Petrofac has announced that Petrofac Emirates, its Joint Venture with Mubadala Petroleum, has been awarded a contract by Zakum Development Company (ZADCO) for the Upper Zakum, UZ750 field development in Abu Dhabi. The contract is worth approximately US$3.7 billion and has been secured by Petrofac Emirates in consortium with Daewoo Shipbuilding & Marine Engineering Co [...]
GE and Lufkin Industries Inc. announced today a joint agreement whereby GE will acquire Lufkin Industries Inc., a leading provider of artificial lift technologies for the oil and gas industry and a manufacturer of industrial gears, for approximately $3.3 billion. Lufkin shareholders will receive $88.50 per share in cash for each of their Lufkin shares. [...]
Russia’s state-owned oil company Rosneft has today completed one of the largest oil industry acquisitions in history. Rosneft today finalised two separate transactions with British oil company BP and Russia’s AAR consortium to acquire TNK-BP. Rosneft has bought BP’s 50% share in TNK-BP in exchange for $16.65 billion in cash and 12.84% of Rosneft shares. [...]
Offshore drilling contractor Pacific Drilling S.A. has signed a $1 billion senior secured credit facility agreement to finance construction of the Pacific Sharav and Pacific Meltem. The term loan made pursuant to the credit facility will have a maturity of 5 years from the delivery date of the Pacific Meltem. A portion of the funding [...]
Italy’s Saipem today announced it has has signed offshore drilling contracts with Eni, for an approximate value €900 million (USD 1.21 billion). Under the agreement Eni will extend the charter of the Saipem 10000 drillship for a period of 5 years, starting from October 2014. Eni will also extend the contract for the Scarabeo 4, [...]
Azerbaijan’s state-controlled oil and gas exploration and production company, SOCAR, has allocated $4 billion for the construction of four new offshore drilling rigs, Bloomberg has reported, quoting Rovnag Abdullayev, the president of SOCAR. According to the news agency, at a meeting in Baku, Abdullayev said that up to fifteen thousand people will participate in the [...]
U.S. oil giant ExxonMobil today reported earnings of $9,950 million for 4th quarter 2012, an increase of $550 million or 6% from the fourth quarter of 2011. Full year 2012 earnings were $44.9 billion, up 9% from 2011, with record earnings per share of $9.70. As for capital and exploration expenditures ExxonMobil’S Chairman Rex W. [...]
Simmons & Co in Aberdeen today announced that it completed 14 deals in 2012 with a total value of $2.3billion, more than double the total value of deals completed by the firm in 2011. The Aberdeen office led these UK and international deals, which represent a significant share of the 48 M&A transactions completed by [...]
January 23, 2013 | Posted in
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ConocoPhillips has announced a 2013 capital budget of $15.8 billion (including contributions to the FCCL joint venture), which is approximately flat to expected 2012 capital program spending. Investments during 2013 will target the company’s diverse portfolio of global opportunities, with approximately 60 percent of the budget allocated toward North America and 40 percent toward Europe, [...]
December 10, 2012 | Posted in
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Noble Energy, Inc. yesterday announced its 2013 capital program and guidance, and provided updates to the fourth quarter of 2012. Total capital expenditures are estimated at $3.9 billion for the year. The capital program allocates 60 percent to onshore U.S., six percent to the deepwater Gulf of Mexico, 15 percent to West Africa and 10 [...]
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