Saudi Aramco, Air Products and ACWA to form $8bn JV
Saudi Aramco, Air Products and ACWA Power are set to form an $8bn gasification/power joint venture (JV) in Jazan Economic City (JEC) in Saudi Arabia.
The companies have signed a term sheet to form the JV, which will buy the gasification assets, power block and the associated utilities from Saudi Aramco for more than $8bn.
The assets are currently under construction and will be transferred to the JV upon start-up, which is set to take place next year.
Diamondback Energy signs $9.2bn deal to buy Energen
Diamondback Energy signed an agreement to acquire US oil and gas exploration and production company Energen in a $9.2bn deal.
The total consideration also includes Energen’s net debt of $830m.
Under the terms of the agreement, Diamondback will issue 0.6442 common stock shares for each share of Energen common stock.
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By GlobalDataPetrofac wins $370m contract for Majnoon field, Iraq
Petrofac secured a $370m contract from Basra Oil Company (BOC) regarding the expansion of the central processing facility (CPF) in Majnoon field, southern Iraq.
Discovered by Brazilian company Braspetro in 1975, the oil field is located 60km from Basra and has an estimated 38 billion barrels of oil in place.
Under the terms of the contract for 34 months, Petrofac’s lump-sum engineering, procurement and construction (EPC) project scope of work will include two oil processing trains that can process 200kbopd.
Ensign Energy makes offer to acquire Trinidad Drilling for $947m
Ensign Energy Services announced a takeover offer for all issued and outstanding common shares of Trinidad Drilling through a wholly owned subsidiary for $947m.
The transaction value includes Trinidad’s estimated outstanding net debt of $477m as of 30 June.
Following Trinidad’s announcement on 1 August of the unsuccessful conclusion of its comprehensive public strategic review process, Ensign approached the former’s board of directors with a proposal to enter talks with regard to a fully funded all-cash transaction.
BHGE wins contract to construct 300 new wells for Cairn in India
Baker Hughes, a GE company (BHGE) secured a contract from Cairn Oil & Gas, Vedanta, to construct 300 new wells and deploy a chemical EOR programme to increase production from Rajasthan, India.
The latest development contract expands BHGE’s presence in India and supports the government’s aim to reduce dependency on imports.
Under the terms of the contract, BHGE will provide an integrated scope of oilfield services and equipment, to be delivered in phases over the next two years.
PDVSA agrees to pay $2bn to settle dispute with ConocoPhillips
Venezuelan oil company Petróleos de Venezuela (PDVSA) reached an agreement to pay $2bn to settle a dispute with ConocoPhillips over the issue of nationalisation of the latter’s assets.
The settlement comes after ConocoPhillips was awarded the $2bn compensation amount by an arbitral tribunal constituted under the rules of the International Chamber of Commerce (ICC) in April.
Under the terms of the settlement agreement, PDVSA will initially pay $500m in a series of transactions within a 90-day period from the date of signing the deal.
Plains All American and Magellan to sell stake in BridgeTex pipeline
Plains All American Pipeline and Magellan Midstream Partners reached an agreement to divest a 50% stake in BridgeTex Pipeline Company to Canadian pension fund OMERS for $1.44bn.
Established in 1962, OMERS is the defined benefit pension plan for municipal employees in Ontario.
Pursuant to the agreement, OMERS will buy a 30% interest from Plains and a 20% interest from Magellan.
Apache and KAAC sign deal to create $3.5bn company
Apache and Kayne Anderson Acquisition (KAAC) signed an agreement to create Altus Midstream, a $3.5bn pure-play, Permian basin midstream company.
Pursuant to the agreement, Apache will contribute its midstream assets at Alpine High to Altus Midstream, which is jointly owned by Apache and KAAC.
KAAC will be renamed Altus Midstream Company at closing.
Morgan Stanley invests in Catalyst Energy Services
Investment funds managed by Morgan Stanley Energy Partners (MSEP) purchased a majority equity stake in US-based Catalyst Energy Services to support the growth of the latter’s services in oil and gas basins in the country.
The investment will give Catalyst the required capital and resources to expand its equipment fleet and service portfolio.
Catalyst Energy Services CEO Bobby Chapman said: “Our partnership with Morgan Stanley Energy Partners provides Catalyst with a strong sponsor and the world-class resources to build an industry-leading oilfield services franchise.”
Williams signs two midstream deals worth more than $2bn
US-based natural gas processing and transportation firm Williams Companies signed two separate strategic midstream agreements worth more than $2bn.
The deals will see the company make an entry into Colorado’s Denver-Julesburg (DJ) Basin and Williams Partners offloading its Four Corners Area (FCA) business in New Mexico and Colorado.
In the first transaction, Williams and KKR reached a $1.173bn deal to acquire Discovery DJ Services from TPG Growth.
