Barge Master has received a Letter of Award from Niestern Sander bv for employment of the Barge Master motion compensated crane on their new Walk-to-Work vessel, to be built for Wagenborg. The vessel including the Barge Master system will be ready in the first quarter of 2015. NAM will use the motion compensated crane to service and maintain gas production platforms in the North Sea.

Oil & Gas platforms have become smaller and more flexible during the last forty years. They no longer have a resident crew or helicopter pads which means frequent journeys to and from the platform by ship in order to perform maintenance work.  With the new Walk-to Work Vessel these operations can be executed in a safer, more efficient and effective manner.  The Vessel is unique because multiple functions are combined for the first time.  The vessel can accommodate 20 crewmembers and 40 service technicians, chemicals can be stored and transferred safely, and thanks to the T40 Barge Master system materials can be transferred during wave heights of up to 3 meters.  Through utilizing new technology, NAM is able to safely continue harvesting gas on the North Sea with an extended weather window and less down time. 

Apache Corporation (NYSE, Nasdaq: APA) announces several changes to its executive organization, effective Jan. 1, 2014.

"Apache is undergoing a transformation that will position the company for many years of predictable and profitable growth," said G. Steven Farris, chairman and chief executive officer. "Between 2010 and 2012, we took advantage of our balance sheet strength to expand the opportunity base in our North American regions, and Apache now has decades of drilling inventory. We are concentrating our effort around the most promising growth areas for the company. These organization updates strengthen our focus on delivering and supporting operational success."

•    Rod Eichler, president and chief operating officer, will be transitioning to the newly created roles of executive advisor to the chairman of Apache and as the chief executive officer of Kitimat (LNG and upstream), where he will focus on oversight of Apache's liquefied natural gas business, Gas Monetization, and corporate Health, Safety, Environment and Emergency Response (HSEE).

•    John Christmann, region vice president for the Permian, will assume the role of executive vice president and chief operating officer, North America.

•    Tom Voytovich, executive vice president for International Operations, is taking on the role of executive vice president and chief operating officer, International.

•    Mike Bahorich, executive vice president and chief technology officer, will take on additional responsibilities. He will maintain responsibility for exploration and production technology, and assume responsibility for Worldwide Projects, Horizontal Drilling and Completion Applications, Worldwide Drilling, Special Projects and Corporate Purchasing.

•    Michael Bose, region vice president for Argentina, will transfer to Midland as the region vice president for the Permian Region. David Chi, manager of Argentina Production and Reservoir Engineering, will be interim region vice president for Argentina.

•    Rob Johnston will serve as executive vice president and region vice president for the Central Region.

•    Roger Plank continues in his role as president and chief corporate officer.

Farris noted that these appointments strengthen and broaden Apache's senior leadership. As a result of these organizational changes, the three-person Office of the Chief Executive will be discontinued.

Subsea 7 S.A. (Oslo Børs: SUBC) today announced a contract award by Stone Energy valued in excess of US$70 million for the development of the Cardona field in the U.S. Gulf of Mexico.

The contract scope includes engineering, procurement, installation and commissioning of flowlines, risers, pipeline structures, and a gas lift umbilical.

Project management and engineering work will commence immediately at Subsea 7’s offices in Houston. Offshore operations are due to commence in the third quarter 2014, with stalking of the risers and flowlines and welding being performed at Subsea 7’s Port Isabel spoolbase.

Ian Cobban, Subsea 7’s Vice President for the Gulf of Mexico, commented that “We are pleased to be awarded this contract and look forward to working collaboratively with Stone Energy. This is an important project for both Stone Energy and Subsea 7, and we look forward to delivering the project in a safe and timely manner, and to building a strong relationship.”

Unique System FZE, a Unique Maritime Group company and one of the world’s leading integrated turnkey subsea and offshore solution providers, has been contracted by ADNATCO-NGSCO to deliver ship performance monitoring solutions that will help to optimize vessel performance and subsequently aim to reduce fuel consumption and carbon emissions. The entire project will be carried out by Unique System FZE, acting as agents for the Iceland based energy management company Marorka ehf. Commissioning and technical support will be provided by Unique Marorka Support Services which is a joint venture set up by Marorka ehf and Unique System FZE.

National Gas Shipping Company (NGSCO), an ADNOC Group Company, was formed in December 1993 to transport liquefied natural gas (LNG) on behalf of Abu Dhabi Gas Liquefaction Company (ADGAS). In 2009, the company’s supporting services were merged with ADNATCO under a single management umbrella. The merger boosted both companies’ positions and created a pool of versatile and experienced manpower in the lead up to the expansion stage under the auspices of Abu Dhabi National Oil Company (ADNOC).

Marorka is a leading provider of energy management solutions for the international shipping industry. Marorka products and services enable vessel operators to optimize fuel consumption by maximizing the energy efficiency of their vessel or fleet. The results are minimized harmful emissions and reduced costs.

The project’s objective is to implement energy management systems for ADNATCO-NGSCO’s entire fleet. The first stage of the project includes the installation of ship performance monitoring systems on board ADNATCO’s six vessels: two LNG vessels, two bulk carriers and two oil tankers. The principal objective will be to improve the vessel’s performance and to eliminate environmental concerns such as excessive fuel consumption and carbon emission in the long term. Marorka’s Onboard Energy Management System and Marorka Online, a fleet reporting tool, have been selected for this purpose. The system gathers data from the required instrumentation points and presents the overall efficiency of the vessel in a user-friendly interface. The main advantage of this system is its ability to provide real-time information from each vessel in fleet, thereby facilitating informed decisions related to energy efficiency.

ABB, the leading power and automation technology group, has won an order worth around $25 million to supply its marine propulsion system, Azipod, and complete electric power plants for two new rescue and salvage icebreakers that are under construction at Nordic Yards GmbH in Germany.

The new vessels, owned by Russia’s State Maritime Rescue Coordination Centre (SMRCC), will be used for patrols and rescue operations in offshore oil-and-gas fields. They will be fitted with equipment for search and rescue tasks and oil-spill response. The vessels are designed for Arctic conditions and will receive Russian Maritime Register of Shipping (RMRS) Icebreaker 6 class notations to perform rescue operations in waters covered by ice of up to one meter thick.

“Since ABB’s first delivery of Azipod technology for ice breakers in the 1990s, 60 units have been delivered for more than 30 ice-going vessels,” said Veli-Matti Reinikkala, head of ABB's Process Automation division. “On average, two out of three high ice-class vessels built today are fitted with ABB systems. This order sustains our reputation as a long-term and reliable partner in the Russian market.”

ABB’s scope of supply will include 3.5 megawatt (MW) Azipod VI units, main switchboards, drives, bow thrusters and generators. Total power per vessel will be 7 MW. ABB has made a significant investment in Russia to support the country’s fast-growing offshore oil-and-gas activities in the Arctic. The company has 27 offices in Russia and five production sites, overseen by the head office in Moscow. ABB has also reinforced its presence in Russia by establishing dedicated marine centers in Moscow and St. Petersburg, backed by specialized marine service teams in Murmansk and Sakhalin.

Diamond Offshore Drilling, Inc. (NYSE:   DO) announces that Lawrence R.  Dickerson, President and Chief Executive Officer, has decided to retire after more than 30 years of service.

"I have had the pleasure of knowing and working with Larry for the past 25 years," said James Tisch, Chairman of the Board of Diamond Offshore.  "Diamond Offshore has achieved operational excellence and substantially modernized its fleet with Larry at the helm. Under his leadership, Diamond has created tremendous value for shareholders, including paying total dividends of more than $5 billion—over $36 per share—to shareholders since 2006.  The Board is grateful for Larry's many contributions and his distinguished tenure as both President and CEO."

"I have been privileged to lead this great company," Mr. Dickerson said. "Our achievements reflect the contributions of a great many men and women, and I believe that after 34 years at Diamond and 15 as President, it is time to pass the reins to a new generation.  I am especially proud of our safety achievements in recent years.  I look forward to working with my colleagues, the board, and our customers during this transition."

Mr. Dickerson will remain CEO until his successor joins the company, which is expected to take place by March 31, 2014.

Russell Reynolds Associates has been retained by the Board of Directors of Diamond to assist in a search for a new CEO. 

Patrick Lagrange will lead the charge to build the investment arm of CSA

Continental Shelf Investment Capital, Inc. (CSIC) is pleased to announce that Patrick Lagrange is joining the firm as its new Managing Director. Lagrange will help manage CSIC’s existing investments in the coastal, ocean, and subsea industries and look for new opportunities.  Working with fledgling and established entrepreneurs alike, Lagrange and CSIC will work to help entrepreneurs develop their concepts and ideas into great businesses.   “CSIC’s mission of supporting and growing companies with the capital needed to get to the next stage is exciting.  I’m thrilled to be part of this effort,” said Lagrange.

Hailing from New Orleans, Lagrange brings with him nearly two decades of experience investing in and advising companies in a variety of capital markets, M&A, and restructuring transactions.  Lagrange began his career as an attorney working for the oil industry through the early 1990s.  He then made a career shift that would allow him to pursue his interest in finance by earning an MBA from New York University.  After that he worked with several leading investment and financial advisory firms in the Northeast.  He joins CSIC from Carl Marks Advisory Group LLC, a leading middle market New York-based investment bank and financial advisory firm where he served as CEO of the firm’s broker/dealer affiliate and head of its strategic research unit.

Lagrange has played a leading role in the corporate restructuring industry.  In 2009 – 2010, he served as President and Chairman of the Turnaround Management Association, the premier global professional organization dedicated to corporate renewal with over 9000 members in 47 chapters in the Americas, Europe, Asia and Africa. 

In addition to his work at CSIC, Mr. Lagrange will serve as President of Pelagic Strategic Partners LLC (Pelagic).  Pelagic is a newly formed CSA affiliate that will bring high-quality strategic and management consulting services to small-growth stage companies in the coastal, ocean, and subsea industries.  “Pelagic will work in partnership with CSIC to help entrepreneurs build great companies by combining its capital with Pelagic’s management services,” said Lagrange.

Business Monitor has just released its latest findings on Mexico’s oil & gas sector in its newly-published Mexico Oil & Gas Report.

Never before has Mexican energy sector reform been both more critical and more attainable. Business Monitor note that without reform and a resulting uptick in foreign investment, the country is set to switch from being one of the largest oil exporters in the world to a net importer by the latter part of its 10-year forecast period. However, while Mexico's ruling Partido Revolucionario Institucional has recently introduced a proposal to remove long-standing limits on private sector involvement in upstream activity - a key first step - Business Monitor believe that whether there is substantial interest from the major international oil companies will be largely determined by the wording of secondary legislation and specific contractual details. As such, although the Mexico Oil & Gas Report highlights substantial upside risks, for now Business Monitor retains its relatively pessimistic forecasts for the sector.

The report forecasts a steady decline in both Mexican proven oil reserves and production over the next decade, with the country likely to become a net importer rather than one of the world's largest net exporters - as is the case at the moment - by the end of its forecast period. This is on the back of several years of declining production, combined with the recognition that it will take a significant amount of time for any new production to come online. Furthermore, the country's most productive fields, especially Cantarell, are maturing at a rapid rate, resulting in a steady trend of reserve depletion. Business Monitor forecast 2013 oil production of 2.94mn barrels per day (b/d), falling to 2.82mn b/d in 2017. Production will end the forecast period in 2022 at 2.59mn b/d.

Business Monitor’s bearish view of Mexican oil production is reinforced by several interconnected fundamentals, including Pemex's relative inexperience in deepwater drilling as well as high tax and debt burdens. Also, the current inability for the company to work with foreign partners also prevents it from spreading capital risk, while also not being able to capitalize on foreign expertise and technology.

The report remarks that Mexican pipeline imports of natural gas have grown almost in parallel with the US natural gas production boom over the last few years. Importantly, because the imported gas is priced at the US Henry Hub benchmark, imports remain cheap despite surging demand growth. These price dynamics have a reinforcing effect, and therefore will support future demand growth. As such, Business Monitor expect this trend to remain in place for the foreseeable future - with its associated negative implications for Mexican domestic natural gas production, underpinning its forecast for Mexican gas production to grow at a modest 1% per annum for the long-term.

The stakes for energy sector liberalisation have therefore never been higher. At the time of writing the report, the ruling Partido Revolucionario Institucional (PRI) has put forward a reform proposal which would amend the constitution to allow private sector actors to play a more significant role in upstream activity. While an important step though, there is some risk that the government party's proposed reform may still not be sufficient to reverse the country's declining oil production as it centres on a profit-sharing model - less attractive to international oil companies (IOCs) than concessions or production-sharing frameworks.

Indeed, given the PRI's more moderate proposal, Business Monitor believe the extent to which Mexico is able to boost investment will be largely dependent on whether forthcoming secondary legislation is favourably written and how lucrative the contract terms on offer are - something that will not become apparent for several more quarters at least. As such, while Business Monitor sees some increased upside potential, for now it maintain its pessimistic forecasts.

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NYC-based PIRA Energy Group reports that U.S. crude stocks declined relative to the same week last year. On the week, U.S. commercial inventories declined, while Japanese stocks rose. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

U.S. Commercial Inventories Decline

Commercial inventories declined for the week ending September 13 led by lower crude inventories but also lower gasoline and distillate. U.S. commercial stocks are now 12.7 million barrels above last year. This is down sharply from last week due both to the stock draw this past week and the huge stock build for this same week last year. The excess continues to be largely in gasoline. While crude is down compared to last year and distillates are nearly flat and remain quite low relative to history.

Japanese Crude Imports and Stocks Rise, Demand Weakens

Crude stocks and imports jumped and gasoline demand was surprisingly soft. Kerosene stocks returned to building mode as demand eased back. Refinery margins remain abysmal with gasoline cracks being the biggest drag, though fuel oil cracks are also very weak.

Low Propane Stocks in the U.S. and High Levels of Feedstock Usage

High levels of propane exports and on-going feedstock usage will keep propane stocks relatively low going into the winter. Growing LPG imports into Europe as well as the winding down of North Sea maintenance are pressuring prices. Steam cracker operators should be maximizing propane use in both Europe and Asia.

Ethanol Values Plummet

U.S. ethanol values plunged for the week ending September 13 as the 2013/2014 corn harvest has begun and corn prices have fallen, lowering the cost to manufacture the fuel. The supply/demand balance also shifted from tightness to a surplus position.

Ethanol Output Lower

U.S. ethanol production fell to 838 MB/D for the week ending September 13, erasing some of the gains made in the previous week. Output is expected to increase soon as the corn harvest begins in the Midwest and several plants restart.

The information above is part of PIRA Energy Group's weekly Energy Market Recap, which alerts readers to PIRA’s current analysis of energy markets around the world as well as the key economic and political factors driving those markets.

Click here for additional information on PIRA’s global energy commodity market research services.

Leading international equipment solutions specialist Ashtead Technology has strengthened its team with the appointment of Neil Harrap as NDT Market Manager.

Neil is a highly experienced non-destructive testing (NDT) specialist having spent 31 years in aerospace engineering with the Ministry of Defence, much of which was spent with the RAF. During this time, Neil’s roles included NDT Equipment Subject Matter Specialist, NDT Field Team Manager, Military Tri-Service NDT School Instructor and Aerospace Engineering Technician. More recently, he has been a lecturer at TWI and provided technical support for one of the world’s leading manufacturers of advanced NDT instruments.

The appointment, which is a new position, has added to the company’s capabilities as specialists in NDT. Ashtead Technology provides NDT equipment as part of its global service offering, which includes rental equipment, calibration, repair and maintenance, offshore personnel and bespoke engineered solutions.

A large fleet of NDT inspection equipment for both topside and subsea testing is available from offices in Aberdeen, Houston, Singapore and London, where Mr Harrap is based.

Chief executive Allan Pirie said: “As we continue to grow, we are putting more resources into our proven services, including investing heavily in NDT instrumentation and technical support staff.  Neil is a welcome addition to our team, with his unparalleled experience in the sector, which will allow us to implement our NDT strategy effectively and maintain Ashtead Technology’s reputation as a market leader in this sector. Customers will have access to the latest instrumentation, coupled with a high level of engineering and technical support both before and during the rental period.”

Mr Harrap said: “Ashtead Technology is well known for its equipment rental capabilities, and I am delighted that my NDT knowledge will be put to good use here. The company aims to give its customers a full service offering in all of its capabilities, and I look forward to working with our technology to give customers a full understanding of our equipment, as well as technical training to make sure they are getting the best service possible. Whether inspecting platforms, subsea assets or pipelines, we can rent a wide range of suitable inspection equipment for Alternating Current Field Measurement (ACFM), Magnetic Particle Inspection (MPI), Flooded Member Detection (FMD) and Cathodic Protection (CP) inspections, for topside, diver and ROV use.”

Statoil has together with partners in PL128 made an oil discovery in the Svale North prospect in the Norwegian Sea, approximately nine kilometers northeast of the Norne field.

Exploration well 6608/10-15, drilled by the Songa Trym drilling rig (Photo), has proven a 45 meter oil column in the Åre formation and a 45 meter oil column in the Melke formation. The reservoir properties were as expected in both targets.

The preliminary estimated volume of the discovery is in the range of 6 to 19 million barrels of recoverable oil. It will be considered if the discovery can be tied to the Norne field.

"We are very pleased with the discovery," says Gro G. Haatvedt, Statoil senior vice president for Exploration Norway.

"With last month's announcement of the Smørbukk North discovery near Åsgard, this is the second discovery in the Norwegian Sea in three weeks. Timely near-field exploration provides valuable resources to Statoil and the discoveries show that there is still exciting potential in the Norwegian Sea."

"We work continuously on increasing the recovery and extending the life of the Norne field. The Svale Nord discovery confirms the prospectivity and Statoil's exploration success in the area. The discovery could lead to a further extension of the Norne field production life," says Hans Jakob Hegge, senior vice president for the operations north cluster in Statoil.

Exploration well 6608/10-15 is situated in PL128 in the Norwegian Sea. Statoil is operator with an interest of 63.95455%. The partners are Petoro AS (24.54546%) and Eni Norge AS (11.5%).

NYC-based PIRA Energy Group reports that Brent crude prices have moved higher and are likely to stay strong. On the week, U.S. commercial stocks increased. In Japan, crude imports rose sufficiently to produce a moderate stock build. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

Bullish Oil Prices

It is hard not to be bullish oil prices with the global economy gradually improving, tight physical oil markets and MENA turmoil, which is already substantially reducing global oil supplies and has the potential to reduce supplies further. Current positioning and likely September deflationary type headlines, due in part to a challenging calendar, but also the startup of Iranian nuclear negotiations, pose downside risks to oil prices. Yet, the burgeoning momentum to own oil seems poised to push oil prices higher for now with SPR chatter somewhat limiting the upside.

Slight U.S. Commercial Stock Build

Commercial inventories increased for the week ending August 30 as product stocks swung from a draw the week before to a build. Added supply resulted from reported product demand weakening and product output increasing. This more than offset a product import decline. Last year for the same week, product stocks declined as refinery operations were curtailed by Hurricane Isaac. Hence the year on year product stock excess widened with the bulk of the excess in gasoline and other products.

Japanese Crude Runs Decline as Turnarounds Gear Up

Crude runs began to decline as turnarounds started to gear up and crude imports rose sufficiently to produce a moderate crude stock build. Gasoline demand eased modestly, while gasoil demand remained strong. Stocks of both posted only modest changes on the week. Kerosene demand perked up and with a lower yield the stock build rate slowed. Refinery margins remain very poor.

Saudi Formula Crude Prices for October Tightens for Asia, Less Aggressive in Europe

Saudi’s formula prices for October were recently released. In Asia, differentials were raised most aggressively on lighter grades, but the differential for Arab heavy was left unchanged. While the price adjustment was termed "less aggressive" than market expectations, refiners still cannot be too pleased given the woefully weak refining margins, particularly for topping configurations.

Cushing Stocks Drop 15 Million Barrels in Last 9 Weeks

Crude stocks at Cushing, Oklahoma have fallen for nine consecutive weeks – a total of 15 million barrels since late June. Southern price spreads remained tight, with WTI discounts to Atlantic Basin light crudes averaging $4-5/Bbl in August. Northern spreads were mixed, as oil sands upgrader maintenance restricted synthetic crude supplies while raising bitumen production.

Slow Stock Building in U.S.

Propane building season continues but at a slow pace, despite the latest week's surge, in the U.S. as exports remain quite high, petchem feed usage is ongoing and the crop drying season is just weeks away. Europe is starting to attract cargoes as North Sea maintenance continues and petchem feedstock usage is quite favorable. The Northern Hemisphere needs to start preparing for the upcoming heating season.

U.S. Ethanol Prices Soar

U.S. ethanol prices rose to a two-month the week ending August 30. The jump was primarily due to the scarcity of corn in the Midwest, causing ethanol production to drop to a 21-week low. Also providing support were petroleum prices which rose to a two-year high.

The information above is part of PIRA Energy Group's weekly Energy Market Recap, which alerts readers to PIRA’s current analysis of energy markets around the world as well as the key economic and political factors driving those markets.

Chevron Technology Ventures LLC (CTV) has announced that it has launched CTV Fund V, a $90 million venture capital fund to invest in early- to mid-stage companies and in limited partnership funds. Investments from CTV Fund V will focus on companies developing emerging technologies that have the potential to improve Chevron’s oil and gas base business performance or create new opportunities for growth.

“We provide an excellent source of innovative technologies that can deliver value to Chevron’s business units when applied,” said CTV President Barbara Burger. “We are using venture capital as a conduit for early adoption of emerging technologies and to build a pipeline of innovation for Chevron.”

CTV-managed strategic investments prior to Fund V have supported a wide range of companies and venture capital funds. Partner technologies are used across Chevron’s Upstream and Downstream business units, producing substantial earnings for the company. CTV screens more than 400 opportunities per year, selecting one to three companies in which to invest. The company has a current portfolio of 37 companies.

Formed in June 1999, CTV invests in technology start-up companies whose innovations could significantly benefit Chevron’s existing businesses and lead to new growth opportunities. CTV identifies, sponsors and demonstrates emerging technology and champions its integration into Chevron.

 has announced that it has launched CTV Fund V, a $90 million venture capital fund to invest in early- to mid-stage companies and in limited partnership funds. Investments from CTV Fund V will focus on companies developing emerging technologies that have the potential to improve Chevron’s oil and gas base business performance or create new opportunities for growth.

“We provide an excellent source of innovative technologies that can deliver value to Chevron’s business units when applied,” said CTV President Barbara Burger. “We are using venture capital as a conduit for early adoption of emerging technologies and to build a pipeline of innovation for Chevron.”

CTV-managed strategic investments prior to Fund V have supported a wide range of companies and venture capital funds. Partner technologies are used across Chevron’s Upstream and Downstream business units, producing substantial earnings for the company. CTV screens more than 400 opportunities per year, selecting one to three companies in which to invest. The company has a current portfolio of 37 companies.

Formed in June 1999, CTV invests in technology start-up companies whose innovations could significantly benefit Chevron’s existing businesses and lead to new growth opportunities. CTV identifies, sponsors and demonstrates emerging technology and champions its integration into Chevron.

Discovered Resources for Rio Grande Area Increased to 50 - 100 MMBoe

Noble Energy, Inc. (NYSE: NBL) has announced a discovery at the Troubadour exploration prospect in the Deepwater Gulf of Mexico.  The well, located in Noble Energy's Big Bend/Troubadour "Rio Grande" area, is located in 7,273 feet of water on Mississippi Canyon Block 699 and was drilled to a total depth of 19,510 feet.  Reservoir and fluid measurement logs identified approximately 50 feet of net natural gas pay in a high-quality Miocene reservoir. 

Image Credit: Noble Energy Inc.

Susan Cunningham, Noble Energy's Senior Vice President, Gulf of Mexico, West Africa and Frontier Ventures, commented, "The discovery at Troubadour follows on our earlier exploration success at Big Bend, which combine to provide another significant development opportunity for our Gulf of Mexico business.  Results from the well have provided critical new information that indicates a greater than previously predicted oil recovery in the Rio Grande complex.  Discovered gross resources⁽¹⁾ in this area are now estimated at between 50 and 100 million barrels of oil equivalent, with 75 percent representing oil volumes.  We are moving forward our development planning as subsea tiebacks to an existing host facility.  Initial project sanction is targeted by the end of this year and first production is planned toward the end of 2015." 

The Troubadour discovery well is being temporarily abandoned for future development.  Following completion of operations at Troubadour, Noble Energy plans to move the drilling rig to the Dantzler prospect on Mississippi Canyon 738/782.  Dantzler is operated by Noble Energy with a 65 percent participating interest and is targeting a resource range⁽¹⁾ of between 50 and 220 million barrels of oil equivalent gross.  Results from the exploration well are anticipated by the end of 2013.

Noble Energy operates Big Bend with a 54 percent participating interest and Troubadour with a 60 percent interest.  Other interest owners at Big Bend include Red Willow Offshore, LLC with 15.4 percent, Houston Energy Deepwater Ventures V, LLC with 10.6 percent and W&T Energy VI, LLC (a wholly owned subsidiary of W&T Offshore Inc.) with 20 percent.  W&T Energy VI, LLC and Deep Gulf Energy II, LLC participate in Troubadour with 20 percent each.

(1)  Range of resource estimate based on 75^th and 25^th percentile probabilities

Shell and Baker Hughes has announced a software license and joint development agreement to produce a high-end platform for geological and reservoir modeling. The new platform will bring enhanced evaluation and visualization capabilities to Shell allowing geoscience and petroleum engineering experts to better plan and manage the extraction of oil and gas resources, realizing their full potential.

“High-quality modeling of complex reservoirs is a major factor in creating additional value in our industry,” said Arjen Dorland, Shell’s EVP for Technical and Competitive IT. “Today’s announcement underlines Shell’s commitment to developing innovative technologies that give us and our partners a competitive edge.”

The system will be optimized for resource modeling and production in tight/shale gas and liquids rich shale reservoirs, and is based on the Baker Hughes JewelEarth™ software platform, which has a strong track record of delivering integrated, data-driven workflows for optimizing these types of plays.

The world is now thought to have around 230 years of recoverable gas resources at current production levels – of which roughly half is tight gas, shale gas, and coalbed methane. Shell is producing these gas resources in locations including the US, China and Australia.

The new platform will complement Shell’s existing applications, including GeoSigns, Shell’s proprietary software used to visualize and interpret seismic data, and will form part of an integrated working environment for Shell’s exploration and modeling experts.

“The JewelEarthTM platform can handle multiple solutions – from basin to wellbore scale – using one generic data source,” said Mario Ruscev, Chief Technology Officer at Baker Hughes. “This capability will provide an innovative modeling and optimization platform for the fast-growing Shell user community”

Seatronics Limited, an Acteon company, and Zetechtics Limited have signed a global representative agreement for the Jupiter range of subsea ROV intervention control systems and associated products.

The agreement includes the provision of rental equipment that will be held in all Seatronics’ locations: Brazil, Singapore, Australia and the UK. In addition to extensive pools of rental equipment, each location will hold a substantial sales stock, thereby offering a flexible and rapid response to all client requirements.

David Currie, managing director, Seatronics says: “Seatronics is a market leader in the rental and sale of marine electronic equipment and continues to offer the finest products and solutions to the subsea services sector. The Zetechtics agreement demonstrates our commitment to widening our portfolio of specialist ROV equipment and will further complement the Seatronics range. Both companies embody the quality-driven, market-leading approach demanded by customers in today’s subsea oil, gas and renewables sectors. The global coverage, in-house knowledge and enhanced value-added services that Seatronics can provide will, I am sure, lead to an increased level of interest in the Zetechtics product range.”

Tim Overfield, managing director, Zetechtics says: “This agreement provides professional worldwide availability of Jupiter products and services. As a result of the agreement Seatronics and Zetechtics clients can expect enhanced service and support across the entire range of Jupiter products.”