Deals this week: Total, Energean, Honeywell

Total has signed a $1.6bn agreement with Inpex to divest its 4% stake in the Ichthys liquefied natural gas (LNG) project.

Inpex will hold a 66.24% stake in the project, while Total will hold 26%, following the transaction. CPC, Tokyo Gas, Osaka Gas, Kansai Electric, JERA, and Toho Gas are the other shareholders in the project.

The divestment is a result of cost overruns and delays in the construction of the project, which is designed to produce up to 8.9 million tonnes per annum (Mtpa) of LNG, in addition to LPG and condensate.

Total is a France-based oil and gas company, while Inpex is a Japanese exploration and production firm.

Energean Oil and Gas has signed a memorandum of understanding (MoU) for transferring its nearshore and onshore assets in Israel to Israel Natural Gas Lines (INGL) for $98m.

INGL will supply gas from the floating production storage and offloading (FPSO) unit of Karish and Tanin offshore fields, owned by Energean, to the Israeli national gas transmission grid, under the terms of the MoU.

The transaction will help INGL to secure feed gas supply  to the national gas transmission grid of Israel.

Energean Oil and Gas is a UK-based oil and gas exploration and production company, while Israel Natural Gas Lines is a state-owned gas transmission infrastructure company of Israel.

Cognet Midstream has contracted Honeywell UOP Russell, a subsidiary of Honeywell, to design and supply a gas modular processing plant with a capacity of 200 million cubic feet a day.

Honeywell will provide a UOP Russel modular cryogenic plant installed with refrigeration and dehydration units to produce natural gas liquids from natural gas sourced from Permian Basin in Texas, US, under the contract.

The new modular plant will enable Cognet to increase the production of valuable natural gas liquids.

Both based in the US, Cognet Midstream is a midstream service provider, while Honeywell is a conglomerate company.

Weatherford International has signed an agreement with Excellence Logging to divest its surface data logging equipment, technology, and associated contracts worth $50m.

The transaction is anticipated to be completed in the first quarter of 2019.

The divestment is part of Weatherford International’s plans to exit the surface data logging business in order to repay its debts.

Weatherford International is an oil and gas service provider, while Excellence Logging is a surface data logging company.

Both parties are based in the US.

Source: HYDROCARBONS-TECHNOLOGY