pennNET (www.pennNET.com), a leader in creating secure, reliable e-marketplaces for business professionals in critical global markets, has acquired Global Logistics Partners L.L.C., an international broker of used and surplus oil and gas and electric power equipment. This acquisition expands pennNET's e-commerce offerings for the energy industry through its soon-to-launch Oil & Gas Journal Exchange based in Houston.
Oil & Gas Journal Exchange is the e-commerce and e-media portal for oil, gas and power markets worldwide. It includes Oil & Gas Journal Online (www.ogjonline.com), the preeminent online daily news and technology service for the oil industry since 1996. The Oil & Gas Journal Online was originally launched to complement PennWell's Oil & Gas Journal, the oldest and most prominent news source for the industry, published weekly since 1902.
As part of pennNET's Oil & Gas Journal Exchange, Dallas/Fort Worth based Global Logistics Partners will create e-commerce transactions to link buyers and sellers in remote locations. Through its worldwide network of buyers and sellers, Global Logistics Partners helps petroleum and electric power companies monetize their used and surplus equipment, while also providing buyers with a more cost-efficient method to procure high-quality petroleum and electric power equipment.
Global Logistics Partners has traded new and surplus oilfield and electric power equipment since 1991. The estimated annual sales of surplus and used equipment in the energy industry is $33.6 billion worldwide.
Through the acquisition, pennNET will obtain Global Logistics Partners' experienced staff, including Rick Williamson, Global Logistics' founder, president and chief executive officer. Williamson has spent 19 years in the Middle East, Far East and Europe developing expertise in the complex import, tax and regulatory requirements associated with the worldwide trading of industrial equipment.
The pennNET Oil & Gas Journal Exchange is the leading centralized e-marketplace for professionals to conduct the online purchase and sale of oil and gas producing properties, exploration prospects, and used and surplus petroleum and electric power equipment worldwide. In January pennNET acquired majority interest in EBCO, a 20-year-old Oklahoma City and Houston company that conducts live auctions of oil and gas producing properties and also pioneered the first Internet property auction for Houston's J.M. Huber Corp. in October 1999. The comprehensive suite of e-commerce and auction related products and services offered by Oil & Gas Journal Exchange will improve, expedite, and bring greater efficiencies to the transaction process for the petroleum and electric power industries.
Baker Hughes, Houston, Tex., has announced the formation of a new business unit, Exploration and Reservoir Services (ERS), to provide high-end surface seismic and borehole geophysics interpretation services to the oil and gas industry. Composed of groups from Western Geophysical and Baker Atlas, ERS will be headquartered in Houston under Western Geophysical and will initially have offices in Houston, London and Bahrain.
Gary Fair, formerly vice president of data processing for Western Geophysical, will relocate from Western's London office to Houston to serve as vice president, Exploration and Reservoir Services. He will report to Western Geophysical President Gary Jones.
The new business unit was formed to meet clients' increasing demand for complete reservoir services. By combining advanced surface seismic technologies from Western Geophysical and formation evaluation expertise from Baker Atlas, ERS provides comprehensive characterization of oil and gas reservoirs from discovery through the life of the field.
Baker Hughes is a supplier of reservoir-centered products, services, and systems to the worldwide oil and gas industry.
Weatherford International, Inc. has announced that its natural gas compression division, Weatherford Global Compression Services, has purchased Alpha Gauge & Instrument, Inc., (AGI) of Bakersfield, Calif., a manufacturer and provider of process and instrumentation equipment to the oil, gas and petrochemical industries.
The acquisition expands Weatherford Global's range of field gas production optimization solutions to include custom PLC driven control panels, automatic custody transfer units, flow meters, gauges and valves used to measure and control gas flow.
AGI has facilities in Bakersfield, Calif., Taft, Calif., and Long Beach, Calif. Weatherford Global will retain the OEM distributorships held by AGI for a number of manufacturers. In addition to sales, Weatherford Global will also install and service the equipment.
Weatherford Global Compression Services is a single-source provider of natural gas compression solutions to a variety of customers worldwide. Its solutions comprise the widest choice of compression services in the business, including full service turnkey compression project management, a large fleet of rental compression units, maintenance and reconditioning services for customer-owned equipment, custom engineered compression systems, innovative financing programs and used equipment.
Houston-based Weatherford International, Inc. is a global provider of innovative mechanical solutions, technology and services for the drilling, completion and production sectors of the oil and gas industry.
Geotech Environmental Equipment, Inc., Denver, Colo., has expanded its product design, manufacture and distribution business following the acquisition of Keck Instruments, Inc., Williamston, Mich. The acquisition provides an additional location as well as an increased selection of quality products offered by Geotech.
Keck designs, builds and distributes ground water instrumentation to technical professionals worldwide. Geotech has one of the broadest lines of proprietary products in the industry.
