Tourmaline Oil Corp. is pleased to report very strong total reserve growth, liquids reserve growth and a continued reserve value increase in the current depressed natural gas price environment. The Company executed on the 2017-2018 plan to concentrate almost entirely on internal EP growth and has produced the best reserve metrics in the Company's 10 year history over the past two years.
Drilling & Production News
Another component has been added to the product portfolio of the NEMO progressing cavity pump from NETZSCH: the xLC unit. This unit triples the service life of the pump, particularly when conveying difficult, abrasive media. When wear occurs in the rotor-stator system, the new xLC unit allows the performance of the pump to be re-established by adjusting the preload between the conveyor elements.
Rockwell Automation, which is dedicated to industrial automation and information, and Schlumberger, a leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, have entered into an agreement to create a new joint venture, Sensia, the first fully integrated digital oilfield automation solutions provider.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for January 2019 was 1,023, down 2 from the 1,025 counted in December 2018, and up 63 from the 960 counted in January 2018. The international offshore rig count for January 2019 was 241, up 7 from the 234 counted in December 2018, and up 45 from the 196 counted in January 2018.
Hemisphere Energy Corporation has provided an update on its Southern Alberta operations following the 11 well drilling program that was completed in the fall of 2018.
In its first update to the 2019 Canadian Drilling Activity Forecast, the Petroleum Services Association of Canada (PSAC) has revised the number of wells drilled (rig released) across Canada for 2019 to 5,600 wells. This represents a decrease of 1,000 wells, or 15 percent, from PSAC's original 2019 drilling Forecast released in November 2018 and reflects the deteriorating investor confidence in Canada.
Subsea oil and gas engineering firm Interventek will unveil the development of the industry's first subsea shear-and-seal safety valve powered by an integrated gas accumulator at next week's Subsea Expo show in Aberdeen, UK. This innovation builds on Interventek's existing, award-winning, Revolution valve technology by adding a gas accumulator within the valve, close to the cutting and sealing mechanism. It increases the power and speed of the valve's functionality and provides a failsafe mode triggered in the event of an emergency.
Subsea Integration Alliance has announced the award of integrated subsea engineering, procurement, construction, installation and commissioning (EPCIC) contracts. These awards, by Esso Australia Pty Ltd, represent the first integrated subsea project for Subsea Integration Alliance in Australia combining OneSubsea and Subsea 7 expertise in subsea production systems (SPS) and subsea umbilical, riser and flowline (SURF) systems.
Suncor has provided an operations update for the fourth quarter of 2018, highlighting total upstream production of 831,000 barrels of oil equivalent per day (boe/d), which is a quarterly production record and represents an increase of 12% from the third quarter of 2018. This record-breaking quarter reflects the results of the significant investment developing Fort Hills, and Suncor's ongoing operational excellence focus across its assets, particularly at the Syncrude joint venture.
CPC-Cryolab, a CIRCOR International brand, offers the 5000 Series Cryogenic Valves, ideal for use in ultra-cold cryogenic storage tanks, transportation trailers, and vacuum jacketed and non-jacketed piping systems. The 5000 Series valves feature bellow sealed and non-bellows sealed designs, redundant packaging seals, and all stainless-steel construction, trusted the most common, most reliable LHe valves used on ISO helium containers world-wide.