HOUSTON - FMC Technologies, Inc. announced on September 9th its intent to acquire Direct Drive Systems (DDS). Based in Cerritos, California, DDS is a leader in the development and manufacture of high-performance permanent magnet motors and bearings for the oil and gas industry. The transaction, expected to close in the fourth quarter of 2009, is valued at approximately $120 million and is expected to be accretive in 2011.
VANCOUVER, BC - Compliance Energy Corporation reported recently that based on its project description submitted to the Environmental Assessment Office (BCEAO), it has received direction to proceed under the Environmental Reviewable Projects Regulation.
MISSISSAUGA, ON - Hy-Drive has received a purchase order from Mining Technologies International Inc. (MTI) for delivery of 100 HGS units for use in the mining industry. Hy-Drive's Hydrogen Generating System (HGS) generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely.
CALGARY - Pipeline workers were more likely to get hurt on the job in 2007 than in years past says a new report released by the National Energy Board (NEB) on August 11th. The NEB's annual Focus on Safety and Environment: A Comparative Analysis of Pipeline Performance 2000-2007 reports that nearly two out of every 100 pipeline workers suffered a serious workplace injury in 2007, almost double the seven-year average. It is the highest worker injury rate since the NEB began reporting on safety performance indicators in 2000.
WINNIPEG, MB - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd., announced recently that the Company, along with its joint venture partner, Western Warner Oils Ltd., has entered into a strategic development agreement with Hunt Oil Company whereby Nordic has the opportunity to earn an interest in the Hunt-owned land in Preeceville, Saskatchewan. The ensuing exploration work on the lands will result in Hunt having the option to participate on a 50-50 go forward basis with Nordic, or allow Nordic to retain a 100 percent interest in the land with Hunt earning a gross overriding royalty.
CALGARY and LONDON - Stratic Energy Corporation announced recently the commencement of oil production from the second production well in the West Don field (Stratic 17.25%) and the imminent start up of water injection and gas lift operations within the field. The field operator, Petrofac, is working towards bringing the field up to its full operating capacity over the next few months; the two production wells are currently producing in excess of 11,000 bopd gross, according to the company, and are expected to benefit from pressure support from the commencement of water injection and gas lift operations.
HOUSTON, TX and CALGARY, AB - Wescorp Energy Inc., an oil and gas technology solutions provider and Cancen Oil Canada Corporation, an oilfield waste management and processing company based in Alberta, have entered into a 50:50 joint venture agreement. Under the terms of the joint venture agreement, a combination of a minimum of 12 H2O Maxx water units and HCXT Solids units will be strategically installed over the next 12 months at Cancen's facilities to increase efficiency and reduce operating costs. As Cancen expands its operation, it is expected to be installing additional units. In addition, it is anticipated that the joint venture will build additional portable units to provide remote on-site remediation for a number of Cancen's clients.
Calgary, AB - Suncor Energy Inc. announced August 3 that with the completion of its merger with Petro-Canada on August 1, the “new” Suncor Energy will begin trading on the New York Stock Exchange today and on the Toronto Stock Exchange.
Calgary, AB - Suncor Energy Inc. reported August 6 that production at its oil sands facility during July averaged approximately 304,000 barrels per day (bpd). Year-to-date oil sands production at the end of July averaged approximately 292,000 bpd. Suncor is targeting average oil sands production of 300,000 bpd (+5%/-10%) in 2009.
CALGARY, AB - Kitimat LNG Inc. announced July 13 that it has signed a memorandum of understanding (MOU) with EOG Resources Canada (EOG) to supply natural gas to Kitimat LNG’s proposed liquefied natural gas (LNG) export terminal in Kitimat, B.C.