Enbridge has entered a definitive agreement to divest Midcoast Operating and its subsidiaries to ArcLight Capital Partners for $1.12bn.
The transaction is being executed through Enbridge’s subsidiary Enbridge (US) and will be completed by this year’s third quarter.
Midcoast Operating’s assets are located in Texas and Anadarko and Barnett shale plays.
ArcLight Capital Partners is a subsidiary of US-based holding company AL Midcoast Holdings, while Enbridge is a US-based company involved in gathering, processing, treating and transportation of natural gas and condensate.
The funds secured from the divestment will be used by Enbridge to strengthen its business and improve its financial stability.
Rey Resources has signed a sale and purchase agreement with Key Petroleum to acquire Gulliver Productions in exchange for Rey Oil and Gas Perth.
Gulliver Productions is a subsidiary of Key Petroleum and owns an interest in the Lennard Shelf Blocks, while Rey Oil and Gas Perth is a subsidiary of Rey Resources and holds a 43.47% interest in the EP437 license, which contains the Wye-Knot-1 exploration well.
The assets located in the Lennard Shelf blocks include Exploration Permit (EP 104), Retention Lease (R1), and Production License (L15).
Based in Australia, Rey Resources is an exploration and development firm, while Key Petroleum is an oil and gas exploration company.
The transaction will strengthen Key Petroleum’s business operations, while helping Rey Resources to expand its business operations in the Canning Basin.
Apache Midstream plans to acquire a 50% stake in SCM Alpine from Salt Creek Midstream.
SCM Alpine is involved in the development of a 445,000 barrels per day (bpd) natural gas liquids (NGL) header system in Texas, US.
Apache Midstream is a subsidiary of oil and gas exploration company Apache Corporation, while Salt Creek Midstream is a midstream company that is an affiliate of ARM Energy Holdings.
All the companies involved in the transaction are based in the US.
The transaction is expected to strengthen Apache Midstream’s midstream operations in the Delaware Basin.
McDermott International has completed a merger deal with Chicago Bridge & Iron Company (CB&I).
As part of the agreement, CB&I’s shareholders will receive 0.82407 shares of McDermott common stock in an exchange for every share of CB&I common stock.
McDermott is a US-based multinational engineering, procurement, construction and installation company, while Chicago Bridge & Iron Company (CB&I) is an engineering, procurement and construction company.
The merger will create an integrated company providing technology, engineering and construction solutions for the energy industry.
