Category: Oil and Gas business

On a drilling rig where drilling pipe is stored adjacent to the derrick

An artificial-lift method principally used in gas wells to unload relatively small volumes of liquid

PetroMed is a junior exploration and development company whose mission and focus is to Discover, Drill, Develop and Deliver oil and gas to Israel and is focused on targets offshore Israel. The company had two licenses (Sarah and Myra) and one permit (Benjamin) offshore Israel. In December 2009, PetroMed announced the formal signing of a Purchase and Sale agreement with Israel Petroleum Company and Bontan Corporation is to receive a combination of common stock, warrants and an overriding production royalty (carried) and in April 2010 Petromed concluded an agreement for the transfer of the rights to a new partnership comprising Israel Land Development, Modiin, IPC and Prentice Tomlinson.

The main inspection methods that are used are MFL (Magnetic Flux Leakage) and UT (Ultrasonics). MFL is an inferred method where a strong magnetic flux is induced into the pipeline wall. Sensors then pick up any leakage of this flux and the extent of this leakage indicates a flaw in the pipe wall. For instance, internal material loss in the line will cause flux leakage that will be picked up by the sensors. Defect libraries are built up to distinguish one defect from another. Ultrasonic inspection is a direct measurement of the thickness of the pipe wall. A transducer emits a pulse of ultrasonic sound that travels at a known speed. The time taken for the echo to return to the sensor is a measurement of the thickness of the pipe wall. The technique needs a liquid through which the pulse can travel. The presence of any gas will affect the output.

Long and heavy steel pylon driven into the seabed; a system of piles is used as foundation for anchoring a fixed platform or other offshore structures

The level of peak production reached by an oil or gas field; it is always followed by declining level of production.

Sending a pig down a pipeline is known as ‘pigging’ the pipeline.

According to the Israeli Petroleum Law, in this register shall be recorded, in such detail as may be prescribed by the regulations, all applications for petroleum rights submitted and all licenses, leases and surface leases granted under this law

A ram that closes around or cuts off drilling pipe in the blow-out preventer (BOP) to prevent escape of pressured fluids from the well-bore in an emergency situation

The depth at which the borehole of an abandoned well is filled with mud and cement to prevent the flow of water or oil from one strata to another or to the surface.