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Industry Moves Archive: January to February 2007

 Mar - Apr   May - Jun   Jul - Aug   Sep - Oct 
 
 
3i And Syndicate Sell Vetco Gray To GE Oil & Gas08/01/2007
Candover, 3i and JPMorgan Partners sell Vetco Gray, a division of Vetco International, to GE Oil & Gas for US$1.9 billion (€1.5 bn) and retain investment in Vetco Aibel. Completion of the deal is expected in February 2007.


BG Group Purchases Lake Road Power Plant in USA08/01/2007
BG Group signes Sale and Purchase Agreement for purchase of the Lake Road power plant, an 805MW gas and oil fired combined cycle facility located in Dayville, Connecticut, USA for US$685 million.


Nexen Achieves First Oil From Buzzard Field09/01/2007
Nexen announces Buzzard field in U.K. North Sea commenced production on January 7, 2007. "The Buzzard development is a key component of our North Sea growth strategy that will generate strong economic returns for our shareholders and firmly establish Nexen as a significant competitor in the North Sea," said Charlie Fischer, Nexen's President and CEO.


Oil & Gas Acquisition for Atkins09/01/2007
WS Atkins strengthenes its position in the oil and gas sector by acquiring Boreas Consultants Ltd for an enterprise value of £3.8 million, of which £2.8 million was paid in cash, with a further £1 million payable within two years. Boreas specialises in subsea engineering of oil & gas facilities and employs 35 staff, principally in Aberdeen.


Block 47/9c Farm-in by Venture Production10/01/2007
EnCore Oil plc announces that Nido Petroleum UK Limited ('Nido'), which is in the process of being acquired by EnCore, has entered into an agreement with Venture Production Company (North Sea) Limited ('Venture') whereby Venture will acquire a 45% interest in southern North Sea Block 47/9c from Nido. As a result, Nido will retain a 5% interest in the licence.


Common Energy Policy to Tackle EU Single Market Failures and Curb Greenhouse Gas Emissions11/01/2007
UK Ministers strongly welcome publication by the European Commission of a package of groundbreaking and farsighted proposals on energy strategy and climate change. The proposals build on the initiative taken by Prime Minister Tony Blair at Gleneagles and Hampton Court in 2005 when he put energy and climate change at the top of the international agenda for the first time, and since then in his discussions with world leaders.


BP Announces Lord Browne Succession Plan17/01/2007
BP announces that after more than a decade in the CEO role Lord Browne has decided to retire as chief executive at the end of July 2007. Tony Hayward, currently BP's head of exploration and production, will succeed Lord Browne following his retirement as group chief executive.


Petrofac Acquire Well Operations Management Company18/01/2007
Petrofac acquires 51% interest in SPD Group Limited (SPD), a specialist provider of well operations services, for a total consideration of $7 million (adjusted for surplus cash), comprised of $5 million in cash and $2 million to be satisfied through the issue of 274,938 new Ordinary Shares.


Kovykta Gas Pipeline Operational Plans18/01/2007
The East Siberia Gas Company plan to put into operation gas pipeline from Kovykta field to Zhigalovo Settlement in the Irkutsk Region in September 2007 and start supplying network gas through this pipeline, Alexei Sobol, General Director of the East Siberia Gas Company, said to Interfax.


BP to Implement Recommendations of Independent Safety Review Panel18/01/2007
BP p.l.c. to implement recommendations made by an independent safety review panel as part of the company's continuing effort to improve its safety culture and to strengthen and standardize process safety management at BP's five U.S. refineries.


Mott MacDonald Acquires Careba Power Engineers19/01/2007
Mott MacDonald acquires American consultancy firm Careba Power Engineers based in Westwood, Massachusetts. Formed in 2001 Careba has around 50 staff and a turnover of nearly US$7 million. To be known as Careba Mott MacDonald, the new company will join Mott MacDonald's North American energy team based in Boston working on a range of electrical transmission and distribution projects.


Talisman Energy Sells Non-Core North Sea Brae Assets20/01/2007
Talisman Energy Inc.'s wholly owned UK subsidiaries Talisman Energy (UK) Limited and Talisman LNS Limited (Talisman) enter into agreement with TAQA Bratani Limited, a wholly owned subsidiary of the Abu Dhabi National Energy Company (TAQA), to sell Talisman's entire non-operated interests in the Brae assets in the UK North Sea to TAQA for a consideration of US$550 million.


Eni and PT Pertamina Sign Cooperation Agreement20/01/2007
Eni and Indonesia's state-owned PT Pertamina (Persero) signed Memorandum of Understanding aimed at establishing a closer relationship between the two oil companies and identifying new opportunities for exploration and development of oil & gas resources both in Indonesia and overseas. The agreement also foresees sharing of technical know-how and the provision of training for Indonesian resources.


Termination Of Work On Snøhvit Oil22/01/2007
Snøhvit partnership concludes development of oil reserves associated with the Snøhvit gas field, located in the Barents Sea, is not economic. Further appraisal activities will not be pursued. The plan for development and operation, approved in 2002, was drawn up solely around recovery of gas resources at Snøhvit because it was concluded that recovery of the field's oil zone would not be economically viable.


Scottish and Southern Energy Signs Partnership Agreement with Viking Energy24/01/2007
Scottish and Southern Energy signs partnership agreement with Viking Energy, the company established to represent Shetland Islands Council's interests in wind farm development, which is intended to lead to the development on Shetland's Central Mainland of a 600MW wind farm. Each organisation has a 50 per cent stake in the partnership and its creation follows the signing of a Memorandum of Understanding by SSE and Viking Energy during 2005.


Marathon Receives Norwegian Government Approval for Volund Field Plan24/01/2007
Marathon Oil Corporation, through its wholly owned subsidiary Marathon Petroleum Norge AS, and its Volund project partner, receive approval from Norwegian Ministry of Petroleum and Energy for the companies' plan for development and operation (PDO) of the Volund field located on the Norwegian Continental Shelf. The Volund development is expected to begin production in the second quarter 2009. Marathon holds a 65 percent interest in Volund and serves as operator while Lundin Norway AS holds the remaining 35 percent interest.


BP Signs Oman Deal24/01/2007
BP signs major production-sharing agreement that will give the company access to two Middle East fields and associated accumulations that could yield resources of some 20 - 30 trillion cubic feet of natural gas. The agreement covers an area of some 2,800 square kilometres in central Oman, including the Khazzan and Makarem gas fields which were discovered in 1993 but have remained undeveloped due to the complexity of their 'tight gas' reservoirs.


AMEC Signs Heads of Agreement with Afgas24/01/2007
AMEC entered into heads of agreement with African Gas Development Corporation (Afgas) as basis of a strategic alliance to design, procure, build and operate the infrastructure and facilities for various gas monetization projects to be undertaken by a newly formed joint venture (JV) between Afgas and Sonagas in West Africa.


Nuclear Decommissioning and Waste Management Appointment24/01/2007
Secretary of State for Trade and Industry, UK, Alistair Darling, announces the appointment of Dr. Tim Stone as senior advisor to lead the development of arrangements for the costs associated with potential nuclear new build decommissioning and waste management. This follows the commitment set out in the Energy Review Report that a senior advisor would be appointed to lead discussions with industry on the costs associated with new build decommissioning and waste management and make proposals, based on the principles set out in the report.


National Skills Academy for Manufacturing Launched29/01/2007
A new £14m national academy to raise manufacturing skills is to be launched by Alistair Darling, Trade and Industry Secretary in the West Midlands. He will call for a 'national mission' to lift skill levels to compete with the growing economic powerhouses of China and India.


Gullfaks Increases Production30/01/2007
Production from Statoil's Skinfaks/Rimfaks project in the North Sea started on 27 January. First oil will be from Rimfaks improved oil recovery (IOR). In addition to IOR at the Rimfaks field, the project also marks the start of Skinfaks field production. All wells will be on stream in the course of autumn 2007 with both fields representing 12% of the total Gullfaks licence output.


Value Verification of Hydro and Statoil Completed30/01/2007
Statoil and Hydro complete value verification process following agreement between the companies' boards of directors to merge Hydro's oil and gas activities with Statoil. The intention of the review has been to verify the information exchanged between the parties prior to the conclusion of the agreement.


Centrica Acquires Norwegian Exploration Licences31/01/2007
Centrica plc welcomes announcement by Norwegian Petroleum Ministry which has awarded the company participation in four licences as part of its bid in the 2006 APA exploration licence round. The licences are located in the Norwegian Sea and Northern North Sea.


BP to Sell Coryton Refinery to Petroplus Holdings AG01/02/2007
BP agree to sell, subject to required regulatory approvals, its Coryton Refinery in Essex, UK, to Petroplus Holdings AG, a leading independent refiner and wholesaler of petroleum products headquartered in Zug, Switzerland. The sale price of $1.4 billion - plus hydrocarbons to be valued at closing - includes the adjacent bulk terminal and BP's UK bitumen business which is closely integrated with the refinery.


Fuel Use DME Production Facility to be Established by New Joint Venture Company05/02/2007
JGC Corporation announces that in order to promote the use of Di-Methyl Ether (DME), hailed as the new generation clean fuel, nine companies including JGC agree to establish a Joint Venture Company for DME production, and to construct an 80,000 tons per year DME production plant within the Mitsubishi Gas Chemical Company Niigata Factory (Niigata-shi).


DTI Announce 24th Licensing Round Awards05/02/2007
Following a bumper year for oil and gas discoveries in the North Sea, Alistair Darling, the Secretary of State of Trade & Industry, unveils continuing record numbers of oil and gas licences. Offers of 150 oil and gas exploration and production licences will be issued to 104 companies covering 246 blocks - continuing the record numbers of licences issued last year.


Technip Sells Perry Slingsby Systems06/02/2007
Technip sells all of the capital of PSS Ltd and PSS Inc., two companies which manufacture subsea ROV (Remotely Operated Vehicles) and other subsea equipment, to Triton Group Holdings, an affiliate of SCF Partners, a private equity company.


BP Delays Investment in Peterhead Power Project06/02/2007
Following the Government's recent Energy Review and the issues of carbon capture and storage (CCS) discussed in the Chancellor's Pre Budget Report in December, BP is delaying investment in the Peterhead Power Plant project.


Talisman Energy Successful in North Sea Licensing Rounds12/02/2007
Talisman Energy (UK) Limited awarded all 10 blocks it applied for in the recently announced 24th License Round awards. These awards represent strategic additions to Talisman's existing core area license holdings in the Central North Sea area and further advance Talisman's frontier exploration acreage position in the Atlantic margin region.


Venture Announces 24th Licensing Round Awards12/02/2007
Venture Production awarded two Blocks in the UK's 24th Licensing Round, namely Block 49/10c in the Southern North Sea and part of Block 21/17, within the Company's Greater Kittiwake Area production hub, owned 50% by Venture and 50% by Dana Petroleum plc.


ABB Sells Stakes in Power Projects in Morocco and India12/02/2007
ABB agrees to sell its stakes in two independent power projects to Taqa, the Abu Dhabi National Energy Company, for $490 million. The assets, in Morocco and India, are part of ABB's Equity Ventures unit, which is among the company's non-core activities. The sale to Taqa is subject to lenders' and other customary approvals and is expected to be completed in the second quarter.


Petro-Canada to Retain Oil Sands Properties12/02/2007
Petro-Canada evaluates bids received and determines that it will not divest its interest in the five in situ oil sands properties of Chard, Stony Mountain, Liege, Thornbury and Ipiatik. Petro-Canada's resource ownership in these properties is estimated at 1.7 billion barrels of bitumen.


McDermott to Acquire Marine Mechanical Corporation13/02/2007
McDermott International, Inc. ("McDermott" or the "Company") announces that its Government Operations subsidiary, BWX Technologies, Inc. ("BWXT"), has entered into a definitive agreement to acquire Marine Mechanical Corporation ("MMC") for approximately $75 million. Headquartered in Euclid, Ohio outside of Cleveland, MMC designs, manufactures and supplies electro-mechanical equipment used by the United States Navy.


Acergy Sets Up New Office in Moscow13/02/2007
Acergy opens new representative office in Moscow, Russia. The company, which is celebrating its first anniversary following a major re-branding campaign, has set up the office in the Russian capital to oversee and manage prospective opportunities and projects in the region.


BG Group and Nigeria LNG Enter Agreement for LNG Supply14/02/2007
BG Group plc signs Sale and Purchase Agreement with NLNG for acquisition of 2.25 million tonnes per annum (mtpa) of LNG for a 20 year term from the planned Train 7 project in Finima, Bonny Island, Nigeria. Cargoes will be delivered on an ex-ship basis to BG Group's North American marketing business at Lake Charles, Louisiana.


SNC Lavalin Acquires TCPI and NorthStar in the USA14/02/2007
SNC-Lavalin acquires two companies, The Construction Partnership, Inc. (TCPI) and NorthStar CV, Inc., both based in the State of Pennsylvania, USA. These acquisitions increase SNC-Lavalin's pharmaceutical and biotechnology team by about 50 people to over 700 employees worldwide.


Ship Delivers Increased Energy Security for Britain14/02/2007
World first 'liquid gas' shipment on Teesside is helping Britain lead globally in diversifying energy supply, Alistair Darling, Trade and Industry Secretary said today. The Excelerate project with enough power in one 20,000 tonne shipment to fuel 60,000 homes will for the first time turn liquid gas into the gas we use at home on board the boat rather than onshore. Making it quicker to deliver and reducing the impact on the environment.


Total Gas & Power Limited and Nigeria LNG Sign Agreement15/02/2007
Total's wholly owned gas and power trading and marketing company Total Gas & Power Limited (TGPL) and Nigeria LNG Ltd (NLNG) signs Sale and Purchase Agreement (SPA) for 1.375 million tonnes per annum (MTPA) of liquefied natural gas to be produced by NLNG train 7 for a period of 20 years.


Total Awarded Three Exploration Licenses in UK North Sea15/02/2007
Total awarded the three production licenses it applied for under the 24th Oil and Gas Licensing Round of the U.K.'s Department of Trade and Industry. Total will have a 36% interest in Blocks 206/3 and 206/4. Total was also awarded a 100% stake in Block 3/8f in the Alwyn Area, approximately 420 kilometres North-East of Aberdeen.


WorleyParsons Acquires Canadian Colt Companies15/02/2007
WorleyParsons announces the $A1.13 billion acquisition of the Colt Companies ("Colt"), a leading Canadian design and project services business. The acquisition creates a market leader in the high growth Canadian hydrocarbons market and provides a springboard for the next phase of WorleyParsons growth.


Taking Another Look at Snøhvit Oil15/02/2007
The partners in the Snøhvit organisation have decided to drill an appraisal well to map the resources in the Barents Sea field's structure more closely. The appraisal well will provide further data on Snøhvit's recoverable oil reserves and better map gas reserves in the western part of the field's structure.


CB&I Expands Engineering Capacity with New Middle East Centre15/02/2007
CB&I opens new global engineering center in the Middle East to address the increased demand for engineering work resulting from the Company's strong growth in new project awards. Located in Ajman, northeast of Dubai in the United Arab Emirates, the centre will expand CB&I's current worldwide engineering resources. It has space to house more than 200 engineers and support staff, and will utilise a wide range of engineering software platforms, facilitating work sharing between offices and flexibility in responding to customer requirements.


E.ON UK Researches Future of Coal15/02/2007
E.ON successfully starts burning coal in pure oxygen - called 'oxyfuel' - in a move that could create a new generation of clean coal-fired power stations in the UK. The test was carried out at the company's Power Technology facility next to the 2,000MW Ratcliffe-on-Soar coal-fired power station. The work, which is continuing, saw coal burned at Power Technology's combustion test facility in pure oxygen.


Government's Nuclear Plans Declared Unlawful by High Court20/02/2007
U.K. Government's decision to back a new fleet of nuclear power stations declared to be unlawful in the High Court. The government will have to conduct a new, fuller review if they want to justify the future of nuclear power in the UK. In the Royal Courts of Justice in London, Mr Justice Sullivan agreed with Greenpeace, who brought the case, that the energy review was not the 'fullest public consultation' the government had committed itself to before making a decision to back new nuclear power stations. The commitment had been made in the earlier energy white paper in 2003.


First Supertanker Loaded from BTC Pipeline21/02/2007
Statoil is marketing the first oil to be exported by very large crude carrier (VLCC) from the Turkish port of Ceyhan. Oil from the Caspian Sea is transported through the Baku-Tbilisi-Ceyhan (BTC) pipeline, in which the group holds an interest. When the Astro Challenge set sail on Friday 16 February, it was the first time that a VLCC departed from the Ceyhan terminal on the Mediterranean.


BP Drills Alaska North Slope Gas Hydrate Test Well to Assess Potential Energy Resource22/02/2007
BP Exploration (Alaska) successfully drills research well on the North Slope in partnership with the U.S. Department of Energy and the U.S. Geological Survey to collect samples and gather knowledge about gas hydrate, a potential long-term unconventional gas energy resource.


Uvat District of Tyumen Region To Become one of New Centres of Russian Oil Production22/02/2007
South of Tyumen Region to become one of new centres of Russian oil production. The Uvat District was a backwater district of the Tyumen Region until recently. Now, TNK-BP is implementing a large-scale multi-billion project that will build a new oil and gas bearing province here from scratch.


TransCanada Closes ANR Acquisition and Expands North American Reach26/02/2007
TransCanada Corporation closes acquisition of American Natural Resources Company and ANR Storage Company (collectively, ANR) and an additional 3.55 per cent interest in Great Lakes Gas Transmission Limited Partnership (Great Lakes) from El Paso Corporation. The total purchase price is US$3.4 billion, subject to certain post closing adjustments, and includes US$488 million of assumed debt.


Eni Acquires Operated Assets by Maurel & Prom26/02/2007
Eni acquires large portion of Congolese activities operated by Maurel & Prom, a French upstream company, listed on Euronext Paris Stock Exchange, and active in Africa, Europe and South America. Transaction includes all Maurel & Prom interests in the producing fields of M'Boundi (48.6%) and Kouakouala A (66%), the production concession of Kouakouala B, C, D (50%) as well as most of the interests in the Kouilou (50%) exploration permit. All assets are located onshore in Congo.


Halliburton To Complete Separation from KBR In Split-off Exchange Offer28/02/2007
Halliburton Companys's board of directors approves plan under which Halliburton will dispose of its remaining interest in KBR, Inc. through a split-off exchange offer to Halliburton's stockholders. Under the anticipated terms, Halliburton will offer the 135,627,000 shares of KBR common stock that it owns to Halliburton's stockholders in exchange for shares of Halliburton common stock at an exchange ratio to be determined by a specified formula.


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