Amec Foster Wheeler PLC's proposal to sell almost all of its upstream offshore oil and gas servicing assets may be adequate for regulatory approval of its merger with John Wood Group PLC, the U.K.’s Competition and Markets Authority said.
British oil and gas services company Amec Foster, which is being bought by Wood Group for £ 2.2 billion (US$ 2.8 billion), said earlier in August it was preparing its North Sea operations for sale, in response to the competition watchdog's concerns.
The market regulator said on Aug. 15 the divestiture, or a modified version of it, might be acceptable and that it would open a public consultation in due time.
Wood Group said the companies are not required to complete the sale of the assets before completing the merger.
As a result, the company sees no change in the expected date of completion and continues to expect the deal to close in the fourth quarter of 2017, Wood Group said.
Recommended Reading
Less Heisenberg Uncertainty with Appraisal Wells
2024-03-21 - Equinor proves Heisenberg in the North Sea holds 25 MMboe to 56 MMboe, and studies are underway for a potential fast-track tieback development.
TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound
2024-03-13 - TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
Gibson, SOGDC to Develop Oil, Gas Facilities at Industrial Park in Malaysia
2024-02-14 - Sabah Oil & Gas Development Corp. says its collaboration with Gibson Shipbrokers will unlock energy availability for domestic and international markets.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.