TNW Group Companies (TNW) is a new business group launching into the North Sea oil and gas market.
With three companies operating under the TNW banner, the group has analysed the challenging market conditions of the North Sea oil and gas market and formulated a business plan that will be both profitable, while supporting an ailing industry.
TNW chairman Paul Landers says, “We have the prevailing counter-intuitive winds in our favour. Globally, market conditions for the oil and gas industry are challenging, and for the North Sea, they are, if one were to read and believe every bit of media coverage, absolutely dire. What a great time to launch a new company, with a new approach to the market!”
TNW is composed of three companies, StimLite (well services); UCS (contracting supply company) and GB (seismic services).
Landers adds that TNW’s early focus will be to concentrate efforts on the urgent need for well stimulation services through its StimLite company. “Scotland’s deputy first minister John Swinney is the most recent to voice concern that some of the remaining North Sea oil will never be recovered as companies active in the area have scaled down investments due to the weak oil price. Improving the recovery of hydrocarbons from mature fields and new, small pools with lower cost is what TNW is about.”
StimLite will perform well intervention/stimulation at reduced costs and in very short timeframes. “Our solution immediately assists the operator by lowering the lifting costs per barrel and providing major increases to bottom line income. We use our own non-toxic biodegradable cleaning solution and two other non-intervention techniques which, in combination with each other, will significantly increase existing production while monitoring future production.”
Landers explains that in order to provide a complete “stimulation service” to operators at the lowest cost and highest margins a Mini Coil, or small diameter oiled tubing, can overcome these problems, making interventions in depleted wells both economical and feasible.
“The use of Mini Coils and associated technicians will be provided by the Netherlands based Well Services Group (WSG); they will be our Joint Venture partners. This will enable our StimLite service to begin operations without major capital spend upfront and a very small working capital requirement.”
Commenting on the new national strategy for the North Sea which states the region must “adapt to survive” in response to the global price crash and job cuts, Landers says, “Everyone has a view on the future of the North Sea oil and gas industry just now, but I am pleased to say that TNW is taking immediate and practical action to address the issues of high costs and the need for innovation. We are excited to breathe life into addressing these pain points for the industry through clever collaboration and innovation. Anything TNW can do to increase the life of a platform is good for our clients, the industry and ultimately good news for the UK economy and employment market. Our long-term goal is to use the UKCS as a launch pad for our services to the world oil and gas market.”