Newfield Exploration News

Canadian oil and gas producer Encana has signed a deal to acquire all of the outstanding shares of common stock of Newfield Exploration Company in a USD 4.1 billion deal that will provide the former with significant positions in some of North America’s biggest oilfields.In addition, Encana will assume CAD 2.2 billion of Newfield net debt. The strategic combination will create a leading multi-basin company and has been unanimously approved by the Boards of Directors of both companies.Subject to receipt of regulatory and shareholder approvals by both companies, the transaction is expected to close in the first quarter of 2019.Under the terms of the merger agreement…

Wärtsilä has developed the GasReformer, a product which converts associated gas, which is often flared, into usable fuel for its dual-fuel engines. When producing oil, associated gas is also released from the deposits. In many places this gas is commonly burnt off in gas flares, a waste of energy and a pollutant of the atmosphere. In addition to useful methane, this gas consists of heavier hydrocarbons including ethane, propane and butane. The composition of the gas typically also vary during the production phase of the oil field.

As BP, the National Response Team, and an army of volunteers respond to the Deepwater Horizon incident in the Gulf of Mexico, NOIA member companies are lending their resources in an unprecedented cooperative effort to stop the flow of oil and prevent further damage to the environment. These resources include land-based and offshore facilities, aircraft, marine vessels, remotely operated vehicles (ROVs), a containment dome, subsea tooling, subsea video, dispersant, personnel, and technical expertise on suction systems, blowout preventers, dispersant injection, well construction, containment options, subsea wells, environmental science, emergency response, spill assistance, well intervention, and drilling and well competence.

Tidewater (NYSE: TDW) announced the election of Joseph H. Netherland to its Board of Directors for a term expiring in July 2009. Mr. Netherland served as Chairman of the Board of FMC Technologies from December 2001 until his retirement in October 2008. Mr. Netherland also served as Chief Executive Officer of FMC Technologies from 2001 to March 2007, when he retired as an executive officer of the company. Mr. Netherland was President of FMC Technologies from 2001 to February 2006. Previously, Mr. Netherland served as a director of FMC Corporation from 1998 to 2001 and as Executive Vice President of FMC Corporation from 1998 until his appointment as President. Mr. Netherland was the General Manager of FMC Corporation’s Energy and Transportation Group from 1992 to 2001. Mr.

Offshore Logistics, Inc., announced that Robert W. Waldrup has been elected to its Board of Directors at the Company's recent Annual Shareholders' Meeting. Waldrup was elected to fill the position that was left vacant by the retirement of Harry C. Sager who served as a Director of Offshore Logistics, Inc. from 1994 to 2001. Waldrup served as Vice President-Operations of Newfield Exploration Company from 1991 to 2001 and also as a Director of Newfield from 1992 to 2001. He is employed on a contract part-time basis as advisor to the President of Newfield. From 1989 to 1991, Waldrup worked in Newfield's Drilling and Operations areas. Division Production Manager of the Eastern Gulf Division of Tenneco Oil Exploration and Production Company.

China National Offshore Oil Company Limited (CNOOC Ltd) announced Wednesday that its parent China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts (PSC) with US-based Newfield Exploration Company. The two contracts are for blocks numbered 22/15 and 16/05, both in the South China Sea. Block 22/15 in the Beibu Gulf Basin in the western South China Sea covers 5,228 square km, with water depth of 10 to 60 meters. Newfield will reprocess the two-dimensional seismic data, a technical survey containing geological clues for hidden oilfields, and conduct drilling operations. Located in the Pearl River basin, block 16/05 covers 2,064 square km.

China National Offshore Oil Company Limited (CNOOC Ltd) announced that its parent China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts (PSC) with US-based Newfield Exploration Company. The two contracts are for blocks numbered 22/15 and 16/05, both in the South China Sea. Block 22/15 in the Beibu Gulf Basin in the western South China Sea covers 5,228 square km, with water depth of 10 to 60 meters. Newfield will reprocess the two-dimensional seismic data, a technical survey containing geological clues for hidden oilfields, and conduct drilling operations. Located in the Pearl River basin, block 16/05 covers 2,064 square km.

Near record oil and gas prices led to robust bidding in an offshore federal lease sale today. The Central Gulf of Mexico Lease Sale 198, garnered $588,309,791 in high bids from 82 companies for oil and natural gas leases in the Federal waters of the Gulf of Mexico. The total of all bids was $978,310,887. This represents a 38% increase over last years Central Gulf Sale. The sale, held March 15 in New Orleans, was conducted by the Minerals Management Service. In Sale 198 the agency received 707 bids on 405 tracts. Johnnie Burton, Director of the Minerals Management Service, spoke briefly at the sale. “The Department is committed to working with all interested parties to enhance energy development in an environmentally responsible manner in available areas of the Gulf,” she said.

Newfield Exploration Company announced it has signed a purchase and sale agreement to acquire the interests of Ocean Energy, Inc. in three shelf Gulf of Mexico fields. The purchase price is approximately $66 million and the transaction was expected to close by mid-August. Newfield explores, develops and acquires oil and gas properties principally in the Gulf of Mexico.