Otway basin assets include the Otway gas plant, the Geographe, Thylacine, Halladale, Speculant, and Black Watch gas fields, and exploration prospects Enterprise and Artisan.
Beach Energy will own 60% operating interest in the Victorian Otway assets, while the remaining 40% interest will be held by OGOG.
Based in Australia, Beach Energy is an oil and gas producer. OGOG is a subsidiary of OG Energy, based in Monaco.
The transaction aims to provide Beach Energy a partner to support the exploration and development of the offshore Victorian acreage. It will also enable to accelerate natural gas supply to the East Coast.
Oil & Natural Gas Corporation (ONGC) has awarded contracts to Baker Hughes (BHGE), Mcdermott and L&T Hydrocarbon (LTHE) for the development of the KG-DWN-98/2 (Cluster-2) deepwater project in the Krishna Godavari basin.
Valued at Rs117.4bn ($1.52bn), the contracts include the provision of an integrated subsea package, 34 deepwater trees, and installation of subsea umbilicals, risers and flowlines (SURF) together with end-to-end project delivery.
BHGE will supply all of the subsea hardware and will provide pre-commissioning services. McDermott will provide engineering, procurement, construction and installation services, as well as the specialised fleet required for laying the pipes.
Furthermore, LTHE and BHGE will manufacture manifolds for the project.
Marathon Oil has commenced the sale of its oil and gas fields located in the UK North Sea.
The divestment is part of the company’s strategy to focus on its onshore US shale production.
Assets planned to be offloaded include Foinaven fields located in the West of Shetland area, and the Brae complex located north-east of Aberdeen.
Based in the US, Marathon Oil is a petroleum and natural gas exploration and production company.
ExxonMobil plans to sell some of its oil assets in the US Gulf of Mexico.
The sale is expected to be completed in 2019.
ExxonMobil plans to focus on Guyana and Brazil offshore areas and the onshore Permian basin in Texas, upon completion of the divestment.
Ensco has entered a definitive merger agreement with Rowan Companies to form an offshore drilling company.
The merger is estimated to have an enterprise value of $12bn and combined liquidity of $3.9bn.
Ensco will issue 2.215 shares for each Rowan share held. Ensco shareholders will own 60.5% in the combined company, while Rowan shareholders will own the remaining 39.5%.
The newly combined company will own a rig fleet of 28 floaters and 54 jack-ups.
Based in the UK, Ensco is an offshore drilling contractor. Rowan Companies is also an offshore drilling contractor based in the US.