National Refinery Ltd., Karachi, has signed an agreement with Marubeni Corp. of Japan to export 130,000-150,000 tons of naphtha worth $30 million.
UK geoscience and engineering companies Troy Petroleum Management Services Ltd. and Ikoda Ltd. announced Monday they had merged to form the Troy-Ikoda Group consultancy. The combined company will offer services spanning exploration, reservoir characterization, simulation, field development planning, drilling management, and oilfield operations.
Scottish process, design, and manufacturing company Merpro Ltd. Monday said it has completed a contract with Shell UK Exploration and Production PLC for the delivery of a high pressure wellhead desanding package. The desanding package, for use in the Brent area of the North Sea, is designed for use prior to the choke manifold. The package, which can operate at temperatures as low as -50� C up to 120� C and withstand pressures up to 4,000 psi, will be used on high pressure wells to remove highly-erosive sand from oil and gas wellfluids.
RWE Trading GMBH, Essen, Germany, has acquired Rhein Oel Ltd., London, for $14.14 million. RWE acquired the interests from previous shareholders RWE-DEA Aktiengesellschaft f�r Mineraloel und Chemie (more than 99%) and DEA Mineraloel AG (less than 1%). Rhein Oel procures oil from different sources for DEA's refinery system and markets crude from RWE-DEA's international production as well as from theird parties. RWE said the transfer is a logical step in the organizational realignment of the RWE Group.
PanAfrican Energy Corp., St. Helier, Jersey, Channel Islands, said the AIG African Infrastructure Fund LLC and RMB Resources Ltd. will fund its operations and expansion in sub-Saharan Africa through a new subsidiary, PAE Mauritius Ltd. PanAfrican will contribute all its African assets and certain other assets in exchange for a 61.82% interest and certain preferences on distributions. The fund and RMB will contribute $30.7 million and receive a 38.18% interest in the joint venture and certain preferences on distributions. Closing is expected by Jan. 31.
EOG Resources Inc., Houston, has acquired Somerset Oil & Gas Co., Indiana, Pa., from equity partners Morgan Stanley Capital Partners and Somerset Capital Partners. Terms were not released.
BP has paid Alaska an additional $34 million in royalties on North Slope oil and gas produced through 1999. The payment concludes several audits of BP's royalty obligations, and represents 2.6% of total royalties paid by BP for the period 1993-1999. BP also paid Alaska $1.2 million to resolve outstanding royalty issues between the state and ARCO, which BP acquired in 1999.
Swift Energy Co. said it converted into common stock of $100 million of its $115 million issue of 6 1/4% convertible subordinated notes due 2006.
Sunoco Inc. completed the purchase of Aristech Chemical Corp. from Mitsubishi Corp. Jan. 1. The US Federal Trade Commission did not object to the deal (OGJ Online, Dec. 20, 2000). The price was $695 million, including $115 million in working capital.
Newpark Resources Inc. said it completed the private placement of an additional $30 million of a newly designated class of preferred stock. Fletcher International Ltd., an affiliate of Fletcher Asset Management Inc., purchased the securities.
MarkWest Hydrocarbon Inc. completed the acquisition of Carbon Energy Corp.'s interests in 40 natural gas wells in Kutz field, San Juan County, NM (OGJ Online, Nov. 21, 2000). The purchase price was $7.5 million, and the effective date of the sale was Sept. 1.