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Industry Moves Archive: May to June 2007

 Jan - Feb   Mar - Apr   Jul - Aug   Sep - Oct 
Statoil to Acquire North American Oil Sands Corporation01/05/2007
Statoil ASA and North American Oil Sands Corporation (NAOSC) enter into acquisition agreement whereby Statoil will make all-cash offer to acquire all shares of NAOSC at a price of CAD 20 per share. Total transaction value is approximately CAD 2.2 billion, equivalent to about USD 2 billion. NAOSC, a Calgary-based company, was formed in 2001. It operates 257,200 acres (1,110 square kilometres) of oil sands leases located in the Athabasca region of Alberta, north-east of Edmonton.

BP Appoints Tony Hayward as Chief Executive as Lord Browne
Steps Down
Following a decision taken by Lord Browne to step down as the company's chief executive officer, the Board of BP p.l.c. has appointed his designated successor, Dr Tony Hayward, as new CEO with immediate effect. Lord Browne tendered his resignation after the lifting by the UK courts of a legal injunction preventing a newspaper group from publishing details of his private life.

Mott MacDonald Supports THINK Charter02/05/2007
Mott MacDonald is to support THINK, 1-3 May at the ExCel Centre in London. THINK brings together leaders and practitioners working in the built environment to look at ways the industry and other key stakeholders such as Government can help to alleviate climate change. The built environment accounts for around 50% of the UK's carbon dioxide emissions.

SNC Lavalin Acquires Capital Engineering in the USA07/05/2007
SNC-Lavalin's wholly owned subsidiary, SNC-Lavalin America Inc., has acquired Capital Engineering Inc. located in Chicago, USA. This acquisition will further enhance SNC-Lavalin's engineering and construction management capabilities in the steel and aluminum sectors, and provide an established regional presence in the key Chicago and midwest US markets.

EU Commission Clearance for StatoilHydro Merger07/05/2007
Statoil and Hydro receive clearance 3 May from the European Commission for announced merger between Norsk Hydro ASA's petroleum activities and Statoil ASA. The European Commission declared that the merger is compatible with the common market pursuant to Article 6(1)(b) of the EC Merger Regulation.

McDermott Completes Acquisition of Marine Mechanical Corporation08/05/2007
McDermott International, Inc. announces that its Government Operations subsidiary, BWX Technologies, Inc. ("BWXT"), has completed its previously announced acquisition of Marine Mechanical Corporation ("MMC") for approximately $75 million.

Tampen Link Complete08/05/2007
The 23-kilometre-long Tampen Link pipeline between the Statfjord field and the British sector of the North Sea has been laid, providing capacity for gas from the Statfjord late life project. Tampen Link ties the Statfjord field in with the Flags pipeline which runs from the Brent field in the British sector to St Fergus in Scotland. The Saipem UK-owned Castoro Sei laybarge has laid the pipeline.

BP Board Appoints Independent Expert to Monitor Progress on Baker Report13/05/2007
The board of BP p.l.c. appoints L. Duane Wilson as the independent expert who will monitor progress in implementing the recommendations of the Baker Panel to improve safety performance at the Group's five US refineries which are owned and operated by BP Products North America, Inc.

Talisman Energy Announces First Oil from Tweedsmuir15/05/2007
Talisman Energy (UK) Limited, a wholly owned subsidiary of Talisman Energy Inc., commences production from its Tweedsmuir development. "The Tweedsmuir project is a good example of our North Sea strategy to tie back existing and new discoveries to Talisman owned infrastructure," said Dr. Jim Buckee, President and Chief Executive Officer.

Talisman Energy Announces Renewable Energy on Stream for Beatrice15/05/2007
Talisman Energy (UK) Limited, a wholly owned subsidiary of Talisman Energy Inc., announces first power from Beatrice Wind Farm Demonstrator Project. The joint venture between Talisman and Scottish and Southern Energy (SSE) is a central part of DOWNViND (Distant Offshore Wind Farms No Visual Impact iN Deepwater).

Clyde Blowers Company Acquires Weir Pumps Business15/05/2007
The Weir Group PLC sells its Glasgow based operation, Weir Pumps, to Clyde Pumps Ltd, a Clyde Blowers portfolio company ("Clyde"), for a cash consideration of approximately £45 million. All employees of Weir Pumps will transfer to Clyde. Clyde's strategy going forward is to continue with Weir Pumps' new equipment and spares business and to build a centre of excellence in pump technology, hydraulic design and engineering in Glasgow.

KBR and Fellow Shareholders Announce Sale of DML
Shipyard Business
KBR along with fellow shareholders the Weir Group and Balfour Beatty, agree to sell their interests in Devonport Management Limited (DML) to Babcock International Group plc for total proceeds of GBP 350 million. KBR's ownership in DML is 51%. The transaction is expected to close within 60 days, subject to customary closing conditions including Babcock shareholder approval. DML, through its subsidiary Devonport Royal Dockyard, is the primary dockyard performing refueling and related maintenance for the UK's nuclear submarine fleet.

AMEC and Royal Holloway London University Launch
New Mining Laboratory
AMEC's UK environmental business forms joint venture with Royal Holloway University of London to launch new commercial mining laboratory which will provide specialist testing services to characterise mining wastes. The Royal Holloway is already one of the UK's leading centres of excellence for research and teaching in geology, while AMEC is a service provider to the global mining industry from initial geological exploration, resource estimation, feasibility assessment, design and operation through to environmental services and reclamation.

SNC Lavalin Acquires Aqua Terre Solutions Inc.15/05/2007
SNC-Lavalin acquires Aqua Terre Solutions Inc., a specialised environmental consulting practice with over 15 years of solid experience throughout Canada. Aqua Terre Solutions is based in Ottawa with major offices in Toronto, Calgary and Saskatoon. Its services include contaminated site assessment, remediation, management, air quality modelling, and occupational health and safety.

Russia Ratifies Balkan Pipeline Pact with Bulgaria and Greece15/05/2007
The Russian government ratifies agreement with Bulgaria and Greece for EUR1 billion project to build Burgas-Alexandroupolis oil pipeline say the Russian news agency RIA-Novosti. The decision came during a weekly government meeting and follows an agreement signed 15 March by the three countries. According to the agreement, Russian state-controlled firms are to hold a 51% stake in the venture, while Greece and Bulgaria will hold 24.5% each.

Norwegian Government Recommend Gjøa Development15/05/2007
Norwegian government propose North Sea's Gjøa field be developed in accordance with the plan for development and operation (PDO), at the Council of State. The Norwegian parliament (Storting) will make a final decision before the summer. "After having worked hard for a long time to put together a PDO, we are very pleased to have found a profitable solution that will allow the area's resources to be recovered," says Kjetel Digre, who heads the Gjøa project.

New Boost for Tidal Energy15/05/2007
Scottish Power and Hammerfest Strøm sign agreement to further develop Norwegian technology and tidal energy in the UK. Statoil is the main shareholder in Hammerfest Strøm. The two companies will together form the tidal power company Hammerfest Strøm UK. The partners will now work on the development of a full-scale tidal energy turbine which will be installed in the UK in 2009.

Home in Sight for Energy Technologies Institute15/05/2007
Bids from five outstanding university organisations short-listed to host the UK's new Energy Technologies Institute (ETI). In a speech yesterday on energy policy at the Royal Institute of International Affairs, Trade and Industry Secretary Alistair Darling said: "The Energy Technologies Institute is a unique venture. With a potential billion pound budget, it is bringing together government and some of the world's biggest companies and will help to establish the UK as one of the leaders in global clean energy development."

3i Sells Stake in Corpro to SCF17/05/2007
3i, private equity and venture capital company, announces sale of its stake in Aberdeen based Corpro, an independent oilfield services company, to SCF Partners. Corpro is the leading independent provider of coring services to the oil and gas industry. Incorporated in 1988 in Scotland, Corpro deploys exclusive coring and core handling services for oil & gas wells during exploration and appraisal.

PSN Birthday Pledge to Create Three New International Businesses07/05/2007
To celebrate PSN's first birthday, CEO Bob Keiller and his management team pledge to create at least three new international businesses, in the next 12 months. This aggressive growth pledge is expected to generate an additional $300million of revenue for PSN over the next 5 years.

Rio Tinto and BP Join Forces to Develop Clean Energy17/05/2007
BP and Rio Tinto today announced formation of new jointly-owned company, Hydrogen Energy, which will develop decarbonised energy projects around the world. The venture will initially focus on hydrogen-fuelled power generation, using fossil fuels and carbon capture and storage (CCS) technology to produce new large-scale supplies of clean electricity.

Darling Publishes Energy White Paper23/05/2007
Greater energy efficiency and a secure, low carbon energy mix for the long-term are at the centre of the Energy White Paper published by Trade and Industry Secretary Alistair Darling today. In a statement to the House of Commons, Trade and Industry Secretary Alistair Darling said: "We face two big challenges - climate change and maintaining stable and affordable energy supply in an increasingly unstable world. The Energy White Paper sets out a long term framework for action to address these challenges at home and abroad.

E.ON 'Keen' to Take Leading Nuclear Role in UK24/05/2007
E.ON UK confirms it intends to take leading role in next generation of nuclear power stations as part of a diverse, lower carbon energy mix. The company will also be supporting Westinghouse and Areva nuclear designs through pre-licensing in the UK and is in discussions with GE Energy over its designs. Dr Paul Golby, Chief Executive of E.ON UK, made the announcement at Tuesday's Annual Meeting on Nuclear Technology 2007, the day before the Energy White Paper.

E.ON Sets Course for Russian Power Market24/05/2007
E.ON and Russian energy company STS found joint venture called E.ON-STS Energia today in Tyumen in western Siberia. Each of the partners owns 50 percent of the new company. STS has a number of shareholdings in power generation and distribution. STS supplies electricity and gas to about 1.1 million customers in western Siberia. E.ON operates numerous techno-logically advanced power plants in Europe and has extensive experience in liberalized energy markets.

Venture Production - Operational Update24/05/2007
Venture Production plc, the Aberdeen based independent oil and gas production company, provides an operational update on current field development activities.

Eni Purchases ConocoPhillips' Shares in Czech Refining Co.31/05/2007
Eni signs agreement with ConocoPhillips Central and Eastern Europe Holdings B.V. for purchase of further shareholding, corresponding to 16.11%, of share capital of Czech Refining Company (CRC), a leading refining company in the Czech Republic and one of the most important in Central Europe. CRC is a refining company established in 1996 as a joint venture among Unipetrol (51%), Shell (16.33%), ConocoPhillips (16.33%) and Eni (16.33%). Following the deal, Eni reaches a 32.4% interest in CRC.

AMEC Sells AMEC SPIE Capag to French Company30/05/2007
AMEC plc sells its pipelines construction business AMEC SPIE Capag to the French company Entrepose Contracting SA. This furthers AMEC's strategy, announced in December 2006, of focusing on its core businesses in the Energy and Process sectors and divesting its Built Environment and other non-core specialist businesses. The transaction follows the sale of AMEC's interest in AMEC SPIE Rail Systems Ltd, Buchan Concrete Solutions and AMEC Dynamic Structures, announced earlier this year.

Wood Group Opens New Service Facility in Qatar30/05/2007
John Wood Group PLC ("Wood Group"), officially opens new 600m2 service facility in Qatar. Wood Group Engineering Services Qatar LLC, part of the Group's Gas Turbine Services Division, specialises in servicing pump, compressor and valve equipment used in the power and oil & gas industries. An initial $1 million has been invested in this market entry by our Qatar facility, bringing Wood Group's total investment to date in the Middle East region to more than $55 million.

Statoil Makes Promising Oil Discovery in North Sea31/05/2007
Operator Statoil makes promising oil discovery in North Sea's Ermintrude prospect. Deposits are reckoned to be in the region of 50 million barrels of recoverable reserves. "Ermintrude can give valuable additional resources at the Sleipner area," says Tim Dodson, Statoil's senior vice president for exploration in Exploration & Production Norway (EPN).

BP Agrees Major Exploration and Production Deal with Libya31/05/2007
BP and its Libyan partner, the Libya Investment Corporation (LIC), signed major exploration and production agreement Wednesday with Libya's National Oil Company (NOC). The initial exploration commitment is set at a minimum of $900million, with significant additional appraisal and development expenditures upon exploration success. The agreement was signed in Sirt, Libya, by BP's group chief executive Tony Hayward and NOC chairman, Shokri Ghanem.

Gazprom Neft and Statoil Sign Cooperation Agreement06/06/2007
Gazprom Neft and Statoil establish joint working group to start evaluating possible joint exploration & production projects in Russia and overseas. This cooperation is organised under the Memorandum of Understanding (MoU) signed on April 2, 2007 by Alexander Dyukov, president of Gazprom Neft, and Peter Mellbye, executive vice president of Statoil responsible for international exploration & production.

Marathon and Naftogaz Ukrainy Sign Cooperation Agreement06/06/2007
Marathon International Petroleum, Ltd., a wholly-owned subsidiary of Marathon Oil Corporation, and National Joint Stock Company Naftogaz Ukrainy (NAK) sign cooperation agreement to carry out technical studies that could lead to joint exploration for, and production of, hydrocarbons in an area of interest in the Dnieper-Donets Basin located in North Central Ukraine.

Oil Find in North Sea for Hydro11/06/2007
Operator of exploration and production license 090, Hydro makes small oil find on H-North Prospect in the North Sea. "The find on H-North can provide valuable additional resources to fields in the Fram area. The find confirms Hydro exploration successes in this area over the past few years," says Tore Lilloe-Olsen, exploration manager in the Development Norway sector of Hydro's Oil & Energy business area.

Scottish & Southern Energy Application to Build Wind Farm
on Lewis
Scottish and Southern Energy plc ("SSE") submit application to Scottish Ministers for consent to build 205MW (megawatt) wind farm at Pairc on Lewis in the Western Isles. It is the largest wind farm development for which SSE has ever sought consent. Application features a proposal for 57 turbines over an area of approximately 20 square kilometres and construction of the wind farm would requirement investment by SSE currently estimated at around £200m.

Statoil Extends Offer for NAOSC12/06/2007
Statoil Canada Limited, a wholly-owned subsidiary of Statoil ASA extends its all-cash offer to acquire all shares of North American Oil Sands Corporation (NAOSC) at a price of CAD 20 per share. Pursuant to the requirements of applicable law, the Offer is now open for acceptance until 5:00 p.m. (Calgary time) on June 25, 2007, unless further extended or withdrawn.

Aker Kvaerner and SKF Sign Partnership12/06/2007
Aker Kvaerner and SKF establish partnership for Condition Based Maintenance (CBM) for the offshore and onshore oil and gas industry. Condition Based Maintenance reduces plant downtime, increases equipment reliability and reduces maintenance by means of optimised maintenance and inspection programmes, real time monitoring systems and world class competency.

Aker Kvaerner Acquires Phoenix Polymers International12/06/2007
Aker Kvaerner acquires 50 percent of Phoenix Polymers International Ltd (Phoenix). Phoenix develops and manufactures buoyancy and polyurethane products for the worldwide oil and gas sector and is an important supplier of floatation elements to Aker Kvaerner's deepwater marine drilling riser projects. Phoenix was established in 2003 and has its offices and manufacturing facilities in Aberdeen.

Praj - Aker Kvaerner Joint Venture Signed13/06/2007
Praj Industries, biofuels solution provider and Aker Kvaerner, announces finalisation of an agreement to form a joint venture company in Europe that will be called BioCnergy Europa B.V. Pramod Chaudhari, Chairman, Praj and Wim van der Zande, Managing Director, Aker Kvaerner Netherlands B.V. confirmed that, following the approval of the joint venture (JV) by the Boards of both companies in April, the agreement has now been finalised, paving the way for the Company to commence operations. Praj holds 60 percent in BioCnergy, while Aker Kvaerner holds 40 percent of the shareholding.

AMEC Awarded Fairfield Energy Contract15/06/2007
AMEC awarded contract with Fairfield Energy Limited to provide range of consultancy services integral to acquisition of Dunlin assets. Fairfield Energy Ltd recently entered into exclusive negotiations with Shell UK and Esso Exploration and Production UK to acquire their combined 56.8 % interest in Dunlin and Dunlin Southwest fields, 97.6 % interest in Merlin field and 100 % interest in Osprey field in Northern North Sea.

Green Light for Decarbonised Fuel Plant18/06/2007
Application to build unique, clean electricity power plant in Aberdeenshire, capable of powering 720,000 homes, approved by Ministers. The decarbonised fuels project at Peterhead would be the first industrial scale project in the world to combine three separate technologies - hydrogen production, power generation and carbon capture and storage - to generate electricity using hydrogen from natural gas.

Shell and Esso to Market Selected North Sea Assets20/06/2007
Shell U.K. Limited (Shell) announced that the company, along with Esso Exploration and Production UK Limited, an ExxonMobil subsidiary, intends to market their equity interests in a number of Northern North Sea assets, which include operated interests in Cormorant Alpha, Cormorant North, Tern, Eider, Kestrel and Pelican and non-operated interests in Otter and Hudson, as well as an operated interest in the associated oil evacuation system.

Gjøa Approved by Norwegian Parliament20/06/2007
Norwegian Storting (parliament) approves Statoil-operated North Sea Gjøa field's plan for development and operation (PDO). "This is a day to be remembered," says Tim Dodson, acting executive vice president for Exploration & Production Norway (EPN). "We are very pleased that the development is finally approved. A review by the owners of the required approval terms and conditions remains however, particularly in light of the fact that the project is economically marginal. Realisation of Gjøa's reserves will give Statoil significantly increased production and returns."

TNK-BP to Develop Uvat Group of Fields20/06/2007
TNK-BP presents new oil and gas project for development of Uvat Group of fields in south of Tyumen Region. Project is aimed at creation of new oil and gas province in the region with a total reserve of 200-250 million tons and an annual production of approximately 10 million tons of oil a year. Some $2.5 billion will be invested in to the project in the nearest three years.

Gazprom and Urals Sign Memorandum for Cooperation20/06/2007
Alexander Ananenkov, Acting Chairman of the Gazprom Management Committee and Leonid Dyachenko, President of Urals Energy sign Memorandum for cooperation on Irkutsk Oblast gasification within the General Gas Supply and Regional Gasification Scheme developed by Gazprom and approved by the Irkutsk Oblast Administration.

TNK-BP Will Invest $1 Billion Every Year Till 2011 into Drilling21/06/2007
TNK-BP to invest approximately $1 billion every year into drilling and participate in tenders for new licenses, said Sergey Brezitsky, Executive Vice President, Upstream, TNK-BP, at a briefing on Tuesday. According to Mr Brezitsky, TNK-BP will leave its oil production in 2007 at the same level and may increase it by 1-2% in 2008.

Hydro Joins New CO2 Project at Mongstad22/06/2007
Hydro enters into agreement to participate in the development of a test centre - European CO2 Test Centre Mongstad - for the capture of CO2 at Mongstad, southwest Norway. Partners in the project are the Norwegian Ministry of Petroleum and Energy, Statoil, Norske Shell, Dong Energy Generation and Vattenfall.

Appointments to New Advisory Committee on Carbon
Abatement Technologies
Parliamentary Under Secretary of State for Energy Lord Truscott announces launch of new Advisory Committee on Carbon Abatement Technologies. Lord Truscott said: "The Advisory Committee on Carbon Abatement Technologies provides an invaluable forum for discussion between industry, academia and Government on the development of these technologies which enable fossil fuels, such as coal, to be used without the environmental disadvantages. With the breadth and depth of experience and the knowledge they have through their many years of working in this area, the advice and insight they can bring to the Government in shaping policy and strategy for the deployment of Carbon Abatement Technologies will be invaluable."

BP and TNK-BP Plan Strategic Alliance with Gazprom27/06/2007
BP and TNK-BP sign memorandum of understanding to create strategic alliance with Russian gas giant, Gazprom, to invest jointly in major long-term energy projects or swap assets around the world. In a move designed to extend Gazprom's access to international markets and deepen BP and TNK-BP involvement in Russian oil and gas, the companies will establish a joint team to identify strategic opportunities for investment both overseas and inside Russia.

Purchase of Carbon Emission Reduction Certificates27/06/2007
Scottish and Southern Energy plc ("SSE"), through its subsidiary, SSE Energy Supply Ltd, finalise the first of four agreements with GD Power Development Co. Ltd (a subsidiary of China Guodian Corporation, one of China's major energy companies) to support the development of four new wind farms in north east China. SSE Energy Supply Ltd will purchase approximately two million Carbon Emissions Reduction Certificates (CERs) over a period of five years from the start of 2008.

Shaw Announces Joint Venture with Alinda Capital Partners28/06/2007
Shaw Group Inc.'s wholly-owned subsidiary, Shaw Capital, Inc., and Alinda Capital Partners LLC (Alinda), a privately-held investment firm, agree to jointly pursue development of certain yet to be identified energy, transportation, infrastructure, water, wastewater, and related projects through Shaw Infrastructure Investments LLC, a newly created joint venture.

BP, ABF and DuPont Unveil $400 Million Investment in UK Biofuels28/06/2007
Wide spread availability of biofuels in the UK takes a major step forward as BP, Associated British Foods (ABF) and DuPont announced major investment plans, totalling around $400 million for the construction of a world scale bioethanol plant alongside a high technology demonstration plant to advance development work on the next generation of biofuels.

BP Announces North Sea Investment to Boost UK Gas Supplies28/06/2007
BP announces plans for significant investment in its southern North Sea business which will lead to an increase in recoverable gas reserves and create opportunities for further development offshore. The Dimlington Onshore Compression & Terminals Integration project will see some £125 million ($250 million) invested in new gas compression facilities at the BP-operated terminal which receives gas from fields in the southern North Sea.


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