Companies in the news

Veritas DGC Inc. has acquired the geophysical software and services business of Hampson-Russell Software Services Ltd. The transaction closed on August 21, 2002. With corporate headquarters in Calgary, Alberta, Hampson-Russell provides software tools and consulting services for complex seismic data interpretation and reservoir analysis. "The latest Hampson-Russell products include interpretation tools for multi-component and 4-D seismic data."

Spectrum-Geopex and Paradigm formed an alliance to provide reservoir characterization and evaluation services along with pre-stack depth imaging services from Spectrum-Geopex offices in the Nasr City Public Free Zone in Cairo, Egypt.

Nexen Inc. will jointly explore a 1,044-sq-mi area of the Gulf of Mexico’s Continental Shelf for Miocene reservoir natural gas with Shell (SEPCo).

McMoRan Exploration and El Paso Corp. will explore four deep-gas, shallow-water prospects on 100,000 acres in the Gulf of Mexico where McMoRan has exploration rights. El Paso will fund all exploration drilling and development costs and will own 100% of the program’s interests in the four prospects until aggregate production has reached 100 Bcfe (equivalent), after which ownership of 50% interest would revert to McMoRan.

Rally Energy closed its acquisition of 100% of the common shares of Scimitar Hydrocarbons Corp.

Qatar Petroleum and ExxonMobil signed an agreement to supply LNG from Qatar to the UK. The feed gas for these trains will be sourced from Qatar’s giant North field, which has proven natural gas reserves in excess of 900 Tcfg. Qatar Petroleum will have a 70% equity interest in the LNG trains, and ExxonMobil 30%.

Great North Exploration Ltd. and Ascot Energy Resources Ltd. closed the merger of the two companies. The merger is still subject to final acceptance of the TSX Venture Exchange.

Houston American closed its acquisition of a seismic data license agreement with Millennium Seismic. Meanwhile, Houston American has acquired a 5% term royalty in 150 net and 300 gross acres in Lavaca County, TX. Two wells are slated within the next year.

Petronas Caragali Overseas Sdn Bhd has acquired the outstanding capital stock of KM Indonesia, Ltd.

IDM Equipment, Ltd. acquired 100% of the assets of Diversified Electrical Systems, Inc., a manufacturer of SR controls for the oil drilling industry. DES’s operations relocated to a new 12,000-sq ft facility adjacent to IDM’s Houston rig manufacturing facility, and will be integrated into IDM’s Control Systems.

Nuevo has sold its non-core onshore Gulf Coast assets to Hilcorp Energy Co. for $9.3 million, subject to the exercise of preferential right and final adjustments. The main properties sold include its interest in the North Rucias field in Brooks County, Texas.

ENSCO International Inc. announced the completion of the acquisition of Chiles Offshore Inc. following approval by Chiles’ stockholders and the filing and acceptance of the certificate of merger. As a result of the transaction, Chiles’ stockholders will receive 0.6575 of a share of ENSCO common stock plus $5.25 cash for each share of Chiles’ common stock.

CNOOC and Woodside Petroleum Ltd. have received an offer to acquire an interest in Australia’s 25% interest in the China LNG joint venture (CLNG) to supply gas to Guongdong from the NW Gas Project to the Guangdong LNG terminal. Agreement calls for CNOOC to acquire about 5% interest in the upstream reserves, or about 1.1 Tcfg and 210 million boe.

HL Technologies Inc. formed a new subsidiary named Diveline Inc. to design and build integrated diving umbilicals for the worldwide commercial diving industry.

Perenco signed a definitive agreement with CMS Energy for the purchase of CMS’s oil and gas E&P unit, except its interests in Colombia.

Transocean will spin off its Gulf of Mexico shallow-and-inland water-drilling unit to raise cash and pare debt.

Marathon Oil Corp. signed an agreement to acquire Houston-based Globex Energy, Inc. in a transaction valued at $155 million. The sale includes 38 million boe in proven reserves, primarily in Equatorial Guinea.

Thunder Energy Inc. entered a joint venture agreement with Burlington Resources Inc. to evaluate coalbed methane resources on its existing properties.

Norsk Hydro was offered operatorship and equity in the 17th concession round on the Norwegian Continental Shelf.

Houston Exploration Co. closed its South Texas property acquisition from various subsidiaries of Burlington Resources, Inc. for $48.1 million.

Halliburton Energy Services has acquired the assets of Pruett Industries, Inc., which focuses on wellbore permanent monitoring and fiber optic sensor installations. In a separate transaction, Halliburton has acquired fiber optic sensor provider Prime Photonics LC.

Synfuels International and S&B Engineers and Constructors, Ltd. signed an agreement whereby S & B will be responsible for engineering, fabrication and construction of projects worldwide using Synfuel’s technology process for GTL.

Oil States Industries acquired Big Inch Marine Systems in a private transaction completed on Aug. 15, 2002. Big Inch Marine will be merged into Oil State Hydrotech Division, expanding its offering and geographical coverage.

Devon Energy agreed to sell its operations in Argentina to Petrobras.

Macleod Dixon opened a new office in Rio de Janeiro, Brazil. It is named Consultores em Direito Estrangeiro and is their second Latin American office.

Kerr-McGee is selling its interests in the Murchison, Ninian, Columba, Lyell, and Strathspey fields, associated assets, and undeveloped acreage in the northern North Sea to CNR Intn’l, a subsidiary of Canadian Natural Resources. Kerr-McGee will receive $120 million for the assignment of its interests. Also included in the deal, Kerr-McGee is acquiring an additional 5% interest in Harding field, thus increasing its share in Harding to 30%.