Industry News News
Tidewater Midstream and Infrastructure Ltd. has received approval from the Alberta Energy Regulator to construct and operate the previously announced Pipestone Montney, Sour Deep-Cut Gas Processing Complex. The Pipestone Plant will be situated in the Pipestone area near Grande Prairie, Alberta and is designed to process approximately 100 MMcf/d of natural gas.
Kwispaa LNG has entered the next phase of project development with the submission of the Project Description to the British Columbia Environmental Assessment Office and Canadian Environmental Assessment Agency. The Project Description provides a comprehensive overview of Kwispaa LNG and represents the culmination of several years of engagement and planning, the results of which have been integrated into ongoing environmental studies and engineering work.
Devon Energy Corp. reported that additional facilities work at its Jackfish 1 heavy oil project in Alberta, Canada, is now complete and full-scale operations have been restored. The work at Jackfish 1 was related to minor facility repairs the company identified during recent turnaround startup activities. Devon elected to perform the incremental maintenance work that temporarily curtailed production as opposed to deferring the repairs to a future date.
As hydraulic fracturing activity ramps up in colder locations across the United States to meet growing energy demand, harsher temperatures and environmental conditions remain a challenge. Providing the market with a cold-weather solution, Dow Microbial Control, a business unit of DowDuPont Specialty Products, has launched two new products within its AQUCAR Water Treatment Microbiocides portfolio: AQUCAR TN 250 LT Water Treatment Microbiocide and AQUCAR 7140 LT Water Treatment Microbiocide.
The National Energy Board (NEB) has released a hearing order setting out next steps and schedule as well as requests for information from Trans Mountain and Federal Authorities required for its reconsideration of aspects of the Trans Mountain Expansion Project pertaining to project-related marine shipping.
Prairie Provident Resources Inc. is pleased to announce the closing of its previously announced bought deal financing and strategic private placement, each led by Mackie Research Capital Corporation for total gross proceeds of $5.5 million, including exercise of the over-allotment option under the Bought Deal Financing.
PDC Logic LLC, an industry leader in high-performance drilling and completion bits, has gone through a major rebrand, including a new name. The company has announced that PDC Logic is now. The change comes on the heels of ownership and management changes that have led to expanded growth initiatives for the company, which has strong roots in the oil and gas industry spanning more than six decades.
Kruse Energy Auctioneers, a Ritchie Bros. solution focusing on energy equipment-related auctions, recently sold a Loadcraft 2000HP SCR drilling rig at its event in Odessa, TX for US$5.5 million, making it the most expensive drilling rig the company has ever sold. The high bidder for the rig was Scandrill Inc., an onshore drilling contractor operating in the Permian Basin, Louisiana, and Texas. Scandrill Inc. currently has 15 rigs in operation.
International Petroleum Corp. and BlackPearl Resources Inc. are pleased to announce that they have entered into an agreement under which IPC will acquire all of the shares of BlackPearl based upon a share exchange ratio of 0.22 shares of IPC for each BlackPearl share. Based upon a volume weighted average price (VWAP) of the IPC Shares for the last thirty days, this represents an acquisition price of CAD 1.85 per BlackPearl share representing a premium of 42% to the closing price of the BlackPearl Shares on October 9, 2018 or a premium of 49% to the VWAP of the BlackPearl Shares for the last 30 days. The acquisition remains subject to shareholder approvals of both IPC and BlackPearl and certain regulatory approvals, with completion expected in December 2018.
Abu Dhabi National Oil Company (ADNOC or the Group) and Baker Hughes, a GE company have signed a strategic partnership agreement, that will enable and support the growth and development of ADNOC's subsidiary, ADNOC Drilling, into a fully-integrated drilling and well construction provider. As part of the agreement, BHGE will acquire a five percent stake in ADNOC Drilling. The transaction values ADNOC Drilling at approximately $11 billion. BHGE will be the sole provider of certain proprietary leading edge and differentiated equipment and technologies related to the integrated drilling offering, supporting ADNOC Drilling's growth. Together, ADNOC and BHGE will deliver more competitive well completion times, greater drilling efficiencies and better well economics, and will capitalize on new business opportunities as ADNOC Drilling grows through its new expanded offering.