Sale and Purchase Agreements
Beach Energy has executed sale and purchase agreements with Kuwait Energy for a pair of Egyptian onshore concessions. Beach will gain a 22% stake in the Abu Sennan concession and a 15% interest in the Mesaha Area concession, representing a $33 million investment during the next two years.
Expro has signed a $100 million, multi-year contract with TS Marine Asia Pacific to supply the Havila Phoenix vessel with ROV and other associated services and deploy the AX-S subsea well intervention system. The AX-S technology can be deployed in water depths of up to 10,000 feet.
Foster Wheeler has received an owner’s engineer contract from Administracion Nacional de Combustibles, Alcohol y Portland (ANCAP) for a new LNG receiving terminal to be built in Uruguay. The value of the contract was not disclosed. The contract includes technical assistance during the initial phases of the project’s development, creating the conceptual design of the terminal and developing the invitation to bid for the role of owner and operator of the terminal.
BP will sell its oil and gas E&P and transportation business in Colombia to a consortium that includes Ecopetrol and Talisman Energy. The $1.9 billion deal is expected to be complete by the end of the year, pending regulatory approval.
Aramco and The Dow Chemical Company’s proposed joint venture petrochemical project continues to make progress with the front-end engineering and design work expected to be completed in mid-2011. The companies have decided on Jubail Industrial City in Saudi Arabia as the planned site location for the project.