PS - Apache testing zone others abandoned in early 2010s - April 2020In Rosebud County, Montana, Apache Corp. subsidiary Alta Vista Oil completed the Golden Monkey #1H well in Q4. The well was drilled with a 9,993-ft lateral that was fracked with 9.2 MMlb of proppant (922 lb/ ft) and produced an initial 24-hour rate of 801 boe/d (97% oil) from the Heath shale. In the last year and a half, the company has completed three wells in Rosebud County, all targeting the Heath. Results were not available for the other two wells. It’s interesting to see a large...
Apr 22, 2020
BS - Major E&P testing Montana zone others abandoned in early 2010s - April 14, 2020In Rosebud County, Montana, Apache Corp. subsidiary Alta Vista Oil completed the Golden Monkey #1H well in Q4. The well was drilled with a 9,993-ft lateral that was fracked with 9.2 MMlb of proppant (922 lb/ft) and produced an initial 24-hour rate of 801 boe/d (97% oil) from the Heath shale. In the last year and a half, the company has completed three wells in Rosebud County, all targeting the Heath. Results were not available for the other two wells. It’s interesting to see a large...
Apr 14, 2020
IS - Equinor will keep Statfjord alive for another two decades - January 2020Equinor and its partners in the Statfjord area of the Norwegian North Sea are planning to extend the life of the field up to 2040. The Statfjord A platform, which was scheduled for decommissioning in 2022, will be extended to 2027. The B and C platforms will similarly be extended beyond 2035. Equinor said it plans to maintain current production until at least 2025. The operator plans to reduce CO2 emissions from Statfjord by 40% before 2030 through energy-efficiency measures and infrastructure...
Jan 21, 2020
OFS - People & Companies - December 17, 2019Oilfield mechanical and electrical services company Scotland-based EnerMech appointed Chris Brown as its new CEO starting Jan.1. Brown was previously CEO of engineering and construction company Kentz. He became corporate development officer with SNC Lavalin after it acquired Kentz in 2014. EnerMech founder Doug Duguid returned to the CEO role in September on an interim basis after his initial replacement, John Guy, resigned for personal family reasons. Private equity firm The Carlyle Group owns...
Dec 17, 2019
IS - Equinor scratches seven-year itch with $1B of 30-year notes - November 2019Equinor waited seven years to float its next 30-year bond, this time coming to the market on Nov. 13 with $1 billion aggregate principal amount at a 97 bps spread over benchmark 30-year Treasuries. The AA-rated Norwegian state-controlled producer then discounted its 3.25% unsecured notes to price at 98.415 for a 3.334% yield to maturity and $978.15 million in net proceeds. Its prior 30-year issuance was in November 2013 when, as Statoil, it offered $750 million of 4.8% notes at a narrower...
Nov 26, 2019
A&D - Repsol buys out Equinor’s Eagle Ford JV stake for $325MM - November 2019Spanish energy company Repsol is taking full ownership of its Eagle Ford JV assets, buying out Norwegian producer Equinor’s operated 63% WI in the nearly decade-old South Texas partnership for $325 million. The acquisition amounts to 69,000 net acres and 34,000 boe/d (~60% liquids), boosting Repsol’s holdings to 110,000 net acres across Karnes, DeWitt, Live Oak, McMullen, and La Salle counties with output of 54,000 boe/d, which it will own with 100% WI. It has an effective date of Oct. 1....
Nov 21, 2019
IS - OMV takes $1B bite of Gazprom’s 14 Tcfe Achimov project - July 2019OMV will pay $1.105 billion (€980 million) to buy into a Gazprom project targeting
West Siberia’s Achimov formation. The June 6 agreement for the acquisition of 24.98%
WI in the Achimov 4A and 5A development phases of the 14,000-sq-km Urengoy gas
and condensate field, Russia’s largest, amends a basic sale agreement
signed last October. The deal is expected to close by the end of 2019.
OMV says the acquisition
will add 3.6 Tcfe to its reserves,
representing its share of production
from...
Jul 01, 2019
PS - Equinor lays out plans for ultra-deepwater Monument prospect - April 2019Norwegian producer Equinor filed an exploration plan for four wells on the Monument
prospect in the Gulf of Mexico’s Walker Ridge blocks 272 and 316, its first such GOM permit
in nearly four years.The company has contracted Pacific Drilling’s Pacific Khamsin drillship
for a single well from this November through January 2020 with three options.
The Walker Ridge blocks lie south of the Shenandoah discovery in 19,700-
20,700 ft of water. Monument is a four-way closure with prospective...
Apr 11, 2019
SES - Equinor lays out plans for ultra-deepwater Monument prospect - April 2019Norwegian E&P firm Equinor filed an exploration plan for four wells on the Monument
prospect in Walker Ridge blocks 272 and 316 in the Gulf of Mexico. Equinor hasn’t filed
such a permit in the play in nearly four years.
The Walker Ridge blocks lie south of the Shenandoah discovery in 19,700-
20,700 ft of water. Monument is a four-way closure that holds an estimated 500
MMboe to 1 Bboe. Equinor, which still operates under its old Statoil name in the GOM,
holds 60% WI, while Venari holds the...
Apr 04, 2019
A&D - Brigham secures equity commitments for Permian M&A - April 2019Austin-based Brigham Exploration Co. announced that its Permian pure-play
subsidiary BEXP I, LP, closed on equity commitments from institutional and private
investors that will support its focus on acquiring non-operated interests in the Midland and
Delaware basins.
As the Permian “progresses toward development mode, we see no better
way to capture optimal well-head returns than aggregating a diverse portfolio
of non-operated acreage with top tier operators,” Brigham founder Ben M. “Bud”...
Apr 03, 2019
CM -Tight IPO market watching for launch of Brigham Minerals - March 2019Brigham Minerals, Inc., an Austin-based holder of unconventional oil, gas and
mineral royalty interests, filed a Form S-1 registration statement on March 18 for an
initial public offering of its Class A common stock for $100 million. The company is
backed by Warburg Pincus, Yorktown Partners and Pine Brook Road
Advisors, each of which owns 5% or more. If the deal goes off, Brigham
will be 2019’s third IPO in a year that has thus far given us the public
debuts of LNG company New Fortress Energy,...
Mar 28, 2019
IPC issues 76 million shares to BlackPearl sellersInternational Petroleum Corp., the mid-2017 Lundin Petroleum spinoff that
trades on Nasdaq Stockholm and the Toronto Stock Exchange, announced Dec. 28 that
it had issued almost 75.8 million new common shares to the sellers of private company
BlackPearl Resources Inc. on Dec. 14. As a result, IPC has almost 164 million
common shares outstanding.
BlackPearl’s sellers include
investment group Burgundy Asset
Management Ltd. and the Lundin family. IPC bought the company for the equivalent
of...
Jan 16, 2019
Enbridge buys Athabasca Oil's Lesimer pipelines for $198MMEnbridge agreed to buy Athabasca OIl Corp.’s Leismer diluted bitumen and diluent
pipelines and 300,000-bbl Cheecham storage terminal, part of the E&P firm’s oil sands
project in northeastern Alberta. Athabasca will receive $198 million (C$265 million) with
an annual toll of about C$26
million for 30 years.
Athabasca said the sale,
expected to close in 1Q19, preserves strategic flexibility for the long-term thermal
development of its Leismer and Corner projects, each of which have...
Dec 18, 2018
OFS - Projects Briefs - April 01, 2019Houston-based engineering firm
KBR Inc. and Norwegian E&P company
Equinor announced the sail-away and
installation of the Johan
Sverdrup utilities and
living quarter platform in the North
Sea. K2JV, a JV of Kvaerner and KBR,
received the NOK6.7 billion ($776
million) contract for the engineering,
procurement and construction of the
ULQ platform in 2015 from Equinor,
then called Statoil. The 18,000-tonne
ULQ platform, one of the largest in the
world, will also serve as the field center
for the...
Apr 01, 2019
IC - People Briefs - December 19, 2018 BP plc announced that Helge
Lund will become Chairman of the Board
effective Jan. 1, and that non-executive
director Alan Boeckmann will
not stand for re-election at the
2019 annual general meeting.
Lund will succeed the retiring Carl-Henric
Svanberg. Lund is former CEO of BG
Group, Statoil and Aker Kværner. Jens
Bertelsen becomes company secretary
effective Jan. 1. Chevron Corporation named Navin
Mahajan VP and treasurer, succeeding
Randy Richards who is retiring after...
Dec 19, 2018