fetching latest news
News tagged in:
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.
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’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.
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.
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 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.
ConocoPhillips has concluded the sale of two of its subsidiaries to Chrysaor E&P Limited in a $2.675 billion deal, apart from the interest and customary adjustments. The two ConocoPhillips subsidiaries indirectly owned the firm’s E&P assets in the UK, including roughly $1.8 billion in asset retirement obligations. The US oil major also declared about discontinuing exploration activities in the Central Louisiana Austin Chalk trend.
Oil supermajor Exxon Mobil has reached an agreement with Var Energi to farm out its Norwegian oil and gas assets in a $4.5 billion deal. The deal will bring an end to Exxon’s upstream operations in Norway, where it has been present for more than a century. The $4.5 billion deal is part of Exxon’s divestment strategy to let go of $15 billion worth of nonstrategic assets by 2021.
Energy investment management firm, Pickering Energy Partners has formed a strategic joint venture with Henry Resources. The JV will engage in the acquisitions of already producing oil and gas assets across the Permian basin. The terms of the partnership dictate that the two firms will aim at invest at least $500 million in producing asset packages to be controlled by the Henry team.
Pipeline firm Energy Transfer LP has agreed to acquire smaller rival SemGroup Corp in a $1.35 billion deal. The acquisition will gain Energy Transfer the ownership to SemGroup’s crude oil terminal on the Houston Ship Channel, crude oil gathering assets and oil and natural gas liquids pipelines. With an enterprise value of $5 billion, the deal is expected to close in late 2019 or early 2020.
Norwegian energy major, Equinor has informed about concluding the divestment of its 16% stakes in Lundin Petroleum. First announced in July 2019, the divestment will give Equinor a 2.6% direct ownership share in Johan Sverdrup oilfield. Equinor, which gained $650m out of the deal, will continue to retain a 4.9% stake in Lundin.
Oil supermajor, BP has agreed to trade its entire business in Alaska to Hilcorp Alaska for $5.6 billion. Under the terms of the agreement, the deal will gain Hilcorp the ownership to BP's entire upstream and midstream business in the state, including BP Exploration (Alaska) and BP Pipelines (Alaska). The Alaskan business farm out is in line with BP’s strategy to divest $10 billion of assets over 2019 and 2020.
Total has inked deals with Qatar Petroleum to transfer part of its assets in Kenya, Guyana and Namibia. Qatar Petroleum will gain 30% and 28.33% in Block 2913B and Block 2912 respectively. Total will also let go of 40% of the company holding its existing 25% stakes in the Orinduik and Kanuku blocks. In Kenya, Total and Eni will farm out a combined 25% interest in different to Qatar Petroleum.
PDC Energy yesterday agreed to acquire rival SRC Energy Inc in a $971.3 million all-stock deal. The deal, which will create the second-largest producer in Colorado’s DJ basin, is expected to conclude in the fourth quarter. The merged entity will gain ownership to 182,000 net acres in the Wattenberg field in the DJ basin. PDC’s management team will expand to a nine-member board including two SRC directors.
Calgary-based Pembina Corp. has agreed to buy Kinder Morgan Canada and the U.S. division of the Cochin Pipeline system in a $3.27 billion deal. Pembina will acquire Kinder Morgan Canada in an all-stock deal, valuing the Canadian assets of the pipeline giant at about C$15.02 per share. This represented a premium of 36.8% to stock’s Tuesday close.
Norwegian oil major, Equinor has concluded the acquisition of Shell’s stake in the Caesar Tonga oil field. The acquisition has increased Equinor’s interest in the field to 46%. The operatorship of the field remains with Anadarko Petroleum, with a 33.75% interest, while Chevron owns a 20.25% interest. The deal between Equinor and Shell which was first announced in May 2019, recently received approval from the Bureau of Ocean Energy Management.
Occidental Petroleum yesterday concluded the $55 billion-acquisition of Anadarko Petroleum, with the assumption of Anadarko’s debt. Vicki Hollub, President and CEO at Occidental said, “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders”.
Independent Oil and Gas (IOG) has inked agreements to sell out half of its assets in the Southern North Sea to CalEnergy Resources (CER). The UK-based firm will let go of upstream assets, excluding the Harvey licenses, and the Thames Pipeline and associated Thames Reception Facilities. IOG and CER will also pursue development prospects in the Thames Pipeline on an equal ratio basis.