The European Union has approved the $14.8 billion takeover of Houston-based Cameron International Corp. by Schlumberger Ltd., clearing the way for completing the merger by the end of March (see Shale Daily, Jan. 22; Aug. 27, 2015). The proposed acquisition "would raise no competition concerns given the very limited overlaps between the companies' activities and the modest increment in market shares brought about by the transaction," said the European Commission, which regulates antitrust issues. The firms have said their merger would create an energy technology powerhouse. No. 2 oilfield services provider Schlumberger's expertise is focused underground to help producers build reserves. Cameron's business mostly is for topside equipment. Shareholders and regulators in the United States, Canada, Brazil and Russia have already approved the merger.
Consol Energy Inc. reported proved reserves at year-end 2015 of 5.6 Tcfe, down from 6.8 Tcfe at year-end 2014. The reduction, Consol said, is mainly related to negative price revisions. The company added 934 Bcfe of proved reserves through extensions and discoveries, replacing 284% of its 2015 production, which was 329 Bcfe. About 10.3% of the company's proved reserves include oil, condensate and liquids that are primarily located in the Marcellus Shale. The company's proved, probable and possible reserves (3P) were 38.3 Tcfe, an increase of 1.7 Tcfe from year-end 2014. The increase in 3P reserves is primarily attributed to "more certainty in the success" of the Ohio Utica Shale, as well as "continued success and optimization" in the Marcellus, the company said.