Profile: Isramco Inc (ISRL.OQ)
6 Dec 2016
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 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 Company operates through two segments: Oil and Gas Exploration and Production Segment, and Production services Segment. 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 owns interest in oil and gas wells in Louisiana, Texas, New Mexico, Oklahoma, Wyoming, Utah and Colorado and serves as operator of approximately 520 producing wells located in Texas in New Mexico.
The Company's estimated total proved oil, natural gas reserves and natural gas liquids are approximately 36,220 thousand barrels of oil equivalent, consisting of over 1,880 thousand barrels of oil; approximately 200,690 million cubic feet of natural gas, and over 890 thousand barrels of natural gas liquids. 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 is approximately 90 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.
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 owns and operates over 10 fluid service trucks equipped with an average fluid hauling capacity of approximately 130 barrels a piece. 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 total approximately 30 rigs, which it operates through over six locations in Texas and New Mexico.
2425 West Loop S Ste 810
HOUSTON TX 77027-4214