IS - PIF’s rig company plans $1.2B in buys, starts with SLB assets - May 2019A portfolio company of the Saudi sovereign wealth fund announced it will purchase
Schlumberger’s Middle Eastern drilling rig business as part of a $1.2 billion shopping
spree this year. Public Investment Fund holding Saudi Arabia’s Industrialization &
Energy Services Co. (TAQA) announced April 29 it would pay about $415 million for
the business through Arabian Drilling Co., its 55-year joint venture with the global
oilfield services giant, and would close
the deal in H2.
To cover the...
May 16, 2019
Saipem lands $1.3 billion in EPIC work from AramcoSaipem received contracts totaling $1.3 billion from Saudi Aramco for development of the Berri and Marjan fields in the Persian Gulf. The contracts reportedly cover engineering, procurement, installation and construction of at least 10 oil platform deck modules.The scope includes subsea systems in addition to the laying of pipelines, subsea cables and umbilicals, platform decks and jackets. In addition to the $1.3 billion announced, Upstream reports that the affiliated Saipem Taqa...
Jan 29, 2019
Citadel now a PE firm called Oalaa Holdings - May 3, 2016Cairo-based Citadel Capital said it completed a capital increase to EGP 8 billion ($901 million) and switched its business model to an investment company from a private equity firm. As a result, the company changed its name to Qalaa Holdings. It will continue to focus on African energy subsidiaries and companies in other industries. In addition to Cairo, Qalaa has offices in Algiers and Nairobi. Its energy interests include TAQA Arabia and Egyptian Refining...
May 03, 2016
CGG strikes new Arctic JV while Saudi team takes major winCGG announced a flurry of new business and activity in recent weeks, leading with a new JV with Russia's largest energy shipper Sovcomflot to provide high-end 3D marine seismic acquisition services targeting the Arctic and sub-Arctic. The JV, Arctic Geophysical Exploration, will be 51% owned by Sovcomflot and based out of Moscow. Under the deal, CGG will charter a 14-streamer ice-class vessel, while Sovcomflot contributes capabilities from an 8-streamer ice-class vessel. Four total vessels...
Jun 19, 2014
Taqa set to refinance $3.0 billion loanThe Abu Dhabi National Energy Co. (Taqa) is seeking to refinance a US$3.0 billion loan. Taqa, which secured the loan in 2010 to replace its 2008 revolving credit facility, expects to shortly receive proposals from lenders but may pay higher rates as the euro zone debt crisis has curbed banks' liquidity, bankers privy to the deal said in a Reuters report. Bankers said the refinancing deal could be similar to the terms of the original loan. That facility, which was co-financed by 20 banks,...
Oct 17, 2012
International Briefs - November 11, 2015Condor Petroleum’s KN-501 Primary Basin well on its 100% owned Zharkamys West 1 Territory in Kazakhstan was drilled to 3,992 m and has been abandoned. Despite encountering numerous gas shows in the over-pressured main hole section, no commercial hydrocarbon reservoirs were identified. The company believes the target zones were fully encapsulated in salt before younger, coarser-grained sediments were deposited, resulting in a lack of reservoir-quality rock.East West Petroleum has been...
Nov 11, 2015
Contract Briefs - Apr. 4, 2012• Acteon subsidiary InterMoor won a contract to design and build 10 suction piles for the Williams Gulfstar FPS Spar in the Gulf of Mexico. Price and contracting party were not disclosed. The piles will be 16 ft in diameter, 97 ft long and will be pre-set in 4,300 ft of water, anchoring the FPS in block 768 of Mississippi Canyon for Tubular Bells production. Construction has begun at InterMoor's new Morgan City, Louisiana facility. InterMoor President Tom Fulton noted the company had also...
Apr 04, 2012
E&P Briefs (Short Stories; August 9)- 3Legs Resources has spudded the Wrblino LE-1H well on its Damnica license in Poland. The well, the fourth on the company's Blatic Basin licenses, is targeting lower Palaeozoic shales.
- ADX Energy's spudding of its Sidi Dhaher well on its Chorbane license in Tunisia has been delayed due to transport and custom challenges it faces in bringing equipment coming from war-torn Libya. The Sidi Dhaher prospects has estimated resources of 175 Bcf of recoverable gas at the Metlaoui level and 44 MMbbl...
Aug 09, 2011