Profile: United Oil & Gas - a startup success
United Oil & Gas recently announced in a press release that, despite the COVID-19 pandemic and oil price volatility, the company is still doing well.
UO&G’s operations in Egypt were given special attention by Brian Larkin, CEO, who expressed pride and satisfaction that important projects were still being delivered successfully during a very difficult time.
These achievements include a gas pipeline in Al Jahraa, increasing productivity by almost double to 8,400 boepd (barrels of oil equivalent per day) and continuing with drilling operations in El Salmiyah.
“United's leadership team has reviewed our business in-depth and have mapped out what we believe is a sensible course through the months ahead. We are focussing on investment which we believe will deliver the most immediate return for our business,” stated Larkin.
A young contender in the industry
Although a relatively new company (it was founded in 2015), UO&G has already managed to establish an exciting range of assets around the world, including the UK, Italy, Jamaica and the aforementioned Egypt.
Starting as an independent startup comprised of former Tullow Oil staff, the company seeks to unlock the hidden profit potential inherent in non-care oil and gas licences.
Despite its global interests, UO&G chooses to keep its primary focus on Europe, owing to the leadership team’s extensive knowledge and previous experience within the region.
The company’s focused and decisive management has granted it steady progression over the years, with frequent block-awards and agreements signed over. So far in 2020, UO&G has managed to acquire exploration company Rockhopper Egypt.
Although the rest of the year will be challenging, this has not deterred UO&G from pursuing its agenda with characteristic vigour: infill-drilling in Abu Sennan, the first production from Selva Gas for later in the year and portfolio growth in Africa and South America are all scheduled.
“The economic and political uncertainty created by COVID-19 and the current low oil prices have created considerable challenges for our industry,” Larkin said.
“United's goal is to focus expenditure where it can deliver immediate benefit, maintain cashflow and emerge from this period of uncertainty in a position of strength, relative to the industry. We believe that this strategy can achieve that.”
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."