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Company News

Mergers and Acquisitions

  • Southwestern Energy bought 162,000 net acres of Chesapeake Energy’s natural gas properties in Pennsylvania for USD 93 million. The resources currently produce nearly 2 MMcf/D net from 17 gross wells.
  • SemGroup is buying 540,000 acres of natural gas properties in Oklahoma’s Mississippi Lime play from Chesapeake Energy for USD 300 million. The deal includes two natural gas processing plants, 200 miles of pipeline, and a 20-year commitment from Chesapeake to gather and process the natural gas.
  • Contango Oil & Gas and Crimson Exploration merged in an all-stock transaction in which Crimson would become a wholly owned subsidiary of Contango.
  • Petrobras is selling its 20% stake in a Gulf of Mexico asset known as Gila for USD 110 million and additional interest in an exploratory block next to its GOM discovery, Tiber. BP is the operator of the asset, which comprises exploratory blocks KC 49, 50, 92, 93, 94, and 138.
  • Harkand will acquire 150 onshore and offshore staff, three multipurpose vessels, and six work-class remotely operated vehicles from Veolia. This acquisition will add the Gulf of Mexico to Harkand’s current activities in the North Sea, Asia Pacific, and Africa.
  • ExxonMobil and Statoil will form a 50/50 joint partnership to develop the Julia oil field—estimated to hold almost 6 billion BOE—in the Gulf of Mexico. The field is located 200 miles south of New Orleans and is expected to take 3 years to develop.
  • Petroceltic International and Edison International entered a joint agreement to develop two blocks—north Thekah and south Idku—in Egypt. North Thekah potentially contains an extension of the Levantine basin exploration play, and south Idku is located in the core Egyptian operating area onshore the Nile delta.
  • Aquatech will acquire Fluid Recovery Services, which operates a network of central, satellite, and mobile facilities that deliver water-management services and service options including storage, transportation services, and disposal. This transaction will expand Aquatech’s network from three to five central water-management facilities.

Company Moves

  • TUV Rheinland launched a new business line in North America offering certification services in functional safety and hazardous locations. The company offers global certification options to the IEC/EN/UL/ANSI/ISA 60079 series of standards, IEC 61508, IEC 61511, and industry-specific standards.
  • Baker Hughes opened two new laboratories and testing centers to support the deepwater market. The Center for Offshore Cementing, Fluids, and Chemicals in Broussard, Louisiana, will employ 300 people and focus on the development of new completion, drilling, and production technologies. The Upstream Chemicals Deepwater Laboratory in Houston will provide new chemical technology designed to reduce risk and increase the safety of deepwater production.
  • Intertek invested USD 1.37 million in a new Malaysian regional E&P center. Based in Kuala Lumpur, the center has a three-floor, 10,000-ft2 facility that includes two laboratories.
  • WesternGeco will acquire a major multiclient seismic survey offshore Mozambique using the ObliQ sliding-notch broadband acquisition and imaging technique. The survey covers the majority of the offshore territory of Mozambique where future licensing rounds are expected.

Contracts

  • Abu Dhabi National Oil Company (ADNOC) and Shell entered into a 30-year joint venture to develop the major Bab sour gas reservoirs in Abu Dhabi. The project will process 1 Bcf/D of sour natural gas, and a new gas-processing and treatment plant will be installed to produce 520 MMcf/D of sales gas. Shell will own a 40% equity stake with ADNOC holding 60%.
  • DNO International signed a production-sharing contract for Block SL18 onshore Somaliland. Studies have begun on the 12,000-km2 block in addition to a seismic data-acquisition program planned for 2014.
  • Noble awarded Plains Exploration & Production two 3-year term drilling contracts for two new ultradeepwater drillships, which will be used primarily in the Gulf of Mexico. Revenue generated by the contract is expected to be approximately USD 693 million per rig.
  • Ireland’s Department of Communications, Energy and Natural Resources awarded Fastnet Oil & Gas a licensing option for several blocks in the Mizzen basin and the western end of the North Celtic Sea basin. Fastnet will reprocess a minimum of 150 sq miles of existing 2D seismic data and acquire 3D seismic data.
  • Statoil awarded a contract to Technip for engineering, procurement, construction, and installation in the Norne field development located in the Norwegian Sea at a depth of approximately 380 m. The contract covers engineering and fabrication of two flexible smoothbore gas export risers.
  • ConocoPhillips Australia awarded a USD-26-million contract to FMC Technologies to supply subsea equipment for its Bayu-Undan gas and condensate project in the Timor Sea. FMC will supply subsea trees, wellheads, jumper kits, and associated control systems.
  • Aker Solutions won a 5-year, USD-150-million contract from Husky Energy to support activities in the White Rose field offshore Newfoundland. The scope of work includes studies, modifications, and campaign maintenance services.
  • The Spanish Council of Ministers awarded two new exploration licenses—Aquiles in the Zaragoza basin and Cronos in the Almazan basin—to Frontera Energy, a wholly owned subsidiary of San Leon Energy. Both licenses contain unconventional Paleozoic resource potential, and the company plans to target Permian, Carboniferous, Silurian, and Devonian shales.