Devon Energy has entered definitive agreements to sell its remaining non-core assets in the Midland basin for $858 million.The sale is part of a push by Devon to shed up to $3 billion in noncore assets as it tries to strengthen its balance sheet after the worst price crash in a generation.
These transactions include the company’s upstream assets in the southern Midland basin and its undeveloped leasehold in Martin County, Texas.
In the northern Midland basin, Pioneer Natural Resources agreed to acquire Devon’s working interest across 15,000 net acres in Martin County, Texas, along with 13,000 net acres in eight surrounding counties for $435 million. Current net production associated with this largely undeveloped leasehold position is approximately 1,000 boed, with oil accounting for roughly 70%.In a separate transaction, Devon entered into an agreement to sell its assets in the southern Midland basin for $423 million. Current production from these assets is approximately 22,000 boed, of which 33% was oil. Devon did not disclose the buyer.Both transactions are expected to close in the third quarter.
Devon also increased its 2016 capital budget by $200 million, saying it now plans to spend $1.1 billion to $1.3 billion this year, and slightly raised its 2016 production guidance for core operations to between 540,000 and 560,000 barrels of oil equivalent per day (boepd).
Pioneer, known for its aggressive hedging program, also said it would add five drilling rigs in Texas starting in September, bringing its total rig count to 17 as oil prices recover to $50 a barrel.These rig additions will add about $100 million to the company's capital budget for 2016, lifting it to $2.1 billion.
MOSCOW, June 15 (Reuters) - Gazprom Outbids Rosneft, Lukoil for Licences to Two Arctic Fields
Russia's Gazprom has won licences for rights to develop two large oil and gas fields in the Arctic, beating rivals Rosneft and Lukoil, an official at oilfield licences regulator Rosnedra told Reuters on Wednesday.
Analysts have said that Gazprom needs to increase its resource base in the face of rivalry from other, smaller, gas producers in the domestic market.
Gazprom paid 23.338 billion roubles ($354.6 million) at an auction for rights to develop the Layavozhskoye and Vaneyvisskoye oil and gas fields in the Nenets Autonomous Region, the official said. The starting price was set at 8 billion roubles.
According to Natural Resources Ministry data, the Layavozhskoye field contains 9.8 million tonnes of oil and 140.1 billion cubic metres (bcm) of natural gas reserves. Reserves at Vaneyvisskoye are estimated at 6.5 million tonnes of oil and 85.2 bcm of natural gas.
MELBOURNE (Bloomberg) -- Exxon, BHP examining sale of joint Australia assets
Exxon Mobil Corp. and BHP Billiton Ltd. are studying plans to sell depleting energy assets in Australia, including the largest oil field ever discovered in the nation.
The producers are considering marketing about 13 fields, licenses and associated infrastructure held in the Gippsland Basin Joint Venture, Exxon’s Esso Australia unit said Wednesday in a statement. Oil and gas production began from the venture in Australia’s Victoria-state in 1969, according to BHP.
“We are seeking to identify third parties with proven experience and strength to operate and capture the remaining potential in these licenses,” Esso Australia, which operates the venture, said in its statement. BHP and Esso Australia each hold a 50% share of the joint venture.
Melbourne-based BHP’s Bass Strait unit, which includes the mining giant’s stake in the Gippsland basin operation and a second joint venture, may be worth about $1 billion, Citigroup Inc. wrote in a May 27 note to clients. The unit’s liquids production is in decline, analysts including Sydney-based Clarke Wilkins wrote in the note.
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Gulf Keystone confirmed Tuesday that the standstill agreement with the majority of its note and bondholders has been extended until July 1.
While the agreement remains in effect, the company does not intend to make the April 2016 coupon payments, which will constitute an event of default under the bonds and notes, respectively. The standstill agreement was previously extended from its previous expiration date of May 31 and then further extended from another expiration date of June 13.
The agreement was reached as the company addresses its need for near-term fundraising and the restructuring of the company's balance sheet.
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Statoil ASA may seek to partner with Petroleos Mexicanos in Mexico’s deepwater fields as the producer looks to gain a foothold in the country’s recently opened energy market.
“We see opportunities to bid on deepwater farm-out agreements with Pemex if the terms and conditions are right," said Tore Loseth, vice president of Statoil Exploration in the U.S. and Mexico, on the sidelines of an oil conference in Monterrey on June 10. "But we need to know more about how the process will run before we can properly evaluate these.”
Pemex and Mexico’s energy ministry announced plans last week to farm out the Trion field in the Gulf of Mexico -– an area believed to contain about 485 million barrels of reserves and estimated to cost $11 billion to develop. While the agreement will be in the form of a license, the details of the contract have yet to be spelled out.
Loseth declined to say whether Statoil plans to bid on the Trion field. The companies involved in the farm out should be announced in December, Pemex said.
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IEA Sees Oil Market Balancing Next Year. In 2017, the IEA sees "global oil demand growing at the same rate as in 2016 - 1.3 mb/d, and non-OPEC supply growing by a modest 0.2 mb/d. Again, on the planning assumption that OPEC oil production grows modestly in 2017 we expect to see global oil stocks build slightly in 1H17 before falling slightly more in 2H17." [IEA]
Oil Continues Falling Early Tuesday. Oil fell on Tuesday, as investor nervousness over next week's vote on Britain's possible European Union exit swept financial markets, eclipsing signs of a return to health for crude prices. On Monday, U.S. crude finished at its lowest level in a week. [Reuters, Oilpro]
NCS Report Disappointing. A recent report from oil-data firm Rystad Energy says exploration at the Norwegian Continental Shelf (NCS) has dropped off from prosperous years 2010-2012, and most recently discovered resources on the NCS have been moderate. [Oilpro]
PennWest Sells $975mn In Assets. Shares in the Canadian company soared by the most in 20 years after it announced the sale of all of its Saskatchewan assets, including its Dodsland Viking area, for cash consideration of $975 million. [PennWest]
DNV GL Helps Trim Subsea Documentation. A two-year cross-industry project led by DNV GL has delivered a publicly available Recommended Practice which can reduce the amount of subsea documentation and enable documentation reuse in a typical subsea field development project. [Subseaworldnews.com, Oilpro]
Spectra Energy Awarded $2.1bn Pipeline Project. TransCanada's joint venture with IEnova, a subsidiary of Sempra Energy, has been chosen to build, own and operate the $2.1 billion Sur de Texas-Tuxpan natural gas pipeline in Mexico. [TransCanada]
PDO For Oseberg Vestflanken 2 Sanctioned. Statoil reports that the Norwegian Ministry of Petroleum and Energy has sanctioned the Plan for Development and Operation (PDO) of Oseberg Vestflanken 2. [Oilpro]
Shell, Technip Complete Malaysia’s First TLP. Shell and Technip-MMHE Joint Venture (TMJV) have finished the onshore fabrication and commissioning of the Malikai deepwater platform. [Oilpro]
Court Papers Allege Singapore Firms Paid Over $9.5mn In Bribes For Petrobras Contacts. Prominent Singapore companies Keppel and Sembcorp Marine are accused in US court documents of paying specific amounts in the Petrobras corruption scandal, according to Singapore newspaper The Straits Times. [Splash 247, Oilpro]
Meet Regulatory Specialist, Shelly Bilberry, #HUMANSofOG. She writes, "A typical work day for me is sitting behind my computer applying for permits, filing reports and keeping our engineers in line, but on the day this photo was taken, I ventured out to our field in Reeves Co. Texas." [Oilpro]
DENVER, Colorado -- Liberty Oilfield Services, a privately held pressure pumping company, has completed its acquisition of Sanjel Corporation's U.S. assets.
With the closing of the transaction, Liberty has doubled its hydraulic fracturing capacity to almost 500,000 hhp, and has expanded its operating presence to cover the Permian and Eagle Ford basins in addition to its current operations in the Williston, Powder River and DJ basins.
In order to maintain a strong focus on hydraulic fracturing technology and services, Liberty has entered into subsequent arrangements with O-Tex Pumping for control and operation of the cementing assets and Patriot Well Solutions for control and operation of the coiled tubing assets.
Liberty's investors' equity funded the Sanjel purchase and committed nearly $100 million of additional equity for future growth opportunities. Future growth will be driven by increased customer activity and expansion into new basins.
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PASADENA, Calif. -- Materia, Inc., in conjunction with Aegion Corp., has been selected by Shell Offshore, Inc., a wholly-owned subsidiary of Royal Dutch Shell plc, to supply pipeline insulation materials for the Appomattox development in the deepwater Gulf of Mexico.
The insulation system is unique among existing polymers in its ability to provide an effective thermal barrier between flowlines and seawater. The thermosetting cross-linked hydrocarbon polymer maintains structural integrity in deepwater operating environments as an incompressible solid, at water depths greater than 10,000 ft. This advanced insulation technology can also be rapidly and safely applied in the factory or the field.
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St. Albert集团出售旗下T.C. Backhoe & Directional Drilling公司
Enterprise Group Inc. of St. Albert has sold its utility construction unit, T.C. Backhoe & Directional Drilling, to TC Infrastructure Services Ltd.
The deal is worth $19.9 million, including a $3-million payment of working capital, and will close July 5, Enterprise said in a news release Monday.
The money will be used to reduce Enterprise’s debt, which stood at $40.6 million as of March 31.
The company, a consolidator of construction service companies in the energy, utility and transportation infrastructure industries, bought T.C. Backhoe in 2007.
The sale will streamline what Enterprise can offer clients and improve the security of its financial position, chief executive Leonard Jaroszuk said in the release.
BRASILIA, June 14 (Reuters) - Brazil's Petroleo Brasileiro SA plans to propose a deal with unions to reduce salaries and working hours at the state-run oil company to help cut a massive debt, newspaper o Estado de S. Paulo said on Tuesday.
Petrobras Chief Executive Officer Pedro Parente will propose cutting salaries by as much as 25 percent starting in September, Estado said, citing a company source.
Workers rejected a similar proposal by former CEO Aldemir Bendine last year. Brazil's main oil workers have also opposed the interim government of President Michel Temer, holding a 24-hour strike last week as part of nationwide protests.
A spokesman for Petrobras, as the company is often known, did not immediately respond to emailed requests for comment.
In an effort to control inflation, the government in recent years refused to let Petrobras raise fuel prices when they were high worldwide. As a result, the company accumulated billions of dollars in losses at its refining unit, and debt ballooned.
Parente has promised to cut Petrobras' debt of nearly $130 billion without resorting to a government a bailout.
Petrofac公司与马来西亚海洋能源设备与服务供应商Bumi Armada Berhad签订了一项为期3年的合同。根据合同规定，Petrofac将为Bumi Armada Berhad旗下的Olombendo号FPSO提供状态监控程序。
合同内容包括：状态监控程序的安装；员工培训；每月一次进行润滑油分析，提供风险报告，以及通过Petrofac专有的CBMnet系统为FPSO提供硬件和软件支持等。石油圈原创www.oilsns.com
来自/Rig Zone 6月13日消息 编译/赵宁
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Petrofac Ltd. secured a three year contract to provide a condition monitoring program for Malaysian offshore energy facilities and services provider Bumi Armada Berhad’s Olombendo floating, production, storage and offloading (FPSO) unit, currently under conversion at Keppel Shipyard in Singapore, which will be deployed to the Eni S.p.A.-operated 15/06 East Hub field offshore Angola at the end of 2016.
The workscope includes the implementation of the condition monitoring program, training, an American Bureau of Shipping (ABS) initial submission report, monthly vibration and lube oil analysis, risk based reporting and hardware and software support through Petrofac’s proprietary CBMnet system.
“We will work in alignment with Bumi Armada to transition the current maintenance strategy on-board the FPSO from preventative to predictive. Through this change we will actively monitor and measure asset-specific variables that can impact and disrupt performance ... Our CBMnet system will work in parallel to support the program, providing recommendations that will optimize maintenance activities to increase overall asset reliability and achieve maximum production,” Steve Johnson, vice president Asset Management, Petrofac Engineering & Production Services said in Thursday's press release.
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DUBAI --- Polarcus已与一家公司（未公开名称）签订了XArray项目意向书。
经相关部门批准后，相关活动将于8月份开始，工期长达4周。
XArray项目位于Norwegian-Barents Sea海域，该意向书的签订扩大了Polarcus在西北欧的活动范围。石油圈原创www.oilsns.com
来自/World Oil 6月13日消息 编译/赵宁
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DUBAI -- Polarcus has received a Letter of Intent for an XArray project in the Norwegian-Barents Sea for an undisclosed client.
The survey is due to commence in August, after required authorization has been obtained, and will run for about four weeks.
This extends the Polarcus North West Europe campaign and replaces the previously announced project in Morocco, which will no longer be acquired by Polarcus.
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墨西哥石油公司Pemex计划与私营企业合作在墨西哥海域进行勘探活动，这是Pemex首次进行类似的合作。石油圈原创www.oilsns.com
周五，Pemex发布声明表示：由于Trion深水油气田所处的位置环境复杂、水位较深，Pemex正在寻找一家富有深水勘探经验的合作公司。Pemex还希望与合作伙伴共同承担费用。该项目的竞标活动将于近几天开始。
Trion油气田位于墨西哥湾Perdido带地区。据估计，该油气田可能储量达4.85亿桶油当量。
来自/Offshore Energy Today 6月13日消息 编译/赵宁
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Mexican oil company Pemex is set to make history, partnering up with a private company in deepwater exploration in Mexico.
In a statement on Friday, Pemex said it was searching for an experienced deepwater player, due to the depth, complexity of the Trion deepwater field in the Gulf of Mexico. Pemex is also looking forward to sharing the costs with the new partner. This would be first such cooperation for Pemex.
Bids for the participation in this project will be invited within the next couple of days, Pemex said.
The Trion field, located in the Perdido belt in the Mexican part of Gulf of Mexico, was discovered in 2012. Total P3 reserves are estimated at around 485 million barrels of oil equivalent.
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