Algeria will supply oil and other energy products to Jordan for the first time under a memorandum of understanding signed on Monday, as the OPEC member seeks to diversify sales after years of stagnating crude production. Algeria’s state-run Sonatrach Group will start shipping liquefied natural gas and liquefied petroleum gas to Jordan in September, followed… Continue Reading »
Energy companies, including some of the world’s biggest, could be forced to slash prices of more than $110 billion worth of assets they want to sell after dealmaking in oil and gas fields ground to a halt due to the volatile crude market. The values that buyers and sellers assign to assets, largely based on… Continue Reading »
reeport-McMoRan Inc. will pay Noble Corp. more than half a billion dollars to not use a pair of its drillships. In the midst of the oil industry’s worst financial crisis, operations at Noble’s Sam Croft and Tom Madden drillships will cease “as soon as practicable,” London-based Noble said in a statement Tuesday. The company said last month… Continue Reading »
Saudi Arabia made its first sale of oil to a small, independent Chinese refiner. What’s more significant to markets is that the world’s biggest crude exporter broke from its usual practice of selling via long-term contracts, according to Citigroup Inc. The world’s biggest crude exporter sold a spot cargo to teapot refiner Shandong Chambroad, said… Continue Reading »
Italian cable specialist Prysmian has inked a deal to sell 67 per cent of the equity in Prysmian Baosheng Cable Company. The Prysmian Baosheng Cable Company was established in 1999 as a joint venture with Jiangsu Baosheng Group. According to Prysmian, its JV partner, Baosheng Group will acquired the stake for a total consideration of 300… Continue Reading »
Marathon Oil Corporation said on Monday it had signed agreements to sell non-core assets for $950 million, bringing its total sales through divestitures to about $1.3 billion since last August. The oil and natural gas producer, which did not identify the buyers, said it will divest all of its Wyoming upstream and midstream assets for… Continue Reading »
EU competition regulators have resumed their scrutiny of U.S. oil industry services group Halliburton Co’s plan to acquire smaller rival Baker Hughes, a deal which U.S. authorities say is uncompetitive and wants to block. The European Commission, which halted its investigation into the $35 billion deal last month while waiting for more details from the… Continue Reading »
The U.S. Department of Justice said on Monday it had sued activist investor ValueAct Capital for violating pre-merger notification requirements related to oilfield service provider Halliburton Co’s deal to buy rival Baker Hughes Inc. The lawsuit said ValueAct used its access to senior Halliburton and Baker Hughes executives to formulate the merger and other strategies,… Continue Reading »
International Seabed Authority (ISA) and the UK Seabed Resources Limited (UKSRL) have signed a 15-year contract for exploration for polymetallic nodules in the eastern part of the Clarion-Clipperton Fracture Zone. The contract was signed on March 29, 2016, in New York, by the secretary-general of ISA, Nii Allotey Odunton, and Linda Reiners, UKSRL managing director. The area allocated to the contractor covers… Continue Reading »
Soil Machine Dynamics (SMD) and Underwater Mining Solutions (UMS) are teaming up to offer the full scope of mining equipment required for underwater mining projects. SMD and UMS’ complementary product portfolio and combined expertise, should provide de-risked solutions to deep-sea, near-shore and inland underwater exploration, mining and processing. SMD has delivered over 400 subsea systems to date,… Continue Reading »
