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NEWS

  • Data analysis Petrobras to Sell Assets in Campos Basin, Brazil

    Petrobras has agreed to sell 20% interests in the Bijupira and Salema oil and natural gas fields in Campos Basin, Brazil, to Petro Rio for $25 million. These fields produce an average total of around 22 Mbbl/d of light crude at 28-31 degrees on the API scale.Source: Reuters

    Petrobras to Sell Assets in Campos Basin, BrazilData analysis
    Global Deals

    Petrobras has agreed to sell 20% interests in the Bijupira and Salema oil and natural gas fields in Campos Basin, Brazil, to Petro Rio for $25 million. These fields produce an average total of around 22 Mbbl/d of light crude at 28-31 degrees on the API scale.

    Source: Reuters

  • Data analysis Comstock in $115 Million Burleson County Assets Divestment

    Comstock Resources has signed an agreement with a private company to sell its oil and gas properties in and around Burleson County, Texas, for approximately $115 million.The properties being sold are producing approximately 1.9 Mbbl/d and 5.5 MMcf/d of natural gas. On 31-Dec-2014, Comstock's 1P reserves...

    Comstock in $115 Million Burleson County Assets DivestmentData analysis
    Global Deals

    Comstock Resources has signed an agreement with a private company to sell its oil and gas properties in and around Burleson County, Texas, for approximately $115 million.

    The properties being sold are producing approximately 1.9 Mbbl/d and 5.5 MMcf/d of natural gas. On 31-Dec-2014, Comstock's 1P reserves included approximately 3.7 MMbbl and 3.9 Bcf of natural gas related to the interests being sold. 

    The sale is expected to close in Jul-2015.

    M. Jay Allison, CEO of Comstock, said: "This sale strengthens our balance sheet by providing us with an opportunity to further improve our liquidity during a period of low oil and natural gas prices."

    View Comstock press release

  • Data analysis KazMunaiGas Looks to Sell 50% of Kashagan Stake

    KazMunaiGas (KMG) has planned to sell 50% of its stake in the Kashagan oilfield for approximately $4.7 billion to Samruk-Kazyna fund. KMG holds 16.81% in the consortium which develops Kashagan in the Caspian Sea.Kashagan had launched output in Sept-2013, but had halted production a few weeks later after gas...

    KazMunaiGas Looks to Sell 50% of Kashagan StakeData analysis
    Global Deals

    KazMunaiGas (KMG) has planned to sell 50% of its stake in the Kashagan oilfield for approximately $4.7 billion to Samruk-Kazyna fund. KMG holds 16.81% in the consortium which develops Kashagan in the Caspian Sea.

    Kashagan had launched output in Sept-2013, but had halted production a few weeks later after gas leaks were detected in its pipelines. KMG expected the field’s oil production to resume in early 2017.

    The sale is expected to close before the end of 2015.

    Source: Reuters

  • Data analysis Shell Midstream Buys 36% Stake in Poseidon Oil Pipeline

    Shell Midstream Partners LP has acquired 36% equity interest in Poseidon Oil Pipeline Company LLC for $350 million from Equilon Enterprises LLC, a subsidiary of Shell Oil Products US.Poseidon owns a 367-mile offshore crude oil pipeline with 350 Mbbl/d capacity transporting to key markets in Texas and...

    Shell Midstream Buys 36% Stake in Poseidon Oil PipelineData analysis
    Global Deals

    Shell Midstream Partners LP has acquired 36% equity interest in Poseidon Oil Pipeline Company LLC for $350 million from Equilon Enterprises LLC, a subsidiary of Shell Oil Products US.

    Poseidon owns a 367-mile offshore crude oil pipeline with 350 Mbbl/d capacity transporting to key markets in Texas and Louisiana. It also owns South Marsh Island 205 strategic platform. The transaction gives Shell Midstream the access to major crude trading hubs via connecting carriers which includes Gibson/Houma to St James, Louisiana and Clovelly, Louisiana and via Cameron Highway Oil Pipeline System to Texas Hubs (Texas City, Port Arthur).

    View Shell Midstream press release

  • Data analysis FourPoint in $840 Million Anadarko Basin Assets Buy

    FourPoint Energy LLC has entered into an agreement to acquire oil and gas assets in Western Anadarko Basin from Chesapeake Exploration LLC and CHK Cleveland Tonkawa LLC for $840 million. The assets to be acquired include an interest in approximately 1,500 producing wells primarily in the Cleveland,...

    FourPoint in $840 Million Anadarko Basin Assets BuyData analysis
    Global Deals

    FourPoint Energy LLC has entered into an agreement to acquire oil and gas assets in Western Anadarko Basin from Chesapeake Exploration LLC and CHK Cleveland Tonkawa LLC for $840 million. 

    The assets to be acquired include an interest in approximately 1,500 producing wells primarily in the Cleveland, Tonkawa and Marmaton formations with average net production of approximately 21.5 MBOE/d over the 12 months ended Apr-2015. The production mix is 7 Mbbl/d of oil, 5 Mbbl/d of natural gas liquids and 57 MMcf/d of natural gas. The assets cover nearly 250,000 net acres centered in Roger Mills and Ellis counties, Oklahoma. FourPoint will assume full operations of the assets at closing which is anticipated to be 31-Aug-2015.

    View FourPoint press release

  • Data analysis Exmar, Geveran in $2.3 Billion Merger with Flex

    Exmar and Geveran Trading have agreed with Flex LNG to sell their respective LNG assets and LNG Infrastructure in exchange for new shares in Flex LNG. Post-transaction, Flex LNG will be named as Exmar LNG which will have an estimated enterprise value of approximately $2.3 billion and an equity value of...

    Exmar, Geveran in $2.3 Billion Merger with FlexData analysis
    Headlines, Global Deals

    Exmar and Geveran Trading have agreed with Flex LNG to sell their respective LNG assets and LNG Infrastructure in exchange for new shares in Flex LNG. Post-transaction, Flex LNG will be named as Exmar LNG which will have an estimated enterprise value of approximately $2.3 billion and an equity value of approximately $823.3 million.

    Following the merger, Flex LNG will own interests mainly in six LNG carriers, five Floating Storage and Regasification Units, and two Floating Liquefaction Units. Upon completion of the transaction, Geveran Trading will hold 30.7% stake in Exmar LNG and Exmar will own 64.6% stake.

    The transaction is expected to close during Q3- 2015.

    View Flex LNG press release

  • Data analysis Noreco Divests Oselvar Assets

    Noreco has announced the sale of its 15% participating interests in the Norwegian shelf licenses PL274 and PL274 CS to CapeOmega for NOK 201 million (US$25.6 million). The assets include the Oselvar field in North Sea, with associated tax balances.The transaction is effective as of 1-Jan-2015, and is expected...

    Noreco Divests Oselvar AssetsData analysis
    Global Deals

    Noreco has announced the sale of its 15% participating interests in the Norwegian shelf licenses PL274 and PL274 CS to CapeOmega for NOK 201 million (US$25.6 million). The assets include the Oselvar field in North Sea, with associated tax balances.

    The transaction is effective as of 1-Jan-2015, and is expected to be completed by the end of 2015.

    View Noreco press release

  • Statoil Discovers Hydrocarbons Near Gina Krog, North SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) announced that Statoil has discovered oil and gas in the wildcat well 15/6-13 and sidetracks 15/6-13 A and 15/6-13 B, near Gina Krog Unit, North Sea. The wells are located approximately 250 km west of the Stavanger.

    The objective of 15/6-13 well was to prove commercial petroleum volumes in Middle Jurassic reservoir rocks (the Hugin formation), acquire sufficient data to avoid further delineation, investigate the size of the discovery, the properties and continuity of the reservoir rocks, as well as determine the petroleum properties. The objective of sidetracks 15/6-13 A and 15/6-13 B was to delineate the discovery as regards the likelihood of deeper oil and shallower gas on the structure.

    The 15/6-13 well was drilled to a Measured Depth (MD) of 3577m. It has two separate oil columns, 13m and 3m of which are in sandstone with moderate to good reservoir properties in the Hugin formation and upper part of the Sleipner formation. No oil or water contact was encountered.

    The 15/6-13 A well was drilled to a MD of 3925m. It encountered seven and nine metres of sandstone with moderate reservoir quality in the Hugin and Sleipner formations, both aquiferous. The aquiferous sandstone in the Hugin formation is presumed to be in pressure communication with the oil zone in 15/6-13.

    The 15/6-13 B well was drilled to a MD of 3773m. It showed an overall gas column of about 60m, of which 7m are in sandstone with moderate reservoir quality in the Hugin formation and 26m in sandstone with moderate reservoir properties in the Sleipner formation. The underlying sandstone in the Skagerrak formation is tight and aquiferous.

    View NPD press release

    Ownership of Gina Krog Unit: Statoil (58.7%, operator), Total (30%), PGNiG (8%) and Det norske (3.3%).

    View Det norske press release

  • Data analysis Alvopetro Discovers Hydrocarbons in Block 182, Brazil

    Alvopetro Energy has discovered hydrocarbons in 182(B1) well on Block 182 in the Reconcavo Basin in the State of Bahia, Brazil.The well reached a total measured depth of 2,095m. While drilling, inflows of oil and solution gas were encountered at approximately 1722m Measured Depth (MD) in the Candeias...

    Alvopetro Discovers Hydrocarbons in Block 182, BrazilData analysis
    Exploration

    Alvopetro Energy has discovered hydrocarbons in 182(B1) well on Block 182 in the Reconcavo Basin in the State of Bahia, Brazil.

    The well reached a total measured depth of 2,095m. While drilling, inflows of oil and solution gas were encountered at approximately 1722m Measured Depth (MD) in the Candeias Formation. The logs indicate the well has encountered 6m of potential conventional hydrocarbon pay in the Agua Grande Formation at 1,900 -1,906m MD, with an average 35% water saturation and porosity range of 10 - 14%.

    Ownership of Block 182: Alvopetro (100%, operator).

    View Alvopetro press release

  • Data analysis Teekay Offshore to Buy Knarr FPSO for $1.26 Billion

    Teekay Offshore Partners LP will acquire the Petrojarl Knarr floating production, storage and offloading (FPSO) unit from Teekay Corporation for its fully built-up cost of approximately $1.26 billion. The transaction will complete on 1-Jul-2015.The FPSO has now completed all the required operational testing...

    Teekay Offshore to Buy Knarr FPSO for $1.26 BillionData analysis
    Global Deals

    Teekay Offshore Partners LP will acquire the Petrojarl Knarr floating production, storage and offloading (FPSO) unit from Teekay Corporation for its fully built-up cost of approximately $1.26 billion. The transaction will complete on 1-Jul-2015.

    The FPSO has now completed all the required operational testing and has commenced its full charter rate under the long-term contract on the Knarr oil and gas field in the North Sea where BG Norge Limited is the operator.

    View Teekay press release

  • Eni, Pertamina Ink LNG Deal for Jangkrik Field

    Eni, together with its partners Engie and Saka Energi Muara Bakau, has signed two agreements with PT Pertamina for the purchase and sale of LNG from Jangkrik Fields Development Project in Indonesia. As per the agreements, Pertamina will purchase 1.4 MMT/y of LNG starting from 2017.The Jangkrik Fields...

    Eni, Pertamina Ink LNG Deal for Jangkrik Field
    Others

    Eni, together with its partners Engie and Saka Energi Muara Bakau, has signed two agreements with PT Pertamina for the purchase and sale of LNG from Jangkrik Fields Development Project in Indonesia. As per the agreements, Pertamina will purchase 1.4 MMT/y of LNG starting from 2017.

    The Jangkrik Fields Development Project, which consists of Jangkrik and Jangkrik North-East fields, is located on the Muara Bakau block at a depth of 400m in the Makassar Strait.

    Ownership of Muara Block: Eni (55%, operator), Engie (33.33%) and Saka Energi Muara Bakau (11.67%).

    View Eni press release

  • Data analysis Cenovus in $2.7 Billion Royalty Business Sale

    Cenovus Energy has agreed to sell its subsidiary Heritage Royalty Limited Partnership (HRP) to Ontario Teachers’ Pension Plan for gross cash proceeds of approximately C$3.3 billion (US$2.7 billion).HRP holds approximately 4.8 million gross acres of royalty interest and mineral fee title lands in...

    Cenovus in $2.7 Billion Royalty Business SaleData analysis
    Headlines, Global Deals

    Cenovus Energy has agreed to sell its subsidiary Heritage Royalty Limited Partnership (HRP) to Ontario Teachers’ Pension Plan for gross cash proceeds of approximately C$3.3 billion (US$2.7 billion).

    HRP holds approximately 4.8 million gross acres of royalty interest and mineral fee title lands in Alberta, Saskatchewan and Manitoba. In Q1-2015, HRP had associated third-party royalty interest volumes of approximately 7.8 MBOE/d. HRP also holds additional royalties, which includes Cenovus’ working interest production with implied Q1 volumes of approximately 5.4 MBOE/d (pro forma), Gross Overriding Royalty (GORR) on Cenovus’ Pelican Lake heavy oil property in northern Alberta and enhanced oil recovery project in Weyburn, Saskatchewan, with implied Q1 volumes of 1.6 MBOE/d.

    The transaction, with an effective date of 1-Apr-2015, is expected to close by the end of Jul-2015.

    View Cenovus press release

  • Data analysis CNOOC Kicks Off Production at Bozhong 28/34 Oilfields, Bohai

    CNOOC has commenced production at the Bozhong 28/34 oilfields comprehensive adjustment project in Bohai, offshore China. The project comprises of three sub-projects including Bozhong 28-2S oilfields comprehensive adjustment project, Bozhong 34-1 oilfield comprehensive adjustment project and Bozhong 34-2/4...

    CNOOC Kicks Off Production at Bozhong 28/34 Oilfields, BohaiData analysis
    Projects & Capex, Exploration

    CNOOC has commenced production at the Bozhong 28/34 oilfields comprehensive adjustment project in Bohai, offshore China. The project comprises of three sub-projects including Bozhong 28-2S oilfields comprehensive adjustment project, Bozhong 34-1 oilfield comprehensive adjustment project and Bozhong 34-2/4 oilfield comprehensive adjustment project.

    The main production facilities of the project include six offshore platforms and 79 producing wells, where 39 wells are currently producing approximately 22 Mbbl/d.

    The Bozhong 28/34 are independent oilfields in which CNOOC holds 100% interest and acts as the operator.

    View CNOOC press release

  • Statoil Awards $889 Million Sverdrup Fabrication Contract

    Statoil has awarded a fabrication contract to Samsung Heavy industries for two platform decks on the Johan Sverdrup field, North Sea. The contract, with value of NOK 7 billion (US$889 million) includes the fabrication of decks for both the process and riser platforms on the field.The investment costs for...

    Statoil Awards $889 Million Sverdrup Fabrication Contract
    Others

    Statoil has awarded a fabrication contract to Samsung Heavy industries for two platform decks on the Johan Sverdrup field, North Sea. The contract, with value of NOK 7 billion (US$889 million) includes the fabrication of decks for both the process and riser platforms on the field.

    The investment costs for phase 1 of the Johan Sverdrup development are estimated at approximately NOK 117 billion. Recoverable resources are projected at between 1.4-2.4 BBOE. The development concept for Johan Sverdrup phase 1 will consist of four installations, including a utility and accommodation platform, a processing platform, a drilling platform and a riser platform, in addition to three subsea templates for water injection.

    View Statoil press release

  • Technip Wins Jurong FPSO Conversion Contract

    Technip has secured a topsides detailed engineering and procurement services contract by Jurong Shipyard. The project is a part of the conversion of a shuttle tanker into a floating, production, storage and offloading (FPSO) vessel which is built at the Jurong Shipyard, located in Singapore.The FPSO will be...

    Technip Wins Jurong FPSO Conversion Contract
    Others

    Technip has secured a topsides detailed engineering and procurement services contract by Jurong Shipyard. The project is a part of the conversion of a shuttle tanker into a floating, production, storage and offloading (FPSO) vessel which is built at the Jurong Shipyard, located in Singapore.

    The FPSO will be based in the Libra field, offshore Brazil, at a water depth of approximately 2,500m. It will have a capacity of 50 Mbbl/d and 4 MMcm/d of natural gas.

    The contract is scheduled for completion during H2-2016.

    View Technip press release

  • Data analysis Pengrowth Plans $486 Million Non-Core Assets Sale by 2015

    Pengrowth Energy has reported that it intends to sell non-core assets worth approximately C$600 million (US$486 million) by the end of 2015. The proceeds from the expected dispositions will be used to reduce corporate indebtedness under the company's credit facilities.Pengrowth is an oil and natural gas...

    Pengrowth Plans $486 Million Non-Core Assets Sale by 2015Data analysis
    Global Deals

    Pengrowth Energy has reported that it intends to sell non-core assets worth approximately C$600 million (US$486 million) by the end of 2015. The proceeds from the expected dispositions will be used to reduce corporate indebtedness under the company's credit facilities.

    Pengrowth is an oil and natural gas producing company, headquartered in Calgary, Alberta. Pengrowth's assets include the Cardium light oil, Lindbergh thermal bitumen and Swan Hills light oil projects in Canada. 

    View Pengrowth press release

  • Data analysis Africa Energy to Relinquish Puntland Blocks

    Africa Energy has decided to withdraw from the Nugaal Block and the Dharoor Block, located in Puntland, Somalia.The principal reason for the relinquishment is the uncertainty of the current political climate in Somalia, especially in respect of the disagreement between the Federal Government of Somalia and...

    Africa Energy to Relinquish Puntland BlocksData analysis
    Global Deals

    Africa Energy has decided to withdraw from the Nugaal Block and the Dharoor Block, located in Puntland, Somalia.

    The principal reason for the relinquishment is the uncertainty of the current political climate in Somalia, especially in respect of the disagreement between the Federal Government of Somalia and the regional government of Puntland, over the legitimacy of the Product Sharing Agreements, and potential territorial claims on the Nugaal Block.

    View Africa Energy press release

  • Data analysis Shandong Offshore in $165 Million Northern Offshore Buy

    Shandong Offshore International Company Limited has agreed to acquire Northern Offshore (NOF) for NOK 1.3 billion (US$165 million). The transaction, by way of an amalgamation, will be implemented at an acquisition price of NOK 7.59 per NOF share, payable in cash.Gary W. Casswell, CEO of NOF, said:...

    Shandong Offshore in $165 Million Northern Offshore BuyData analysis
    Global Deals

    Shandong Offshore International Company Limited has agreed to acquire Northern Offshore (NOF) for NOK 1.3 billion (US$165 million). The transaction, by way of an amalgamation, will be implemented at an acquisition price of NOK 7.59 per NOF share, payable in cash.

    Gary W. Casswell, CEO of NOF, said: “This transaction represents a major milestone in Northern Offshore’s previously stated strategy to transform our company to a niche, premium jack-up drilling contractor with new, state of the art assets. With the exception of the Norwegian continental shelf, NOF will be able to operate in all major petroleum resource regions around the world. Combining the four under construction high spec jack-ups of Blue Ocean Drilling with Northern Offshore’s two under construction state of the art jack-ups with deliveries in 2016 through early 2018, we will realize organizational synergies and have the opportunity to build additional critical mass in our current operations in the North Sea and Asia Pacific as well as position us to pursue new clients in new areas."

    The acquisition is expected to become effective during Aug-2015.

    View Northern Offshore press release

  • Data analysis Tourmaline Oil to Acquire Mapan Energy

    Tourmaline Oil has entered into an agreement with Mapan Energy to acquire all of the issued and outstanding common shares of Mapan for C$106 million (US$86 million).The exchange ratio, as per the agreement, is 0.0379 of a Tourmaline common share for each Mapan common share. The purchase price of C$1.47 per...

    Tourmaline Oil to Acquire Mapan EnergyData analysis
    Global Deals

    Tourmaline Oil has entered into an agreement with Mapan Energy to acquire all of the issued and outstanding common shares of Mapan for C$106 million (US$86 million).

    The exchange ratio, as per the agreement, is 0.0379 of a Tourmaline common share for each Mapan common share. The purchase price of C$1.47 per Mapan common share represents a 65% premium to the closing market price of the Mapan common shares on 26-Jun-2015 and a 68% premium to the volume-weighted average trading price of the Mapan common shares for the 20 trading days ending 26-Jun-2015.

    The transaction will include:

    • 216,916 gross acres of land (166,898 net)
    • 2P reserves of 19.2 MMBOE, acquired for C$6.28/BOE (1P), C$4.91/BOE (2P), with considerable potential incremental reserve upside (including future development capital)
    • Current production of 5.5 MBOE/d, resulting in approximately C$17,123 per flowing barrel

    View Tourmaline press release

  • Data analysis UKOG Farms Into PEDL143 in Weald Basin, United Kingdom

    UK Oil & Gas Investments (UKOG) has signed a farm-in agreement with Egdon Resources to acquire 20% interest in PEDL143, UK. The license contains Holmwood prospect in Weald Basin.Under the terms of the agreement, UKOG will pay a 40% share of the Holmwood-1 exploration well drilling costs in order to...

    UKOG Farms Into PEDL143 in Weald Basin, United KingdomData analysis
    Global Deals

    UK Oil & Gas Investments (UKOG) has signed a farm-in agreement with Egdon Resources to acquire 20% interest in PEDL143, UK. The license contains Holmwood prospect in Weald Basin.

    Under the terms of the agreement, UKOG will pay a 40% share of the Holmwood-1 exploration well drilling costs in order to acquire a 20% working interest in PEDL143 from Egdon. UKOG's share of well costs will be capped at £1.2 million (US$ 1.8 million) net to UKOG.

    Post transaction ownership structure of PEDL143: Europa Oil & Gas (40%, operator), UKOG (20%), Warwick Energy (20%), Egdon (18.4%) and Altwood Petroleum (1.6%).

    View Europa press release

    View Egdon press release

  • Data analysis African Petroleum Signs Agreement for CI-513, Cote d'Ivoire

    African Petroleum has signed a binding joint bidding agreement with a large London listed oil and gas company to provide a framework for the incoming third party to secure a 45% operated interest in a Production Sharing Contract (on terms to be agreed) covering the Block CI-513, Cote d’Ivoire.African...

    African Petroleum Signs Agreement for CI-513, Cote d'IvoireData analysis
    Global Deals

    African Petroleum has signed a binding joint bidding agreement with a large London listed oil and gas company to provide a framework for the incoming third party to secure a 45% operated interest in a Production Sharing Contract (on terms to be agreed) covering the Block CI-513, Cote d’Ivoire.

    African Petroleum will hold a non-operated interest of 45%, with the remaining 10% carried interest held by Petroci, the National Oil Company of Côte d’Ivoire.

    View African Petroleum press release

  • Data analysis AWE Spuds Waitsia-2 Appraisal Well in Perth Basin

    AWE has spudded the Waitsia-2 appraisal well on L1/L2 permit in the Perth Basin, Western Australia. It is located approximately 16.5 km east-southeast of Dongara, and 5.6 km south-southwest of Waitsia-1.The well will be drilled to a planned maximum total depth of 3,803m Measured Depth below Rotary Table...

    AWE Spuds Waitsia-2 Appraisal Well in Perth BasinData analysis
    Exploration

    AWE has spudded the Waitsia-2 appraisal well on L1/L2 permit in the Perth Basin, Western Australia. It is located approximately 16.5 km east-southeast of Dongara, and 5.6 km south-southwest of Waitsia-1.

    The well will be drilled to a planned maximum total depth of 3,803m Measured Depth below Rotary Table (MDRT). The well is designed to test gas potential in the southern extension of the Waitsia field, comprising primary targets in the deep conventional formations in the Kingia and High Cliff Sandstones. The approved work program for the Waitsia-2 appraisal well does not include hydraulic fracture stimulation.

    Ownership of L1/L2 JV: AWE (50%, operator) and Origin Energy (50%).

    View AWE press release

  • Data analysis New Standard in US and Australian Assets Sale

    New Standard Energy has signed an agreement with Sundance Energy to sell its assets in the United States and Cooper Basin, Australia for approximately A$24 million (US$18 million).As per the transaction, Sundance will indirectly acquire the Atascosa Project in Texas through the takeover of New Standard Energy...

    New Standard in US and Australian Assets SaleData analysis
    Global Deals

    New Standard Energy has signed an agreement with Sundance Energy to sell its assets in the United States and Cooper Basin, Australia for approximately A$24 million (US$18 million).

    As per the transaction, Sundance will indirectly acquire the Atascosa Project in Texas through the takeover of New Standard Energy Texas LLC, which holds New Standard’s interest in the project. The company will also acquire New Standard’s working interest in Colorado county assets. It will also acquire New Standard’s 17.5% share in PEL570 permit in the Cooper Basin by taking over New Standard Energy PE 570 Pty Ltd. 

    View New Standard press release

  • Highlights of the Week Ended 27-Jun-2015

    Global DealsIn the biggest deal of the week, Enbridge has agreedto drop down its Canadian liquids pipelines business to Enbridge Income Fund (EIF) at a consideration of C$30.4 billion (US$24.7billion), plus certain incentive/performance rights. Meanwhile, Williams Companies had declinedthe $53 billion...

    Highlights of the Week Ended 27-Jun-2015
    Global Deals, Projects & Capex, Exploration

    Global Deals

    In the biggest deal of the week, Enbridge has agreed to drop down its Canadian liquids pipelines business to Enbridge Income Fund (EIF) at a consideration of C$30.4 billion (US$24.7billion), plus certain incentive/performance rights. Meanwhile, Williams Companies had declined the $53 billion take-over offer from Energy Transfer Equity LP (ETE).

    Energy XXI has agreed to sell its Grand Isle Gathering System (GIGS) to CorEnergy Infrastructure Trust for a cash consideration of $245 million and liabilities related to the assets.

    E.ON is rumored to be considering the sale of its assets in North Sea and Algeria to raise approximately $2 billion.

    Chevron Corp will sell its 40% stake in shallow water oil blocks OML86 and OML88, Nigeria.

    Reuters reported that Vladimir Putin signed a decree on transferring a 25% plus one share stake in Bashneft to the region of Bashkortostan.

    WPX Energy acquired an additional 14,300 net acres in the San Juan Basin’s Gallup oil window from an undisclosed seller for approximately $26 million.

    GasLog Partners LP purchased 100% of the shares in the entities that own and charter the three vessels Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally from GasLog, for approximately $483 million.

    Magnum Hunter is considering to sell its 45.53% stake in its natural gas gathering subsidiary, Eureka Hunter Holdings, to raise approximately $600-$700 million.

    Apache and Staatsolie signed a 30 years production sharing contract for Block 58, offshore Suriname.

    Wesfarmers Ltd signed an agreement to acquire 13.7% stake in Quadrant Energy Holdings Pty Ltd. 

    Penn Virginia rejected BP Capital Energy Equity Funds' take over offer.

    Reuters reported, quoting Bloomberg that Total is in talks to sell its gas pipeline in the UK's North Sea to ArcLight Capital Partners for about $1 billion.

    Exploration

    In the North Sea, the Norwegian Petroleum Directorate (NPD) granted a drilling permit to Wintershall for 10/4-1 well in PL734. Edison spudded the Haribo (2/11-11) exploration well in PL616, located 10 km south-west of the Valhall field in the Norwegian part of the North Sea.

    Lundin Petroleum commenced drilling of its second Alta (7220/11-3) appraisal well in PL609 in the Barents Sea South and Edvard Grieg (16/1-23 S) appraisal well in PL338, Norwegian North Sea.

    VNG spudded 6406/12-4 S well in the Boomerang prospect in PL586, located at the Halten Terrace in the Norwegian Sea.

    Tullow Oil failed to discover hydrocarbons in Zumba (6507/11-11) exploration well in PL591, Norwegian Sea. Suncor Energy also came up dry at 25/10-13 S exploration well in PL571, in the central part of the North Sea. Meanwhile, Inpex discovered a new column of oil in Minami-Kuwayama-3 well in Niigata Prefecture, Japan.

    Heritage Oil spudded the Kwila-1 exploration well in PPL337, Papua New Guinea.

    Suncor Energy failed to discover significant hydrocarbons in the Niobe prospect in P1989, Blocks 12/26b & 27b, offshore United Kingdom.

    Circle Oil found gas at the first well drilled on its Lalla Mimouna permit onshore Morocco.

    Projects and Capex

    FMC Technologies secured a $297 million contract from BP to supply subsea production systems for Well Clusters 3-5 of the Shah Deniz Stage 2 project in the Caspian Sea.

    L&T Hydrocarbon Engineering bagged an INR 27.15 billion (US$428 million) offshore contract from ONGC for the Bassein Development Project near Mumbai coast in western offshore basin of India.

    McDermott International secured a contract from LLOG Exploration Offshore for Otis field development located in Block Mississippi Canyon 79, GoM.

    Gazprom Neft brought fourth well (P-05) into production at the Badra field, Iraq. The well allowed total production at the field to increase by almost double, to a level of 27–28 Mbbl/d.

  • Data analysis Total in Talks to Sell UK Pipeline to ArcLight

    Reuters, quoting Bloomberg, reports Total is in talks to sell its gas pipeline in the UK's North Sea to ArcLight Capital Partners. The transaction, which may be worth about $1 billion, is in an advanced stage of discussion, although talks may still fall apart.ArcLight may make the investment through its...

    Total in Talks to Sell UK Pipeline to ArcLight Data analysis
    Global Deals

    Reuters, quoting Bloomberg, reports Total is in talks to sell its gas pipeline in the UK's North Sea to ArcLight Capital Partners. The transaction, which may be worth about $1 billion, is in an advanced stage of discussion, although talks may still fall apart.

    ArcLight may make the investment through its affiliate North Sea Midstream Partners.

    Source: Reuters

  • OneSubsea Bags Supply Contract for Shah Deniz

    OneSubsea, a Cameron and Schlumberger Company, has been awarded a contract worth approximately $60 million for the Shah Deniz Two development, offshore Azerbaijan.The scope of the contract includes the supply of the second of three planned batches of subsea production trees and ancillaries. Deliveries are...

    OneSubsea Bags Supply Contract for Shah Deniz
    Others

    OneSubsea, a Cameron and Schlumberger Company, has been awarded a contract worth approximately $60 million for the Shah Deniz Two development, offshore Azerbaijan.

    The scope of the contract includes the supply of the second of three planned batches of subsea production trees and ancillaries. Deliveries are expected to commence in 2016.

  • Gazprom Neft Doubles Production at Badra Field, Iraq

    Gazprom Neft has brought fourth well (P-05) into production at the Badra field, Iraq. The well has allowed total production at the field to increase by almost double, to a level of 27–28 Mbbl/d.Bringing the P-05 well into production will allow geological and engineering operations to be...

    Gazprom Neft Doubles Production at Badra Field, Iraq
    Projects & Capex

    Gazprom Neft has brought fourth well (P-05) into production at the Badra field, Iraq. The well has allowed total production at the field to increase by almost double, to a level of 27–28 Mbbl/d.

    Bringing the P-05 well into production will allow geological and engineering operations to be conducted at existing wells (P-08 and BD-04) in the nearest future, with no impact on total production volumes.

    Further field development is currently ongoing, with drilling being completed and a further well (P-04) being brought online with expected flow rate at around 10 Mbbl/d. 

    View Gazprom Neft press release

  • Data analysis Circle Hits Gas at LAM-1 Well in Morocco

    Circle Oil has found gas at the first well drilled on its Lalla Mimouna permit onshore Morocco.The LAM-1 well targeted the Miocene gas-bearing sands. The primary target was perforated at 1,261-1,272m and flowed gas at a stabilised rate of 1.9 MMcf/d and the secondary target was perforated at 1,181-1,183m...

    Circle Hits Gas at LAM-1 Well in MoroccoData analysis
    Exploration

    Circle Oil has found gas at the first well drilled on its Lalla Mimouna permit onshore Morocco.

    The LAM-1 well targeted the Miocene gas-bearing sands. The primary target was perforated at 1,261-1,272m and flowed gas at a stabilised rate of 1.9 MMcf/d and the secondary target was perforated at 1,181-1,183m MD and flowed at a stabilised rate of 1.1 MMcf/d.

    Ownership of Lalla Mimouna permit: Circle Oil (75%, operator) and ONHYM (25%).

    View Circle Oil press release

  • Data analysis Penn Virginia Rejects Take-Over Offer by BP Capital

    The BP Capital Energy Equity Funds has offered to acquire all of the outstanding shares of Penn Virginia Corp. However, after acknowledging the receipt of BP Capital's proposal, Penn Virginia's Board of Directors unanimously voted not to pursue the proposal and concluded that it is not in the...

    Penn Virginia Rejects Take-Over Offer by BP CapitalData analysis
    Global Deals

    The BP Capital Energy Equity Funds has offered to acquire all of the outstanding shares of Penn Virginia Corp. However, after acknowledging the receipt of BP Capital's proposal, Penn Virginia's Board of Directors unanimously voted not to pursue the proposal and concluded that it is not in the best interests of the company and its shareholders to deviate from the company's long-term business strategy.

    View BP Capital press release

    View Penn Virginia press release

  • Data analysis Wesfarmers Buys Into Quadrant Energy for $100 Million

    Wesfarmers Ltd has signed an agreement to acquire 13.7% stake in Quadrant Energy Holdings Pty Ltd. As per the agreement, Wesfarmers will invest $100 million to acquire 27.4% stake in the special purpose vehicle in which Macquarie Capital holds its interest, representing a 13.7% stake in Quadrant...

    Wesfarmers Buys Into Quadrant Energy for $100 MillionData analysis
    Global Deals

    Wesfarmers Ltd has signed an agreement to acquire 13.7% stake in Quadrant Energy Holdings Pty Ltd. As per the agreement, Wesfarmers will invest $100 million to acquire 27.4% stake in the special purpose vehicle in which Macquarie Capital holds its interest, representing a 13.7% stake in Quadrant Energy.

    Quadrant Energy holds assets in Western Australia that Apache sold earlier this month to an equal joint venture between Macquarie and Brookfield Asset Management Inc. 

    Quadrant Energy's assets include:

    • Three operating gas fields - Reindeer, John Brookes, and Halyard-Spar, and in the BHP Billiton-operated Macedon
    • Three operating oil fields - Coniston-Novara, Van Gogh and Stag, and in BHP Billiton-operated Pyrenees Area
    • Gas processing facilities and associated infrastructure at Devil Creek, Varanus Island and Macedon
    • Upstream acreage in the Carnarvon, Exmouth and Canning Basins.

    View Wesfarmers press release

  • Apache and Staatsolie Sign PSC for Block 58 Off SurinameData analysis
    Global Deals

    Apache and Staatsolie have signed a 30 year production sharing contract for Block 58, offshore Suriname. The block is located approximately 200 km north west off the coast of Paramaribo, in water depths of 55 to 2,250m.

    The companies have agreed to a minimum working program for the exploration period during which geological surveys, seismic data gathering and exploration drilling are scheduled. All costs during the exploration phase will be covered by Apache and must only be redeemed by Staatsolie in case Apache makes a commercially recoverable find and commences production.

    The contract offers Staatsolie a maximum stake of 20% for participation in the development and production phase.

    View Staatsolie press release

  • Data analysis Magnum Hunter Mulls Pipeline Stake Divestment

    Magnum Hunter Resources is considering to sell its 45.53% stake in its natural gas gathering subsidiary, Eureka Hunter Holdings, to raise approximately $600-$700 million.Eureka Hunter owns Eureka Hunter Pipeline LLC, which operates natural gas pipelines in southeastern Ohio and northern West Virginia. It also...

    Magnum Hunter Mulls Pipeline Stake DivestmentData analysis
    Global Deals

    Magnum Hunter Resources is considering to sell its 45.53% stake in its natural gas gathering subsidiary, Eureka Hunter Holdings, to raise approximately $600-$700 million.

    Eureka Hunter owns Eureka Hunter Pipeline LLC, which operates natural gas pipelines in southeastern Ohio and northern West Virginia. It also owns TransTex Hunter LLC, which provides natural gas treating and processing service solutions.

    Source: Reuters

  • Suncor Comes up Dry at Niobe, North SeaData analysis
    Exploration

    Suncor Energy has failed to discover significant hydrocarbons in the Niobe prospect in P1989, Blocks 12/26b & 27b, offshore United Kingdom.

    The well was drilled to its target depth of 5,005 ft Measured Depth below Rotary Table (MDRT) or 4,871 ft True Vertical Depth Sub Sea (TVDSS) within the Late Jurassic Heather Formation.

    The well achieved its primary target, Burns Sandstone Member, within the late Jurassic interval. The well penetrated good quality sands with no significant hydrocarbons.

    The well will be plugged and abandoned.

    Ownership of P1889: Suncor Energy (49.5%, operator), Norwegian Energy Company (NORECO) (22.5%) and Trap Oil (28%).

    View Trap Oil press release

    View Suncor Niobe Exploration Well Environmental Statement Presentaion

  • Wood Wins $250 Million CATS Service Contract

    Wood Group has entered into a $250 million agreement with Antin Infrastructure Partners to provide operating services for the Central Area Transmission System (CATS) in the North Sea for up to 10 years.CATS transports gas through 404 km of pipeline from the Central...

    Wood Wins $250 Million CATS Service Contract
    Others

    Wood Group has entered into a $250 million agreement with Antin Infrastructure Partners to provide operating services for the Central Area Transmission System (CATS) in the North Sea for up to 10 years.

    CATS transports gas through 404 km of pipeline from the Central North Sea to its terminal in Teesside, UK. The system currently serves 34 producing fields with a high portion of contracted revenues.

    Wood Group press release

  • MMA Offshore Bags Chevron Shore Base Contract

    MMA Offshore has secured a two-year contract from Chevron worth upto A$100 million (US$77 million) to provide supply base facilities and services for Chevron’s operations in Australia’s North West. The contract has an option of extension for a further year.Under the contract, MMA will provide a...

    MMA Offshore Bags Chevron Shore Base Contract
    Others

    MMA Offshore has secured a two-year contract from Chevron worth upto A$100 million (US$77 million) to provide supply base facilities and services for Chevron’s operations in Australia’s North West. The contract has an option of extension for a further year.

    Under the contract, MMA will provide a broad range of shore base services out of its Dampier Supply Base. The scope of work under the contract includes operations planning and management for vessel mooring, load and discharge, freight/material management and dedicated laydown and staging areas. The contract requires the provision of technical capabilities including heavy lifting operations, the provision of quarantine inspection and remediation services and management of a number of third party services.

    The contract has commenced on 15-Jun-2015.

    View MMA press release

  • Data analysis Chevron to Sell 40% Stake in Two Blocks Off Nigeria

    Chevron Corp will sell its 40% stake in shallow water oil blocks OML86 and OML88, Nigeria. The blocks are located in the Niger Delta area.The common factors driving the multinational upstream firms to sell their Nigerian assets include oil theft, pipeline vandalism and uncertainty over taxes in...

    Chevron to Sell 40% Stake in Two Blocks Off NigeriaData analysis
    Global Deals

    Chevron Corp will sell its 40% stake in shallow water oil blocks OML86 and OML88, Nigeria. The blocks are located in the Niger Delta area.

    The common factors driving the multinational upstream firms to sell their Nigerian assets include oil theft, pipeline vandalism and uncertainty over taxes in Nigeria’s proposed oil bill.

    Source: Reuters

  • Expro Wins $100 Million Ghana Contracts

    Expro has secured new contracts from Tullow Oil worth approximately $100 million, for Tullow’s Jubilee field and the Tweneboa-Enyenra-Ntomme (TEN) field project in Ghana.Following Expro’s phase one contract of more than 10 completions for Jubilee, the company has been awarded continued services...

    Expro Wins $100 Million Ghana Contracts
    Others

    Expro has secured new contracts from Tullow Oil worth approximately $100 million, for Tullow’s Jubilee field and the Tweneboa-Enyenra-Ntomme (TEN) field project in Ghana.

    Following Expro’s phase one contract of more than 10 completions for Jubilee, the company has been awarded continued services for phase 1a. It covers completions on new wells for Jubilee, as well as interventions and remedial work.

    The contract will utilize Expro’s large bore subsea completion landing strings, subsea exploration and appraisal landing strings, high flow rate surface well testing and sampling services. The TEN project will also see Expro provide subsea completion work in all planned wells.

    View Expro press release

  • Suncor Comes up Dry at PL571, North SeaData analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) reported that Suncor Energy has come up dry at 25/10-13 S exploration well in PL571, in the central part of the North Sea.

    The primary exploration target for the well was to prove petroleum in reservoir rocks from the Paleocene (Ty formation) and in the Upper Jurassic (intra Draupne sandstone). The secondary exploration target was to prove petroleum in Lower Triassic reservoir rocks (Smith Bank formation).

    The well was drilled by the Borgland Dolphin drilling facility to a vertical depth of 2715m and a measured depth of 2925m below the sea surface, and was terminated in the Triassic (most likely in the Smith Bank formation). Water depth at the site is 119m.

    The well will now be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL571: Suncor (60%, operator) and Statoil (40%).

     

  • L&T Wins ONGC EPCI Contract for Bassein

    L&T Hydrocarbon Engineering has bagged an INR 27.15 billion (US$428 million) offshore contract from ONGC for the Bassein Development Project near Mumbai coast in western offshore basin of India.The scope of work under the contract includes engineering, procurement, construction and installation for the...

    L&T Wins ONGC EPCI Contract for Bassein
    Projects & Capex, Others

    L&T Hydrocarbon Engineering has bagged an INR 27.15 billion (US$428 million) offshore contract from ONGC for the Bassein Development Project near Mumbai coast in western offshore basin of India.

    The scope of work under the contract includes engineering, procurement, construction and installation for the project. The scope includes one new process platform having gas processing and compression facilities, one nine-slot well head platform, topside modification on existing platforms, associated subsea pipelines and one living quarter platform in the Bassein Field in western offshore basin of India.

    The project is scheduled to be completed by Dec-2017. The cumulative production from the field till 2027-28 is pegged at 19.56 Bcm of gas, 1.97 MMcm of condensate and 1.83 MMT of oil.

    View L&T press release

  • QMW Bags Yamal LNG Fabrication Contract

    Qingdao McDermott Wuchuan (QMW) has secured a module fabrication contract for Yamal LNG, an LNG plant being built north-east of the Yamal Peninsula in Russia.The scope of work under the contract includes fabrication, engineering, procurement and construction including mechanical completion, pre-commissioning,...

    QMW Bags Yamal LNG Fabrication Contract
    Others

    Qingdao McDermott Wuchuan (QMW) has secured a module fabrication contract for Yamal LNG, an LNG plant being built north-east of the Yamal Peninsula in Russia.

    The scope of work under the contract includes fabrication, engineering, procurement and construction including mechanical completion, pre-commissioning, weighing, and load-out. It also includes the sea-fastening of six units of onshore LNG fractionation pre-assembled unit modules of approximately 13.2 MT. Two of the modules weigh in at approximately 4.63 MT each.

    View QMW press release

  • Lundin Spuds Two Appraisal Wells Off NorwayData analysis
    Exploration

    Lundin Petroleum has commenced the drilling of its second Alta (7220/11-3) appraisal well in PL609 in the Barents Sea South and Edvard Grieg (16/1-23 S) appraisal well in PL338, Norwegian North Sea.

    The 7220/11-3 appraisal well is located 4.3 km south of the Alta discovery (7220/11-1) well and 3.4 km north-east of the recently completed appraisal well 7220/11-2. The well is planned to be drilled by Island Innovator drilling rig to a total depth of 2,070m below mean sea level (MSL). Drilling is expected to take approximately 60 days.

    The 16/1-23 S appraisal well is located approximately 2.4 km south-east of the Edvard Grieg platform location, in the south-eastern part of the Edvard Grieg field. The well is planned to be drilled by Rowan Viking drilling rig to a total depth of 2,200m below mean sea level (MSL). The drilling operation is expected to take approximately 60 days.

    Ownership of PL609: Lundin (40%, operator), RWE DEA (30%) and Idemitsu (30%).

    Ownership of PL338: Lundin (50%, operator), OMV (20%), Statoil (15%) and Wintershall (15%).

    View Lundin press release

    View Lundin Q1-2015 presentation

  • Inpex Discovers Oil in Minami-Kuwayama Field, JapanData analysis
    Exploration

    Inpex Corporation has discovered a new column of oil in Minami-Kuwayama-3 well in Niigata Prefecture, Japan. The oil column was found at a depth of 3,900m in Minami-Kuwayama oil field, located approximately 20 km south-east of Niigata. The oil field has produced approximately 1 MMbbl of oil since trial production began in 2004.

    View Inpex press release

  • Data analysis Sona Petroleum Mulls South-East Asia Assets Buy

    Sona Petroleum is considering to buy onshore shallow water oil and gas production assets in south-east Asia. The company expects to conclude the transaction by year end.Source: Reuters

    Sona Petroleum Mulls South-East Asia Assets BuyData analysis
    Global Deals

    Sona Petroleum is considering to buy onshore shallow water oil and gas production assets in south-east Asia. The company expects to conclude the transaction by year end.

    Source: Reuters

  • E.ON to Sell North Sea, Algeria AssetsData analysis
    Global Deals

    Reuters has reported, quoting several banking sources, that E.ON is planning to sell its assets in North Sea and Algeria to raise approximately $2 billion.

    In Norway, E.ON has a 30% stake in the Njord field, 28.1% stake in the Skarv field and 17.5% stake in the Hyme field. The company operates the Huntington, Babbage, Johnston, Hunter and Rita fields and also holds interests in several producing fields in the British North Sea. In Algeria, E.ON holds a 49% of the exploration licence for the Rhourde Yacoub area in the Berkine basin.

    E.ON placed its North Sea exploration and production business under strategic review in Nov-2014.

    Source: Reuters

    Disclaimer: 1Derrick has not verified this story and does not vouch for its accuracy.

  • McDermott Bags LLOG Otis Field Subsea Tieback Contract

    McDermott International has secured a contract from LLOG Exploration Offshore for Otis field development located in Block Mississippi Canyon 79, GoM. The field will be developed as a subsea tieback to the Delta House floating production system (FPS) and lies in approximately 3,800 ft of water.The scope of...

    McDermott Bags LLOG Otis Field Subsea Tieback Contract
    Others

    McDermott International has secured a contract from LLOG Exploration Offshore for Otis field development located in Block Mississippi Canyon 79, GoM. The field will be developed as a subsea tieback to the Delta House floating production system (FPS) and lies in approximately 3,800 ft of water.

    The scope of work under the contract includes project management, pre-commissioning, and engineering, fabrication and installation of a 75,000-ft insulated rigid flowline and insulated steel catenary riser (SCR) with associated pipeline end termination (PLET) and jumper.

    Offshore installation is scheduled to be completed in early 2016 by McDermott deepwater rigid reel Lay Vessel 105.

    View McDermott press release

  • Wintershall Receives Nod for 10/4-1 Well in PL734Data analysis
    Exploration

    The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to Wintershall for 10/4-1 well in PL734, located in the south-eastern part of the North Sea. The well will be drilled by the Borgland Dolphin drilling facility.

    Ownership of PL734: Wintershall (40%, operator), Centrica Resources (30%) and Lundin (30%).

    View NPD press release

  • VNG Spuds Well in Boomerang, Norwegian SeaData analysis
    Exploration

    VNG has spudded 6406/12-4 S well in the Boomerang prospect in PL586, located at the Halten Terrace in the Norwegian Sea. The well will be drilled by the Transocean Arctic rig. Expected duration of the drilling operation is between 85 and 135 days.

    Ownership of PL586: VNG (30%, operator), Spike (30%), Faroe (25%) and Rocksource (15%).

    View VNG press release

    View NPD press release

  • Data analysis GasLog Partners in $483 Million Vessels Buy

    GasLog Partners LP has entered into an agreement with GasLog to purchase 100% of the shares in the entities that own and charter the three vessels Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, for approximately $483 million. These vessels are modern LNG carriers built in 2007,...

    GasLog Partners in $483 Million Vessels BuyData analysis
    Global Deals

    GasLog Partners LP has entered into an agreement with GasLog to purchase 100% of the shares in the entities that own and charter the three vessels Methane Alison Victoria, Methane Shirley Elisabeth and Methane Heather Sally, for approximately $483 million. These vessels are modern LNG carriers built in 2007, each with a capacity of 145 Mcm.

    The vessels are currently operating under long-term time charters with BG with terms of 4.5 years, 5 years and 5.5 years remaining, respectively. BG has the option to extend two of the three charters for an additional period of either three or five years following the initial charter period.

    View GasLog press release

  • Tullow Disappointed at Zumba Well in PL591, Norwegian SeaData analysis
    Exploration

    Tullow Oil has failed to discover hydrocarbons in Zumba (6507/11-11) exploration well in PL591, Norwegian Sea.

    The primary objective of the well was to prove hydrocarbons in the Upper Jurassic Rogn Formation with a secondary target in the Mid-Jurassic Garn Formation of the Fangst Group. The well found no reservoir development in the Rogn Formation and, while the Garn Formation had good reservoir quality.

    The well was drilled by the Leiv Eiriksson rig in 270m of water, to a total depth of 2875m. The well will now be plugged and abandoned.

    Ownership of PL591: Tullow Oil (40%, operator), Lime Petroleum (25%), Rocksource (20%, subject to approval) and North Energy (15%). 

    View Tullow press release

    View Tullow Jun-2015 presentation

  • Data analysis Energy XXI Sells $245 Million Midstream Assets

    Energy XXI has entered into an agreement with CorEnergy Infrastructure Trust to sell Grand Isle Gathering System (GIGS) for a cash consideration of $245 million and liabilities related to the assets.In a parallel lease agreement, Energy XXI will retain the operatorship of the pipeline assets, which consists...

    Energy XXI Sells $245 Million Midstream AssetsData analysis
    Global Deals

    Energy XXI has entered into an agreement with CorEnergy Infrastructure Trust to sell Grand Isle Gathering System (GIGS) for a cash consideration of $245 million and liabilities related to the assets.

    In a parallel lease agreement, Energy XXI will retain the operatorship of the pipeline assets, which consists of gathering and transportation pipelines in the shallow waters of the GoM as well as Grand Isle terminal. Under the terms of the lease agreement, Energy XXI will retain any revenues generated from transporting third party volumes.

    The transaction is expected to close prior to 30-Jun-2015.

    View Energy XXI press release