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Collaborating Authors
Financial News
Brazilian independent Enauta has agreed to sell a 20% participating interest in the BS-4 concession, which includes the Atlanta and Oliva fields, to Westlawn Americas Offshore (WAO) for 301.7 million. WAO is a portfolio company of Westlawn Group LLC and owns various interests in the Gulf of Mexico offshore basins. Enauta said the sale amount will be paid at closing and subject to adjustments related to the net cash flow with investments for the delivery of Atlanta and Oliva generated between the effective date of 1 November 2023 and the transaction closing date. As part of the transaction, 75 million will be paid over the coming 60 days as a loan to be deducted from the amount paid at closing. The transaction also includes an option to sell a 20% stake in Atlanta Field B.V. (AFBV) for 65 million in 2024 upon agreement.
- North America (1.00)
- South America > Brazil > Rio de Janeiro > South Atlantic Ocean (0.99)
- South America > Brazil > Rio de Janeiro > South Atlantic Ocean > Santos Basin > Block BS-4 > Atlanta Field > Marambaia Formation (0.99)
- South America > Brazil > Rio de Janeiro > South Atlantic Ocean > Campos Basin > Block BMโCโ36 > Tartaruga Verde Field (0.99)
- South America > Brazil > Rio de Janeiro > South Atlantic Ocean > Campos Basin > Block BMโCโ36 > Tartaruga Mestica Field (0.99)
- South America > Brazil > Brazil > South Atlantic Ocean > Santos Basin (0.99)
Oilfield equipment and service providers Dril-Quip and Innovex Downhole Solutions (IDS) are teaming up in an all-stock deal to create a strong energy platform. The transaction will combine the companies' product and service portfolios under a new name, Innovex International. According to the 18 March press release, about 56% of the new company's revenue will come from international and offshore markets, with the rest from onshore markets in the US and Canada. The combined company said expects to have over 1.0 billion in annual revenue and 221 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), including synergies in fiscal 2023 (all figures on a pro forma, full-year 2023 combined basis). The company said it will start with a strong balance sheet with a year-end 2023 net cash of 99 million.
- North America > United States (0.28)
- North America > Canada (0.28)
SLB and Microsoft have co-developed a secure, open, and fully managed cloud-based data platform solution. Extending beyond oil and gas, this cutting-edge solution is tailored to the energy sector and leverages the power of digital technology to enhance operational performance and facilitate the transition to our lower-carbon future. In this discussion, experts from both SLB and Microsoft will outline how our joint innovations and partnership in cloud, AI, machine learning, data management, and more are helping customers in oil and gas and beyond, drive performance and become more efficient and sustainable. They will also discuss the important role their joint data platform will perform for the energy industry, as it accelerates its digital transformation. Enabling a combination of AI, automation, hyper-scale computing, and the effective integration of first principle and data-pattern insights, the platform promises to decrease cycle times and risk, boost returns, enhance productivity, and reduce costs and carbon emission.
- Health, Safety, Environment & Sustainability > Sustainability/Social Responsibility > Sustainable development (1.00)
- Health, Safety, Environment & Sustainability > Environment > Climate change (1.00)
- Data Science & Engineering Analytics > Information Management and Systems > Artificial intelligence (0.90)
- Information Technology > Artificial Intelligence (1.00)
- Information Technology > Data Science (0.90)
Houston-based Chord Energy has announced plans to acquire Canadian producer Enerplus Corp. in a deal with an implied valued at 3.8 billion. The transaction, which involves a combination of stock and cash, will create a company with an enterprise value of 11 billion. The company's footprint will expand to 1.3 million acres, 98% of which is in North Dakota's Williston Basin which is home to the prolific Bakken Shale. The transaction aligns with the ongoing consolidation trend in the North American shale sector that has been marked in recent months by major acquisitions from large oil and gas companies including ExxonMobil, Chevron, Chesapeake Energy, and Diamondback Energy. Chord said its daily output will increase as a result of the deal to a basin-leading average of 287,000 BOE/D, about 56% of which is crude oil.
- North America > United States > North Dakota (1.00)
- North America > United States > South Dakota (0.97)
- North America > United States > Montana (0.97)
- Geology > Rock Type > Sedimentary Rock > Clastic Rock > Mudrock > Shale (0.85)
- Geology > Petroleum Play Type > Unconventional Play > Shale Play > Shale Oil Play (0.63)
- North America > United States > South Dakota > Williston Basin > Bakken Shale Formation (0.99)
- North America > United States > North Dakota > Williston Basin > Bakken Shale Formation (0.99)
- North America > United States > Montana > Williston Basin > Bakken Shale Formation (0.99)
Diamondback Energy has announced its acquisition of Permian Basin rival Endeavor Energy Resources in a cash-and-stock deal valued at approximately 26 billion. The consolidation will create a firm worth almost 60 billion. It also underscores the recent shake up of the US shale sector, following a year in which mergers and acquisitions topped 192 billion, with an additional 40 billion occurring in this quarter alone, according to figures from Enverus Intelligence Research (EIR). The trend underscores the drive of large operators to add significant volumes of flowing barrels along with untapped drilling locations to secure long-term viability. Prior to today, Diamondback itself has made more than 4 billion in other cash-and-stock deals to enhance its drilling inventory and cash flow from mineral rights since 2022.
- North America > United States > Texas > Permian Basin > Yeso Formation (0.99)
- North America > United States > Texas > Permian Basin > Yates Formation (0.99)
- North America > United States > Texas > Permian Basin > Wolfcamp Formation (0.99)
- (22 more...)
- Management > Asset and Portfolio Management (0.95)
- Reservoir Description and Dynamics > Unconventional and Complex Reservoirs > Shale oil (0.72)
- Reservoir Description and Dynamics > Unconventional and Complex Reservoirs > Shale gas (0.72)
- Management > Energy Economics > Unconventional resource economics (0.72)
W&T Offshore completed the acquisition of six fields in shallow waters of the Gulf of Mexico (GOM) following a successful bid for the assets offered by MLCJR, Cox Oil Offshore, Cox Operating, Energy XXI GOM, Energy XXI Gulf Coast, EPL Oil & Gas, and M21K--all companies that filed for bankruptcy last year. The operated paid 72 million for six fields, excluding certain closing costs. The deal was funded from the company's cash on hand. The six fields acquired include Eugene Island 64, Main Pass 61, Mobile 904, Mobile 916, South Pass 49, and West Delta 73. The estimated production that has ranged from approximately 3,700 to 5,700 BOE/D (around 68% liquids) during the period month-to-date 19 January 2024.
Talos Energy has struck a deal to acquire privately held US Gulf of Mexico (GOM) exploration and production company QuarterNorth Energy in a cash-and-stock deal valued at 1.29 billion. The transaction will add about 30,000 BOE/D (75% oil) on average to Talos' full-year 2024 volumes and adds about 69 million BOE in proved reserves. QuarterNorth was the successor company to Fieldwood Energy, which filed for bankruptcy in 2020. A group of Fieldwood's creditors formed QuarterNorth in 2021 when they acquired most of Fieldwood's assets for 1 billion. QuarterNorth's producing assets include six major fields and are approximately 95% operated and 95% in deep water and bring significant reserves upside beyond current production from both producing probable zones and near-term development opportunities in 2024 and 2025.
- North America > United States > Gulf of Mexico > Central GOM > East Gulf Coast Tertiary Basin > Green Canyon > Block 40 > Katmai Field > Katmai Well (0.98)
- North America > United States > Gulf of Mexico > Central GOM > East Gulf Coast Tertiary Basin > Mississippi Canyon > Block 948 > Gunflint Field (0.94)
- North America > United States > Gulf of Mexico > Central GOM > East Gulf Coast Tertiary Basin > Mississippi Canyon > Block 699 > Big Bend Field (0.94)
- (9 more...)
Norwegian explorer Equinor has entered into an agreement to acquire Shell's equity in and operatorship of the Linnorm discovery in the Norwegian Sea. Under the deal, Equinor will acquire a 30% interest in license PL 255 covering the Linnorm discovery, conditional upon taking over the operatorship from Norske Shell. Terms of the transaction were not disclosed. The deal is expected to close during the first quarter of 2024. "Through this acquisition Equinor will deepen our position in the Halten area, in line with our strategy to optimize our portfolio on the NCS (Norwegian Continental Shelf)," said Kjetil Hove, executive vice president for exploration and production Norway in Equinor.
- Europe > Norway > Norwegian Sea > Halten Terrace > Block 6407/9 > Draugen Field > Rogn Formation (0.99)
- Europe > Norway > Norwegian Sea > Halten Terrace > Block 6407/9 > Draugen Field > Garn Formation (0.99)
- Europe > Norway > Norwegian Sea > Halten Terrace > Block 6407/12 > Draugen Field > Rogn Formation (0.99)
- (3 more...)
Shareholders for TGS and PGS have agreed to combine the two companies to create one full-service energy data company. The plan was accepted at meetings at both companies on 1 December. "We are very pleased that our shareholders have approved the merger plan and agree to the business rationale of merging PGS and TGS to establish the premier energy data company," said Rune Olav Pedersen, CEO at PGS. "The combined company will be uniquely positioned to unlock substantial value for our shareholders, customers, and employees." According to a Reuters report, TGS said the multiclient business, where a company collects seismic data and sells it to oil and gas exploration and production companies, was long overcrowded but now fewer owners and vessels area available. TGS primarily had relied on chartered vessels to collect seismic data.
Two Houston-based companies are collaborating to convert an aging oil field in Canada into one of the world's newest hydrogen-producing assets. This week, oilfield chemistry and logistics specialist ChampionX and Cemvita, a microbiology firm operating through its wholly owned subsidiary Gold H2, announced the partnership. Their big goal is to prove that a well currently producing just a few barrels of oil per day can be quickly converted into ones that produce up to 1 tonne of hydrogen per day. The pilot is slated to begin in the first quarter of next year with an undisclosed operator and aims for completion by year's end. The chosen field in Canada is producing small volumes of crude while under a waterflood.
- North America > Canada (0.49)
- North America > United States > Texas (0.16)
- North America > United States > Texas > Permian Basin > Yeso Formation (0.99)
- North America > United States > Texas > Permian Basin > Yates Formation (0.99)
- North America > United States > Texas > Permian Basin > Wolfcamp Formation (0.99)
- (21 more...)