Freeport to Sell California Energy Assets for Up to $742 mln
Freeport-McMoRan Inc said on Friday it will sell onshore California oil and gas assets to Sentinel Peak Resources California for up to $742 million, part of the world's biggest listed copper miner's push to trim its multi-billion dollar debt. Hard hit in recent years by a downturn in commodity prices, Phoenix-based Freeport is under pressure from activist investor Carl Icahn, its third-largest shareholder, to reduce net debt of $18.8 billion and boost valuation. Under the transaction with private energy company Sentinel Peak, Freeport said it will receive…
US Imports Rare Bolivian Condensate Cargo
The United States imported a 272,000-barrel cargo of Bolivian condensate bought by trading firm Trafigura last week after more favorable crude spreads prompted larger purchases of foreign oil last month, according to traders and ThomsonReuters data. Refining and trading companies in the United States turned to crude and condensate imports in February to find cheap oil after the arbitrage opened as a result of an inversion in the spread between benchmark U.S. crude oil prices and Brent. Purchases of African crudes increased to 11.66 million barrels in February, the highest volume since October including Nigerian condensate, according to the same data.
DSA Strengthens HSE Team
Drilling Services of America (DSA), the complete thru-tubing specialist, has added Dwayne Doucet as health, safety and environmental (HSE) director and Todd Whitley as senior technical advisor. Doucet will be responsible for the continuous development and implementation of HSE policies and procedures. He will oversee the company’s safety program and maintain a high level of awareness, knowledge and preparedness while creating a culture that priorities safety. Doucet has 11 years of experience as a corporate HSE manager within the oil and gas industry. He graduated from Louisiana Technical College and currently serves as the president elect of the South Louisiana S.T.E.P.S.
Arctic Oil Exploration: Shell Awaits New Giant Icebreaker
The M/V Aiviq icebreaker, contracted by Shell Oil to support drilling in Alaska’s Chukchi Sea, is scheduled to be completed by Louisiana-based Edison Chouest Offshore in early 2012. The vessel, ordered in July 2009, is on track for April 1, 2012, delivery in Galliano, La., and will then head north, according to Shell Oil spokesman Curtis Smith. The $200m Aiviq is the largest vessel ever built by Chouest, and will be among the most advanced and powerful, non-military icebreakers on the waters. Lonnie Thibodeaux, Chouest spokesman, said the vessel's hull was scheduled to leave the company's North American Shipbuilding yard in Larose, La. on Dec.
