Oil Search completes acquisition of Pac LNG' s interest in PRL 15

Oil Search reported completion of its acquisition of the relevant Pac LNG Group Co holding a 22.835% gross interest in Petroleum Retention License 15 (PRL 15), containing the Elk/Antelope gas discoveries in Papua New Guinea. The purchase was funded by a placement of 149.39 million fully-paid, ordinary shares to Papua New Guinea, which was completed.

Peter Botten, Oil Search' s Managing Director said Oil Search' s entry into the PRL 15 JV provides the company with the opportunity to play a key role in determining the optimal commercialization route for the Elk/Antelope resource, which is the largest undeveloped gas resource in Papua New Guinea.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By O'Niel Petroserve Nigeria Ltd, online.

Schlumberger introduces new rotary steerable system

Schlumberger has launched the PowerDrive Orbit rotary steerable system (RSS). The new RSS expands the operating envelope of rotary steerable technology by extending system life, delivering precise directional control, and increasing drilling efficiency.

The newly designed pad actuation system, combined with real-time, three-axis shock-and-vibration measurements, allows the new RSS to withstand difficult drilling conditions, and operate at higher rotational speeds than conventional systems. The multi-axis continuous inclination and azimuthal gamma ray capabilities reduce the uncertainty of well positioning, and enable self-steering, to deliver a smoother wellbore.

The PowerDrive Orbit RSS was field tested in more than 500 runs over two years in challenging onshore and offshore drilling conditions, in regions that included the Middle East, onshore U.S., U.S. Gulf of Mexico, Colombia, Mexico, China, Venezuela and the North Sea.

Providing useful resources, articles and writings on crude oil, other petroleum products, energy and gas. By O'Niel Petroserve Nigeria Ltd, online.