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Industry Moves Archive: January to February 2007 |
Mar - Apr |
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| 3i And Syndicate Sell Vetco Gray To GE Oil & Gas | 08/01/2007 |
Candover, 3i and JPMorgan Partners sell Vetco Gray, a division of Vetco International, to GE Oil & Gas for US$1.9 billion (€1.5 bn) and retain investment in Vetco Aibel. Completion of the deal is expected in February 2007.  |
| BG Group Purchases Lake Road Power Plant in USA | 08/01/2007 |
| BG Group signes Sale and Purchase Agreement for purchase of the Lake Road power plant, an 805MW gas and oil fired combined cycle facility located in Dayville, Connecticut, USA for US$685 million. |
| Nexen Achieves First Oil From Buzzard Field | 09/01/2007 |
| Nexen announces Buzzard field in U.K. North Sea commenced production on January 7, 2007. "The Buzzard development is a key component of our North Sea growth strategy that will generate strong economic returns for our shareholders and firmly establish Nexen as a significant competitor in the North Sea," said Charlie Fischer, Nexen's President and CEO. |
| Oil & Gas Acquisition for Atkins | 09/01/2007 |
| WS Atkins strengthenes its position in the oil and gas sector by acquiring Boreas Consultants Ltd for an enterprise value of £3.8 million, of which £2.8 million was paid in cash, with a further £1 million payable within two years. Boreas specialises in subsea engineering of oil & gas facilities and employs 35 staff, principally in Aberdeen. |
| Block 47/9c Farm-in by Venture Production | 10/01/2007 |
| EnCore Oil plc announces that Nido Petroleum UK Limited ('Nido'), which is in the process of being acquired by EnCore, has entered into an agreement with Venture Production Company (North Sea) Limited ('Venture') whereby Venture will acquire a 45% interest in southern North Sea Block 47/9c from Nido. As a result, Nido will retain a 5% interest in the licence. |
| Common Energy Policy to Tackle EU Single Market Failures and Curb Greenhouse Gas Emissions | 11/01/2007 |
| UK Ministers strongly welcome publication by the European Commission of a package of groundbreaking and farsighted proposals on energy strategy and climate change. The proposals build on the initiative taken by Prime Minister Tony Blair at Gleneagles and Hampton Court in 2005 when he put energy and climate change at the top of the international agenda for the first time, and since then in his discussions with world leaders. |
| BP Announces Lord Browne Succession Plan | 17/01/2007 |
| BP announces that after more than a decade in the CEO role Lord Browne has decided to retire as chief executive at the end of July 2007. Tony Hayward, currently BP's head of exploration and production, will succeed Lord Browne following his retirement as group chief executive. |
| Petrofac Acquire Well Operations Management Company | 18/01/2007 |
| Petrofac acquires 51% interest in SPD Group Limited (SPD), a specialist provider of well operations services, for a total consideration of $7 million (adjusted for surplus cash), comprised of $5 million in cash and $2 million to be satisfied through the issue of 274,938 new Ordinary Shares. |
| Kovykta Gas Pipeline Operational Plans | 18/01/2007 |
| The East Siberia Gas Company plan to put into operation gas pipeline from Kovykta field to Zhigalovo Settlement in the Irkutsk Region in September 2007 and start supplying network gas through this pipeline, Alexei Sobol, General Director of the East Siberia Gas Company, said to Interfax. |
| Mott MacDonald Acquires Careba Power Engineers | 19/01/2007 |
| Mott MacDonald acquires American consultancy firm Careba Power Engineers based in Westwood, Massachusetts. Formed in 2001 Careba has around 50 staff and a turnover of nearly US$7 million. To be known as Careba Mott MacDonald, the new company will join Mott MacDonald's North American energy team based in Boston working on a range of electrical transmission and distribution projects. |
| Talisman Energy Sells Non-Core North Sea Brae Assets | 20/01/2007 |
| Talisman Energy Inc.'s wholly owned UK subsidiaries Talisman Energy (UK) Limited and Talisman LNS Limited (Talisman) enter into agreement with TAQA Bratani Limited, a wholly owned subsidiary of the Abu Dhabi National Energy Company (TAQA), to sell Talisman's entire non-operated interests in the Brae assets in the UK North Sea to TAQA for a consideration of US$550 million. |
| Eni and PT Pertamina Sign Cooperation Agreement | 20/01/2007 |
| Eni and Indonesia's state-owned PT Pertamina (Persero) signed Memorandum of Understanding aimed at establishing a closer relationship between the two oil companies and identifying new opportunities for exploration and development of oil & gas resources both in Indonesia and overseas. The agreement also foresees sharing of technical know-how and the provision of training for Indonesian resources. |
| Termination Of Work On Snøhvit Oil | 22/01/2007 |
| Snøhvit partnership concludes development of oil reserves associated with the Snøhvit gas field, located in the Barents Sea, is not economic. Further appraisal activities will not be pursued. The plan for development and operation, approved in 2002, was drawn up solely around recovery of gas resources at Snøhvit because it was concluded that recovery of the field's oil zone would not be economically viable. |
| Scottish and Southern Energy Signs Partnership Agreement with Viking Energy | 24/01/2007 |
| Scottish and Southern Energy signs partnership agreement with Viking Energy, the company established to represent Shetland Islands Council's interests in wind farm development, which is intended to lead to the development on Shetland's Central Mainland of a 600MW wind farm. Each organisation has a 50 per cent stake in the partnership and its creation follows the signing of a Memorandum of Understanding by SSE and Viking Energy during 2005. |
| Marathon Receives Norwegian Government Approval for Volund Field Plan | 24/01/2007 |
| Marathon Oil Corporation, through its wholly owned subsidiary Marathon Petroleum Norge AS, and its Volund project partner, receive approval from Norwegian Ministry of Petroleum and Energy for the companies' plan for development and operation (PDO) of the Volund field located on the Norwegian Continental Shelf. The Volund development is expected to begin production in the second quarter 2009. Marathon holds a 65 percent interest in Volund and serves as operator while Lundin Norway AS holds the remaining 35 percent interest. |
| BP Signs Oman Deal | 24/01/2007 |
| BP signs major production-sharing agreement that will give the company access to two Middle East fields and associated accumulations that could yield resources of some 20 - 30 trillion cubic feet of natural gas. The agreement covers an area of some 2,800 square kilometres in central Oman, including the Khazzan and Makarem gas fields which were discovered in 1993 but have remained undeveloped due to the complexity of their 'tight gas' reservoirs. |
| AMEC Signs Heads of Agreement with Afgas | 24/01/2007 |
| AMEC entered into heads of agreement with African Gas Development Corporation (Afgas) as basis of a strategic alliance to design, procure, build and operate the infrastructure and facilities for various gas monetization projects to be undertaken by a newly formed joint venture (JV) between Afgas and Sonagas in West Africa. |
| Nuclear Decommissioning and Waste Management Appointment | 24/01/2007 |
| Secretary of State for Trade and Industry, UK, Alistair Darling, announces the appointment of Dr. Tim Stone as senior advisor to lead the development of arrangements for the costs associated with potential nuclear new build decommissioning and waste management. This follows the commitment set out in the Energy Review Report that a senior advisor would be appointed to lead discussions with industry on the costs associated with new build decommissioning and waste management and make proposals, based on the principles set out in the report. |
| National Skills Academy for Manufacturing Launched | 29/01/2007 |
| A new £14m national academy to raise manufacturing skills is to be launched by Alistair Darling, Trade and Industry Secretary in the West Midlands. He will call for a 'national mission' to lift skill levels to compete with the growing economic powerhouses of China and India. |
| Gullfaks Increases Production | 30/01/2007 |
| Production from Statoil's Skinfaks/Rimfaks project in the North Sea started on 27 January. First oil will be from Rimfaks improved oil recovery (IOR). In addition to IOR at the Rimfaks field, the project also marks the start of Skinfaks field production. All wells will be on stream in the course of autumn 2007 with both fields representing 12% of the total Gullfaks licence output. |
| Value Verification of Hydro and Statoil Completed | 30/01/2007 |
| Statoil and Hydro complete value verification process following agreement between the companies' boards of directors to merge Hydro's oil and gas activities with Statoil. The intention of the review has been to verify the information exchanged between the parties prior to the conclusion of the agreement. |
| Centrica Acquires Norwegian Exploration Licences | 31/01/2007 |
| Centrica plc welcomes announcement by Norwegian Petroleum Ministry which has awarded the company participation in four licences as part of its bid in the 2006 APA exploration licence round. The licences are located in the Norwegian Sea and Northern North Sea. |
| BP to Sell Coryton Refinery to Petroplus Holdings AG | 01/02/2007 |
| BP agree to sell, subject to required regulatory approvals, its Coryton Refinery in Essex, UK, to Petroplus Holdings AG, a leading independent refiner and wholesaler of petroleum products headquartered in Zug, Switzerland. The sale price of $1.4 billion - plus hydrocarbons to be valued at closing - includes the adjacent bulk terminal and BP's UK bitumen business which is closely integrated with the refinery. |
| Fuel Use DME Production Facility to be Established by New Joint Venture Company | 05/02/2007 |
| JGC Corporation announces that in order to promote the use of Di-Methyl Ether (DME), hailed as the new generation clean fuel, nine companies including JGC agree to establish a Joint Venture Company for DME production, and to construct an 80,000 tons per year DME production plant within the Mitsubishi Gas Chemical Company Niigata Factory (Niigata-shi). |
| DTI Announce 24th Licensing Round Awards | 05/02/2007 |
| Following a bumper year for oil and gas discoveries in the North Sea, Alistair Darling, the Secretary of State of Trade & Industry, unveils continuing record numbers of oil and gas licences. Offers of 150 oil and gas exploration and production licences will be issued to 104 companies covering 246 blocks - continuing the record numbers of licences issued last year. |
| Technip Sells Perry Slingsby Systems | 06/02/2007 |
| Technip sells all of the capital of PSS Ltd and PSS Inc., two companies which manufacture subsea ROV (Remotely Operated Vehicles) and other subsea equipment, to Triton Group Holdings, an affiliate of SCF Partners, a private equity company. |
| BP Delays Investment in Peterhead Power Project | 06/02/2007 |
| Following the Government's recent Energy Review and the issues of carbon capture and storage (CCS) discussed in the Chancellor's Pre Budget Report in December, BP is delaying investment in the Peterhead Power Plant project. |
| Talisman Energy Successful in North Sea Licensing Rounds | 12/02/2007 |
| Talisman Energy (UK) Limited awarded all 10 blocks it applied for in the recently announced 24th License Round awards. These awards represent strategic additions to Talisman's existing core area license holdings in the Central North Sea area and further advance Talisman's frontier exploration acreage position in the Atlantic margin region. |
| Venture Announces 24th Licensing Round Awards | 12/02/2007 |
| Venture Production awarded two Blocks in the UK's 24th Licensing Round, namely Block 49/10c in the Southern North Sea and part of Block 21/17, within the Company's Greater Kittiwake Area production hub, owned 50% by Venture and 50% by Dana Petroleum plc. |
| ABB Sells Stakes in Power Projects in Morocco and India | 12/02/2007 |
| ABB agrees to sell its stakes in two independent power projects to Taqa, the Abu Dhabi National Energy Company, for $490 million. The assets, in Morocco and India, are part of ABB's Equity Ventures unit, which is among the company's non-core activities. The sale to Taqa is subject to lenders' and other customary approvals and is expected to be completed in the second quarter. |
| Petro-Canada to Retain Oil Sands Properties | 12/02/2007 |
| Petro-Canada evaluates bids received and determines that it will not divest its interest in the five in situ oil sands properties of Chard, Stony Mountain, Liege, Thornbury and Ipiatik. Petro-Canada's resource ownership in these properties is estimated at 1.7 billion barrels of bitumen. |
| McDermott to Acquire Marine Mechanical Corporation | 13/02/2007 |
| McDermott International, Inc. ("McDermott" or the "Company") announces that its Government Operations subsidiary, BWX Technologies, Inc. ("BWXT"), has entered into a definitive agreement to acquire Marine Mechanical Corporation ("MMC") for approximately $75 million. Headquartered in Euclid, Ohio outside of Cleveland, MMC designs, manufactures and supplies electro-mechanical equipment used by the United States Navy. |
| Acergy Sets Up New Office in Moscow | 13/02/2007 |
| Acergy opens new representative office in Moscow, Russia. The company, which is celebrating its first anniversary following a major re-branding campaign, has set up the office in the Russian capital to oversee and manage prospective opportunities and projects in the region. |
| BG Group and Nigeria LNG Enter Agreement for LNG Supply | 14/02/2007 |
| BG Group plc signs Sale and Purchase Agreement with NLNG for acquisition of 2.25 million tonnes per annum (mtpa) of LNG for a 20 year term from the planned Train 7 project in Finima, Bonny Island, Nigeria. Cargoes will be delivered on an ex-ship basis to BG Group's North American marketing business at Lake Charles, Louisiana. |
| SNC Lavalin Acquires TCPI and NorthStar in the USA | 14/02/2007 |
| SNC-Lavalin acquires two companies, The Construction Partnership, Inc. (TCPI) and NorthStar CV, Inc., both based in the State of Pennsylvania, USA. These acquisitions increase SNC-Lavalin's pharmaceutical and biotechnology team by about 50 people to over 700 employees worldwide. |
| Ship Delivers Increased Energy Security for Britain | 14/02/2007 |
| World first 'liquid gas' shipment on Teesside is helping Britain lead globally in diversifying energy supply, Alistair Darling, Trade and Industry Secretary said today. The Excelerate project with enough power in one 20,000 tonne shipment to fuel 60,000 homes will for the first time turn liquid gas into the gas we use at home on board the boat rather than onshore. Making it quicker to deliver and reducing the impact on the environment. |
| Total Gas & Power Limited and Nigeria LNG Sign Agreement | 15/02/2007 |
| Total's wholly owned gas and power trading and marketing company Total Gas & Power Limited (TGPL) and Nigeria LNG Ltd (NLNG) signs Sale and Purchase Agreement (SPA) for 1.375 million tonnes per annum (MTPA) of liquefied natural gas to be produced by NLNG train 7 for a period of 20 years. |
| Total Awarded Three Exploration Licenses in UK North Sea | 15/02/2007 |
| Total awarded the three production licenses it applied for under the 24th Oil and Gas Licensing Round of the U.K.'s Department of Trade and Industry. Total will have a 36% interest in Blocks 206/3 and 206/4. Total was also awarded a 100% stake in Block 3/8f in the Alwyn Area, approximately 420 kilometres North-East of Aberdeen. |
| WorleyParsons Acquires Canadian Colt Companies | 15/02/2007 |
| WorleyParsons announces the $A1.13 billion acquisition of the Colt Companies ("Colt"), a leading Canadian design and project services business. The acquisition creates a market leader in the high growth Canadian hydrocarbons market and provides a springboard for the next phase of WorleyParsons growth. |
| Taking Another Look at Snøhvit Oil | 15/02/2007 |
| The partners in the Snøhvit organisation have decided to drill an appraisal well to map the resources in the Barents Sea field's structure more closely. The appraisal well will provide further data on Snøhvit's recoverable oil reserves and better map gas reserves in the western part of the field's structure. |
| CB&I Expands Engineering Capacity with New Middle East Centre | 15/02/2007 |
| CB&I opens new global engineering center in the Middle East to address the increased demand for engineering work resulting from the Company's strong growth in new project awards. Located in Ajman, northeast of Dubai in the United Arab Emirates, the centre will expand CB&I's current worldwide engineering resources. It has space to house more than 200 engineers and support staff, and will utilise a wide range of engineering software platforms, facilitating work sharing between offices and flexibility in responding to customer requirements. |
| E.ON UK Researches Future of Coal | 15/02/2007 |
| E.ON successfully starts burning coal in pure oxygen - called 'oxyfuel' - in a move that could create a new generation of clean coal-fired power stations in the UK. The test was carried out at the company's Power Technology facility next to the 2,000MW Ratcliffe-on-Soar coal-fired power station. The work, which is continuing, saw coal burned at Power Technology's combustion test facility in pure oxygen. |
| Government's Nuclear Plans Declared Unlawful by High Court | 20/02/2007 |
| U.K. Government's decision to back a new fleet of nuclear power stations declared to be unlawful in the High Court. The government will have to conduct a new, fuller review if they want to justify the future of nuclear power in the UK. In the Royal Courts of Justice in London, Mr Justice Sullivan agreed with Greenpeace, who brought the case, that the energy review was not the 'fullest public consultation' the government had committed itself to before making a decision to back new nuclear power stations. The commitment had been made in the earlier energy white paper in 2003. |
| First Supertanker Loaded from BTC Pipeline | 21/02/2007 |
| Statoil is marketing the first oil to be exported by very large crude carrier (VLCC) from the Turkish port of Ceyhan. Oil from the Caspian Sea is transported through the Baku-Tbilisi-Ceyhan (BTC) pipeline, in which the group holds an interest. When the Astro Challenge set sail on Friday 16 February, it was the first time that a VLCC departed from the Ceyhan terminal on the Mediterranean. |
| TransCanada Closes ANR Acquisition and Expands North American Reach | 26/02/2007 |
| TransCanada Corporation closes acquisition of American Natural Resources Company and ANR Storage Company (collectively, ANR) and an additional 3.55 per cent interest in Great Lakes Gas Transmission Limited Partnership (Great Lakes) from El Paso Corporation. The total purchase price is US$3.4 billion, subject to certain post closing adjustments, and includes US$488 million of assumed debt. |
| Eni Acquires Operated Assets by Maurel & Prom | 26/02/2007 |
| Eni acquires large portion of Congolese activities operated by Maurel & Prom, a French upstream company, listed on Euronext Paris Stock Exchange, and active in Africa, Europe and South America. Transaction includes all Maurel & Prom interests in the producing fields of M'Boundi (48.6%) and Kouakouala A (66%), the production concession of Kouakouala B, C, D (50%) as well as most of the interests in the Kouilou (50%) exploration permit. All assets are located onshore in Congo. |
| Halliburton To Complete Separation from KBR In Split-off Exchange Offer | 28/02/2007 |
| Halliburton Companys's board of directors approves plan under which Halliburton will dispose of its remaining interest in KBR, Inc. through a split-off exchange offer to Halliburton's stockholders. Under the anticipated terms, Halliburton will offer the 135,627,000 shares of KBR common stock that it owns to Halliburton's stockholders in exchange for shares of Halliburton common stock at an exchange ratio to be determined by a specified formula. |
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