There are those who never let politics get in the way of a good business deal. So while the situation in the Crimea continues to be raising political temperatures on both sides of the Atlantic, BAKER HUGHES inked a deal with Russian pipe supplier TMK to develop well completion equipment.
Similarly GAZPROM, following a meeting with French diplomatic officials, said that the Nord Stream and South Stream gas pipelines are ‘strengthening ties’ between Russia and customers in Europe. Is that ties or an energy stranglehold?
For the record, French companies GdF Suez and EdF are shareholders in Nord Stream (9%) and South Stream (15%), respectively.
From the North Sea (NT): Norway’s INVESTMENT BOOM continues unabated. Last year, according to Statistics Norway, the spend totalled NOK209.1bn ($35.4bn), a 21% increase on 2012. This year a further 7% rise is forecast, to NOK223.7bn.
Investments in field development are expected to surge 27% to NOK80.4bn, while opex falls 6% to NOK98.4bn. Exploration spending is expected to record a modest increase to NK34.4bn.
The forecasts are based on oil company data collected in February, but might be questioned in the light of spending cuts announced by several companies, including Statoil. These are already having consequences among suppliers, with jobs cuts reported at Aibel (230), FMC (130) and Weatherford (100).
Norway’s ever acquisitive equity capital player HiTec Vision has made another deal. It has bought three offshore subsidiaries from Scana Industrier - SCANA OFFSHORE SERVICES, TECHNOLOGY and VESTBY in a deal valued at $135mn.
Umbilical tube and pipe specialist SANDVIK has opened an office in Aberdeen...Ramco Tubular Services has acquired PIPETECH INTERNATIONAL of Norway to give it a bigger slice of the North Sea tubulars market... GE OIL & GAS has opened a new manufacturing facility in Fót in Hungary.
Jonathan White has been appointed business development director at Apollo Engineering having most recently been with EPC Offshore...Phillip Oldham, former managing director of Nexen UK, joins Iona Energy in an advisory following the departure of COO Alan Curran who is joining another small North Sea player.
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