Oilfield

ConocoPhillips has entered into an agreement with China Petrochemical Corp., a state-owned company also known as Sinopec Group, to perform a study of unconventional oil and natural gas resources in China’s Sichuan Basin.

Marc Rowland, who was CFO of Chesapeake Energy Corp. before leaving to run onshore oilfield services company FTS International Inc., has been elected to the board of Warren Resources Inc. Warren, based in New York City, is an onshore domestic producer with a portfolio of assets in California, Wyoming and the Niobrara formation. Rowland had worked at Chesapeake for 18 years and served as CFO from 1993 to August 2010. He became president of FTS predecessor company Frac Tech in October 2010, three months before the company filed an initial public offering (see Daily GPI, Sept. 20, 2011). Rowland was named CEO in May 2011 and held that position until November.

National Oilwell Varco Inc. (NOV), the largest oilfield equipment supplier in North America, beat profit forecasts in 3Q2012 on solid demand in the deepwater and overseas, but the U.S. land drilling market has stalled, executives said Thursday.

National Oilwell Varco Inc. (NOV), the largest oilfield equipment supplier in North America, beat profit forecasts in 3Q2012 on solid demand in the deepwater and overseas, but the U.S. land drilling market has stalled, executives said Thursday.

The largest oilfield supplier in North America is seeing strong demand for its products and services in the deepwater and overseas, but the U.S. natural gas and oil onshore drilling market is going nowhere today.

The No. 1 oilfield services provider in the world, Schlumberger Ltd., on Friday said growth in the deepwater, as well as activity outside of North America, provided a big lift in 3Q2012. However, competitor Baker Hughes Inc., the industry’s third-largest provider, said the slump in U.S. natural gas activity weighed heavily on its quarterly profits.

The No. 1 oilfield services provider in the world, Schlumberger Ltd., on Friday said growth in the deepwater, as well as activity outside of North America, provided a big lift in 3Q2012. However, competitor Baker Hughes Inc., the industry’s third-largest provider, said the slump in U.S. natural gas activity weighed heavily on its quarterly profits.

To build its “shale-related businesses,” Houston-based oilfield services operator FMC Technologies Inc., better known for its subsea business, is acquiring Calgary’s Pure Energy Services Ltd. for US$285 million.

Facing an ongoing challenge of flaring up to almost a third of its associated natural gas supplies in the oil-rich Bakken Shale, North Dakota is considering a proposal to use mobile equipment to turn some of the flared supplies into much-needed fertilizer for the state’s agricultural industry. Another proposal calls for a $1 billion farmer-owned fertilizer plant using natural gas currently being flared.