will expand GD Energy’s pumping products portfolio and enhance its aftermarket parts manufacturing capabilities.

Keppel assumes control of Rigco Holding legacy rigs 

Citing improving conditions in the offshore rig market, Keppel has taken ownership of 13 legacy rigs held by Rigco, which will become a wholly owned subsidiary of Keppel. Keppel plans to establish a dedicated private fund, the Keppel Offshore Infrastructure Fund, to own and manage the legacy rigs. Keppel stated it has no intention to re-enter the offshore market and will focus on the monetization of the legacy assets.

SLB wins major offshore contract with Petrobras

Petrobras has awarded SLB an integrated services contract for all of its operated offshore fields in Brazil. This covers more than 100 wells across nine ultra-deepwater rigs. 

SLB’s drilling, cementing and drilling fluids technologies will primarily be provided in the Campos, Santos and Espirito Santo Basins. Operations in the Equatorial Margin are also planned, pending exploration license approval within the three-year contract period starting in April 2025.

“This investment of approximately $800 million will allow us to intensify our activities in several basins, revitalizing already productive fields and exploring new areas,” said Wllisses Menezes Afonso, Executive Manager of Wells at Petrobras.

Moyer to oversee CHIMERA line at Reactive Downhole 

Reactive Downhole Tools appointed David Moyer as Product Line Manager – CHIMERA. The new position, which will encompass all of Reactive’s operations and customer base, supports the company’s plans to increase the level of assistance provided to upstream operators.

Expro selected to support 52-well project in P&A campaign

Expro has been awarded a contract from an undisclosed customer valued at over $10 million for the provision of a well decommissioning solution. The solution combines subsea safety systems and surface processing design to enable well entry and well fluids management.

Under the contract, Expro will provide a surface fluid management package and its 7 3/8-in. large-bore subsea test tree assembly with surface tree and controls, providing dual barrier and disconnect capability to facilitate re-entry into the subsea wells.

Expro has supplied subsea safety systems and well test equipment to this client for almost 15 years and was involved in the construction of many of the 52 wells now being plugged and abandoned. The company offers subsea well access systems that interface with any Christmas tree type and can operate in open water or within a drilling riser with a BOP.

Weatherford, ADNOC agree to three-year deal for rigless services

Weatherford was awarded a three-year contract for the provision of rigless services as part of the reactivation of ADNOC onshore strings. Weatherford is expected to deploy multiple intervention solutions under the agreement, helping to advance the operational efficiency and reliability of ADNOC’s onshore assets. 

PRODUCTS

Crank ventilation system lowers methane emissions

Caterpillar recently launched the Cat Closed Crank Ventilation (CCV) system, designed to eliminate the venting of crankcase gases – commonly referred to as blow-by emissions – from internal combustion engines. 

The engine-mounted system has the capability to operate at very low ambient temperatures with minimal risk to condensation and emulsion. Additionally, oil mist filtered from crankcase gases is returned to the engine oil sump, eliminating facility contamination from crankcase emissions. 

Operators can further support their ESG goals by combining the CCV system with the Cat G3600 Gen 2 retrofit kit. The CCV system maintains engine durability, and there is no change to preventative maintenance and overhaul schedule.

The CCV System for G3600 A4 engines is currently available as a retrofit kit, and the system is scheduled to be standard on all new G3600 A4 Gen 2 engines starting January 2025. The CCV System for G3600 A3 engines is planned to be released in late 2025.

Digital solutions added to Rig Direct package

Tenaris is expanding its Rig Direct service package with a new suite of digital solutions called WISer.

Building on the company’s PipeTracer technology and the 24/7 support of its remote monitoring center, WISer currently includes two digital solutions that maximize the lifecycle of pipe strings.

First is the iRun Casing cloud-based tool, which delivers real-time monitoring of casing installation to minimize the risk of lost lateral length and production. It also prevents accessibility issues caused by fatigue damage, buckling, over-torque or stuck pipes. 

Second is a torque turn monitoring system, in which Tenaris experts collect and analyze real-time torque data at the well, using advanced equipment to improve connection makeup reliability, reduce errors and enhance the overall integrity of the assembly.

New systems target better sand control, well steering

Halliburton’s new SandTrap XL addresses the industry’s challenge of excessive sand production with a low-viscosity resin system. Activated externally, it enables solids control over large intervals without a restriction on pump or cure time. 

The system excels in the treatment of high-clay content mineralogy up to 25% and adapts to various formation mineralogies. It provides thermal stability above 550°F (287°C). This allows it to control sand in heavy oil reservoirs under enhanced oil recovery methods, such as steam flooding.

Separately, Halliburton also introduced its iCruise Force intelligent, motorized rotary steerable system. It can be coupled with the company’s LOGIX automation and remote operations platform to facilitate more accurate steering and control.