Conoco, Tesco Unveil Groundbreaking Way to Break Ground.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Feb. 11, 2002 Conoco (NYSE NYSE See: New York Stock Exchange :COC See chip on chip. ) and Tesco Corporation This article is about the oil industry company. For UK-based supermarket group, see Tesco. Tesco Corporation (NASDAQ: TESOF) is a company specialising in the design, manufacture and servicing of technology-based solutions for the upstream energy industry. (Nasdaq:TESOF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :TEO TEO Technology Executive Officer TEO Olefinic Thermoplastic Elastomer TEO Transferred Electron Oscillator TEO Telephone Equipment Order TEO The Endless Odyssey TEO Training Evaluation Outline TEO Technical Escort Officer TEO Temporary Exclusive Occupancy ) have jointly announced plans to construct three revolutionary drilling rigs using Tesco's proprietary Casing Drilling(TM) technology. The drilling rigs will operate under an exclusive contract to Conoco for a two-year period. Pilot testing shows Casing Drilling(TM) technology drastically reduces drilling costs and speeds well completion by using the conventional casing instead of drill pipe to drill the well. Casing Drilling(TM) is safer, and eliminates the time-consuming "trips" necessary to change drill bits and set casing. Tesco will operate the three rigs for Conoco to conduct a two-year development-drilling program in Conoco's South Texas Lobo natural gas trend. The first rig is expected to be operational no later than Sept. 1, 2002. The other two rigs will be ready to begin work in the Lobo trend by Dec. 31, 2002. "Typically, wells drilled with Casing Drilling(TM) can be drilled up to 30 percent faster than conventional wells and represents a major advance in oil and gas drilling technology," said Tesco Corporation President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bob Tessari. "Tesco's Casing Drilling(TM) technology will be extremely valuable in our continued development of the natural gas reserves in the Lobo Trend," said Conoco President of Exploration, Production Americas Gary A. Merriman. "At the end of the day, this technology will enable Conoco to complete development wells faster and safer, and with a lot less capital investment. All of these elements add to the economic value of the Lobo properties." The three Casing Drilling(TM) land rigs with proprietary Tesco technologies will be manufactured at the company's facilities in Calgary, Canada. "Casing Drilling(TM) is a unique technology that brings substantial benefits to both onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. and offshore oil and natural gas drilling operations," said Mark Fischer Mark Raymond Fischer (born July 29, 1974 in Cincinnati, Ohio) was an American football center in the National Football League for the Washington Redskins. He played college football for Purdue University. , executive vice president of Tesco. "After investing more than US $16 million and five years of research and development, Tesco is pleased to join forces with Conoco in the first commercial application of this innovative technology." Tesco the Drilling Innovation Company(TM), is a global leader in the design, manufacture and service of technology-based solutions that reduce the cost of drilling oil and gas wells. Conoco is a major integrated energy company active in more than 40 countries. |
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