Profile: Isramco Inc (ISRL.OQ)
27 Jul 2017
Isramco, Inc., incorporated on November 18, 1982, together with its subsidiaries, is an independent oil and natural gas company. The Company is engaged in the exploration, development and production of oil and natural gas properties located onshore in the United States and offshore Israel. The Company operates through two segments: Oil and Gas Exploration and Production Segment, and Production services Segment. The Company also operates a production services company that provides a range of onshore production services to oil companies, and independent oil and natural gas production companies conducting operations in the United States. The Oil and Gas Exploration and Production Segment is engaged in the exploration and production of natural gas, crude oil, condensate and natural gas liquids (NGLs). The Production services Segment is engaged in rig-based and workover services, well completion and recompletion services, plugging and abandonment of wells and other ancillary oilfield services.
Oil and Gas Exploration and Production Segment
The Company's Oil and Gas segment is engaged in the exploration, development and production of oil and natural gas properties located onshore in the United States and ownership of various interests in oil and gas concessions located offshore Israel. It owns varying working interests in oil and concessions located offshore Israel. The Company owned interest in oil and gas wells in Louisiana, Texas, New Mexico, Oklahoma, Wyoming, Utah and Colorado and served as operator of approximately 515 producing wells located in Texas in New Mexico, as of December 31, 2016.
The Company's estimated total proved oil, natural gas reserves and natural gas liquids were approximately 34,581 thousand barrels of oil equivalent, which consisted of 1,609 thousand barrels of oil; 193,269 million cubic feet of natural gas, and 761 thousand barrels of natural gas liquids, as of December 31, 2016. The Company owns interest in the Dalit gas fields (Tamar Field). The Tamar Field is operational and delivering natural gas to Israel. The Tamar Field was approximately 95 kilometers off the coast of the Israel, in the Israel exclusive economic zone of the Eastern Mediterranean, with a water depth of approximately 1,700 meters, as of December 31, 2016.
Production services Segment
The Company's production servicing rig and truck fleet provides a range of production services, including the completion of newly drilled wells, recompletion and workover of existing wells, fluid transportation, related oilfield services and plugging and abandonment of wells to a group of oil and gas exploration and production companies. Its newly drilled wells require completion services to prepare the well for production. Production servicing rigs are used to complete newly drilled wells. The completion process involves selectively perforating the well casing in the productive zones to allow oil or gas to flow into the well bore, stimulating and testing these zones, and installing the production string and other downhole equipment. The completion process ranges from a few days to several weeks, depending on the nature and type of the completion, and generally requires additional auxiliary equipment in addition to a production services rigs.
The Company provides maintenance services on the mechanical apparatus used to pump or lift oil from producing wells. These services include repairing and replacing pumps, sucker rods and tubing. It provides the rigs, equipment and crews for these tasks, which are performed on both oil and natural gas wells, but which are required on oil wells. The Company owned and operated 12 fluid service trucks equipped with an average fluid hauling capacity of up to 130 barrels a piece, as of December 31, 2016. Each fluid service truck is equipped to pump fluids from or into wells, pits, tanks and other storage facilities. The fluid service trucks are used to transport water to fill frac tanks on well locations, to transport produced salt water to disposal wells, and to transport drilling and completion fluids to and from well locations. Its fleet of production servicing rigs totaled 33 rigs, which operated through four locations in Texas and New Mexico, as of December 31, 2016.
2425 West Loop S Ste 810
HOUSTON TX 77027-4214