BP and India’s Reliance Industries have agreed to sanction the second phase of the integrated development of the ‘Satellite cluster’ project in Block KG D6, off India.
The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development. The first of the projects, development of the ‘R-Series’ deep-water gas fields, was sanctioned in June 2017.
Together the three projects will develop a total of about 3 trillion cubic feet of discovered gas resources with a total investment of US$6 billion. They are expected to bring 1 billion cubic feet of gas a day phased over 2020-2022.
This latest investment is a further demonstration of BP’s commitment to India. Through our partnership, Reliance and BP are able to develop these discovered gas resources efficiently and economically, working closely with the Government of India. These new developments will produce much needed energy for India’s thriving economy," said Bob Dudley, group chief executive.
Mukesh Ambani, chairman and managing director of RIL, said: “In consonance with our announcements last year to raise domestic gas production, we are delighted to announce the on-schedule progress of the Satellite cluster in the east coast of India. This development supports the country’s imminent need of increasing domestic gas supply and is a firm step towards making India a gas-based economy.”
The Satellites cluster is a dry gas development and comprises four discoveries with five well subsea development in ~1700 metres water depth, up to ~15 kilometres east and southeast of the producing D1D3 fields in KG D6.
French oil major Total announced its acquisition of a 74.33 per cent stake in French utility Direct Energie for US$1.7 billion in an attempt to expand in the gas-electricity market.
The deal will see Total become the second-largest power supplier in France, after EDF. Total said it is firmly establishing itself as a leading alternative supplier by combining its 1.5 million client portfolio with Direct Energie’s 2.6 million client portfolio.
This combination will enable Total to pursue its ambitious development program to become a standard-setting player in electricity supply in France and Belgium, targeting over 6 million customers in France and more than 1 million customers in Belgium by 2022.
“Through this transaction, Total is actively pursuing its development in electricity and gas generation and distribution in France and Belgium. This friendly takeover is part of theGroup’s strategy to expand along the entire gas-electricity value chain and to develop lowcarbon energies, in line with our ambition to become the responsible energy major”, said Patrick Pouyanné, Chairman and CEO of Total.
Valentina Kretzschmar, research director, corporate analysis, at global natural resources consultancy Wood Mackenzie, said: “The US$1.7 billion acquisition of Direct Energie is Total’s largest investment in low-carbon assets to date.Total was already ahead of its peers in terms of the M&A spend on renewables and other clean technologies, which included Saft, Lampiris and Eren.”
With this transaction, Total is also pursuing and expanding its development in the power generation market, with Direct Energie’s power generation activities offering an excellent complementarity with those of the Total group’s subsidiaries operating in these fields. Direct Energie’s installed capacity of 1.35 GW, including 800 MW of gas-fired power plant and 550 MW of renewable electricity, will supplement Total’s 900 MW installed capacity.
Kretzschmar added: "Total’s acquisition of Direct Energie shows that the company is serious about its ambition to build value across the electricity value chain, with both gas and renewables playing a key role.”
Proserv has secured a contract with Repsol to upgrade and build new subsea production control equipment for the Yme field redevelopment in the Norwegian North Sea.
The award scope initially covers the refurbishment and upgrade of the existing subsea control system. The deal is worth US$5.5million (45million Norwegian Kroner).
The entire subsea control system will be upgraded to provide state of the art functionality including high speed data management and transmission capability with sufficient capacity for future field expansion or increased data capture.
The project will be delivered over a two year period in line with key project milestones.
Henrik Johnson, region president for Scandinavia at Proserv, said: “This is a significant award win for the team that clearly demonstrates the strength of our relationship with Repsol and our ability to deliver robust technology solutions and services on time and to the very highest standards.
“We are starting to see strong uptake for our Augmented Control Technologies (ACT) approach which helps clients optimise their subsea production in a more cost-effective way. Working in close cooperation with our clients enables us to use the most appropriate technology together with our dedicated engineering and service teams to optimise the performance of a producing asset over its entire life.
As part of the workscope, Proserv will engineer, manufacture and supply all associated topside and subsea equipment. The refurbishment and servicing of the subsea control modules and the manufacturing of the subsea electronics modules and master control station will be delivered by the company’s subsea controls experts in Trondheim and Stavanger, Norway. Each control module will include Proserv’s award-winning Artemis 2G (A2G) subsea electronics modules which are designed to be compatible with existing infrastructure to avoid costly system replacements and protect against obsolescence.
Tore Erntsen, vice president for subsea controls at Proserv, said: “The revitalisation of the Yme field, with Repsol bringing forward a revised plan for development and operation, is a prime example of how Proserv’s approach can add value by improving existing equipment reliability and maximising field life.”
The recoverable oil reserves for the field are estimated at approximately 65 million barrels at 10 year’s total production with first oil planned for the first half of 2020.
Vermilion Energy said it has agreed to acquire rival oil and gas producer Spartan Energy for C$1.23 billion (US$97.8 million), expanding its presence in Saskatchewan, Canada.
The deal will see Alberta-headquartered Vermillion acquire all the common shares of the Saskatchewan company. Spartan holders will get 0.1476 of a Vermilion share for each Spartan share, Vermilion said in statement.
This represents a premium of 5 percent, based on Friday’s closing prices. Vermilion also will assume about C$175 million of debt. The company expects the transaction to close on or about June 15.
Vermilion has focused on the Saskatchewan market in recent years, starting with the acquisition of Elkhorn Resources in 2014 and has been looking actively to expand its footprint in the province.
“Vermillion focuses on high-netback producing areas with favourable fiscal and regulatory regimes,” the company said. It has added approximately 30 sections of land to its southeast Saskatchewan core area through the end of 2017, and has expanded its asset base with the acquisition of a private southeast Saskatchewan oil producer in early 2018.
“The acquisition of Spartan is a value-adding investment which meets our disciplined M&A criteria. The acquisition significantly increases our position in southeast Saskatchewan, and aligns with our sustainable growth-and-income model by appending high-netback, low decline assets with free cash flow and strong capital efficiencies on future development,” it added.
As a result of the acquisition, the company revised its 2018 production guideline to a range of 86,000 to 90,000 barrels of oil equivalent per day (boe/d) (from 75,000 to 77,500 boe/d previously).
It also increased its 2018 capital budget to $430 million (from $325 million previously) to reflect additional capital activity associated with the acquired assets.
TechnipFMC has been awarded a FEED contract by BP for the floating production storage and offloading (FPSO) unit for the Tortue/Ahmeyim Field Development, a major LNG project located offshore on the maritime border of Mauritania and Senegal.
The Tortue/Ahmeyim Field Development is located in the C-8 block off the shore of Mauritania and the Saint-Louis Profond block offshore Senegal.
The agreement between the two companies provides a mechanism to allow a transition of the contract to an Engineering, Procurement, Construction and Installation (EPCI) contract at a later stage.
TechnipFMC will work on defining the technology and equipment scope and brings expertise to deliver major projects, leveraging extensive experience with Chinese fabrication.
Nello Uccelletti, president of TechnipFMC’s Onshore/Offshore business, commented: “We are very honored to be awarded this contract in West Africa which further demonstrates our leading position in offshore gas monetization. We look forward to collaborating with BP to unlock the full potential of this important project”.
The initial subsea infrastructure connects the first four wells consolidated through production pipelines leading to a FPSO vessel. From here liquids are removed and the export gas is transported via a pipeline to the floating liquid natural gas (FLNG) hub terminal where the gas is liquefied.
The Tortue discovery was made by Kosmos Energy, which farmed down its investment to BP in December 2016. BP now has the largest interest (~60 per cent) among the four partners in the project and is the operator.
The International Energy Agency (IEA) in its latest Oil Market Report says that OPEC may well have achieved its aim of reducing global oil stocks to a desired level.
As the IEA put it: "It is not for us to declare on behalf of the Vienna agreement countries that it is “mission accomplished”, but if our outlook is accurate, it certainly looks very much like it."
In its latest OMR, the IEA said its balances show that if OPEC production were constant this year, and if our outlooks for non-OPEC production and oil demand remain unchanged, in 2Q18-4Q18 global stocks could draw by about 0.6 mb/d."
The IEA says its overall view of global demand and supply growth in 2018 is unchanged from last month. For demand, early in 2018 stronger growth in the US was partially offset by weaker growth in China. India has seen a strong start to the year. Globally, we expect oil demand to grow by 1.5 mb/d in 2018.
On the OPEC cuts, the IEA says the overall state of the cuts in March shows OPEC’s compliance rate at 163 per cent with its non-OPEC partners achieving a rate of 90 per cent. With just under half of global oil supply subject to restraint and oil demand growing steadily, the impact on stocks has been substantial.
The IEA said stocks in developed countries could fall to their five-year average, a metric used by OPEC to measure the success of output cut, as early as May.
"Since May last year stocks have fallen constantly the average and new data for February show a larger than usual fall in volume terms with stocks now only 30 mb above the five-year level, and product stocks actually below it."
Tonalli Energia a joint venture between Canada's International Frontier Resources and Mexico’s Grupo IDESA has spud its first well in the onshore Tecolutla block in Mexico.
The Tecolutla field is located within the Tampico-Misantla basin which has multiple reservoirs with diverse play types and access to existing infrastructure, market, service sector providers and an established supply chain, IFR said in a statement.
"TEC-10 will be the first Tecolutla well to target new locations within the reservoir utilizing 3D seismic and modern technologies to increase productivity and oil recovery," said Steve Hanson, president and CEO of IFR. "Following the release of the drilling rig, a thorough completion and testing program will be conducted to evaluate the TEC-10 well."
The existing four wells at Tecolutla were drilled by PEMEX between 1956 and 1972 and produced 1.9 million barrels without the use of artificial lift. Based on Tonalli's interpretation of the 3D seismic, the Tecolutla field has been significantly underdeveloped.
The Tecolutla block was awarded to Tonalli on May 12, 2016 as part of the first round and third call of Mexico's oil and natural gas "mature fields" bid round (Round 1.3), the first in almost 80 years. Each of the blocks offered in Round 1.3 attracted multiple bids.
UK's oil giant BP has signed a memorandum of understanding (MoU) to explore areas of cooperation with Petróleo Brasileiro S.A. (Petrobras) in Brazil and beyond.
Through this strategic alliance, Petrobras and BP have committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil. The alliance is also expected to include the transfer of technology, as well as joint training and research.
Pedro Parente, president of Petrobras, commented: “Our partnership is based on common values and business principles that guide both companies. We started by joining forces in the last bidding rounds and now we are working to expand the partnership further, beyond upstream.”
Bob Dudley, BP chief executive officer, said: “Petrobras is a world-class energy company with which BP has built strong relationships over many years. We are now excited to deepen our partnership and explore even more opportunities together across all our businesses – in the upstream, downstream, trading and low carbon – both in Brazil and beyond. We believe that working together in this alliance can deliver real value for both BP and Petrobras.”
BP and Petrobras currently partner in 16 exploration blocks in Brazil and are both members of the Oil & Gas Climate Initiative, a voluntary, CEO-led initiative which aims to lead the oil and gas industry response to climate change.
KBR announced that it is going to grow its office in Singapore with the support of the Singapore Economic Development Board (EDB) to become the company's Asia Pacific regional centre of excellence for its new business areas.
KBR will look to establish Singapore as the Centre of Excellence for KBR consulting, digitalisation, LNG & asset management, differentiated infrastructure.
KBR said that as it looks to grow into new areas and enhance its customer base, Singapore continues to be a key location for its global project delivery and an important base to develop its people to cover growth markets in the region.
"We are seeing changes in clients' needs and expectations in Singapore and the Asia Pacific region and we plan to move up the value chain at our Singapore office with the support from EDB," said Jay Ibrahim, KBR President, Asia Pacific and EMEA. "We must continue to innovate and evolve our business model across the full spectrum of our business, Technology & Consulting, Engineering and Construction and our Government Services (KBRwyle), to stay relevant and grow our businesses in the region.
"KBR will continue to strengthen our Singapore team to attain the right and differentiated skills to position ourselves for the future," Ibrahim continued.
French oil giant Total has picked up several assets, including becoming operator of the North Platte discovery, located in the Gulf of Mexico as part of the Cobalt International Energy company’s bankruptcy auction sale.
Total said in a statement that it had submitted offers on several assets for US$300 million dollars and acquired the following from Cobalt:
- A 20 per cent interest in the North Platte discovery. As a result, Total increases its interest to 60 per cent and becomes operator of this discovery. Total will have Statoil as a partner, who acquired the remaining 40 per cent.
- A 20 per cent interest in the Anchor discovery. As a result, Total increases its interest to 32.5 per cent, after having acquired 12.5 per cent last December. This discovery is operated by Chevron (55 per cent) alongside Total (32.5 per cent), and Venari (12.5 per cent).
- 13 offshore exploration blocks, which will be operated by Total.
“The sale of Cobalt’s assets gives us the opportunity to further enhance our portfolio in the Gulf of Mexico under particularly attractive conditions and to be able to apply our expertise as a deep offshore operator. We will now develop the North Platte discovery, looking for the most efficient scheme in terms of development cost”, stated Arnaud Breuillac, president Exploration & Production at Total.
Discovered in 2012 by Total and Cobalt in the Wilcox play, North Platte covers four blocks of the Garden Banks area, 275 km off the coast of Louisiana in approximately 1,300 meters of water. The field is now fully appraised with a total of three wells and three sidetracks.
UK's BP has announced the sanction of two new North Sea developments which are expected to come on stream in 2020.
Alligin and Vorlich are satellite fields located near to existing infrastructure and are expected to produce 30,000 barrels gross of oil equivalent a day at peak production.
Alligin, a two-well development west of Shetland, will be tied back to BP’s Glen Lyon floating, production, storage and offloading (FPSO) vessel.
Vorlich, also a two-well development in the central North Sea, will be tied back to the Ithaca Energy-operated FPF-1 floating production facility which lies at the centre of Ithaca’s Greater Stella Area production hub.
Incoming BP North Sea Regional President Ariel Flores said: “Through our Alligin and Vorlich developments we are simplifying and accelerating the stages of delivery to improve project cycle time, reduce costs and, importantly, add new production to our North Sea portfolio.
These projects follow on from a period of record investment by BP in the North Sea which helped deliver our Quad 204 project last year and will deliver our Clair Ridge project which is planned to start-up later in 2018."
BP confirmed that it has awarded a major contract for the Alligin development to Subsea 7, which will provide project management, engineering, procurement and construction services for the subsea pipelines. Subsea 7 will deliver the contract from its Aberdeen base with offshore activities expected to get under way in 2019.
Alligin (BP 50 per cent operator; Shell 50 per cent) is a 20-million-barrel recoverable oil field in the Greater Schiehallion Area, located approximately 140 kilometres west of Shetland.
Vorlich (BP 66 per cent operator; Ithaca Energy 34 per cent) will recover over 30-million-barrels of oil equivalent and is located approximately 241 kilometres east of Aberdeen.
Norwegian subsea contract Ocean Installer said it has been awarded work by Malaysia’s Petronas to assist in decommissioning the Chinguetti field off the coast of Mauritania in West Africa.
The contract follows an award from FPSO operator BW Offshore on the same field in early February.
“We are proud of continously build backlog for the West Africa region. Furthermore, we are very pleased with securing our first award from Petronas, which gives us track record for an important client with its main assets in the Asia Pacific region,” Ocean Installer CEO Steinar Riise said in a statement.
The project will be executed on a fast track utilising the CSV Normand Vision and its in-house flexible lay equipment, the company said, adding that the offshore operations will commence this month, directly after Ocean Installer completes its part of the disconnection of the FPSO Berge Helene for BW Offshore.
The scope of the project includes decommissioning of risers and umbilicals on the Chinguetti field.
The Chinguetti field is located at water depths of approximately 800 meters, about 80 km west of Mauritania.
Subsea 7 said it was awarded a contract by Mobil Producing Nigeria Unlimited (MPN) for a pipeline project in shallow water, offshore Nigeria.
The value of the contract is between US$150 million to $300 million, it said in a statement.
The contract scope for the Production Uplift Pipeline Projects (PUPP) includes engineering, construction, transportation, installation and pre-commissioning of 20 kilometres pipeline between the Idoho Platform and the terminal onshore and of 2 kilometres pipeline between the Edop and Idoho Platforms, as well as associated topside modifications and tie-ins at both ends, the company said.
Engineering and procurement will start immediately at NigerStar 7’s offices in Lagos, while offshore operations will take place from third quarter 2018 to first quarter 2019, using the Subsea 7 vessel, Seven Antares.
“Subsea 7 has a long track record of successful operations in Nigeria, enabled by our local joint venture, NigerStar 7,” Gilles Lafaye, Subsea 7's regional vice president for Africa said. “This award reflects our strong reputation for successful Conventional project execution in the region and offers us a further opportunity to support the continued development of the country’s oil and gas industry.”
Abu Dhabi's Mubadala Petroleum announces that it has signed the Production Sharing Contract (PSC) for Andaman I, as awarded by the Government of Indonesia in the 2017 Indonesian Licence Round.
Mubadala Petroleum is the operator of the Andaman I PSC and a partner in the Andaman II PSC, operated by Premier Oil, which was also signed last week.
The Andaman I and II PSCs are adjacent and located in the underexplored but proven North Sumatra basin offshore Aceh, a region that Mubadala Petroleum has been involved in since 2011 through joint study agreements. The PSCs have the potential to unlock a new material gas play for domestic consumption in North Sumatra and indeed long term export to regional markets.
The work commitment for the Andaman I exploration block is to conduct sub surface studies and to acquire 3D seismic, in the first 3 year term.
Dr Bakheet Al Katheeri, Mubadala Petroleum’s chief executive officer, said:” The operated Andaman I PSC and our interest in the Andaman II PSC, mark the further extension of our Indonesia portfolio with a new high impact growth hub. These new exploration blocks support our growth strategy of finding and, if successful, developing gas for Indonesia’s growing market while it has the potential to deliver significant organic growth opportunities for our existing Indonesian business in the longer term.”
Australia's AWE has agreed to farm out an interest in its operated onshore permit in New Zealand to local company New Zealand Oil & Gas (NZOG) and its majority shareholder, OG Oil & Gas.
The farm out is for its permit PEP55768 onshore Taranaki basin, which includes the planned Kohatukai-1 well. PEP55768 is located southeast of New Plymouth in a prolific gas producing region and contains a number of substantial prospects.
The current joint venture partners in PEP55768 are AWE, with a 51 per cent operating interest, and Mitsui E&P Australia (Mitsui), with a 49 per cent interest. The agreement will see the joint venture farm down a combined 50 per cent working interest to New Zealand Oil & Gas and its majority shareholder, OG Oil & Gas (Singapore).
Each incoming company will acquire a 25 per cent working interest in the permit. At completion of the farmout, AWE will remain as Operator with a 12.5 per cent interest and Mitsui will retain a 37. per cent interest.
The deal is expected to be completed by the end of May 2018, subject to regulatory approvals.
The Kohatukai-1 well is scheduled to be drilled in the fourth quarter of CY 2018 to test dual objectives in the Eocene Matapo and Mangahewa sands targeting a prospect that is analogous to the nearby Pohokura Gas Field.
Singapore’s Keppel has announced that its wholly-owned subsidiaries, Keppel FELS Limited and Keppel Shipyard Ltd, have entered into a cooperation agreement with KrisEnergy to become its preferred contractors.
Keppel, which is a controlling shareholder of KrisEnergy, said under the agreement its wholly-owned subsidiaries will be the preferred contractor for any work related to products and/or services in relation to newbuilding, repair, conversion and upgrading of a range of marine assets and/or vessels and the use of Keppel’s yard and associated yard services for the construction and refurbishment of facilities.
In addition, the subsidiaries will be the go to companies for any leasing, chartering and the use of, or the provision of services by, Keppel’s marine assets and/or vessels.
Keppel said in a statement that the deal will be able to offer the KrisEnergy Group a comprehensive suite of offshore oil and gas solutions as the latter enhances its assets in Asia.
KrisEnergy said the cooperation agreement will allow it to gain access to Keppel's experience, facilities and equipment at a competitive price.
The deal will not have any material impact on the net tangible assets and earnings per share of Keppel for the financial year ending 31 December 2018.
The Queensland Government has granted Santos, along with its GLNG JV partners and APLNG, rights to explore an 86-square kilometre area in Queensland’s south-west.
The award for the PRL2016/17-1A block is located directly west of Santos Arcadia gas field in the Bowen Basin.
EVP Exploration and New Ventures, Bill Ovenden, said: “Being adjacent to the planned Arcadia project means we will be able to leverage existing infrastructure, reduce development costs and produce more gas.”
Santos is on track to supply about 11 per cent of the ACCC’s expected east coast gas demand in 2018.
“Access to new and existing supply sources in Queensland as well as new supply sources in New South Wales and the Northern Territory is critically important to enable us to continue to deliver competitive gas to the east coast domestic gas market,” he added.
Santos will hold a 22.85 per cent interest in the joint venture along with partners Petronas (20.94 per cent), Total (20.94 per cent), KOGAS (11.42 per cent) and APLNG (23.85 per cent).
CB&I has been awarded a contract by Jinneng Science & Technology Co., for the license and engineering design of a propane dehydrogenation (PDH) unit in Qingdao, Shandong Province, China.
The unit will use CB&I's CATOFIN technology to produce 900,000 metric tons of propylene per year. It will also utilise CATOFIN catalyst and heat generating material from CB&I's catalyst partner, Clariant. Once the unit is complete, it will be the world's largest single-train PDH unit.
"CB&I's CATOFIN technology offers unmatched reliability and optimisation," said Daniel M. McCarthy, CB&I's executive vice president of Technology. "For our customers who license the technology, these benefits result in lower capital and operations costs for their projects and investments."
Australia’s Vryhof said its two units won contracts to provide full-scale mooring and anchoring services to Cooper Energy.
Vryhof also won contracts in Cooper’s main target drilling area - offshore Victoria, Australia - for the first time, the company said in a statement.
The contract will result in full-scale engineering, pre-lay mooring design and analysis from Deep Sea Mooring that will be provided to Diamond Offshore’s semi-submersible drilling unit - the Ocean Monarch.
Additionally, Vryhof Anchors’ expertise and geotechnical skills will also assist Cooper with the correct anchor selection for each offshore location. Local back deck services and marine representation will also be provided.
The Ocean Monarch forms part of a 10-well drilling campaign for Cooper Energy in the Otway and Gippsland Basins. The campaign will take place between January and August 2018.
“Our turnkey offerings and technologies, our track record in Australia, and the expertise of our team in planning marine operations were pivotal to this contract award – our first with Cooper Energy and our first in this exciting exploration area - offshore Victoria,” said Barry Silver, managing director, Asia Pacific for Deep Sea Mooring.
He continues: “We see this as a milestone contract in our development and look forward to a long-term relationship with Cooper. We are also confident that this will provide us with a crucial platform for opening up our products and services across the Tasman Sea in another key target region - New Zealand.”
Deep Sea Mooring and Vryhof Anchors’ equipment and anchor handling vessels will be coordinated and based out of Karratha, West Australia and at Port Melbourne. The Ocean Monarch semi-submersible is managed by Diamond Offshore Drilling. The rig can operate in water depths of up to 10,000 feet and drilling depth of 35,000 feet.
SM Energy Company said it would sell its remaining North Dakota and Texas assets for US$292.3 million to focus on top-tier assets and reduce debt.
The company signed two definitive agreements with undisclosed buyers for its Wilson Basin assets in Divide County, North Dakota and third-part operated assets in Texas known as Halff East in Upton County, SM Energy said in a statement.
"We are committed to our strategy to focus on development of our core top tier Midland Basin and Eagle Ford assets and improving our balance sheet by reducing debt,” said Jay Ottoson, president and CEO of SM Energy. “This is a significant step on both those fronts. Year-to-date we have announced the expected divestiture of approximately $792 million of non-core assets, which results in an expected reduction in net debt pro forma for year-end 2017 by 30 per cent."
The assets expected to be sold in Divide County include approximately 119,400 predominantly contiguous net acres, 28.8 million barrels of oil equivalent (MMBoe) net proved reserves as of year-end 2017, with December 2017 net production of approximately 6,100 Boe per day (83 per cent oil), SM Energy said.
The assets expected to be sold in Upton County include a 60 per cent working interest in third-party operated assets, approximately 5,400 net acres, 1.6 MMBoe net proved reserves as of year-end 2017 with December 2017 net production of approximately 1,025 barrels of oil equivalent per day (72 per cent oil).
The transactions are each expected to close in the second quarter of 2018, and each have an effective date of January 1, 2018.
The purchase price of each transaction will be subject to certain agreed upon closing price adjustments. The Company plans to use the expected sale proceeds for general corporate purposes, including debt reduction.
The estimated effect on 2018 production from both transactions is a reduction of 1.2 MMBoe, 81 per cent oil and 19 per cent natural gas.
RBC Richardson Barr served as exclusive financial advisor to the company in the Halff East divestiture and Tudor, Pickering, Holt & Co. served as exclusive financial advisor to the company in the Divide County divestiture.