Latest news with #oilfield
CBC
7 hours ago
- Automotive
- CBC
Alberta enters agreement to reduce inspection stops for oilfield service rigs
The Alberta government has entered into an agreement to cut down on the number of inspection stops for oilfield service rigs. A new memorandum of agreement with the Canadian Association of Energy Contractors, an industry advocacy group, will integrate drivers into a pre-clearance program, Drivewyze, so approved vehicles can bypass stops at select weigh stations, according to a news release the provincial government issued Thursday. But association members who subscribe to Drivewyze and meet certain safety benchmarks will be exempt from routine stops at vehicle inspection stations, the release said. "When [oil rig service providers] load up essentially the same convoy, it's the same trucks with the same weight, with the same equipment that go from location to location," Minister of Transportation and Economic Corridors Devin Dreeshen said during a news conference. "This has been a long-standing industry concern of always having to go to the weight stations." Before this agreement, these rig convoys had to stop at every vehicle inspection station on their route, the news release said. But now, transponders on the trucks would allow them to pass by inspection and weigh stations, Dreeshen said, comparing Drivewyze to the federal Nexus program, which was designed to speed up Canada-U.S. border crossings for low-risk, pre-approved travellers. The agreement will make it easier for the rigs "to spend more time in the field and less time dealing with administrative burdens," Dreeshen said. Mark Scholz, president and CEO of the Canadian Association of Energy Contractors, said the agreement "recognizes the unique transportation requirements that this industry needs." The risk level and portfolio of oilfield service rigs are different from other kinds of rigs, because they spend much more time stationary performing well-serving operations, Scholz said, adding that sometimes, the oilfield service rigs drive as little as 500 kilometres a year. The new agreement "serves as a model for potential alignment with Saskatchewan and Manitoba," the news release said.
Globe and Mail
3 days ago
- Business
- Globe and Mail
Vivakor (NASDAQ: VIVK) Expands Strategic Oil Logistics in Permian Basin
Vivakor (NASDAQ: VIVK) an integrated energy services provider, is advancing its growth strategy across the Permian and Eagle Ford Basins with a focus on expanding its crude oil storage, logistics, and marketing operations. The company operates 10 pipeline injection stations in key areas of the Permian Basin, aggregating crude volumes from well sites and connecting to major pipelines including Centurion, Plains Basin Pipeline, and the West Texas System. Chairman and CEO James Ballengee noted these assets position Vivakor as a vital logistics hub, offering producers market access while optimizing revenue and returns. With the Permian generating over 40% of U.S. oil output, Vivakor's infrastructure plays a key role in supporting growing production and energy demand. To view the full press release, visit About Vivakor, Inc. Vivakor, Inc. is an integrated provider of sustainable energy transportation, storage, reuse, and remediation services, operating one of the largest fleets of oilfield trucking services in the continental United States. Its corporate mission is to develop, acquire, accumulate, and operate assets, properties, and technologies in the energy sector. Vivakor's integrated facilities assets provide crude oil and produced water gathering, storage, transportation, reuse, and remediation services under long-term contracts. Once operational, Vivakor's oilfield waste remediation facilities will facilitate the recovery, reuse, and disposal of petroleum byproducts and oilfield waste products. About InvestorWire InvestorWire ('IW') is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today's market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge. For more information, please visit Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: InvestorWire Austin, Texas 512.354.7000 Office Editor@ InvestorWire is powered by IBN
Reuters
4 days ago
- Business
- Reuters
Oilfield equipment maker Cactus to buy controlling interest in Baker Hughes' unit
June 2 (Reuters) - Oilfield equipment maker Cactus (WHD.N), opens new tab said on Monday it would purchase a 65% interest in Baker Hughes' (BKR.O), opens new tab surface pressure control business for $344.5 million. The companies have agreed to form a joint venture to hold the SPC business, where Baker Hughes will retain a 35% stake post-closing. SPC designs, manufactures and services specialized wellheads and production tree equipment for international markets. "Its geographic footprint is highly complementary to Cactus' existing business, and this combination enables us to expand our reach as a capital-light manufacturer of highly-engineered products sold directly to end users," said Cactus CEO Scott Bender. Shares of Cactus rose 4.4% in premarket trading. The transaction is expected to close in the second half of 2025.
Zawya
4 days ago
- Business
- Zawya
Egypt: National Drilling posts 2.8% YoY drop in Q1 2025 profits
Arab Finance: National Drilling Company recorded an annual decline of 2.79% in net profit to $2.683 million during the first quarter (Q1) of 2025, compared to $2.760 million, the financial results showed. The earnings per share (EPS) recorded $0.54 in the three-month period that ended on March 31 st, 2025, versus $0.55 in Q1 2024. Meanwhile, the revenues grew to $7.396 million from $6.489 million. National Drilling is an Egypt-based company engaged in the provision of oil field drilling services. The company provides technical support and services for field drilling operations, managing its four land drilling rigs, which are all presently contracted in Libya. Its scope of services also includes the provision of rigs associated equipment, selling and storing related machinery, as well as trading in related spare parts. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
20-05-2025
- Business
- Zawya
Oman: Output from Block 53's Mukhaizna field totals 640mln barrels
MUSCAT: Oman's Block 53 oilfield, home to the Mukhaizna steam flood project, has produced over 640 million barrels since production began in 2005, according to official statements marking the latest extension of the field's production sharing agreement. The announcement follows the signing of Amendment No. 2 to the Production Sharing Agreement between the Ministry of Energy and Minerals and the Block 53 consortium, extending the agreement to 2050. Mukhaizna is one of the largest and most mature steam flood operations in the region. The Block 53 partnership comprises Oxy (47%), OQ Exploration and Production – OQEP (20%), Indian Oil (17%), Liwa Energy (15%), and PTTEP (1%). More than 3,500 wells have been drilled in the field, located in Al Wusta Governorate, which spans 694 sq km. The consortium aims to add 800 million barrels in gross recoverable resources through further drilling, enhanced oil recovery techniques, and optimisation of steam flood technologies. The deal is expected to unlock fresh investments, improve Oman's reserves position, and reinforce the Sultanate's role as a strategic energy hub. Officials noted that the extension aligns with Oman Vision 2040, which seeks to maximise value from energy assets while boosting economic diversification and energy security. The Ministry reiterated that such long-term agreements enhance investor confidence and support national development goals. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
