Page 11 - NorthAmOil Week 48

NorthAmOil
NEWS IN BRIEF
NorthAmOil
UPSTREAM
Sabine Oil & Gas Holdings
completes sale with Osaka
Gas USA Corporation
Sabine Oil & Gas Holdings is pleased to announce today that it has closed the sale of its subsidiary, Sabine Oil & Gas Corporation, to Osaka Gas USA Corporation, a subsidiary of Osaka Gas. As part of the sale, Osaka Gas USA will retain the current Sabine executive team and employees.
Sabine Holdings has completely divested of all its oil and gas assets since emerging from bankruptcy in August 2016. East
Texas production and reserves increased significantly primarily by proving up the Haynesville play in Texas with a combination of longer laterals and enhanced completions and proving up new Cotton Valley drilling inventory with longer laterals.
Doug Krenek, Sabine Holdings’ president and CEO commented: “I am very proud of what the management team and employees
of Sabine accomplished in a three-year
period given a very challenging market. We appreciate Osaka Gas USA recognising our exceptional talent and acquiring it along
with our assets. We look forward to helping Osaka Gas USA realise its plans to develop the Sabine assets and use our management team and employees to be a platform for growth
in the United States. I am also very thankful for having had the opportunity to work with
a very seasoned board consisting of Mark
Womble, Steve Farris, William Hahne and Mike Wichterich.”
Osaka Gas president Takehiro Honjo also commented: “I am delighted to welcome Sabine Corp with outstanding talent and expertise in US shale gas development to our family. While Osaka Gas has participated in the Freeport LNG liquefaction project and IPP projects in the United States, we intend to expand our US upstream business by enhancing our capabilities with Sabine Corp’s excellent operatorship. I very much look forward to working with the management team and employees of Sabine Corp led by Mr. Doug Krenek to achieve sustainable growth of our upstream business. Through our business activities, we aim to contribute to the US society as a corporate citizen that is highly involved in energy business.”
SABINE OIL & GAS HOLDINGS, December 02, 2019
DOWNSTREAM
Valent Low-Carbon Technologies announces CAD30mn investment with Kensington Capital Partners and CFFI Ventures
Valent Low-Carbon Technologies, a Canadian industrial technology development company focused on emerging renewable fuels and
refinery process innovations, is pleased to announce an investment of CAD30mn from investors including the Kensington Private Equity Fund and CFFI Ventures.
In 2019, Valent was co-founded by Tim Haig and Karlis Vasarais to deliver a new hybrid business model of active hands-on development with financial co-investment to enable efficient scaling of capital- intense technological innovations in oil
& gas. The innovative approach stemmed from their decade-long exposure to cleantech commercialisation. Together, this management team has raised and overseen capital investments of CAD250mn across six Canadian clean technology companies, growing four companies from lab scale to commercial revenues and leading the other two to successful exits.
“Delivering low-carbon solutions to oil
& gas requires a different mindset and a custom approach. We roll up our sleeves with our stakeholders and the inventors, provide access to relevant field deployment sites,
and bring co-investment and off-take from strategic customers. It is this coalition cocktail that creates a springboard for accelerated commercial-scale technology deployment and near-term revenue potential.” - Tim Haig, Valent’s chief executive officer.
“The Valent team’s successes and breadth of experience in capital-intense innovations are first-class. They have created a model that is poised to overcome the challenges in low- carbon technology commercialization.” – Stan Spavold, president of CFFI Ventures.
“Now more than ever, Canada needs innovative approaches and leading-edge technologies that balance Canada’s need
for responsible resource extraction and utilisation while also meeting Canada’s emissions reduction targets. We are excited to be a pioneering investor in Valent.” – Tom Kennedy, chairman and managing director, Kensington Capital Partners.
VALENT LOW-CARBON TECHNOLOGIES, November 28, 2019
SERVICES
TGS commences onshore seismic acquisition for additional Montney Basin 3D project in Canada
TGS announced today the commencement of its 2020 South Halfway 3D onshore seismic survey, amplifying its core position in the
Week 48 04•December•2019
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