Deals this week: Independent Oil and Gas, Aker Solutions, Wood Group

24 August 2018 (Last Updated July 29th, 2020 13:22)

Independent Oil and Gas has entered a non-binding term agreement with London Oil and Gas (LOG), under which the latter will provide a non-convertible loan facility of £15m ($19m) to fund the Harvey appraisal well located in the southern North Sea.

Independent Oil and Gas has entered a non-binding term agreement with London Oil and Gas (LOG), under which the latter will provide a non-convertible loan facility of £15m ($19m) to fund the Harvey appraisal well located in the southern North Sea.

Independent Oil is the 100% owner and operator of the high-impact Harvey appraisal well. The well is expected to be spud by this December to prove upside resource potential of 286 billion cubic feet (bcf).

The loan will also be used to fund the company’s expenditures, including payments of final remaining skipper liabilities and project development costs.

Independent Oil and Gas is engaged in the exploration and development of oil and gas properties in the UK North Sea, while London Oil and Gas is a company that offers oil and gas exploration and productions services. Both firms are based in the UK.

“Aker will provide 35km of dynamic and static power umbilicals for the Liuhua 16-2, 20-2 and 21-2 fields located in the South China Sea, under the terms of the contract.”

Aker Solutions has won an Nkr350m ($41.4m) contract from China National Offshore Oil Corporation (CNOOC) to deliver power umbilical systems for the development of the Liuhua oil fields located offshore Hong Kong.

Aker will provide 35km of dynamic and static power umbilicals for the Liuhua 16-2, 20-2 and 21-2 fields located in the South China Sea, under the terms of the contract.

The bundled cable and fibre optic umbilical system will connect the subsea systems to a new floating production, storage and offloading (FPSO) unit. It will provide power, control and communication between subsea equipment on the seafloor and platforms or floating production facilities.

Aker is expected to engineer the static section of the Liuhua 16-2 umbilical by applying its advanced manufacturing process called OsciLay.

Aker Solutions is a Norwegian provider of products, systems and services to the oil and gas industry, while CNOOC is engaged in the exploration, development and production of oil and gas properties in China.

Wood Group has been contracted by Shell to deliver asset management services for the Malampaya deepwater gas-to-power project in the Philippines.

Wood will provide maintenance services, modifications and shutdown support services for Shell’s onshore facilities in Batangas and offshore assets on the Malampaya field, near Palawan Island.

The company will provide its services through its offices in Manila and Kuala Lumpur.

Wood is a Scottish technical and engineering services provider, while Shell is a Netherlands-based oil and gas company.