Faroe Petroleum has signed an agreement with Equinor for the exchange of their oil and gas assets in the Norwegian Sea and the North Sea in the Norwegian Continental Shelf (NCS).
Under the terms of the agreement, Faroe Petroleum will acquire interests in Alve, Marulk, Ringhorne East, and Vilje fields in the NCS. In exchange, Equinor will acquire stakes in the Njord, Hyme redevelopment, and Bauge projects.
The asset exchange will add between 7,000boed and 8,000boed to Faroe Petroleum’s total production capacity and minimise capital requirements while strengthening Equinor’s position in the Njord area.
Faroe Petroleum is a UK-based oil and gas company, while Equinor is an energy company based in Norway.
Mubadala Petroleum and BP have received approval from the Egyptian Government for the purchase of a 45% stake in the Nour North Sinai Offshore concession owned by Eni.
Mubadala Petroleum and BP will acquire 20% and 25% in the offshore concession, respectively. Eni will hold a 40% stake, while the remaining 15% will be owned by Tharwa Petroleum Company.
Nour North Sinai Offshore concession covers a 739km² area in the East Nile Delta Basin of the Eastern Mediterranean Sea.
The transaction will strengthen the business relations between BP and Mubadala Petroleum in Egypt.
BP is a UK-based oil and gas company, while Mubadala is an oil and gas company in the UAE.
Qatar Petroleum has signed an agreement with an affiliate of ExxonMobil to acquire a 10% participating interest in three exploration blocks in the Angoche (A5-B) and Zambezi (Z5-C and Z5-D) basins offshore Mozambique.
ExxonMobil will own a 40% interest in the block, while Qatar Petroleum will own 10% and the affiliates of Empresa Nacional de Hidrocarbonetos and Rosneft will each hold 20% interests.
The transaction is part of Qatar Petroleum’s growth strategy aimed at the development of hydrocarbons resources in a new country.
Qatar Petroleum is a state-owned petroleum company, while ExxonMobil is a US-based oil and gas corporation.
Oil and Natural Gas Corporation (ONGC) has awarded a $721.8m engineering, procurement, construction, installation, and commissioning (EPCIC) contract to a consortium of Sapura Energy and Afcons Infrastructure.
The scope of the contract includes the EPCIC works for a central processing platform (CPP) and living quarters for an offshore block (KG-DWN 98/2) in the Godavari Delta on the east coast of India.
The offshore block covers 7,295km² and is being developed with a $5.07bn investment. First oil from the field is expected to be achieved by 2020 at the rate of 78,000 barrels of oil a day and 15 million metric standard cubic metres a day (Mmscmd) of gas.
The contractual work will be undertaken by Afcons and Sapura Fabrication, a subsidiary of Sapura Energy.
ONGC is an Indian oil and gas company, while Sapura Energy is a Malaysia-based integrated oil and gas services firm. Afcons is an engineering and construction company based in India and a subsidiary of Shapoorji Pallonji Group.
Azinor Catalyst has signed a letter of intent (LoI) with undisclosed entities for the acquisition of interests in three planned exploration wells in the Boaz, Goose, and Hinson prospects in the North Sea, UK.
The hydrocarbon prospects are present in highly recoverable areas and therefore represent low-risk investment opportunities for the involved companies. They are estimated to contain recoverable reserves of 495Mboe.
Exploration wells on the prospects are planned to be drilled in 2019.
Azinor Catalyst is a subsidiary of Azimuth, a division of Norway-based oil and gas surveying services provider Petroleum Geo-Services.