Innovative Application of Technology Earns Precision Drilling Corporation Contract Extension for Underbalanced Drilling in Oman
18 Febbraio 2004 - 8:32PM
PR Newswire (US)
Innovative Application of Technology Earns Precision Drilling
Corporation Contract Extension for Underbalanced Drilling in Oman
CALGARY, Feb. 18 /PRNewswire-FirstCall/ -- Precision Drilling
Corporation ("Precision") announced today the award of a four-year
contract extension worth up to US$40 million to provide
underbalanced drilling (UBD) technology and services for Petroleum
Development Oman (PDO), a joint venture with Shell. This contract
extension builds upon the success of the previous 1.5 years of
service to PDO and was awarded as a direct result of the
improvements to safety, well productivity and overall operational
performance that Precision brings to the PDO drilling team. The
continued work scope with PDO will facilitate introductionof
additional Precision innovative drilling technologies, such as the
EMpulse(TM) electromagnetic measurement-while-drilling (MWD) system
and BOOST(TM) casing signal enhancer. These technologies have been
employed successfully by Shell in the North Seaand will allow the
expansion of UBD operations in Oman to include low-pressure
drilling environments where conventional signal transmission is not
practical. Mobilization of this unique equipment to the Lekhwair
Field in Oman is underway. "The challenges facing us in the mature
oilfields of Oman require fit-for- purpose technology coupled with
first class service delivery," said Paul Francis, PDO underbalanced
drilling implementation team leader. "Precision has brought these
elements to the project to help us deliver superior results. We are
glad to have them as part of our team and look forward to
evaluating their additional capabilities to further expand the
application of UBD in Oman." To date the Precision team in Oman has
drilled more that 108,000 ft (33,000 m) of hole underbalanced,
achieving average operating efficiency greater than 99% with no
lost time incidents and an average increase in production of 2.2
times that achieved using conventional drilling techniques. "This
contract extension will enable Precision to introduce some of our
technologies to the Middle East that already have proven track
records in Canada and Mexico," said Rusty Petree, Vice President
Corporate Development, Technology Services for Precision. "Our UBD,
electromagnetic MWD, logging- while-drilling (LWD) and rotary
steerable technologies, when combined with quality service delivery
and an effective drilling program, are key enablers for the
economic development of maturing basins." This news release
includes forward-looking statements based upon current expectations
that involve a number of business risks and uncertainties, which
may cause the actual results of Precision to be materially
different from any future results expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to, fluctuations in the market for oil and gas and related
products and services, political and economic conditions in
countries which Precision does business and the successful
application of our technology and other factors, which are
described in further detail in Precision's filings with the
Securities and Exchange Commission. Precision Drilling Corporation
(TSX: PD, and PD.U; NYSE: PDS) is a global oilfield services
company providing a broad range of drilling, production and
evaluation services with focus on fulfilling customer needs through
fit-for- purpose technologies for the maturing oilfields of the
21st century. With corporate offices in Calgary, Alberta, Canada
and Houston, Texas, and research facilities in the U.S. and Europe,
Precision employs more than 10,000 people conducting operations in
more than 30 countries. Precision is committed to providing
efficient and safe services to create value for our customers, our
shareholders and our employees. DATASOURCE: Precision Drilling
Corporation CONTACT: Dale E. Tremblay, Senior Vice President
Finance and Chief Financial Officer, Telephone 403-716-4500, Fax
403-264-0251, website: http://www.precisiondrilling.com/; Archived
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http://www.newswire.ca/. Images are free to members of The Canadian
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