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UK-based RockRose Energy has entered into an agreement to acquire Marathon Oil’s North Sea business. In a deal worth £107 million, RockRose will gain ownership to Marathon’s interests in the Greater Brae, Foinaven East and Foinaven field. The acquisition is estimated to add approximately 35 million barrels of oil reserves in RockRose’s portfolio. Post-completion, Marathon’s assets and teams in North Sea will be transferred to RockRose.
US-based integrated service solutions provider, Danos has informed about reaching a tentative agreement to acquire oilfield service company, Shamrock Energy Solutions. The deal which is expected to come in effect in March 2019, will increase Danos’ portfolio service offerings multifold. Danos will also get Shamrock’s 1,000+ employees, uplifting it as one of the largest service providers.
If sources were to be believed, the Government of India has asked refinery major HPCL to recognize state-run ONGC as a promoter in its filings. ONGC acquired HPCL in a ₹37,000-crore acquisition deal in 2018, but HPCL management has persistently blocked ONGC to establish its authority. The government is now looking to end the feud between the entities which has been obstructing synergy gains from the merger.
In a major acquisition move, Indonesia’s Medco Energi has settled to acquire London-based Ophir Energy in $511 million. Medco’s recent offer followed the previous offer of $437 million which Ophir rejected stating that it undervalued the company. The Jakarta-based oil and gas group is looking to expand its reach to international assets. Post-acquisition, Medco will gain rights to assets in Tanzania and Mexico.
British oil firm, Genel Energy has inked an agreement to acquire Chevron’s stakes in Iraq oil blocks. Genel will gain ownership of 30% interest in the Sarta licence and 40% interest in the Qara Dagh licence. Until a specific production target is reached in the Sarta license, Genel will account for 50% share of ongoing field development costs. The firm will become the operator of the Qara Dagh licence.
Saudi Aramco has concluded the purchase of 50% stakes in the Netherlands-based Arlanxeo joint venture (JV). Aramco has now gained full ownership of the synthetic rubber company. The oil major bought the stakes from Lanxess in a €1.5bn deal. Proceedings from the transaction will allow Lanxess to reduce financial debt. Arlanxeo, which produces synthetic rubber and elastomers, will operate as a wholly owned subsidiary of Saudi Aramco.
Staying consistent with its divestment campaign, supermajor Shell has concluded the $578 million-sale of shares in its New Zealand entities to OMV. Shell has farmed out its assets in Māui, Pohokura, and Tank Farm. Shell’s interest in the Great South basin venture was sold under a separate agreement. Employees of Shell Taranaki Limited and Shell NZ 2011 Limited will become part of OMV New Zealand.
Norway-based Resman AS has entered in a share purchase agreement to acquire tracer service provider, Restrack. The merger move will combine Resman’s reservoir monitoring and intelligent chemical tracer systems and Restrack’s full portfolio of integrated tracer services. This will allow them to provide even more detailed information to operators on their reservoirs and wells.
Qatar Petroleum (QP) yesterday entered into an agreement with Italian energy multinational, ENI to acquire stakes in three oilfields, offshore Mexico. Briefing at a news conference in Doha, QP CEO Saad al-Kaabi informed about QP acquiring 35% stakes in in the Mexican oilfields. Production at these fields is projected to commence by mid-2019, which will be then ramped up to 90,000 bpd by 2021.
Ithaca Energy has concluded its planned stakes acquisitions in the Greater Stella Area from Petrofac and Dyas. The £228 million worth of transaction will gain Ithaca the ownership of Petrofac’s 20% stakes in the central North Sea production hub. Petrofac will also sell its 24.8% interest in the FPF1 floating production facility to Ithaca. Apart from Petrofac, Aberdeen-based Ithaca also acquired 25% stakes of Dyas UK.
Qatar Petroleum has inked an agreement to buy ExxonMobil’s10% stakes in three blocks in Mozambique. The ExxonMobil affiliate currently owns 60% interest in the blocks. This is Qatar Petroleum’s first expedition into Mozambique’s offshore basins. ENH and Rosneft’s affiliates are the other stakeholders in the block, with each of them owning 20% interest.
UK-based EnQuest has concluded the acquisition of BP’s remaining 75% stakes in the Magnus oil field in £230 million. Additional 9% of the Sullom Voe Oil terminal and two pipeline systems was also sold to EnQuest. The deal will add 60 million barrels of oil equivalent (boe) to EnQuest’s reserves portfolio. EnQuest had acquired 25% stakes in Magnus in December 2017.
In another major divestment move, Royal Dutch Shell has farmed out its stakes in the Greater Sunrise fields for £235 million. Southeast Asian nation, Timor-Leste will buy Shell’s 26.56% interest in the Sunrise and Troubadour gas and condensate fields. Timor-Leste will gain ownership of Shell’s permits NT/RL2 and NT/RL4 within Australian waters and PSC 03-19 and PSC 03-20 within Timor-Leste waters and associated governance agreements.
Santos announced the proposed acquisition of Quadrant Energy on 22 August 2018. The company has now informed that the pre-condition of Australian Competition and Consumer Division for the completion of acquisition has been fulfilled and the completion might occur within weeks. CEO of Santos said “We already have very significant growth projects across our five core assets, and Quadrant’s recent oil discovery at Dorado is another exciting opportunity for us,”
Canada’s Encana Corp has entered into a buyout agreement to acquire U.S. shale producer, Newfield Exploration. The $5.5 billion acquisition is a total reversal on Encana’s years of narrowing its oil and gas holdings. The Canadian oil and gas firm will gain stakes in the STACK and SCOOP shale fields in Oklahoma, the Uinta play in Utah and the Bakken region of North Dakota.
Houston-based Fairfield Geotechnologies has farmed out its Seismic Technologies business. The firm informed today that it entered into an agreement with Norway-based Magseis ASA. Fairfield’s Seismic Technologies business comprises of data acquisition, nodal and system sale & rental activities. Magseis will also get ownership of all shares in Fairfield's wholly-owned, WGP Group.
Aberdeen-based ROVOP acquired M2 Subsea’s entire fleet of 28 ROV systems. The fleet acquisition is in line with ROVOP’s growth strategy to offer a focused ROV service to its customers regardless of markets and geographies. While 19 of the ROV systems qualifies the ROVOP standard and will be added to its fleet, the remaining ROVs will be either decommissioned or sold.
Australian engineering firm, WorleyParsons has entered into a deal to acquire Jacobs Engineering’s energy, chemicals and resources business for $3.3 billion. Jacobs will now focus on higher growth, higher margin lines of business including aerospace, technology, environment and nuclear projects and buildings, infrastructure and advanced facilities. The transaction will take place through a $2.06 billion entitlement offer and a $700 million stock issuance to Jacobs and new debt.