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CAPITAL PROJECTS & CONTRACTSOVERVIEW more news at www.heavyliftpfi.com Energy majors open chequebooks


Chevron’s multi-billion dollar deal for Anadarko hit a stumbling block with Occidendal Petroleum back in the fray. Meanwhile, Qatar Petroleum has been awarding a wide range of contracts, writes David Kershaw.


A


s this issue went to press, Anadarko Petroleum indicated that it may


leave potential suitor Chevron at the altar, with plans to resume negotiations with Occidental Petroleum, which had previously made a hostile takeover offer for the oil driller, announced on April 24, 2019. This followed the earlier


disclosure on April 11, 2019 that Anadarko had entered into a definitive merger agreement with Chevron Corporation. Anadarko said it is resuming


its earlier negotiations with Occidental because Anadarko's board of directors, following consultation with its financial and legal advisors, has unanimously determined that the Occidental Proposal could reasonably be expected to result in a "Superior Proposal" as defined in the Chevron Merger Agreement. It added that the Occidental


Proposal reflects significant improvement with respect to indicative value, terms and conditions, and closing certainty as compared to any previous proposal Occidental made to Anadarko. Under the Occidental


Proposal, Occidental would acquire Anadarko in a transaction with consideration comprised of USD38.00 in cash and 0.6094 of a share of


www.heavyliftpfi.com


Occidental common stock per share of Anadarko common


stock. Under the Chevron Merger


Agreement, Chevron would acquire Anadarko in a transaction with consideration comprised of USD16.25 in cash and 0.3869 of a share of Chevron common stock per share of Anadarko common stock. The bidding war for


Anadarko reflects an intense desire by oil companies large and small to acquire the USA’s best shale assets. Specifically, oil companies are racing to drill oil in the Permian Basin, the West Texas shale oilfield that has made the USA the world's leading producer. In a statement, Chevron


expressed confidence its deal will prevail. "We believe our signed agreement with Anadarko provides the best


While some see natural gas as a transition fuel, we believe it is a


destination fuel. – Saad Sherida Al-Kaabi, Qatar Petroleum


value and the most certainty to Anadarko's shareholders.”


Qatari expansion Meanwhile, Qatar Petroleum has awarded a number of contracts related to its Qatar LNG expansion projects. Saad Sherida Al-Kaabi,


Qatar’s minister of state for energy affairs and president/ceo of Qatar Petroleum, said during March that a contract for the fabrication and installation of the offshore jackets was awarded to McDermott. A joint venture between Consolidated Contractors Company (CCC) and Teyseer Trading and Contracting was picked for early stage site works ahead of the construction of four 8 million tonnes per year LNG trains in Ras Laffan Industrial City. Al-Kaabi added that the


company is the tendering phase for eight rigs that will be used for drilling. The FEED for the onshore facilities with Chiyoda is nearly completed. The main invitations to


tender for the engineering, procurement and construction of the onshore facilities were tendered at the end of April. Shipyards were also invited


to participate in a tender for the provision of LNG tankers during April. Qatar Petroleum has been


busy expanding its capacity worldwide and the company aims to enhance its LNG production capacity from 77million to 110 million tonnes per year by 2024. This includes adding 16 million tonnes per annum of capacity at the Golden Pass LNG export project in the USA, in partnership with ExxonMobil. This project is under construction and should be operational by 2024.


Rising gas demand Al-Kaabi expects demand for gas to continue rising amid growing environmental and climate change concerns, and widespread global moves towards cleaner and more cost-effective fuels. “While some see natural gas


as a transition fuel, we believe it is a destination fuel. It is the cleanest of all fossil fuels. It is reliable, affordable, and the fuel of the future,” he stated. China and India were singled


out as the main drivers behind the growth of LNG demand. HLPFI


May/June 2019 59


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