Blackstone Energy Partners Acquires Ulterra Drilling Technologies
Blackstone Energy Partners announced today that it has entered into binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies from affiliates of American Securities LLC. American Securities and certain members of management will retain a minority equity interest in the Company going forward. Financial terms were not disclosed. The transaction is expected to close prior to year-end 2018. Ulterra is the largest pure-play, independent supplier of polycrystalline diamond compact (PDC) drill bits to the oil and gas industry. The Company is one of the fastest growing PDC drill bit manufacturers, having more than doubled total revenue since 2016. Ulterra currently has a leading position in many of the most active U.S.
Brazil Becomes Core Ares for Equinor
With daily oil production of over 90 000 barrels per day from current fields and with expected investments of more than 15 billion USD until 2030, Brazil has become a core area for Equinor.A press release said that Brazil stands out globally as one of the most promising offshore oil and gas basins with a significant remaining resource base. In addition, the country has a huge potential within renewable energy.Brazil is a great fit with Equinor’s strategy, using the strengths from the experience on the Norwegian Continental Shelf. Currently Equinor has activity across the value chain, from exploration, through discoveries and development…
Divorce Costs Could Sour Scotland's North Sea Hopes
Scottish nationalists are betting $2.5 trillion of hydrocarbons trapped miles beneath the North Sea could bankroll an independent Scotland, but winning control of the European Union's largest oil reserves would be no blank cheque. Scotland says the bulk of Britain's North Sea oil and gas reserves are in its waters, while London says any division would be subject to negotiations should Scots vote to end their 307-year-old union with England in a referendum on Sept. 18. Oil is the punch in Scottish First Minister Alex Salmond's pitch for independence: he accuses London of squandering the North Sea's mineral wealth and says Scotland would be one of the world's richest countries if it took control of its own destiny.
Mobile Offshore Drilling Units – New Market Forecast
Oil and gas production from offshore resources is of considerable importance for energy companies as existing base resources are being depleted at a rapid rate. New significant oil discoveries are becoming less common, with the majority of major finds being offshore. A large amount of undeveloped offshore oil and gas fields as well as new offshore discoveries will help drive the MODU market, especially in deepwater. With strong oil prices persisting, major energy companies are increasingly reinvesting their earnings in exploration and development of offshore oil and gas basins. Visiongain has calculated the value of the global MODU market in 2012 will total $48.1bn.
CNOOC Signs $2.268B Agreement with SAPETRO
CNOOC Limited signed a definitive agreement with South Atlantic Petroleum Limited to acquire a 45 percent working interest in an offshore oil mining license ''OML 130'' in Nigeria for $2.268 billion, subject to adjustments. The purchase will be funded from the internal resources of CNOOC Ltd. OML 130 is covered by both a Production Sharing Agreement and a Production Sharing Contract, each of which governs a 50 percent interest in OML 130. SAPETRO is currently the sole contractor and sole interest holder in the PSC. Under the agreement, CNOOC will be acquiring a 90 percent interest in the PSC and hence, a 45 percent working interest in OML 130. Located in Nigeria, the world's fifth largest crude oil exporter, the Niger Delta region is one of the world's most prolific oil and gas basins.
