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Siemens Announces Agreement to Acquire Dresser-Rand

Siemens has entered into an agreement with Dresser-Rand to acquire all of the issued and outstanding common shares of Dresser-Rand by way of a friendly takeover bid. Siemens' bid is unanimously supported by Dresser-Rand's Board of Directors. The offer price is $83 per common share in cash, or a total transaction value of approximately $7.6 billion.

Dresser-Rand of Houston is a supplier for the oil & gas, process, power and other industries in the related energy infrastructure markets worldwide. The acquisition complements Siemens' existing offerings in the global oil & gas industry and for distributed power generation. 

U.S. Could Overtake Saudi Arabia as Largest Petroleum Producer

“With U.S. production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991,” the Financial Times reports. Case in point, “imports are expected to provide just 21% of U.S. liquid fuel consumption next year, down from 60% in 2005.”

Even with the U.S. in the midst of this oil boom, “crude oil production in August was still lower than either Saudi Arabia’s, at about 9.7m b/d, or Russia’s at 10.1m b/d.” However, if current trends continue, the U.S. “could catch up with Saudi Arabia and Russia on crude production alone by the end of the decade.”

API Publishes Industry Standard for Shipments of Crude by Rail

The American Petroleum Institute (API) published a new set of recommended practices for testing and classifying crude oil for rail shipment and loading it into rail tank cars.

“The development of standards is a major part of API’s ongoing work to enhance safety throughout our industry,” said API President and CEO Jack Gerard. “This particular standard is one element of a much broader approach to safety improvement. A comprehensive effort that addresses accident prevention, mitigation and response is essential to achieving our goal of zero incidents for crude by rail shipments.”

API’s Recommended Practice for Classifying and Loading of Crude Oil into Rail Tank Cars, known as RP 3000, provides guidance on many important aspects of preparing to ship crude oil by rail, including how to assign the correct Packing Group and establishing a crude oil sampling and testing program.

Given the importance of this new standard, API will initially make it available at no charge to interested parties via www.api.org/rail.

More than 500K Supply Chain Jobs Linked to Unconventional Production

A sizable and growing portion of the economic benefits from unconventional oil and gas development in the U.S. is being felt by a diverse group of industries that support oil and gas producers, according to a new study by IHS.

Employment related to unconventional oil and gas production in these supply chain industries totaled 524,000 jobs in 2012 and is expected to grow 45% to 757,000 jobs in 2025, equal to 41% of total direct and indirect employment supported by unconventional oil and gas value chain activity.

“It is an important part of the story that the unconventional oil and gas producers sit atop long and diverse supply chains that run through the U.S. economy,” said Brendan O’Neil, managing director, consulting, IHS Economics and Country Risk. “The growth in unconventional production has become an important source of economic activity for these industries at a time when many of their other primary markets were experiencing decline as a result of the Great Recession.” 

Sunoco Announces TX-LA Pipeline Project

SunVit Pipeline LLC, Sunoco Pipeline L.P., and ExxonMobil Pipeline Company will commence a binding Open Season for project Permian Longview and Louisiana Extension. The project is being developed to deliver crude oil from West Texas to destinations in East Texas as well as both northern and southern Louisiana.

The project is anticipated to have initial capacity to transport approximately 100,000 barrels per day. The Permian Longview and Louisiana Extension project is scheduled to be operational in the second half of 2016.

The project will provide West Texas producers access to markets and refiners along the pipeline’s route with a crude oil supply solution for West Texas Sour and West Texas Intermediate crude. 

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Valve Magazine Digital Edition

14 SUM CVR 160x214Inside the Summer 2014 issue…

• Attracting Talent
• Advances in Machining
• Severe Service in Power Plants
• SIS Tests and Standards

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