Novatek was founded by H. Tracy Hall, the first scientist to use a repeatable process to convert carbon into synthetic diamonds. His company uses the diamonds for various drilling equipment.
W&T's interest in the Permian’s Yellow Rose Field produces about 3,000 boe/d, but the company has stopped drilling until commodity prices improve.
The Tulsa, Okla.-based company is working to quickly reduce debt just two weeks after closing its $2.75 billion acquisition of privately held RKI Exploration & Production LLC.
The private equity firm says the industry may experience a shift amid the downturn, with acquisition and exploitation models getting dollars while the supply of natural gas divestitures increases as operators hold on to oil assets in hopes of a recovery.
The transaction will expand Schlumberger’s revenue base by more than 20%, Paal Kibsgaard, the company’s CEO and chairman, said in a press call. Schlumberger expects cost synergies of $900 million over two years.
Cobalt International made huge discoveries in a seven-year period offshore Angola but cedes interest after a federal investigation, low oil prices and uncertainty for all oil producers.