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Vol. 232 No. 12
BHP Billiton plans to invest roughly $4.5 billion developing the shale oil and gas assets it bought in the US during 2011 as it ramps up production. BHP expects capital spending to jump to almost $6 billion in the 2015 fiscal year and roughly $6.5 billion by 2020 as the company ramps up the number of rigs on its four project areas. BHP spent nearly $17 billion buying Petrohawk Energy along with its assets in Texas and Louisiana and Chesapeake Energy Corp.’s Fayetteville shale assets in Arkansas.
BP’s $7.06 billion deal to sell its stake in an Argentine crude-oil producer to a joint venture involving Argentina’s Bridas Energy Holdings and China’s CNOOC has collapsed, the Argentine and Chinese companies said. BP agreed last November to sell its 60% stake in Pan American Energy to CNOOC and Bridas, with their pact containing a Nov. 1 completion date. BP said that its counterparties had, as part of the agreement, been responsible for getting Argentine anti-trust and Chinese government approvals, but had not been able to achieve this. The planned deal was one of a string a major resources investments by China in Latin America in the past two years, and an unusually large deal for an Argentine company.
ORLEN Upstream has been awarded the CIPS certificate of excellence, becoming the first company in Poland to receive the certification. The certificate issued by the Chartered Institute of Purchasing & Supply confirms best practice in purchasing and supply management processes and guarantees that the company is following global standards.
Danish industrial conglomerate Moller-Maersk A/S said its oil and gas drilling services arm Maersk Drilling has been awarded a four-year contract for the use of its new ultra-harsh-environment jackup rig for a drilling project in the Norwegian North Sea. The contract has a value of around $550 million, and includes four one-year extension options. The jackup rig, which is currently under construction in Singapore, is to be used for drilling the wells on the Hild field development, an exploration project led by the Norwegian unit of Total. The contract is expected to commence by the third quarter of 2014.
Cactus Wellhead announced the opening of a sales and service center in Pleasanton, Texas. From this newly constructed facility, Cactus will provide wellheads, christmas trees and the ancillary surface control equipment used during fracturing operations plus the customary field services required throughout South Texas for Eagle Ford shale wells. Chad Babineaux, a 20 year wellhead industry veteran, will manage the Pleasanton facility.
Statoil has acquired a 30% participating interest in block 47 offshore Suriname from Tullow Oil. Tullow Oil operates the block 47 licence offshore Suriname with 100% working interest. Tullow will retain the operatorship and 70% working interest. Block 47 lies in a frontier area in the Guyana basin. The license is located some 270 km north of mainland Suriname, with a water depth of between 1,300 and 3,000 m.
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