These were the biggest offshore oil and gas industry operations and technologies deals in the three months to August
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These were the biggest offshore oil and gas industry operations and technologies deals in the three months to August

By Michael Goodier 28 Sep 2021 (Last Updated November 23rd, 2021 12:30)

There were 45 deals recorded involving top offshore oil and gas industry operations and technologies companies in the three months to August.

These were the biggest offshore oil and gas industry operations and technologies deals in the three months to August

There were 45 deals recorded involving top offshore oil and gas industry operations and technologies companies in the three months to August with a number of high profile acquisition, private equity, asset transaction and venture financing deals.

That’s according to GlobalData’s Financial Deals database, which tracks market activity across a variety of sectors and deal types.

The deals below only include those that have been completed – so excludes rumours or those that have been agreed but not yet executed.

The figures, which cover the top offshore oil and gas industry operations and technologies companies, show the market in the US to be the most active, with 19 deals taking place over the last three months. That was followed by Russia, which saw four deals.


Below are some of the largest completed deals to have taken place in the last quarter.

Acquisitions

Kinder Morgan Completes Acquisition Of Kinetrex Energy From Parallel49 For US$310 Million - 16 July ($310m)

Kinder Morgan Inc, an energy infrastructure company, has completed the acquisition of Kinetrex Energy, a supplier of liquefied natural gas (LNG) in the Midwest and a rapidly growing player in producing and supplying renewable natural gas (RNG) under long-term contracts to transportation service providers, from an affiliate of Parallel49 Equity, a private equity investment firm, for a purchase consideration of $310 million.

The acquisition includes two small-scale, domestic LNG production and fueling facilities, a 50% interest in a landfill RNG facility, and three additional RNG facilities with signed commercial arrangements.

J.P. Morgan Securities LLC acted as a financial advisor to Kinetrex Energy, while Paul Hastings LLP acted as a legal advisor to Parallel49 Equity and Kinetrex Energy in the transaction.

The transaction enables Kinder Morgan to expand into green energy.

“We are very pleased to be adding Kinetrex Energy's business to the full suite of energy solutions and services that Kinder Morgan has to offer customers,” said Energy Transition Ventures President Jesse Arenivas. “We're confident that additional RNG opportunities will continue to emerge in the near term and deliver attractive returns to our shareholders.”

Deal history

Announced: On July 16, 2021, Kinder Morgan has agreed to acquire Kinetrex Energy from an affiliate of Parallel49 Equity, a private equity investment firm, for a purchase consideration of $310 million.

Tatneft Completes Acquisition Of Ekopet For US$88.5 Million - 08 June ($88m)

Tatneft, a vertically integrated oil and gas company, has completed the acquisition of Ekopet Group of Companies, a polyethylene terephthalate (PETF) producer, from Trust Bank for a purchase consideration of RUB6.45 billion, in an auction.

Ekopet Group of Companies include Ekopet, Expolimers Trading LLC and Balttechprom LLC as well as claims against the companies. Ekopet is a polyethylene terephthalate (PET) plant of the trademark EkoPet for production of PET bottles, cans and other food grade packaging, as well as various products for industrial and household use. The nominal rated capacity of the PETF plant is 220 thousand tons per year.

ZENIT Bank acted as M&A consultant to Tatneft in the transaction. The transaction enables Tatneft to implement its plans to development its petrochemical business most effectively and to achieve its goals of reducing greenhouse gas emissions along the entire value chain.

Azat Bikmurzin, Director of the TATNEFT's oil/gas and petrochemical complex said, “We are glad that such a modern enterprise will become a part of the TATNEFT Group. The EKOPET's products are in great demand and hold a stable position in the market. We are confident that this asset will allow TATNEFT to fill the missing link in the chain from the producer of raw materials to the end consumer and also to use this ground for the further development of the Company's petrochemical business."

Deal history

Announced: On June 8, 2021, Tatneft has agreed to acquire Ekopet Group from Trust Bank for RUB6.45 billion, in an auction.

Tatneft Acquires TNG-Algis From TNG-Group For US$16 Million - 16 July ($16m)

Tatneft, an integrated oil and gas company, has acquired TNG-Algis, a provider of services for carrying out geological and production geophysical works in structural, exploration and production wells, from TNG-Group for purchase consideration of RUB1,190.6 million.

The acquisition includes production bases, equipment, hardware complex, special equipment, vehicles, a client base and a portfolio of existing contracts.

The transaction will enable Tatneft to improve the operations efficiency at its fields being commissioned, production management and development planning processes.

Nail Maganov, General Director of Tatneft said, “Tatneft is actively developing service projects for drilling, well workover, including those outside Tatarstan. The acquisition of an oil service enterprise will ensure a synergistic effect, will help building a service ecosystem, and will increase the value of Tatneft at the expense of coming into new markets for offering the geophysical well survey services. For our Company this means an additional expansion of competencies, business diversification, as well as a decrease in dependence on contractors.”

Atlas Copco Acquires CPC Pumps International - 04 August

Atlas Copco AB, a Sweden-based manufacturer of compressors, vacuum solutions, generators, pumps, power tools and assembly systems, has acquired CPC Pumps International Inc, a Canada-based engaged in the design, manufacturing, and servicing of centrifugal pumps.

ChampionX Acquires Scientific Aviation - 05 July

ChampionX Corporation, a pumping equipment company that provides artificial lift solutions, automation and optimization equipment, and drilling technologies for the upstream and midstream oil and gas industry, has acquired Scientific Aviation Inc, a company that offer plane-based measurements of air pollutants and greenhouse gases. Both the companies are based in the US.

Venture financing

Nature's Fynd Secures USD350 Million in Series C Funding - 19 July ($350m)

Sustainable Bioproducts Inc (Nature's Fynd), a US-based a food-tech company producing a nutritional fungi protein from a microbe for meat substitutes, has secured an additional USD350 million in venture funding, from led by SoftBank's Vision Fund 2 and joined by new investors including Blackstone Strategic Partners, Balyasny Asset Management, Hillhouse Investment, EDBI, SK Inc. And Hongkou with continued support from existing investors.

Thomas Jonas is the CEO of Sustainable Bioproducts.

With this funding, the total funding raised by Nature's Fynd to date amounts to USD500 million.

Ample Raises USD160 Million in Series C Funding Round - 19 August ($160m)

Ample Inc, utilizes autonomous robotics and smart-battery technology to solve the energy delivery challenge for electric transportation, has raised USD160 million in Series C funding round led by Moore Strategic Ventures with participation from PTT, and Disruptive Innovation Fund. Existing investors Eneos and SMRT also participated.

Jetti Resources Secures USD50 Million in Series C Venture Funding - 04 June ($50m)

Jetti Resources LLC, a US-based natural resources company that has developed a novel hydrometallurgical technology to extract metals, has secured USD50 million in Series C venture funding led by Mitsubishi Corporation.

In addition, Freeport-McMoRan Inc, BHP Ventures, Orion Resource Partners (USA) LP and T. Rowe Price Associates also participated in the funding round.

Mike Outwin is the CEO of Jetti Resources.

RayGen Resources Raises USD20.92 Million in Series C Funding - 08 June ($21m)

RayGen Resources Pty. Ltd. (RayGen), an Australian deep-technology originator and developer of innovative solar-plus-storage projects, has secured AUD27 million in Series C private funding from AGL Energy, Photon Energy NV, Schlumberger, and Chevron, alongside new and existing investors.

In addition, RayGen's private funding has been supported with AUD15 million of non-dilutive, recoupable grant funding by the Australian Renewable Energy Agency (ARENA).

Richard Payne is the Chief Executive Officer of RayGen.

Isorg Raises USD19.04 Million in Series C Financing - 30 June ($19m)

Isorg SA, a France-based developer of printed organic photo-detectors and large-area image sensors, has secured EUR19 million in Series C financing led by Sumitomo Chemical Co Ltd, Mitsubishi Corporation, Integrated Systems Development SA and five new French investors represented by fund manager Financiere Fonds Prives. Bpifrance, New Science Venture, CEA Investment and Sofimac Innovation have also participated in the funding.

Private equity

Ambri Raises USD144 Million in Private Financing - 09 August ($144m)

Ambri Inc., a technology firm that has developed new, battery technology that will enable widespread use of renewable energy sources, has raised USD144 million in private financing, led by Fortistar, Reliance New Energy Solar Ltd, a wholly owned subsidiary of Reliance Industries Limited, Paulson & Co. Inc, Goehring & Rozencwajg Associates, and Japan Energy Fund and others.

Ambri will use the funds to design and construct manufacturing facilities in the US and internationally that will supply Ambri battery systems to meet the growing demand from the grid-scale energy storage market and large industrial energy customers, such as data centers. This capital will allow Ambri to become a leader in long-duration energy storage to meet growing demand from industrial and grid-level clients.

As part of the transaction, Reliance New Energy Solar Ltd. Has been selected as Ambri's strategic partner to develop and manufacture Ambri's batteries in India. Ambri has also entered into a long-term antimony supply agreement with Perpetua Resources, whose largest shareholder is Paulson & Co. Inc.

T Capital Partners Acquires MicroBiopharm - 02 July

T Capital Partners Co., Ltd, a private equity firm, has acquired MicroBiopharm Japan Co Ltd, a company engaged in the development and manufacture of pharmaceutical products, from Mitsui & Co and Toray Industries Inc.

DC Advisory acted as a financial advisor to T Capital Partners on the transaction.

Asset transactions

TotalEnergies Acquires 27.5% Interest in Gladstone LNG Project from Global Infrastructure Management - 13 July ($750m)

TotalEnergies SE, a France-based broad energy company that produces and markets energies, has acquired 27.5% interest in Gladstone LNG Project from Global Infrastructure Management Australia Pty Limited, an Australia-based infrastructure investment fund making equity and selected debt investments, for a consideration of more than USD750 million, with the effective date January 1, 2021.

The integrated LNG project consists of producing natural gas from the Fairview, Arcadia, Roma and Scotia fields, located in the Bowen-Surat Basin in Queensland, Australia.

As part of this transaction, GIP will receive a throughput-based tolling fee calculated on TGA's share of gas processed through the downstream facilities over a period of 15 years.

Norton Rose Fulbright has advised TotalEnergies SE on this transaction.

Development Bank of Japan, Kansai Electric Power and Osaka Gas Acquires Three Operating Solar Projects in Japan from Etrion for USD74.8 Million - 22 June ($75m)

Development Bank of Japan Inc., Kansai Electric Power Co., Inc. And Osaka Gas Co., Ltd. (collectively the Consortium), have acquired three operating solar projects, situated in Japan, from Etrion Corporation, for purchase consideration of USD74.8 million. The combined installed capacity of the projects will be 47.2 MW. The transaction will imply a deal value of USD1.5 million per MW.

The three operating solar projects are 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito solar energy projects.

Contango Oil & Gas Completes Acquisition Of Gas Assets In Wyoming From ConocoPhillips For US$67 Million - 08 July ($67m)

Contango Oil & Gas Company, an independent oil and gas company, has completed the acquisition of conventional gas assets located in Wind River Basin, Wyoming from ConocoPhillips, a company engaged in hydrocarbon exploration, for a cash consideration of US$67 million, subject to customary purchase price adjustments. The transaction has an effective date of June 1, 2021.

The transaction consideration was funded through cash on hand and availability under existing revolving credit facility of Contango Oil & Gas.

As of July 1, 2021, the asset has net production of approximately 78 mmcfed (100% gas) and approximately 446 bcfe of PDP reserves.

Lazard acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Contango Oil & Gas.

The transaction enables Contango to strengthen its asset profile.

Wilkie S. Colyer, Jr., Contango's Chief Executive Officer, commented, “We are excited to announce the closing of the acquisition of the Wind River Basin assets from ConocoPhillips. We feel fortunate to have been able to acquire these PDP-heavy assets at a discount to the proved producing reserve value and believe that we can further enhance the value of the assets through Contango's track record of optimizing cash flow and reserves on acquired assets. We continue to be on the lookout for similar, additional acquisition opportunities in this target-rich environment.”

The transaction implies a value of US$5,153.85 per boe of daily production.

Deal history

Announced: On July 8, 2021, Contango Oil has entered into an agreement to acquire conventional gas assets located in Wind River Basin, Wyoming from ConocoPhillips, for a cash consideration of US$67 million.

i3 Energy Completes Acquisition Of Conventional Petroleum And Infrastructure Assets In Central Alberta From Cenovus Energy For US$53.7 Million - 06 July ($54m)

I3 Energy plc, an independent oil and gas company, through its wholly owned Canadian subsidiary, has completed the acquisition of certain conventional petroleum and infrastructure assets located in central Alberta from Cenovus Energy Inc, an oil and gas company, for a cash consideration of C$65 million (US$53.7 million).

The assets cover an area of approximately 212,000 net acres including inventory of approximately 140 net drilling locations and 80 net reactivation opportunities, an 1,140 km network of operated pipelines and key processing facilities. The acquisition will add production of approximately 8,400 boed (51% oil and NGLs) and 2P reserves of 79.5 mmboe.

The transaction enables i3 Energy to enhance its ability to grow production, free cash flow, and its planned return of capital to shareholders.

Majid Shafiq, CEO of i3 Energy plc, commented: "The Company is very pleased to have closed this strategic acquisition, following an intense period of preparatory work to ensure a seamless integration of the new assets into our existing business. We are delighted that all incumbent field operations staff have joined the i3 team which will allow us to rapidly progress initiatives to extract incremental value from new projects and operational synergies from this extensive portfolio"

Deal history

On August 16, 2021, i3 Energy has announced that the proposed transaction is expected to close on or around August 20, 2021.

Announced: On July 6, 2021, i3 Energy has entered into a definitive agreement to acquire certain conventional petroleum and infrastructure assets located in central Alberta from Cenovus Energy, for a cash consideration of C$65 million (US$53.7 million).

Moss Creek Acquires Oil And Gas Assets In Texas From Apache For US$37.5 Million - 30 July ($38m)

Moss Creek Resources Holdings Inc, a wholly-owned subsidiary of Surge Energy US Holdings Company, has acquired leasehold interest and wells located in Howard County, Texas from Apache Corp, for a purchase consideration of US$37.5 million.

The assets include approximately 4,000 net leasehold acres (100% held-by-production) and has net production of approximately 800 barrels of oil equivalent per day (boed).

The transaction enables Moss Creek Resources to strengthen its oil and has assets portfolio.

Linhua Guan, CEO of Surge Energy, said, "This acquisition is consistent with our objective of strategically adding to our portfolio, based on the location of this acreage, it allows us to extend laterals from our existing leasehold that should result in increased economics and capital efficiency."

The transaction implies values of US$46,875 per boe of net daily production and US$9,375 per net acre of land.