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Vol. 233 No. 2 |
BHP Billiton has agreed to acquire all of Chesapeake Energy Corp.’s interests in the Fayetteville Shale, including a midstream pipeline system, for $4.75 billion in cash. Chesapeake’s Fayetteville shale assets include about 487,000 acres of leasehold and producing natural gas properties in Arkansas. This is the second largest position in one of the largest gas fields in the world. The acquisition will increase BHP Billiton’s net reserve and resource base by 45%. These assets currently produce over 400 MMcfd.
Reliance Industries Ltd. and BP have formed a partnership in which BP takes a 30% stake in 23 oil and gas production-sharing contracts that Reliance operates in India. This includes the producing KG D6 Block and the formation of a 50-50 joint venture for the sourcing and marketing of gas in India. The partnership combines BP’s deepwater exploration and development capabilities with Reliance’s project management and operations expertise. BP will pay Reliance Industries about $7.2 billion for the interests in the 23 production-sharing contracts. Future performance payments of up to $1.8 billion could be paid based on exploration success. The blocks cover about 270,000 sq km. The partnership will be India’s largest private-sector holder of exploration acreage.
Corsicana Technologies combined with Special Products, a division of Champion Technologies, to form a new company called CorsiTech. This new business will have a significant presence in Houston and Corsicana, Texas. CorsiTech will have more than 130 personnel and will specialize in drilling and completion fluids, pressure pumping additives, oilfield production intermediates and asphalt additives.
Petroleum Geo-Services signed an agreement with Mitsubishi Heavy Industries for the delivery of two Ramform W-class vessels, with the option for another two ships. The vessels are the first in the new, fifth-generation Ramform series. Planned deliveries of the first two vessels are in 2013, and cost will be about $250 million each, including construction follow-up, commissioning and a comprehensive seismic package. The vessel design is based on the current Ramform fleet, while improving capabilities along a number of parameters. The new vessels will include an upgraded GeoStreamer-based seismic package and are designed to take advantage of the GeoStreamer’s towing efficiency.
Gazprom and Eni signed an agreement pertaining to the future handover to Gazprom of the 50% of Eni’s stake (33.3%) in the consortium developing the Elephant oil field in Libya. The field is located in Libya’s southwestern desert about 800 km from Tripoli. The value of the stake is estimated at $170 million.
KMS Technologies-KJT Enterprises announced that its employees have acquired all the shares of the original majority shareholder, and the company is now fully employee-owned. Formed in 1999, the firm focuses on electromagnetics for exploration of land, marine, borehole, reservoir monitoring and logging.
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