Page 14 - NorthAmOil Week 09

NorthAmOil
NEWS IN BRIEF
NorthAmOil
new capital through a rights offering of new convertible debt from eligible noteholders and shareholders, a substantial portion of which will be backstopped by certain existing holders and (ii) approximately $78mn of new senior secured notes to be provided by certain existing noteholders. Upon emergence, this new capital will be used to refinance Pioneer’s existing term loan debt, make distributions under the plan and add cash to the balance sheet.
The company is focused on implementing its restructuring expeditiously through the pre-packaged plan, which is overwhelmingly supported by its secured lenders and noteholders. Upon the consummation of
its financial restructuring, Pioneer expects
to emerge in a stronger financial position, capable of accelerating future growth and better able to serve our valued customers. PIONEER ENERGY SERVICE, March 02, 2020
Weatherford unveils
CentroTM digital well
delivery
Weatherford International today introduced CentroTM, a holistic approach to effectively managing complex wellsite operations digitally. By seamlessly integrating every element of an operator’s well data, team members from any global location can access, share, and store all vital project information at any time. Centro makes consolidated data available in real time, enabling advanced domain viewing and live analytics.
“For decades, the oil and gas industry has demanded a holistic approach to managing complex wellsite operations digitally,” said Etienne Roux, President of Drilling and Evaluation, Weatherford. “Centro answers that challenge. By giving operators every piece of mission critical data – all in one place – Centro is an outstanding solution for oilfield data technology management and
a key achievement on our industry’s digital transformation journey.”
As an all-inclusive, real-time solution beyond merely transferring data between the rig and the office, Centro combines data management, visualization, and real-time engineering technologies, all from a single provider. Centro unleashes the power of real integration and gives a single engineer the analytical capacity of an entire team. WEATHERFORD INTERNATIONAL, March 03, 2020
MOVES
NEP Midstream & Royalties acquires Permian Basin mineral and royalty interests in Reagan County, Texas
NEP Midstream and Royalties has acquired various mineral and royalty interests in Reagan County, Texas with an effective date of December 01, 2019
The purchase covers approximately 175 acres and includes 21 wells with 14 additional wells to be brought online within the next
24 months. The current volume produced within this acreage is 4,350 barrels of oil per day and 6,748 MCF per day of natural gas. The 14 additional wells are expected to add significant revenue with no additional capital expenditures.
Reagan County, Texas has a long history of producing oil and natural gas. Several of the acres included in the purchase have been producing oil and natural gas since 1949, NEP Midstream and Royalties is expecting to generate positive cash flow for another fifty years within this acreage.
The properties are operated by Plains All American, Russell Operating and Sable Permian Resources.
NEP Midstream and Royalties invests primarily in pipeline and energy-related logistical infrastructure assets with an emphasis on those that transport, gather, process and store crude oil, natural gas and natural gas liquids (NGLs).
NEP MIDSTREAM AND ROYALTIES, March 03, 2020
ENERGY TRANSITION
TGS completes Carbon Capture Storage Assessment Atlas in British Columbia, Canada
TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced the completion of a Geological Carbon Storage Atlas for British Columbia, Canada for a major oil and gas company.
The objective of the study was to provide the most up-to-date understanding of geological carbon storage locations, onshore and offshore, throughout the province of British Columbia. Through collaboration with its partner Canadian Discovery Limited (CDL), TGS leveraged its world-class basin evaluation expertise, subsurface data library, and geological knowledge and experience through working in British Columbia,
to create a framework for carbon storage assessment and atlas for potential storage locations.
Katja Akentieva, EVP of Onshore &
Well Data at TGS, said: “TGS has a goal
to contribute to a more sustainable energy future. This project is a great example of how TGS data and insight enabled its customers to evaluate carbon storage opportunities which ultimately leads to reduction of greenhouse gas emissions. I am pleased to see how TGS
is able to apply its ESG strategy in a practical setting.”
TGS, March 02, 2020
CenterPoint Energy
introduces carbon policy
committing to reductions in
emissions
Leading US energy delivery company CenterPoint Energy today announced a
goal to reduce its operational emissions by 70% by 2035 and emissions attributable
to natural gas usage in heating, appliances and equipment within the residential and commercial sectors by 20 to 30% by 2040. The company’s reduction goals are based on its 2005 emissions.
With more than 7 million electric and natural gas metered customers across eight states, CenterPoint Energy is among the first energy delivery companies to make an emissions-reduction commitment across a multi-state footprint.
“CenterPoint Energy has a long history
of environmental commitment and we
are proud to be a leader in the transition
to a cleaner energy future,” said John W. Somerhalder II, CenterPoint’s interim president and chief executive officer. “Further reductions in our carbon footprint aligns with this commitment, and we look forward to bringing new, innovative technologies to the emissions-reduction effort, while maintaining affordability, reliability and quality of life.” CENTERPOINT ENERGY, March 03, 2020
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Week 09 05•March•2020