Chesapeake Energy will sell its assets in the northern Eagle Ford Shale and Haynesville Shale to EXCO Operating, a subsidiary of EXCO Resources, for USD 1 billion. The acquisition covers approximately 55,000 net acres from Zavala, Dimmit, La Salle, and Frio counties in Texas, which includes 120 producing wells.
GE Oil & Gas bought Lufkin Industries for approximately USD 3.3 billion. Lufkin has more than 110 service centers and nine manufacturing facilities for artificial lift equipment globally.
Chesapeake Energy sold a 50% undivided interest in approximately 850,000 acres in northern Oklahoma for USD 1.02 billion to Sinopec International Petroleum Exploration and Production. Assets associated with the transaction produced approximately 9,600 B/D of liquids and 54 MMcf/D of natural gas during the first quarter of the year.
Schlumberger bought Gushor, a Canadian-based petroleum geochemistry and fluid analysis company that provides production and exploration solutions for heavy oil and oil sands.
Xodus Group bought Dubai-based Prime Energy as part of its major expansion drive in the Middle East. Prime Energy’s team will form part of Xodus’ subsidiary based in Dubai, which will be renamed Xodus-Prime DMCC.
Petronas Carigali incorporated a new wholly owned subsidiary, Vestigo Petroleum, to focus on development and production activities from small, marginal, and mature fields in Malaysia and abroad.
Vietnam and China have extended an agreement to jointly explore for oil and gas in the Gulf of Tonkin until 2016. The new agreement expands the area covered from 1541 km2 to 4076 km2 under the initial arrangement. The operational responsibilities and costs will be split evenly. The joint exploration is led by Petrovietnam and China National Offshore Oil Corporation.
Cameron and Schlumberger received all required regulatory approvals for their joint venture, OneSubsea, which will manufacture and develop products, systems, and services for the subsea oil and gas market. Cameron will hold a 60% interest and Schlumberger the remaining 40%.
Cimarex Energy and Chevron will jointly develop Cimarex’s combined Permian Basin acreage in Texas spanning 104,000 acres. Chevron will pay USD 60 million to secure a 50% stake in the Cimarex-built Triple Crown gas gathering and processing system and wells drilled on the acreage.
Costain acquired EPC Offshore, resulting in the launch of Costain Upstream, a new divisional operation. The new company will have more than 350 employees and will provide services across the life cycle of upstream offshore oil and gas assets.
ALS Global acquired Reservoir Group for USD 533 million. The transaction includes operational infrastructure in approximately 40 sites globally and 900 employees.