Trinidad

Precision Drilling Corp., Canada’s largest oilfield services operator and third largest U.S. driller, has clinched an agreement to buy Calgary rival Trinidad Drilling Ltd. in a transaction valued at C$1.028 billion ($800,000).

Calgary-based Ensign Energy Services Inc., one of the leading land-based drillers in North America, has launched a hostile bid to take over its cross-town rival Trinidad Drilling Ltd. for C$947 million (US$720 million), including debt.

BP plc has ramped up two major natural gas projects, in Trinidad and Australia, marking the fourth and fifth of seven new facilities set to get underway this year.

Two “significant” natural gas discoveries have been made offshore Trinidad unlocking 2 Tcf of gas in place that will help to underpin more development, a unit of BP plc said Friday.

A unit of BP plc has ramped up a natural gas compression project onshore Trinidad, one of seven major upstream projects the super major expects to bring online in 2017.

ConocoPhillipshas completed an estimated $600 million sale of subsidiaryTrinidad and Tobago Holdings LLCtoNational Gas Company of Trinidad and Tobago Ltd.The subsidiary holds a 39% stake in Phoenix Park Gas Processors Ltd., which operates a natural gas midstream facility at Point Lisas, Trinidad. The Houston operator expects to recognize an after-tax gain of about $290 million. Including the latest transaction, ConocoPhillips said it has received around $14.1 billion by selling nonstrategic assets as part of its 2012-13 disposition program, which originally was to pare about $8.5 billion (seeDaily GPI,May 17). Between January and June, ConocoPhillips received $3.8 billion in proceeds from completed sales, with the remainder expected by the end of the year.

El Paso’s Southern Natural pipeline, which serves the southeastern United States, is increasing access to liquefied natural gas (LNG) arriving from Trinidad at El Paso’s Elba Island import terminal near Savannah, GA, this winter to make up for at least part of the natural gas production that has been lost since the twin hurricanes battered the Gulf Coast.

Citing unfavorable market conditions, BP plc reported decreased earnings in the second quarter relative to the second quarter of 2001. Nevertheless, the company added that “performance and growth [is] firmly on track,” and increased the company’s quarterly common stock dividend to $6 from $5.50 at this time last year.