metro
07-19-2007, 07:43 AM
Thu July 19, 2007
Rig builder raises sights
By Adam Wilmoth
Business Writer
A $313 million contract to be signed today could boost the efforts of an Oklahoma City oil-field services company. But promoters say the deal's benefits could be much further reaching.
The contract calls for Helvey International Oilfield Services to build 10 drilling rigs simultaneously over the next year for Tanzanian national oil company Petronat. The rigs will be used to start an effort designed to create energy security and increased stability in Tanzania and eastern Africa.
"Tanzania is the gateway to bring energy independence into the region,” said Nassir Yusuf, Petronat's managing director. "If we can get just 20 percent of our oil and natural gas from our own country, you will see us prosper the way you have been blessed for many years.”
Tanzania imports about $600 million in oil annually even though vast amounts of oil and natural gas are believed to be hiding deep below the country. Nassir hopes the drilling project will reverse the trend, allowing Tanzania and other eastern African countries to become net oil exporters.
"This opportunity will allow those natural resources to benefit the country in job creation, infrastructure development and developing a future for our young people,” Nassir said.
An improved economic situation also could lead to increased stability throughout the region, he said.
Roughly the size of Texas, Tanzania is large enough to support many drilling projects. The 10 rigs included in today's announcement likely will be only the beginning in the partnership between the African country and Helvey.
"This is only phase one, Nassir said. "There will be a second and third phase. The government of Tanzania will move in field to field. They will have the right technology, the right machines right there in Tanzania.”
Michael Helvey founded Helvey International in July 2005 and already has grown the young company into what he claims is the largest rig manufacturing operation in the country. The company now has more than 60 employees and can build 10 rigs simultaneously. Within the next 18 months, the company plans to expand into a larger Oklahoma City area facility and boost its operations to more than 750 employees with a capacity of 56 simultaneous rig builds.
The Tanzania contract helps the company advance toward that goal. But the partnership is about much more than just business, Michael Helvey said.
"We originally had some deals that were ahead of the Tanzanian project, but because of what they are trying to do over there, we put them at the forefront,” Helvey said. "As a business, obviously we're after profits. But it's special to be in a business that can go in and help a country achieve energy independence. They're doing it for their people to be self -sufficient and have better lives. It's truly an honor to be part of that.”
The deal also could benefit all of Oklahoma, Helvey said.
"Through mergers and the loss of energy companies, Oklahoma has lost some of its glory,” Michael Helvey said. "This is a way for us to help bring some of that back.”
Michael Helvey is a founding member of the Global Fusion Foundation, a nonprofit organization designed to promote Oklahoma and its companies globally.
Helvey International's contract could lead to increased business for other Oklahoma companies, said M. Larry Edwards, Global Fusion's founder.
"It's helping Oklahoma become known abroad,” he said. "This is a success story that shows other Oklahoma companies they can do the same thing, and it helps get Oklahoma's name into the international market.”
Rig builder raises sights
By Adam Wilmoth
Business Writer
A $313 million contract to be signed today could boost the efforts of an Oklahoma City oil-field services company. But promoters say the deal's benefits could be much further reaching.
The contract calls for Helvey International Oilfield Services to build 10 drilling rigs simultaneously over the next year for Tanzanian national oil company Petronat. The rigs will be used to start an effort designed to create energy security and increased stability in Tanzania and eastern Africa.
"Tanzania is the gateway to bring energy independence into the region,” said Nassir Yusuf, Petronat's managing director. "If we can get just 20 percent of our oil and natural gas from our own country, you will see us prosper the way you have been blessed for many years.”
Tanzania imports about $600 million in oil annually even though vast amounts of oil and natural gas are believed to be hiding deep below the country. Nassir hopes the drilling project will reverse the trend, allowing Tanzania and other eastern African countries to become net oil exporters.
"This opportunity will allow those natural resources to benefit the country in job creation, infrastructure development and developing a future for our young people,” Nassir said.
An improved economic situation also could lead to increased stability throughout the region, he said.
Roughly the size of Texas, Tanzania is large enough to support many drilling projects. The 10 rigs included in today's announcement likely will be only the beginning in the partnership between the African country and Helvey.
"This is only phase one, Nassir said. "There will be a second and third phase. The government of Tanzania will move in field to field. They will have the right technology, the right machines right there in Tanzania.”
Michael Helvey founded Helvey International in July 2005 and already has grown the young company into what he claims is the largest rig manufacturing operation in the country. The company now has more than 60 employees and can build 10 rigs simultaneously. Within the next 18 months, the company plans to expand into a larger Oklahoma City area facility and boost its operations to more than 750 employees with a capacity of 56 simultaneous rig builds.
The Tanzania contract helps the company advance toward that goal. But the partnership is about much more than just business, Michael Helvey said.
"We originally had some deals that were ahead of the Tanzanian project, but because of what they are trying to do over there, we put them at the forefront,” Helvey said. "As a business, obviously we're after profits. But it's special to be in a business that can go in and help a country achieve energy independence. They're doing it for their people to be self -sufficient and have better lives. It's truly an honor to be part of that.”
The deal also could benefit all of Oklahoma, Helvey said.
"Through mergers and the loss of energy companies, Oklahoma has lost some of its glory,” Michael Helvey said. "This is a way for us to help bring some of that back.”
Michael Helvey is a founding member of the Global Fusion Foundation, a nonprofit organization designed to promote Oklahoma and its companies globally.
Helvey International's contract could lead to increased business for other Oklahoma companies, said M. Larry Edwards, Global Fusion's founder.
"It's helping Oklahoma become known abroad,” he said. "This is a success story that shows other Oklahoma companies they can do the same thing, and it helps get Oklahoma's name into the international market.”