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Rosneft signs definitive agreements to acquire a 50% stake in TNK-BP from BP

by abarrelfullabarrelfull 23 Nov 2012 12:30

Rosneft today announces that it has entered into definitive agreements with BP for the purchase of BP’s 50% interest in TNK-BP in exchange for $17.1 billion in cash and 12.84% Rosneft shares currently held in treasury. The completion is subject to regulatory approvals, and is expected to occur in the first half of 2013.

Citadel Capital SAE partners with QInvest and other Qatari investors in joint venture to import and regasify LNG in Egypt

by abarrelfullabarrelfull 23 Nov 2012 12:27

Citadel Capital SAE, the private equity firm in the Middle East and Africa with $9.5bn in investments under control, today signed a project development and shareholders' agreement pursuant to which a group of Qatari investors, arranged by QInvest, and Citadel Capital will form a joint venture to construct and own the facilities required to position a Floating LNG storage and regasification unit (FSRU) at a location in Egypt to deliver natural gas to high-volume end-users.

Kinder Morgan’s El Paso Natural Gas Pipeline Signs Long-Term Contract to Serve Customers in Mexico

by abarrelfullabarrelfull 19 Nov 2012 12:52

El Paso Natural Gas (EPNG), owned by Kinder Morgan Energy Partners, L.P. (NYSE: KMP) and Kinder Morgan, Inc. (NYSE: KMI), has entered into a 25-year transportation precedent agreement in connection with plans to build a new pipeline to serve customers in Mexico. Terms call for EPNG, acting through its affiliate Sasabe Pipeline Company, to initially provide approximately 200 million cubic feet per day of firm transportation capacity via a new, 60-mile, 36-inch diameter lateral pipeline that would extend from EPNG’s existing south mainlines, near Tucson, Ariz., to the U.S.-Mexico border, terminating at Sasabe, Ariz. The proposed Sasabe Pipeline would interconnect via a new international border crossing with a 36-inch diameter natural gas pipeline to be built in Mexico.

Targa Resources Expands Footprint With $950 Million Bakken Shale Midstream Acquisition

by abarrelfullabarrelfull 19 Nov 2012 07:54

Targa Resources Partners LP (NYSE:NGLS) ("Targa Resources Partners" or the "Partnership") announced today that it has agreed to acquire 100% of Saddle Butte Pipeline, LLC's ownership of its Williston Basin crude oil pipeline and terminal system and its natural gas gathering and processing operations for cash consideration of $950 million, subject to customary purchase price adjustments and certain contingent payments. The transaction is expected to close during the fourth quarter of 2012, subject to customary regulatory approvals and closing conditions.

Statement About Proposed Resolutions of US Federal Government Criminal and SEC Claims Against BP in Connection with the Deepwate

by abarrelfullabarrelfull 15 Nov 2012 19:49

BP confirms that it is in advanced discussions with the United States Department of Justice (DoJ) and the Securities & Exchange Commission (SEC) regarding proposed resolutions of all US federal government criminal and SEC claims against BP in connection with the Deepwater Horizon incident. No final agreements have yet been reached and any resolutions, if agreed, would be subject to federal court approvals in the United States.

Ezra’s EOC secures award from Hess for its FPSO Lewek Arunothai

by abarrelfullabarrelfull 14 Nov 2012 20:47

The production division of Ezra Holdings Limited (‘Ezra’, the ‘Group’ or 以斯拉控股), EOC Limited (EOC), has secured via EOC’s Malaysian agent, Larizz Petroleum Services Sdn Bhd, its first award from Hess Exploration and Production Malaysia B.V. (‘Hess E&P Malaysia’) for the charter of the Group’s Floating, Production, Storage and Offloading (FPSO) vessel, the Lewek Arunothai.

Gazprom and Wintershall sign basic agreement on asset swap

by abarrelfullabarrelfull 14 Nov 2012 20:41

Alexey Miller, Chairman of the Gazprom Management Committee and Kurt Bock, Chairman of the BASF Board of Executive Directors signed at the Gazprom headquarters today a basic agreement on asset swap. The legally binding document provides for major terms and conditions for the asset swap deal under the project for joint development of the Achimov deposits in the Urengoy oil, gas and condensate field. The final agreements are expected to be made in 2013.

FPSO contracted for the Iracema Norte area

by abarrelfullabarrelfull 14 Nov 2012 19:45

Galp Energia informs that, together with its partners and through its Tupi BV affiliate, has signed a Letter of Intent with Schahin Petróleo e Gás S.A. and Modec Inc for the charter of the FPSO (floating, production, storage and offloading unit) which will be used in the production development project of the area known as Iracema Norte, in block BM-S-11, in the pre-salt of Santos basin. The project includes the connection of 16 wells to the FPSO, of which 8 production wells and 8 injection wells, with first oil scheduled for December 2015.

Sea Trucks Group gets first contract award in Mexico

by abarrelfullabarrelfull 12 Nov 2012 13:27

Sea Trucks Group (“Sea Trucks”), announces its recent contract award in Mexico with Tradeco for a pipeline installation project for Pemex.

Greater Stella Area Development Update

by abarrelfullabarrelfull 12 Nov 2012 12:53

Ithaca Energy (TSX: IAE, LSE AIM: IAE) provides an update on the progress made with its Greater Stella Area ("GSA") development activities and schedule.

Highlights

  • o The modifications contract for the "FPF-1" floating production unit has been awarded to the Remontowa shipyard in Gdansk, Poland. The FPF-1 is now located In Gdansk.
  • The Ensco 100 drilling rig is now forecast to commence the development drilling campaign in Q1-2013, due to delays in the completion of drilling programmes for other operators.
  • Four initial Stella wells are to be drilled over a period of approximately twelve months prior to the arrival of the FPF-1 for hook-up and commissioning, currently anticipated in H1-2014.
  • Detailed design has been completed for the subsea infrastructure that is to be installed in 2013 by Technip, a world leader in the execution of subsea projects. Fabrication of the required linepipe is underway.
  • A suite of gas transportation and processing agreements has been executed for export of gas processed on the FPF-1 via the Central Area Transmission System ("CATS") and Teeside Gas and Liquids Processing ("TGLP") terminal.
  • The Company's net share of remaining capital expenditure prior to first hydrocarbons from the GSA production hub is $395 million, which will be funded from existing financial resources.
  • The successful appraisal of the Hurricane discovery in Q3-2012 and the offer of Block 29/5e, adjacent to Hurricane, in the 27th UK Offshore License Round in October 2012, have further augmented the opportunity set for the GSA hub.
  • The Company's partners in the GSA are Dyas UK Limited, a long established privately owned North Sea oil and gas producer, and Petrofac, a leading international service provider to the oil and gas industry listed on the FTSE 100 in London.

Iain McKendrick, Chief Executive Officer, commented:
"This is exciting progress towards the creation of a 25kboe/d North Sea oil and gas operator and unlocks substantial value by monetising over 30Mboe of the Company's reserves base. We are pleased with the significant milestones achieved by all the major service providers to this development. The Company is firmly focused on executing the project safely and efficiently and creating further long term value by building upon its position in the GSA."

Seadrill receives award for newbuild ultra-deepwater semi-submersible West Mira with start-up in 2015

by abarrelfullabarrelfull 12 Nov 2012 09:29

Seadrill has received a Letter of Award from Husky Oil Operations Limited for a new five-year contract for the newbuild harsh environment semi-submersible rig West Mira for operations in Canada and Greenland. Total estimated revenue potential for the contract, including mobilization and performance bonus is approximately US$1.18 billion for the five firm years.

Noble Energy Announces Trema Exploration Results Offshore Cameroon

by abarrelfullabarrelfull 20 Oct 2012 07:47

Noble Energy, Inc. (NYSE: NBL) today announced that the Trema exploration well in the Tilapia license offshore Cameroon reached its target objective and encountered reservoir-quality sandstones that were water-bearing. The well is currently being plugged and abandoned.

Gas Supply to Armenia will be Temporarily Suspended

by abarrelfullabarrelfull 01 Oct 2012 07:17

Russian gas supply to Armenia will be temporarily suspended due to maintenance works on the Russian segment of the North-South main gas pipeline, Russian side reported.

Armenian side has officially been informed of the suspension of gas delivery from October 1 to 3.

Maintenance works will not affect gas delivery to the population of Georgia.

The First FSO Of Pertamina To Operate In Phe Wmo

by abarrelfullabarrelfull 01 Oct 2012 05:36

PHE WMO will replace the FSO (Floating Storage and Offloading) in Poleng Field from formerly MT. GEBANG with FSO PERTAMINA ABHERKA which conversion process has been completely performed in COSCO Shipyard, Guangdong. This FSO has 600,000 barrels of capacity and accommodation facility for 150 workers.

JGC Awarded FEED Contract for Floating LNG Project in Malaysia

by abarrelfullabarrelfull 14 Sep 2012 06:51

JGC Corporation announced today that, as leader of a consortium with Samsung Heavy Industries Co. Ltd. (SHI), it has received a contract from PETRONAS, Malaysia's state-owned oil company, for the FEED (Front-End Engineering and Design) work for a floating LNG project off the Malaysian coast. The contract calls for FEED work for a floating LNG plant with 1.5 million tons per annual of LNG production capacity and the work is scheduled for completion in the second quarter of 2013. The project will be located off the coast of the state of Sabah, and will be the second floating LNG plant constructed for PETRONAS.

Genel to acquire additional interest in the Miran Block and assume joint operatorship

by abarrelfullabarrelfull 29 Aug 2012 10:56

Genel Energy announces that it has agreed to acquire an additional 26 per cent interest in the Miran exploration block in the Kurdistan Region of Iraq (the "Miran Block") from Heritage Energy Middle East Limited ("HEME"), a wholly owned subsidiary of Heritage Oil Plc ("Heritage"), for $156 million (the "Acquisition"). In addition, Genel Energy will provide a bilateral loan of $294 million to Heritage, secured on Heritage's shares in HEME as well as HEME's remaining working interest in the Miran Block (the "Loan"). Either party to the Loan can elect that, subject to receipt of approval from Heritage's shareholders, the Loan is repaid through the transfer to Genel Energy of Heritage's entire holding of shares in HEME rather than in cash. Both the Acquisition and the Loan will be funded and serviced from the Company's existing cash resources. As part of the Acquisition, Genel Energy will become joint operator of the Miran Block.

Update on acquisition of additional interest in the Miran Block

by abarrelfullabarrelfull 29 Aug 2012 10:47

On 21 August 2012, Genel Energy announced that it had entered into a sale and purchase agreement to acquire an additional 26 per cent interest in the Miran exploration block in the Kurdistan Region of Iraq (the "Miran Block") from Heritage Energy Middle East Limited ("HEME") (the "Acquisition").

Marquard & Bahls' subsidiary Bomin and Linde to establish joint venture in liquefied natural gas for the marine market

by abarrelfullabarrelfull 07 Aug 2012 19:08

Marquard & Bahls through its subsidiary Bomin, a leading provider of marine fuels, and technology company The Linde Group today announced that they will establish a joint venture company in order to build an infrastructure for liquefied natural gas (LNG) in the maritime sector in Europe. The transaction is subject to the approval of the relevant antitrust authorities. The 50/50 joint venture company is due to start its operations in the latter part of 2012 with its headquarters in Hamburg.

Myanmar pipeline Pressure Test

by abarrelfullabarrelfull 27 Jun 2012 08:23

The Myanmar China Crude Oil Pipeline since QCD031 QCD058 pile test pressure segmented issued its first mechanical pigging, opened a pipeline of China and Burma (Myanmar) Natuo Ji - eyebrow Miao, "the main pipeline pressure test the prelude to the construction.

Strategic Partnership Agreement with CompactGTL Concluded

by abarrelfullabarrelfull 25 Jun 2012 08:20

Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and CEO: Kunihiro Nakamura) is plaesed to announce its strategic partnership agreement signed on May 15, 2012 with UK-based CompactGTL plc ("CGTL"), Sumitomo Precision Products Co., Ltd. ("SPP") and Kawasaki Heavy Industries, Ltd. ("KHI") for manufacture and supply of the reactor blocks for CompactGTL and execution of the reactor modularisation for its modular gas to liquids commercial scale plants.

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