May 2015
News & Resources

Companies in the news

Companies in the news
Steven McGinn / World Oil

Apache Corp. has completed the sale of its interests in the Chevron-operated Wheatstone LNG project, and accompanying upstream oil and gas reserves, to Australia’s Woodside Petroleum for a total cost of $2.83 billion. Apache’s Australian subsidiary held a 13% interest in the LNG project, and 65% working interest in the WA-49-L Block, which includes the Brunello and Julimar offshore gas fields, and the Balnaves oil development. The Houston-based operator will also be selling its Australian subsidiary, Apache Energy Limited, to a consortium of private equity funds, managed by Macquarie Capital Group and Brookfield Asset Management, for a cash payment of $2.1 billion. The assets include: Apache’s interest in the gas fields of Reindeer, John Brookes and Halyard-Spar, and the non-operated interest in the BHP Billiton-operated Macedon field; Apache’s interest in operated oil fields at Coniston-Novara, Van Gogh and Stag and the non-operated interest in the BHP Billiton-operated Pyrenees area; interests in gas processing facilities and associated infrastructure at Devil Creek, Varanus Island and Macedon; and all of Apache’s upstream acreage in the Carnarvon, Exmouth and Canning basins, along with related hydrocarbon reserves, resources and production.

Shell UK will reduce the number of staff, and contractors, in the North Sea, by at least 250 this year. Shell will also introduce changes to its North Sea, offshore shift patterns.

Southwestern Energy will sell its conventional oil and gas assets, in East Texas and the Arkoma basin, for approximately $218 million, to a private buyer. The proceeds will be used to reduce the company’s debt.

The Ministry of Mines, Industry and Energy of Equatorial Guinea has ratified a PSC, with an Exxon Mobil subsidiary and GEPetrol, for Block EG-06, offshore Bioko Island. Exxon Mobil holds a 71.25% working interest, GEPetrol has 23.75%, and the Equatorial Guinea government holds 5%. Exxon Mobil has agreed to acquire 750 km2 of new, 3D seismic data, and will drill at least two wells over the five-year, exploration period.

Bashneft has completed seismic surveys at Iraq’s Block 12. The start of exploration drilling has been scheduled for late 2016. The five-year exploration program at Block 12, which can be extended two years, involves conducting 2D and 3D surveys, and drilling one exploration well. Total investments in the program are expected to cost around $120 million.

Rose Petroleum has reported positive results from its 1-34 Mancos shale well, in the Uinta basin, in Utah. Total unrisked, prospective recoverable resource estimates for Rose’s Mancos assets are 709 MMbbl, and 4.26 Tcfg. Six wells will be drilled in the Mancos shale, pending approval from the U.S. Bureau of Land Management and Utah’s Division of Oil, Gas and Mining.

NewAge has taken over as operator of the Etinde Exploitation Authorization Area, offshore Limbe, in southwest Cameroon. NewAge holds a 30% working interest, Lukoil has 30%, and the remaining equity is held equally by the previous operator, Euroil, and the Cameroon National Hydrocarbons Corporation. The Etinde field holds an estimated resource base of 345 MMboe.

Northern Offshore has negotiated a nine-month delay in the delivery of two high-specification jackups, Energy Engager and Energy Encounter, from a shipyard in China. The new delivery dates for these units are December 2016 and June 2017, respectively.

Patterson-UTI reported that for the month of March 2015, it had an average of 142 drilling rigs operating in the U.S., and four rigs in Canada. For the three months ended March 31, 2015, the driller had an average of 165 drilling rigs operating in the U.S., and eight rigs in Canada.

Schlumberger signed a long-term software contract with Chevron Energy Technology Company, to provide universal access to Schlumberger’s Petrel E&P software platform, across Chevron’s entire earth sciences organization. The contract includes the Techlog wellbore software platform, OFM well and reservoir analysis software, and the ProSource E&P data management and delivery system.

Hercules Offshore has signed a five-year contract with Eni, for use of the Hercules 260 in West Africa. The dayrate will range from a minimum of $75,000 per day—when the price of Brent crude oil is $86 or less per bbl—to a maximum of $125,000 per day—when the price of Brent crude oil is $125 or more per bbl.

Archer has commenced PP&A operations for 12 gas wells on Statoil’s Heimdal platform, in the Norwegian North Sea. Installation upgrades are also underway to keep the field operational as a gas processing, and distribution hub, until 2030.

C&J Energy Services and Nabors Industries have completed the combination of C&J with Nabors’ completion and production services business. Nabors received approximately $688 million in cash, and now owns approximately 53% of the combined company.

InterMoor, an Acteon company, has completed offshore operations for the disconnection, and laydown, of risers and mooring lines on a major FPSO facility, offshore Angola. The work was completed in December 2014.

McDermott International has been awarded a contract to transport, and install, subsea umbilicals, manifolds, jumpers and flying leads for Chevron’s expansion of the Jack and St. Malo fields in the Gulf of Mexico. McDermott’s subsea construction vessel, North Ocean 102, is expected to transport, and install, 30 mi of umbilicals and associated flying leads. Installation will start in second-quarter 2016.

Subsea Masters has entered into a JV with the Las Palmas shipyard in the Canary Islands. The agreement, signed with Zamakona Shipyard, is set to give the UK group a West African base to work on drillships and semi-submersibles. Subsea Masters will offer well control equipment maintenance, along with other offshore-related services.

Polarcus will expand the scope of its Capreolus 3D project, offshore Australia, by around 50%. The expanded project will now comprise approximately 22,130 km2, providing exploration companies with an extensive, basin-wide, broadband 3D seismic dataset across the Roebuck basin, offshore Australia’s North West Shelf. Seismic acquisition within the original program began in early January.

Oceaneering International has closed on its acquisition of C&C Technologies. The acquisition price of approximately $230 million was paid in cash.

Seismos, Inc., has received $4 million in funding for market rollout, and product enhancements, to further develop its foothold in the CO2 EOR market. Funding was provided by Javelin Venture Partners.

The North American affiliates of Vallourec received the prestigious Total Satisfaction Award by EnergyPoint Research. Vallourec was selected among global oilfield product manufacturers by the independent publisher’s survey. wo-box_blue.gif

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Steven McGinn
World Oil
Steven McGinn
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