NNPC said it had a tripartite agreement with local Nigerian energy firm and international oil services company Schlumberger to develop the Anyala and Madu fields.
Like in a marriage, partners in an energy JV must plan ahead, communicate and develop trust.
Schlumberger formed a JV with HEAL Systems, formerly Production Plus Energy Services, to develop the company's production optimization technology and business in the U.S. and Canada.
The deal provides capital for EP to drill the Altamont Field and secures an oil supply for Tesoro’s refinery in Salt Lake City.
The JV has fully sanctioned the construction of the 200 MMcf/d plant near Orla, Texas, and related infrastructure required to connect the Willow Lake system to the plant and multiple third-party pipelines.
The $400 million JV, a drop in the capex bucket for EOG, will last four years but could draw out value over the long term.
In addition, Tom Schaefer and Andy Taurins have joined Seaport as managing directors to co-head the firm's A&D investment banking team.
Occidental Petroleum is a stalking horse bidder for Vanguard's Glasscock County, Texas, acreage, which it agreed to buy for $78 million.
Ares’s newly formed Development Capital Resources made $450 million in JV commitments, including one with an operator in the Stack/ Scoop.
Total E&P USA Oil Shale LLC will exit an oil shale project in eastern Utah after reaching an agreement with development partner Red Leaf Resources Inc., the companies said March 31.