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GOI invites preliminary bids for selling its stakes in BPCL
March 7, 2020

GOI invites preliminary bids for selling its stakes in BPCL

The Government of India, today, finally invited preliminary bids for the sales of its entire 52.98% stakes in India's second-biggest oil refiner, BPCL. The bidders will have to submit an Expression of interest (EOI) by May 2, according to the bid document by the DIPAM. BPCL's stake in Numaligarh Refinery Limited, however, has been excluded from the sale and will be sold only to a state-owned oil and gas firm.

IDEX buys out Flow Management Devices LLC
Feb. 12, 2020
Source: World Oil

IDEX buys out Flow Management Devices LLC

Illinois-based IDEX Corporation has inked a definitive agreement to purchase the flow measurement system provider, Flow Management Devices, LLC (Flow MD) for cash consideration of $125 million. Flow MD’s calibration products have been saving on enormous payment discrepancies for customers where slight inaccuracies in flowmeter measurements at transfer points. Flow MD made an annual sales of ~$60 million last year, and will join IDEX’s energy group.

Trelleborg acquires Signum
Jan. 16, 2020

Trelleborg acquires Signum

Engineered polymer solutions provider, Trelleborg has concluded the acquisition of Signum Technology Ltd and its subsidiary companies Gall Thomson, KLAW LNG, KLAW Products, and Vee Bee Filtration. The acquisition move will add Signum's safety-critical solutions, including Marine Breakaway Couplings (MBCs) and safety solutions for LNG transfer systems, to Trelleborg’s product portfolio. Signum's acquisition is in line with Trelleborg’s strategy to fortify its position as a system provider.

Stress Engineering acquires Laserstream
Jan. 14, 2020
Source: World Oil

Stress Engineering acquires Laserstream

Houston-based Stress Engineering Services has purchased Texas-based Laserstream, a company specializing in laser mapping of tubular assets. The acquisition will gain Stress Engineering the ownership to high-resolution pipe ID scanning hardware and imaging software while enhancing its competencies within upstream, midstream, downstream, aerospace, consumer and medical services. With the acquisition, SES will be able to capitalize on Laserstream’s state-of-the-art equipment, to combine with its laboratories and service offerings.

CGG departs marine seismic acquisition business
Jan. 9, 2020
Source: World Oil

CGG departs marine seismic acquisition business

French Geoscience company, CGG has informed about concluding its withdrawal from the marine seismic acquisition business. CGG farmed out the marine seismic acquisition business in a strategic partnership transaction to Shearwater GeoServices. CGG also informed about the creation of a joint venture under the Sercel brand for the research and development, manufacturing, commercialization, and support of marine streamer seismic acquisition equipment.

Pertamina to Take Over Rokan Block
Jan. 4, 2020

Pertamina to Take Over Rokan Block

Indonesian hydrocarbon company, PT Pertamina has aimed to start drilling in Indonesia's Rokan oilfields in the third quarter of this year. It has planned to drill 20 wells minimum this year. The Indonesian government had decided in 2018 to hand over the operatorship of Pertamina over Rokan block as the contract with Chevron Corp ends in Aug'21.

WIS concludes fishing and remedial acquisitions from Schlumberger
Jan. 3, 2020
Source: World Oil

WIS concludes fishing and remedial acquisitions from Schlumberger

Wellbore Integrity Solutions (WIS) has concluded the acquisition of Schlumberger’s fishing & remedial division, DRILCO and Thomas Tools. WIS has acquired businesses and assets in 16 countries initially and expected to close acquired assets and businesses in 9 other regions in coming months, “Today marks the first day of bringing the WIS vision to a reality,” says David MacNeill, President and CEO, WIS.

Sinochem Sells 20% of its Stakes
Dec. 30, 2019

Sinochem Sells 20% of its Stakes

Sinochem unit of Chinese oil and petroleum company Sinochem Group has decided to sell 20% of their stakes at worth $1.65 billion to five national firms. Agricultural Bank of China, Industrial Bank of China and Citic Securities Investment Co. are the corporate investors. ChemChina has also approached for funding of $10 million to the group. Frank Ning Gao Ning, chairman of both companies has encouraged collaboration only after resolving individual debt issues.

Seplat acquires Eland Oil and Gas
Dec. 19, 2019

Seplat acquires Eland Oil and Gas

Nigerian oil and gas firm, Seplat has concluded its £382m purchase of Aberdeen-based company Eland Oil & Gas. First announced in October of 2019, Seplat's acquisition of Eland had to get approval from 75% of Eland shareholders. Eland’s chief executive George Maxwell and chief financial officer Ron Bain will stay at the company during the transition period.

Tallgrass Energy agrees to Blackstone’s new buyout deal
Dec. 18, 2019
Source: Reuters

Tallgrass Energy agrees to Blackstone’s new buyout deal

American pipeline operator, Tallgrass Energy yesterday informed about accepting Blackstone’s new buyout deal that values the company at approximately $6.3 billion. The fresh sweetened deal came after a dispute emerged over the original offer which gave Tallgrass executives a higher price for their shares than other holders. Tallgrass said that the transaction will come via $3 billion in equity and the remainder with debt.

Honeywell buys out Rebellion Photonics
Dec. 17, 2019

Honeywell buys out Rebellion Photonics

American conglomerate, Honeywell has purchased Rebellion Photonics, a Houston-based provider of innovative, intelligent, visual gas monitoring solutions. Rebellion Photonics’ real-time monitoring platform allows plant operators to visually identify and quantify gas releases. Rebellion will become acquired into Honeywell’s Safety and Productivity Solutions business, which offers an array of gas detection technologies, safety gear, mobility solutions and software to ensure worker's safety and productivity.

Petrobras divests 34 oilfields for $266 million
Dec. 10, 2019
Source: Reuters

Petrobras divests 34 oilfields for $266 million

Brazilian state-run Petrobras has completed the sale of 34 onshore oilfields in Rio Grande do Norte state to a subsidiary of PetroReconcavo SA. The Brazilian oil major informed about the $266 million deal through a market filing on Monday. The sale is consistent with Petrobras’ divestment strategy to lessen its debt load and focus more on deepwater exploration and production.

Motive Offshore buys out Pumptech
Dec. 5, 2019
Source: World Oil

Motive Offshore buys out Pumptech

Continuing on its growth strategy, Scottish service provider, Motive Offshore has concluded the purchase of Norway-based Pumptech for a seven-figure sum. The acquisition will allow Motive to leverage Pumptech’s large fleet of zone-2-accredited hydraulic pump units (HPUs), apart from their expertise in flexible flowlines and umbilical testing. Richard Charles has been appointed as Flexibles Division Manager for the new division.

Cairn Energy to farm out Capricorn Norge unit
Nov. 29, 2019

Cairn Energy to farm out Capricorn Norge unit

Exploration and development firm, Cairn Energy has entered into an agreement to farm out its stakes in Capricorn Norge to Solveig Gas. The deal will fetch Cairn $100m, apart from the customary working capital adjustments, upon completion of the transaction. Capricorn Norge owns a 10% interest in the Nova field, where Wintershall Dea is the operator. Cairn intends to use the proceeds from the transaction to fund its ongoing business.

Ecopetrol subsidiary acquires Chevron’s stake in Carribean gas pumps
Nov. 27, 2019

Ecopetrol subsidiary acquires Chevron’s stake in Carribean gas pumps

Ecopetrol’s subsidiary, Hocol yesterday informed about agreeing to acquire Chevron's interest in two Caribbean gas production fields. The two production fields, Chuchupa and Ballena, will be now jointly owned by Ecopetrol (57% stakes), and Hocol (43% stakes). The operatorship of the fields will be transferred to Hocol. Government data in 2018 showed gas reserves in Colombia equivalent to 9.8 years of consumption.

Husky concludes sale of Prince George Refinery
Nov. 6, 2019
Source: Rigzone

Husky concludes sale of Prince George Refinery

Canadian firm, Husky Energy has informed about concluding the sale of its Prince George Refinery to Tidewater Midstream and Infrastructure. The deal was finalized for $215 million in cash, excluding a closing adjustment of about $53.5 million. Apart from the deal, Husky also inked a five-year offtake agreement with Tidewater for refined products from the refinery.

Neptune Energy extends North Sea asset portfolio with new acquisition
Oct. 15, 2019
Source: World Oil

Neptune Energy extends North Sea asset portfolio with new acquisition

British E&P firm, Neptune Energy has inked a conditional SPA with Energean Oil and Gas to acquire the production, development and exploration assets of Edison E&P in UK and Norwegian North Sea. The agreement is conditioned on the proposed acquisition of Edison E&P by Energean. If successful, the deal will provide Neptune with an estimated 30 MMboe of 2P reserves, apart from material growth in contingent resources, and near-term production.

ConocoPhillips farms out Northern Australian business to Santos
Oct. 14, 2019
Source: Reuters

ConocoPhillips farms out Northern Australian business to Santos

ConocoPhillips has farmed out its northern Australian business to Santos Ltd in a $1.39 billion deal. The acquisition, which will boost Santos’ output by 25%, is second in the line of major acquisitions made by the Australian firm this year. While ConocoPhillips will let go of the Darwin LNG plant and gas fields off northern Australia, it will hold onto its stakes in the Australia Pacific LNG plant in Queensland.

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