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Company News

Mergers & Acquisitions

  • Halcón Resources has entered into three separate agreements to divest certain conventional assets located throughout the US for around USD 302 million. The assets’ estimated proved reserves are 21.2 million BOE, which are currently producing around 4,500 BOEPD.
  • Oasis Petroleum  signed four separate agreements totaling USD 1.52 billion to buy oil and gas assets in the Williston basin in North Dakota. Oasis will add approximately 161,000 net acres to the 331,000 net acres it already holds. Its production will increase by 9,300 BOE to 43,000 BOE.
  • Petronas will sell its Colombian oil pipelines and some of its onshore oil blocks to Perenco for USD 380 million. The sale includes 11 onshore exploratory and production blocks that currently have an average output of 6,530 BOEPD. The deal depends on approval from Colombia’s oil regulator Agencia Nacional di Hidrocarburos.
  • PKN Orlen will buy TriOil Resources for USD 177.43 million. As part of the deal, the Polish refiner will gain a total production capacity of around 20 million BOE, located mainly in Alberta, Canada.
  • Trelleborg’s industrial solutions business area will acquire cryogenic hose system technology from SBM Offshore. The transaction will strengthen Trelleborg’s offerings for the floating liquefied natural gas market.
  • Apache is selling a 33% stake in its Egypt oil and gas business to Sinopec for USD 3.1 billion. Net production from the operations averaged 100,000 BOPD and 354 MMcf/D last year.
  • Greene’s Energy Group acquired Testco Well Services, which is based in Laredo, Texas. The acquisition includes pressure testing assets, with a mobile fleet of hydrostatic pressure testing units with torquing capabilities and laboratory services that perform liquid and gas sample testing.

Company Moves

  • Petrofac is building two upstream and one downstream plant training facilities for USD 120 million for Petronas. Petrofac will also undertake ongoing management and operation of the two upstream facilities for the next 5 years with an option to extend for another 2 years.
  • Halliburton opened its multi-chem business line’s Acadiana Blend Plant in Maurice, Louisiana. Located on 64 acres, the facility has offices, a blend plant, and a state-of-the-art field laboratory.
  • The newly formed Commander Drilling Technologies will perform oil and gas drilling, testing, and completion services on either a turnkey or project management basis in the US Gulf of Mexico for exploration and production companies. The firm is based in Houston.


  • JX Nippon Oil & Gas Exploration and Petronas entered into a production sharing contract for Deepwater Block 2F offshore Sarawak, Malaysia. The block is approximately 5,500 km2 in water depths of 100 m to 1200 m. A subsidiary of JX Nippon will be the operator with a 40% participating interest.
  • China National Offshore Oil Corporation signed a production sharing contract with Smart Oil Investment for Block 05/31 in Bohai offshore China. The block covers 270 km2 with water depth ranging from 5 m to 15 m. Smart Oil will conduct a 3D seismic data survey and drill exploration wells in the block.
  • Sigma Offshore will supply Bumi Armada with engineering support for a USD-62-million turret mooring system for a floating production, storage, and offloading (FPSO) vessel in the Cluster-7 field offshore India. The FPSO will be delivered in November 2014 and will be operated by SP Armada.
  • PT Seascape Surveys Indonesia, a subsidiary of Mermaid Maritime Public, won a USD-55-million contract from a major upstream oil and gas operator based in Indonesia. Seascape will provide offshore inspection, repair, and maintenance services for an initial 2 years, with a 1-year extension option.
  • Cosco Shipyard was awarded contracts worth USD 366 million. The Chinese company will build two platform supply vessels for a Netherlands-based firm with delivery in the third quarter of 2015 and two platform supply vessels for a Singapore-based company for delivery in the first half of 2015.
  • Jurong Shipyard was awarded a USD-346-million contract to build a second semisubmersible well intervention rig for Helix Energy Solutions. The rig will have a purpose-designed platform equipped to perform conventional and extended tophole drilling, subsea construction, decommissioning well intervention, coiled tubing operations, and twin remotely operated vehicle deployment.
  • Solstad Offshore has entered into a 4-year contract with Petrobras for an anchor-handling, tug and supply vessel. The deal is worth USD 55 million.
  • Petrolink International was awarded a 3-year contract to provide Saudi Aramco with Petrolink, a real-time data transfer and visualization product, for its entire fleet of rigs.
  • Santos acquired a 50% interest in the Northwest Natuna production sharing contract offshore Indonesia from AWE for approximately USD 188 million. The contract, which includes the undeveloped Ande Ande Lumut oil field, has been independently assessed to hold estimated gross proved and probable reserves of approximately 100 million bbl of oil.
  • Technip was awarded a USD-1.69-billion contract by Abu Dhabi Marine Operating Company for the Umm Lulu Full Field Development project engineering, procurement, and construction work. The project is scheduled to be completed in the first half of 2018.
  • QGC has awarded a USD-1.66-billion contract to Thiess, a wholly owned subsidiary of Leighton Holdings, for the construction of gas processing facilities in Queensland, Australia. The contract involves 18 field compression stations and four central processing plants in the Surat basin to service QGC’s Queensland Curtis Liquefied Natural Gas Project.