ProPetro has completed the acquisition of pressure pumping assets worth $400m from Pioneer Natural Resources.
ProPetro paid $110m of cash and 16.6 million shares of common stock to Pioneer, as part of the transaction.
The acquisition added eight frac fleets with 510,00hhp, three coiled tubing units and a 111-acre maintenance facility to ProPetro’s portfolio.
The transaction also enabled Pioneer to acquire a 17% ownership interest in ProPetro.
The acquisition will strengthen ProPetro’s position in the North American market.
ProPetro and Pioneer are both US-based hydrocarbon exploration and production companies.
Penspen has secured a front-end engineering and design (FEED) contract for the first phase of the 5,700km-long Nigeria-Morocco pipeline from Office National des Hydrocarbures et des Mines (ONHYM) and the Nigerian National Petroleum Corporation (NNPC).
The contract includes a detailed analysis of the feasibility of the pipeline, along with gas demand and supply evaluation.
The FEED contract will help ONHYM and NNPC to execute the second phase of the FEED, which will further lead to the final investment decision (FID) for the pipeline project.
Penspen is a UK-based oil and gas engineering and management services provider, while ONHYM is a Moroccan national hydrocarbon exploration company and NNPC is a Nigerian state-owned oil company.
Discovery Midstream has received $1bn in equity from Stonepeak Infrastructure Partners.
The proceeds will be used towards the development of various midstream assets and strengthen its position in the hydrocarbons market.
The respective management counsels for Discovery and Stonepeak were Kirkland & Ellis and Hunton Andrews Kurth.
Both based in the US, Discovery Midstream is a midstream services provider, while Stonepeak Infrastructure Partners is an investment firm.
Bibby Financial Services (BFS) has provided an asset-based lending facility worth $10m to an undisclosed oil and gas company.
The oil and gas company is a manufacturer and distributor of hydraulic fracturing and other related equipment.
The funds will enable the company to explore growth opportunities and repay its outstanding debt.
A subsidiary of Bibby Line, Bibby Financial Services is a UK-based financial services provider.