Schlumberger to Acquire Smith International for $11 Billion

February 22, 2010 – 9:10 PM

Schlumber Smith Deal

HOUSTON, Feb. 22 — Oil and gas services provider Schlumberger Ltd. announced plans to acquire Smith International Inc. in a stock-for-stock transaction worth an estimated $11 billion.

Both companies’ boards unanimously approved a definitive merger agreement. Smith, based in Houston, provides products and engineering services used during oil and gas drilling, completions, and production.

Among its products and services, Smith provides drilling and completion fluids; solids control and separation equipment; waste-management; water-treatment systems; production chemicals; directional drilling tools and services; two-cone, three-cone, and diamond drillbits; turbine drilling products; and drilling and fishing tools.

Subject to Smith stockholder approval and customary regulatory approvals, closing is expected in this year’s second half. Upon closing, and issuance of new Schlumberger shares, Smith shareholders are expected to own 12.8% of Schlumberger’s common stock. Read More »

By Alex | Posted in Industry News | Tagged , , , | Comments (0)

When Rotating Equipment Can Rub You Wrong

February 1, 2010 – 4:10 PM

You have just started your new job as senior rotating equipment reliability engineer at a major production facility that involves rotating equipment. You have just joined the morning meeting on your first day and all you hear about is that the TE-101 is up and running, and everyone is hopeful that this time it will run the planned three years without an unscheduled outage. Without wanting to sound too ignorant, you whisper to the engineer next to you and ask what this is all about, and he tells you it involves a turboexpander used in the process of a major ethylene production facility. The turboexpander is used in a product purification unit that is essential to plant operation. When this unit goes down, the plant goes down. The next Sunday morning the unit goes down, and you get your first emergency call out to the plant. Upon reaching the plant you find that TE-101 has wrecked again, and the spare from the previous wreck is in the shop. Read More »

By Alex | Posted in Rotating Equipment, Technical Information | Tagged | Comments (0)

Ugliest Industrial Websites from the Past Decade

January 15, 2010 – 9:43 PM

I wanted to start this first post of the new decade off by taking a look back at the web 10 years ago.  Specifically all the ugly websites of our industry of the past 10 years.
Walt Whitman (or some other fruity nature poet) once said, “Never miss an opportunity to see something beautiful.” Well I ask, “Why gaze upon jealousy-inducing beauty when you can look at something atrocious and esteem-building?”

Let these truly awful images stick in your mind, make you smile and feel better about yourself and your place in the world. Let’s celebrate the ugliness of the past, and in doing so we will feel good about the present and look forward to a new decade of hope.

(This post  made possible by the Way Back Machine at web.archive.org.)

Click on an image to see more. Read More »

By Adrian | Posted in Creative Services | Comments (0)

New Projects in the Process and Power Generation Industries – As of 12/17/2009

December 17, 2009 – 9:58 PM

Below are details of 3 recently awarded contracts to different engineering firms.  As new projects are given out to engineering, procurement and construction firms in the petrochemical industry, we will continue to aggregate the data and post the relevant information.  The 3 upcoming projects are:

  1. Asab 3
  2. Ammonia and Urea plants at FERTIL fertilizer complex
  3. Refinery Receiving and Loading Facility

  1. Asab 3

    • Estimated Cost: $409 million
    • Operating Company: Gasco
    • Engineering Firm: Technip
    • Construction Firm: Technip

    Description: Engineering, procurement, construction and commissioning (EPC) work on Gasco’s “Asab 3″ project, which will be completed in the third quarter of 2012. The “Asab 3″ project is being developed to process an additional 150 million cubic feet per day of associated gas from the existing Asab, Shah and Sahil oil fields resources.

  2. Ammonia and Urea plants at FERTIL fertilizer complex Read More »

By Alex | Posted in Industry News | Tagged , , | Comments (1)

Cap and Trade Passes Committee

November 12, 2009 – 7:35 PM

 

Cap and Trade Passed by Committee

Cap and Trade Passes Committee

Cap and Trade Passed by Committee

The Environment and Public Works Committee has approved carbon cap and  trade legislation sponsored by Barbara Boxer (Democrat – California) and John Kerry (Democrat – Massachusetts). It now moves to the full Senate.

At a time when our economy is struggling and unemployment is above 10%, Democrats are pushing for legislation that will cost us jobs and increase the cost of energy for virtually all Americans. Democrats supporting this initiative are ignoring and/or dismissing all studies that indicate that this legislation will have a significant negative effect on our economy.

Effects of Cap and Trade on the Petrochemical Industry

The National Petrochemical and Refiners Association (NPRA) cited an Energy Policy Research Foundation Inc. study earlier this month that said even before US refiners face higher costs from carbon emissions they would face a higher cost structure and increased international competition, which would threaten to close 2.5 million barrels/day (b/d) of the existing 17.5 million b/d of US refining capacity.

In written testimony the NPRA submitted for the record the effects pending climate legislation would have on American energy jobs. The NPRA believes that both House and Senate versions (H.R. 2454 and S. 1733) would drive domestic gasoline and diesel production away from the USA, resulting in lost jobs for American workers and the outsourcing of our nation’s energy security to regions of the world that do not follow our already stringent environmental protections.

As energy prices rise, and American companies find themselves less competitive, businesses and jobs will flow to countries without stringent environmental controls, allowing emissions to increase. The additional energy costs will raise the cost of all U.S. goods and services. This will result in further job losses.

Cost of Cap and Trade

Read More »

By Alex | Posted in Industry News | Tagged , | Comments (7)