Page 13 - NorthAmOil Week 19 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

unaudited financial results for its first quarter diagnostics service utilises real-time fibre “I am delighted to welcome Katharina to
ended March 31, 2021. optic measurements to monitor the fracture the Schlumberger team at a pivotal time for
For the first quarter ended March 31, treatment process in wells. Capturing high the company, the energy industry and our
2021, the company reported revenues of resolution, real-time data allows operators to planet. Sustainability is increasingly core to
$11,748,000, a decrease of approximately course correct, improving fracture length and our performance strategy, through which
70% compared to $38,979,000 for the quarter fracture-height model calibration as well as we will realise our vision,” said Olivier Le
ended March 31, 2020. For the first quarter evaluating effective well spacing. Additionally, Peuch, Chief Executive Officer. “Katharina’s
of 2021, the company reported a net loss of since the fibre can be deployed into new or impressive experience and expertise acquired
$5,228,000, or $0.22 loss per share of common existing wells, the technology can also be used over more than 20 years will help us elevate
stock, compared to net income of $993,000, to profile production. our sustainability agenda and fully integrate
or $0.04 per share of common stock, for the James Pollard, Managing Director of it into our corporate strategy, ensuring we
quarter ended March 31, 2020. The company OptaSense, a Luna company, stated, “The enable our customers’ success.”
reported negative EBITDA of $1,858,000 for ability to optimise frack design based on SCHLUMBERGER, May 13, 2021
the quarter ended March 31, 2021 compared reservoir and production response will deliver
to EBITDA of $5,831,000 for the quarter considerable value. OptaSense’s fibre-optic
ended March 31, 2020. measurements, delivering real-time data and ENERGY TRANSITION
The first fiscal quarter of 2021 was difficult visualisation, along with Liberty’s hydraulic
as indicated in our 2020 year-end earnings fracturing stimulation and completion design Mitsubishi Power and Texas
release. The company operated one seismic expertise, will help operators maximise
data acquisition crew in the United States resource recovery in their reservoirs.” Brine join forces on large-
(US) with limited utilisation and one crew in “FracSense is our latest service offering,
Canada. The near term outlook for seismic which strengthens our existing portfolio scale hydrogen storage
data acquisition activity in the US remains of fracture engineering technologies,” said
challenged with historically low levels of crew Liberty CEO, Chris Wright. “This allows our solutions to support
and bid activity. Based on currently available renowned technical team to provide best-in-
information, the company anticipates limited class fracture diagnostics and modelling to decarbonisation efforts in
crew activity in the second quarter with up help our customers with completion design
to one crew operating in the US with periods optimisation and extract maximum value the Eastern United States
of low utilisation in the back half of 2021. from their resource.”
Currently, the company does not have a crew LUNA INNOVATIONS, May 13, 2021 Mitsubishi Power Americas and Texas
deployed in the US and the Canadian season Brine have signed an agreement to develop
concluded at the end of the first quarter. large-scale long-duration hydrogen storage
DAWSON GEOPHYSICAL, May 13, 2021 MOVES solutions to support decarbonisation efforts
across the eastern United States. Long-
OptaSense and Liberty Schlumberger appoints duration hydrogen storage is a key enabling
technology for the transition to a net zero
Oilfield Services form Dr. Katharina Beumelburg carbon energy future.
This collaboration expands Mitsubishi
partnership as chief strategy and Power’s capability to store hydrogen safely
and cost effectively in salt caverns in strategic
Luna Innovations, a global leader in advanced sustainability officer locations across North America. The nation’s
optical technology, today announced an largest brine producer, Texas Brine and its
important partnership between its OptaSense Schlumberger announced today the affiliates have salt positions in New York,
business and Liberty Oilfield Services. appointment of Dr. Katharina Beumelburg to Virginia, Texas and Louisiana that will enable
The strategic partnership is introducing the position of chief strategy and sustainability access to major load centers in the Northeast,
FracSenseTM, a diagnostic service to help officer, Schlumberger Limited, reporting to Mid-Atlantic and the Gulf Coast.
engineering professionals at our oil & gas Olivier Le Peuch, chief executive officer. The Salt deposits are unique geological features
customers acquire more accurate diagnostic appointment is effective Monday, May 17. into which caverns can be solution mined
information, ultimately leading to optimised As a member of the executive team, Dr. to provide safe, reliable and economical
hydrocarbon production. Beumelburg will oversee corporate strategy, bulk gas storage. Hydrogen has been stored
“The formation of this alliance with Liberty sustainability, marketing and communications in salt caverns for decades in the US Gulf
is an important step in capturing a significant activities across the company. Coast. Expanding the use of salt caverns for
opportunity in the oil and gas market,” said Dr. Beumelburg joins Schlumberger from hydrogen energy storage in other regions
Luna Innovations CEO, Scott Graeff. “Fibre- a global technology company, Siemens, where offers a significant opportunity to create an
optic sensing technology provides operators she has held various leadership positions infrastructure for clean energy resources
the ability to gather key data while improving including strategy development incorporating throughout the US to benefit industries such
their overall asset economics. We are excited sustainability; management consulting; as power, transportation and manufacturing
to work with our partners and customers to business excellence; and operations that are targeting net zero carbon emissions.
deliver this cutting-edge technology.” management. In her most recent position, she MITSUBISHI POWER AMERICAS AND TEXAS
Launched in partnership with Liberty, the led the global Transmission Services business. BRINE, May 12, 2021

Week 19 13•May•2021 www. NEWSBASE .com P13