Tamarack Valley Energy and Headwater Exploration have agreed to merge in an all-stock transaction valued at approximately US$7.2 billion (C$10 billion), creating the largest publicly traded pure-play producer in Alberta’s Clearwater oil play.
McDermott has secured a subsea contract from Eni Cyprus Limited for the development of the Cronos gas field offshore Cyprus, marking the company’s first subsea project award with Eni.
Oil prices hit the $100 per barrel mark early on Wednesday in Asian trade as the ongoing crisis in the Middle East has diminished hopes of U.S.-Iran talks and a return to normal oil flows soon.
Africa must build strong and competitive indigenous energy companies to accelerate economic development and compete in global markets, Mahmud Tukur, group chief executive of Ashgrove, said.
The global list of crude oil exporters will expand with Uganda early next year as the African country is moving closer to first oil from a project whose crude will flow through a new pipeline to Tanzania’s coast.
Germany is risking gas shortages this winter if it turns out to be colder than previous years, the country’s gas storage association has warned.
Ukraine says it hit oil-processing plants in Russia’s Perm region and Tatarstan overnight, resuming attacks after US envoys visited Moscow this weekend.
Oil may rally to as much as $120 a barrel if attacks on shipping in the Middle East increase, according to Goldman Sachs Group Inc., which recommended bets on natural gas and diesel as a way to capture gains.
Petroliam Nasional Bhd (Petronas) and Eni SpA have signed a collaboration agreement to test newer processes to produce biofuels for high-performance deployment.
Kistos Holdings has taken legal ownership of producing Blocks 3 and 4 onshore Oman from Mitsui E&P Middle East following the issuance of a Royal Decree, marking the company’s entry into the MENA upstream sector.