Service firms form JV database to serve online exchanges


Sam Fletcher
OGJ Online

A group of 12 major oil field service companies�a virtual Who's Who of the industry�have formed a joint venture company, OFS Portal, to create a standardized electronic catalog of product and service information to be used on multiple business-to-business (B2B) electronic commerce systems, officials said Wednesday.

The portal will provide a single standardized database to be used by the many B2B exchanges that want to do business with the oil and gas industry. OFS Portal hopes to establish e-catalog industry standards for the largely discrete B2B online marketplaces.

"There are a lot of exchanges out there, and they all want us to meet their own specific standards for providing information. We just can't do that," said Gary Flaharty at Baker Hughes Inc., one of the OFS partners.

The only alternative, he said, was for the service companies to develop their own portal for providing that information, with which the exchanges can link. That way, the service companies only have to update data at one source.

OFS participants plan to complete their design study in 4-6 weeks. "That's a pretty aggressive time frame, so it shows how serious we are about this," said Linda Silinsky at Schlumberger Ltd., one of the participants.

A strong push by clients to develop B2B e-commerce exchanges for purchasing equipment and services is the driving force behind OFS, company officials said.

What else the participants may develop for the not-for-profit independent service is not yet known. What it won't be, Flaharty emphasized, is another exchange where orders are actually placed.

"It's too soon to know even how it will be run. The governing board probably will include representatives from the 12 service companies, but it is open to additional members," Silinsky said.

Other OFS partners include: the upstream and petrochemical segments of the ABB Group, BJ Services Co., Cooper Cameron Corp., ENSCO International Inc., FMC Corp., Halliburton Co., National Oilwell Inc., Smith International Inc., Transocean Sedco Forex Inc., and Weatherford International Inc.

Motivation to form the OFS system and build its database came from recently formed company Trade-Ranger Inc., a B2B online platform formerly known as the Energy and Petrochemical Exchange.

In April, six of the service companies involved in OFS were invited to Boston to discuss providing the standardized information to the group of 14 major energy and petrochemical companies that formed Trade-Ranger.

Trade-Ranger milestone
Partners in Trade-Ranger marked a milestone Monday when they incorporated the new firm in Delaware and completed a first round of funding.

"The 14 founding shareholders have been working together to ensure that we can offer the most effective online trading community for the energy and petrochemical industry," said Timothy H. Ting, executive vice-president for Unocal Corp. and chairman of Trade-Ranger.

"We are in dialogue with several new buyers and sellers to become members of Trade-Ranger. We have taken the lead and are working with other buyers, sellers, and exchanges to set global standards for e-catalog content and e-procurement to drive complexity and costs from our industry," he said.

Trade-Ranger plans to begin transactions in September.

Its partners include Royal Dutch/Shell Group, BP, Conoco Inc., Dow Chemical Co., Equilon Enterprises LLC, Mitsubishi Corp., Motiva Enterprises LLC, Occidental Petroleum Corp., Phillips Petroleum Co., Repsol-YPF SA, Statoil AS, Tosco Corp., TotalFinaElf SA, and Unocal.

Related Articles

Geomicrobial survey results follow drilling success

11/30/2014 The Oriente basin of Ecuador is one of the most productive of the South American Sub-Andean basins. Cumulative production of oil at the end of 2011...

Leadership named for Oxy California independent spinoff

07/10/2014 Occidental Petroleum Corp. has appointed Todd A. Stevens as president and chief executive officer and William E. Albrecht as executive chairman of ...

OxyChem names Peterson as president

06/10/2014 Occidental Petroleum Corp. has selected Robert Peterson as president of wholly owned subsidiary Occidental Chemical Corp. (OxyChem), effective Aug....

Oil and gas midstream ripe for investment, Deloitte specialists say

05/14/2014 Surging US production has made oil and gas midstream operations attractive investment prospects, three Deloitte specialists said during the final d...

Oxy reports decrease in US, worldwide 1Q production

05/05/2014 Occidental Petroleum Corp. reported that its oil and gas production volumes in the first quarter averaged 745,000 boe/d, down from 763,000 boe/d in...

Oxy to spinoff California business

02/14/2014

Occidental Petroleum Corp.’s board has authorized the separation of its California assets into an independent and separately traded company.

Oxy to sell Hugoton field assets for $1.4 billion

02/13/2014 Occidental Petroleum Corp. has agreed to sell its Hugoton field assets to an undisclosed buyer for $1.4 billion. Oxy said it anticipates the transa...

Innex California, Rango Energy form US joint venture

01/20/2014 Innex California Inc., Dallas, has signed a definitive joint venture, operating, and acquisition agreement with Rango Energy Inc. that covers certa...

Occidental approves streamlining measures

10/18/2013 Occidental Petroleum Corp. directors have approved asset sales and other moves as part of “a strategic review to streamline and focus operations.”

White Papers

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Available Webcasts



The Future of US Refining

When Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Oil & Gas Journal’s Forecast & Review/Worldwide Pipeline Construction 2015

When Fri, Jan 30, 2015

The  Forecast & Review/Worldwide Pipeline Construction 2015 Webcast will address Oil & Gas Journal’s outlooks for the oil market and pipeline construction in a year of turbulence. Based on two annual special reports, the webcast will be presented by OGJ Editor Bob Tippee and OGJ Managing Editor-Technology Chris Smith.
The Forecast & Review portion of the webcast will identify forces underlying the collapse in crude oil prices and assess prospects for changes essential to recovery—all in the context of geopolitical pressures buffeting the market.

register:WEBCAST



On Demand

Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected