Oslo-based pump maker Bjoerge will enter the rig-propulsion business with U.S.-based Flowserve and a new concept to make thrusters more efficient, it was understood Friday. 
Process automation company Honeywell has notched 17 percent higher net income for second-quarter 2007 year-on-year, a $611 million result that coincides with a buy-up in its process solutions unit. 
Private equity and venture capital firm 3i will invest an undisclosed amount in Singapore-based deepwater mooring expert Franklin Offshore, it was learned Friday. 
Aberdeen market favourite Venture Petroleum is in for a £200-million ($410.5-million) investment by 3i and energ investor ArcLight Capital Partners in exchange for a 10-percent share that’ll put the institutions in the boardroom. 
Drilling contractor Noble Corp. has posted a 60-percent earnings increase over the year-ago period and upped shareholder value 66 percent despite $342 million spent on major equipment orders. 
Pearl Exploration and Production Ltd. has signed a Letter of Intent to acquire a 24% working interest in the Mooney oil field from Ravenwood Energy Corp. ("Ravenwood"), a private oil and gas company. 
Halliburton has been awarded a contract as provider of completion products and services to a group of energy companies for operations throughout Malaysia for a term of five years. The group includes PETRONAS Carigali, Exxon, Shell and Newfield. Valued at (USD) $200 million, the contract has the potential to extend beyond the five-year term. 
Toronto-based E&P company Serica Energy has secured the load of $100 million from JPMorgan Chacse Bank, North America, and the Bank of Scotland to fund its oilfield development work on three continents, it was understood Wednesday. 
Premier has separated itself in Pakistan from a $64-million-year joint venture with Kuwait Foreign Petroleum Exploration Co., just as the company’s international assets require attention ahead of surrendering hydrocarbons. 
Plains Exploration & Production Co. will acquire Pogo Producing Co. for $3.6 billion in stock and cash in a deal that will create a new entity wielding 1.4 billion barrels of oil equivalent, it was announced Tuesday. |
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Dublin-based independent, Island Oil & Gas, has struck a farm-in agreement and license-developmen alliance with Supernova Energy, a business of Bluewater Group in the Netherlands, another “promote” type alliance in the North Sea periphery. 
The high end 12 streamer capacity 3D vessel Geowave Champion successfully completed her sea trials this weekend. The formal vessel redelivery from the Yard to the Vessel Owner is scheduled for Thursday July 19. The vessel will mobilise for Statoil next week. This is two weeks later than previously guided. 
Basic Energy Services, Inc. reported selected operating data for the month of June 2007. During the month, Basic added nine newbuild rigs and retired one rig, increasing its well servicing rig count to 379 as of June 30, 2007. Rig hours for the month of June 2007 were 68,500 producing a rig utilization rate of 79.1%, an increase from 73.3% in the prior month and a decrease from 92.5% in the same month in 2006. 
U.K.-listed independent Irvin Energy has bought a 50 percent stake in 52,000 acres of oil and gas leases in Oklahoma from local producer Metro Energy Group for $11.1 million, in a deal that includes shale developments. 
Somon Oil, a 90% owned subsidiary of Manas' 100% owned subsidiary DWM Petroleum AG, has been awarded an exploration license by the Tajikistan government. 
Shallow-water rig contractor Hercules Offshore has completed the acquisition of TODCO with the approval of combination by both companies’ shareholders. 
Endeavour International Corp. in Norway has upped its stake in two production licenses offshore the Nordic country and has become operator in a deal with Germany’s RWE Dea. 
Rig-maker Lamprell has announced Scorpion International Ltd is the orderer of a $168 million rig reported earlier this week by OilGas24.com. 
ConocoPhillips has approved the repurchase of up to $15 billion of the company’s shares through the end of 2008, as move sometimes connected with executive salaries but more often stronger shareholder returns. 
India’s 50-block August licensing round could be cancelled if participating supermajors pull out in reported “protest” over government intervention in production-sharing contracts, it was learned Tuesday. |
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