Transocean signs agreement to purchase Ocean Rig for $2.7bn

Transocean signed an agreement to acquire offshore-drilling contractor Ocean Rig in a combined cash-and-stock deal worth $2.7bn, which includes Ocean Rig’s net debt.

If the proposed deal materialises, it will strengthen Transocean’s ultra-deepwater and harsh-environment drilling capabilities.

For each share of Ocean Rig’s common stock, its shareholders will be entitled to receive 1.6128 newly issued shares of Transocean as well as $12.75 in cash, for a total value of $32.28 per Ocean Rig share according to the closing price of 31 August.

Kosmos Energy completes purchase of Deep Gulf Energy for $1.225bn

Kosmos Energy completed the $1.225bn purchase of Deep Gulf Energy (DGE), a deepwater company operating in the Gulf of Mexico.

With this purchase, Kosmos has expanded its deepwater Atlantic Margin portfolio.

This acquisition is immediately accretive and is expected to generate free cash flow, thereby allowing Kosmos to return cash to shareholders through a dividend in the first quarter of next year.

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Adnoc awards $860m EPC contract for gas development expansion project

Abu Dhabi National Oil Company’s subsidiary Adnoc LNG awarded an AED3.16bn ($860m) contract for the provision of engineering, procurement and construction (EPC) services for the second phase of the Integrated Gas Development Expansion project.

The contract was won by a consortium of Spanish firm Tecnicas Reunidas and UAE-based Target Engineering Construction Company.

Set to be completed in 54 months, the second phase is expected to increase the amount of gas sent from Das Island in the Persian Gulf to the Adnoc Gas Processing’s Habshan gas facilities by 245 million cubic feet per day.

Verus agrees to acquire Cieco Exploration and Production for $400m

UK oil and gas firm Verus Petroleum agreed to acquire ITOCHU Corporation’s wholly owned subsidiary Cieco Exploration and Production (UK) in a deal valued at $400m.

The acquisition includes a 25.8% interest in the Hudson field, a 23.1% stake in the Western Isles Development Project, a 2% interest in the Brent Pipeline System, and a 1.2% share in the Sullom Voe oil terminal.

According to Verus, the takeover of Cieco Exploration and Production will be around 11,000boepd to its daily production. The acquired firm operates as an asset holding company and this deal does not involve the transfer of any staff.

Total signs agreement to acquire share capital of Chevron Denmark

Total signed an agreement with the American oil firm Chevron to acquire all the share capital of its subsidiary Chevron Denmark to expand its presence in the North Sea.

Chevron Denmark holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in licence 8/06, and a 7.5% stake in the Tyra West pipeline.

Following completion of the transaction, Total’s operated share of DUC will increase from 31.2% to 43.2%. The other partners of the consortium include Shell and Nordsofonden, which own 36.8% and 20% stakes, respectively, in DUC.

US DOI to offer 78 million acre oil and gas lease in Gulf of Mexico

The US Department of the Interior (DoI) and Bureau of Ocean Energy Management (BOEM) announced it would offer 78 million acres in the Gulf of Mexico for oil and gas leasing in March 2019.

Excluding eastern Gulf waters currently under a congressional moratorium, the sale would include all available unleased areas in federal waters of the Gulf of Mexico.

The Lease Sale 252 will be the fourth offshore sale under the 2017-2022 Outer Continental Shelf Oil and Gas Leasing Program (2017-2022 OCS Program).

New Zealand Government tables bill to stop new offshore permits

The Government of New Zealand tabled a bill in parliament to halt the issuance of new offshore permits for oil and gas exploration in order to cut greenhouse gas emissions.

Despite the Ministry of Business, Innovation and Employment (MBIE) stating that this move could imply NZD8bn ($5.31bn) in lost tax over a period of 23 years, the government is still advancing with the legislation.

The Crown Minerals (Petroleum) Amendment Bill was tabled in parliament by energy minister Megan Woods. The bill is intended to give effect to the government’s decision in April to stop granting new permits for offshore oil and gas exploration.

Shell to sell stake in Caesar Tonga field offshore Mexico to Focus Oil

Shell was reportedly engaged in discussions to divest its 22.5% working interest in the Caesar Tonga oilfield offshore Mexico to oil and gas exploration company Focus Oil.

The company is pursuing the sale as part of its $30bn asset divestment programme to pay for its $50bn takeover of BG Group in 2016, Bloomberg reported.

Citing unnamed sources, the news agency put the deal value at around $1.3bn. As of July , Shell was some $2.5bn away from realising its divestment target.

US oil giants join fight against global climate change

Chevron, ExxonMobil and Occidental Petroleum joined a global alliance to fight the problem of climate change.

Launched in 2014, the Oil and Gas Climate Initiative (OCGI) aims to provide practical solutions to combat global warming and reduce greenhouse gas emissions.

Each company will commit $100m to the OGCI Climate Investments fund, which is armed with a total funding of more than $1bn.

Eni Norge develops offshore safety information tool on Goliat platform

Eni Norge launched a web-based tool to gather, systematise and present critical offshore safety information on the Goliat platform in the Barents Sea.

The system is being used for the first time offshore, helping to measure and track more than 10,600 technical components all in real-time.

According to Eni Norge, this solution is the result of years of work in the industry to build better approaches and systems for risk management.