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Ophir Energy makes Salamander takeover bid

21/11/2014

Ophir Energy has made an indicative offer to acquire Salamander Energy, the companies have said in a joint statement. The company is making an offer of 0.5719 of its own shares for each Salamander share. Both Ophir Energy and Salamander said there was “compelling strategic logic” for the move, that will leave the pair with a strong portfolio of operations across Africa and South East Asia.

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Seismic specialist rebuffs £1.2bn bid from Technip

21/11/2014

Struggling seismic surveyor CGG has knocked back a £1.2billion takeover bid from French energy services giant Technip amid a nosedive in oil prices that has sparked a sector-wide consolidation drive. Technip, which has about 1,400 staff at its Aberdeenshire headquarters in Westhill, made the approach earlier this month. Commenting yesterday on its decision to rebuff the offer, CGG said that "the conditions to pursue were not met."

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Maersk hires DNV GL for Culzean work

20/11/2014

Maersk Oil and Gas has hired DNV GL in a multi-million service contract deal for its Culzean project in the UK North Sea. The scope of contract includes Independent Competent Person (ICP) verification, Independent Verification Body (IVB) and Pressure Equipment Directive (PED) work. The team will be managed from a single point in the UK and DNV GL said it will use additional resources and expertise from Maersk’s team in Denmark to deliver the work.

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Apache sells off $1.4billion of assets in Louisiana and Anadarko Basin

20/11/2014

Apache has agreed to sell off assets in Louisiana and the Anadarko Basin for $1.4billion in two separate transactions. The company said the first deal will involve the sale of 90,000 net acres of mature fields in Southern Louisiana. The mature fields, which it said were characterised by high decline rates and short reserve lives, produced 21,000 BOE (Barrels of Oil Equivalent) per day.

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Oyster Petroleum acquires North Sea interest

20/11/2014

Oyster Petroleum has acquired interest in licences owned by Maersk Oil and Centrica in the North Sea. The venture capital-backed explorer will acquire a 30% interest in licence P2132, covering blocks 16/11b and 16/16 in the South Viking Graben. The transaction will be subject to regulatory approvals from the Department of Energy and Climate Change and the Secretary of State.

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Technip eyes CGG merger

20/11/2014

Technip has approached seismic contractor CGG about a potential merger. The French services company confirmed it wanted to enter into a "contstructive dialogue" with CGG regarding the integration and development of its reservoir, data processing and seismic activities with Technip. However, a short statement released by CGG appears to dismiss the offer.

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Ineos to invest £640million in UK shale gas

20/11/2014

Chemicals giant Ineos has announced plans to invest £640 million in shale gas exploration and appraisal in a move which could make it the biggest player in the industry in the UK. The company already has two licences near its plant at Grangemouth in Scotland but is applying for more in Scotland and the north of England. Chairman Jim Ratcliffe said he wanted Ineos to become the biggest company in the British shale gas industry.

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Noreco requests deferral on payments

19/11/2014

Norwegian Energy Company (Noreco) will request a deferral of bond instalments and bond interest due in December, the company has said. The bond instalment, worth NOK 560.8million, and the bond interest NOK 84.6million, will be delayed while the company explores available alternatives. The company said the deferral will allow it time to pursue any solutions which could create more values for its stakeholders.

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WGPSN wins contract extension in Canada

19/11/2014

Wood Group PSN (WGPSN) will continue its work on an offshore Canadian platform in a multi-million dollar deal. The company has been awarded a five-year contract extension for its engineering, procurement and construction services to the Hibernia platform. Hibernia Management and Development Company Ltd (HMDC) awarded the contract for work on the platform, which is in offshore Newfoundland and Labrador.

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Oil near 4-year low as OPEC resists calls to cut output

19/11/2014

West Texas Intermediate and Brent crude traded near the lowest price in four years amid speculation that OPEC will resist production cuts sought by some of its smaller members. Futures fell as much as 0.8 percent in New York. Ecuador and Venezuela will ask members of the Organization of Petroleum Exporting Countries to reduce excess output, an Ecuador official said. Saudi Arabia is probably trimming exports amid a recovery in Libyan supply, according to Barclays Plc. The U.S. Senate refused to approve the proposed Keystone XL pipeline that would carry Canadian crude to the Gulf Coast.

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Wentworth Resources secures loan agreement

18/11/2014

Wentworth Resources Limited has secured $26million in loan agreements from the Tanzanian Bank for the development of a well and loan repayments. The company said it had also signed a long-term gas sales and purchase agreement to supply discovered natural gas at a price of $3 per mmbtu (million metric British thermal units) for its Mnazi Bay concession. In its third quarter results the company said its working capital was down to $24million compared with $38.4million for the same time last year.

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Fosun deal takeover bid ends

17/11/2014

An off-market takeover bid for Roc Oil by Fosun has now closed. Billionaire Guo Guangchang’s Fosun International agreed to acquire Roc Oil for $441million in cash, giving the Chinese group assets stretching from Australia to Malaysia.

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Technip wins Abu-Dhabi contract

14/11/2014

Technip has been awarded a contract for project management consultancy services for the Nasr Phase II full field development project by Abu Dhabi Marine Operating Company (ADMA-OPCO). The Nasr Field is being developed to secure an annual average production of 65kb/d of crude oil by using offshore process facilities, wellheads, pipelines and facilities on Das Island. The contract is the second win for the company this week after it was awarded a subsea contract for the K2 field in the Gulf of Mexico.

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Halliburton in talks to buy Baker Hughes

14/11/2014

Halliburton is in talks to buy Baker Hughes Inc in a deal that would combine two of the largest and oldest names in the energy business as plunging oil prices send the industry into a downturn. By eliminating a competitor, Halliburton, already the world’s second-biggest provider of oilfield services, would gain market clout that would help insulate it from a sustained market decline. A combination of Halliburton with No. 3 Baker Hughes would be a little more than half the size of larger rival Schlumberger Ltd.

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Iraq, Libya heads fly to Riyadh before OPEC with oil below $80

13/11/2014

Iraq’s president and Libya’s prime minister flew to Riyadh as Saudi Arabian Oil Minister Ali Al- Naimi tours Latin America ahead of an OPEC meeting in Vienna to discuss the fall in oil prices. Libyan Prime Minister Abdullah al-Thani arrived in Saudi Arabia just as Iraqi President Fouad Masoum left the kingdom after a two-day visit where he met with King Abdullah, according to the official Saudi Press Agency.

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Brent dips below $80 for first time in four years

13/11/2014

Oil prices have dipped below 80 US dollars a barrel for the first time in four years, boosting hopes for cheaper petrol on UK forecourts. The price of Brent crude for December delivery fell as low as 79 US dollars a barrel after industry cartel Opec yesterday predicted that demand for its oil will be slightly lower next year at 29.2 million barrels a day. The world’s uncertain growth outlook, with the eurozone stagnant and Chinese expansion showing signs of easing, has fuelled fears that there will be a glut of oil swilling around the global economy.

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Premier downsizes Sea Lion spending but confirms Catcher’s finances ‘robust’

13/11/2014

Premier Oil has downsized its spending on the Sea Lion development in the Falkland Islands, the company has announced. The project had originally been earmarked for spending of more than £3billion. However in its interim statement, the company said following a project review, the Sea Lion would now progress to a “smaller development” with an estimated spending of less than £2billion.

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Tullow Oil reviews assets in ‘challenging’ environment

12/11/2014

Tullow Oil said it will focus the majority of its exploration and appraisal expenditure in its East and West African assets. The company released an interim management statement which said it was looking to re-allocate capital as a result of recent oil prices and reduced commercial success from offshore drilling. The TEN development project, Jubilee production and the non-operated West Africa portfolio is expected to generate “significant value”, attracting the greatest share capital in 2015.

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Brent falls for third day on signs OPEC will resist output cuts

12/11/2014

Brent crude fell for a third day amid signs that OPEC members are reluctant to reduce supply even as prices slumped deeper into a bear market. West Texas Intermediate dropped in New York. Futures slid as much as 1% in London. The oversupply in global markets “didn’t come from us,” Energy Minister Suhail Al Mazrouei said yesterday of the United Arab Emirates and the Organization of Petroleum Exporting Countries. Crude stockpiles in the US, the world’s biggest oil consumer, probably increased by 1.1 million barrels through Nov. 7 for a sixth weekly gain, a Bloomberg News survey shows before government data tomorrow.

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