Ecopetrol to invest up to $5.5bn in 2020 to maintain growth
Colombian oil company Ecopetrol announced plans to boost its capital expenditures to $4.5bn to $5.5bn next year in order to maintain sustainable growth.
The latest investment is 25% to 53% higher than the 2019 forecast for organic investment.
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Ecopetrol expects its 2019-2021 Business Plan to provide the company with the required potential to increase investments.
Pembina receives approval to acquire Kinder Morgan Canada for $3.26bn
Pembina Pipeline received approval from the Canadian Competition Bureau to acquire Kinder Morgan Canada (KML) in a C$4.35bn ($3.26bn) deal.
The two companies involved in the deal noted that they have received a ‘no-action letter’ from the bureau, which clears the final regulatory barrier to complete the deal.
As confirmed by the Canadian Competition Bureau, the Commissioner of Competition does not intend to challenge the proposed acquisition of KML’s outstanding common equity via a statutory arrangement under the Business Corporations Act (Alberta).
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By GlobalDataEcopetrol and Occidental complete $1.5bn Permian JV deal
US firm oil and gas exploration and production firm Occidental Petroleum (Oxy) completed a $1.5bn joint venture (JV) with Colombian state-run oil company Ecopetrol.
Through the JV, which was initially announced in August, Oxy agreed to form a JV with Ecopetrol to develop unconventional reservoirs in approximately 97,000 acres of Permian Basin in Texas, US.
As part of the JV, Ecopetrol acquired a 49% stake in the Rodeo Midland Basin while the remaining 51% is owned by Occidental.
ADNOC invests $489m to upgrade Bab onshore field
UAE-based Abu Dhabi National Oil Company (ADNOC) invested AED1.8bn ($489m) to upgrade its Bab onshore field.
Bab field is located approximately 160km south-west of Abu Dhabi.
The investment looks to support ADNOC’S first field producing Murban grade crude for long-term crude oil production capacity.
KCA Deutag wins $460m land drilling contracts in EMEA
KCA Deutag’s (KCAD) onshore drilling division secured new contracts worth around $460m in the Middle East, Africa and Europe (EMEA).
An undisclosed client in the Middle East reserved three rigs for two years, with an option to extend by two more years.
These rigs are equipped with FX-Control, one of the company’s new +veDRILL technologies.
AfDB approves $400m loan for Mozambique LNG facility
The African Development Bank (AfDB) approved a $400m loan to support the construction of an integrated liquefied natural gas (LNG) plant and a liquefaction facility in Mozambique.
The Mozambique LNG Area 1 Project is led by Total and consists of a global team of energy developers.
Other partners in the project are Mitsui, Oil India, ONGC Videsh, Bharat Petroleum, PTT Exploration, and Mozambique’s national oil and gas company ENH.
Equinor sells Eagle Ford asset to Repsol for $325m
Energy firm Equinor agreed to divest its 63% interest and operatorship of its onshore business in the Eagle Ford in Texas, US.
Comprising a $325m deal, Equinor’s agreement with respect to the divestment was signed with Spanish energy company Repsol.
The Eagle Ford asset covers 69,000 net acres.
Rosneft’s Russkoye oilfield starts delivery of first oil to pipeline
Rosneft’s oil production complex Tyumenneftegaz started oil supplies to the domestic Zapolyarye-Purpe pipeline system from Russkoye field.
Discovered in 1968, the oil field is located in the Tazovsky District of the Yamalo-Nenets Autonomous Okrug, Russia.
According to the company, construction and commissioning of the first launch complex facilities at the Zapolyarnoye delivery and acceptance point increased the efficiency of oil transportation.
