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Vol. 232 No. 10
Technip announced an agreement to acquire the entire share capital of Global Industries at a transaction value of $1.07 billion, including about $136 million of net debt. Global Industries brings to Technip its subsea know-how, assets and experience, comprising 2,300 employees, operating 14 vessels, including two newly built S-lay vessels, as well as strong positions in the Gulf of Mexico (US and Mexican waters), Asia-Pacific and the Middle East. The transaction is expected to close in early 2012.
Halliburton has entered into a definitive agreement to acquire Texas-based private company Multi-Chem Group for an undisclosed amount. Multi-Chem is the fourth largest production chemicals company with about 750 customers and provides customized solutions for oilfield products, gas well treatments and pipelines. The company has provided chemicals and services, including a product portfolio of biocides, viscosity reducers and wetting agents, to more than 30,000 producing oil and gas wells across North America. The parties expect to obtain all required regulatory clearances during the fourth quarter of 2011.
Baker Hughes has acquired a minority equity stake in Verdande Energy AS, a subsidiary of Verdande Technology AS, and will become a user of Verdande Technology’s case-based reasoning (CBR) software platform for oil and gas applications. The technology, called DrillEdge, is a real-time intervention tool constructed on the principle of case-based reasoning, a problem-solving process that identifies similar issues from relevant wells drilled in the past and offers similar solutions. This immediate intervention-while-drilling response provides a real-time bridge between past experience and current operations. Under the terms of the agreement, Baker Hughes will be involved in further developing these capabilities.
Husky Energy has sanctioned the development of Liwan 3-1 and Liuhua 34-2 fields, the principal fields of the Liwan gas project in the South China Sea. Husky and China National Offshore Oil Corporation (CNOOC) are jointly developing the $6.5 billion project, which aims to bring to market at least three natural gas discoveries on Block 29/26, located about 300 km southeast of Hong Kong. The development plan for Liwan 3-1 has been submitted to Chinese government authorities for regulatory approval and a gas sales agreement for production from the field is in place. The project is proceeding on schedule toward planned first gas delivery in 2013 or 2014. Production from Liwan 3-1 and Liuhua 34-2 fields is expected to ramp up through 2014 toward a rate above 300 MMcfd (gross).
Wood Group Kenny has been hired by BP to provide engineering design and project management services for the subsea, umbilical, riser and flowline (SURF) infrastructure for BP’s Quad 204 redevelopment project West of Shetlands. Wood Group Kenny is responsible for the design of $1.2 billion worth of subsea pipeline and riser infrastructure for the project. The engineering team of 50 will expand to 75 in the near future.
MicroSeismic and NSI Technologies announced that they are collaborating on an engineering and geoscience solution that will allow operators to incorporate microseismic data acquired through MicroSeismic’s proprietary process with NSI’s fracture design and analysis solutions for enhanced fracture modeling. This solution will enable oil and gas companies to integrate their completion engineering, production modeling and microseismic monitoring data to optimize their completion programs to derisk the prospects and enhance recovery.
Greene’s Energy Group (GEG) has acquired the assets of Houma, Louisiana-based Pro-Valve Services. The acquisition will broaden the after-market production valve services provided by GEG’s Wellhead and Valve division. GEG will offer integrated repair, remanufacture and operational services for drilling and production valves. Additionally GEG’s new acquisition broadens capabilities in major US shale plays.
American Pollution Control Corp. (AMPOL), an oil spill response and environmental solutions provider, has completed a platform recovery project in Amelia, Louisiana. From planning to implementation, the total project took about five years and included lifting the platform and remediating hydrocarbons and hydrogen sulfide on the recovered platform that had been trapped beneath 100 ft of mud. The cleaning and remediation processes were completed by air from man lifts.
VAM USA announced the opening of a new field service office located in Oklahoma City, Oklahoma. This office will support the growth of activity in the region from the shale plays, where VAM SFC, VAM TOP, VAM SG and DWC are widely used. The 4,000-sq-ft facility will house complete sets of VAM service tools and provide office space for the local management and service representatives.
BNK Petroleum announced that its wholly owned subsidiary Trofagas Hidrocarburos has been awarded an oil and gas concession totaling about 234,000 acres located mainly in the autonomous community of Castile and Leon, Spain. This concession brings the company’s total acreage in Europe to about 3.8 million net acres in five separate basins. Located in the Cantabrian basin of Spain, the concession has been acquired principally for shale gas targets but also has some conventional oil and gas potential. The concession terms include certain minimum requirements, which must be fulfilled by BNK to retain its interest.
Cameron has agreed to acquire LeTourneau Technologies’ Drillings Systems and Offshore Products divisions from Joy Global for $375 million in cash. LeTourneau is a provider of drilling equipment and rig designs and components for both the land and offshore rig markets. LeTourneau’s products include elevating systems, skidding systems, cranes, top drives, rotary tables, draw works, mud pumps and rig control and power systems.
France’s Total has acquired a 40% interest in five offshore exploration blocks in the Lamu basin, offshore Kenya. A 20% stake in blocks L5, L7, L11a, L11b and L12 comes from Anadarko Kenya Company, which will continue to operate the blocks with a 50% interest in the permits. Covering an area of more than 30,500 sq km, the exploration blocks are located offshore the Lamu archipelago.
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