Oilfield service specialists John Wood Group plc and Amec Foster Wheeler plc, each based in the UK but with substantial reach in North America, have agreed to merge in an all-stock deal valued at $2.7 billion.
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The global oil and gas industry, already expected to boost exploration spend during 2017, is poised to more than double final project approvals as optimism spreads across the energy sector.
After 14 months of intransigence, doing nothing will become less of an option for cash-strapped oil and natural gas operators, with some unusual dealmaking expected for mergers and asset sales.
Scotland-based John Wood Group plc has acquired privately-owned oil and gas construction firm Kelchner Inc. for an undisclosed sum, expanding its global footprint to the Appalachian Basin.
With its sights set on being a leading global energy market data analytics provider, Jersey City, NJ-based Verisk Analytics Inc. announced Tuesday it has agreed to acquire Wood Mackenzie from Hellman & Friedman and other Wood Mackenzie shareholders for about $2.8 billion in cash.
The latter half of 2014 saw a spate of final investment decisions (FID) on U.S. natural gas liquefaction and export projects. While the global oil price crash has helped to make liquefied natural gas (LNG) exports from the U.S. a less-profitable proposition, there still will be money to be made, a Wood Mackenzie analyst said.
The Marcellus Shale holds about $90 billion of remaining value, and the top 20 operators working in the play are expected to drill 25,000 wells there through 2035 at a cost of nearly $110 billion, according to research by the energy consulting firm Wood Mackenzie.
Nearly 1.4 trillion boe of reserves exist in conventional, undeveloped oil and natural gas fields around the world, including almost 1.1 trillion boe of technical reserves, those without firm development plans in place, according to Wood Mackenzie.
An uptick in Marcellus Shale development last year didn’t keep an independent auditor from certifying Pennsylvania’s state forests as sustainably managed.
In a paper released Thursday, researchers from Cornell University firmly stood by an earlier claim that shale gas has a larger greenhouse gas (GHG) footprint than conventional gas and oil or coal, and thus would be an unsuitable bridge fuel.