A subsidiary of Russia’s state-owned Rosneft will acquire Trican Well Service LLC, a subsidiary of Calgary, Alberta-based Trican Well Service Ltd., a press release said Aug. 14. Through agreements, the Rosneft subsidiary will acquire a full shareholding.
Trican Well Service LLC provides pressure pumping for Russia’s conventional oil and natural gas industry.
The Rosneft subsidiary obtained approval from the Federal Antimonopoly Service of the Russian Federation. The transaction is scheduled to close Aug. 20.
When the agreements are implemented, Rosneft will be able to increase economic and production efficiencies in oil recovery, downhole operations and well cementing. Making the core business more efficient is part of the company’s long-term development program, the press release said.
Rosneft will also boost its oilfield service expertise, and maintain low operational costs, the press release added.
Recommended Reading
NextEra Energy Dials Up Solar as Power Demand Grows
2024-04-23 - NextEra’s renewable energy arm added about 2,765 megawatts to its backlog in first-quarter 2024, marking its second-best quarter for renewables — and the best for solar and storage origination.
Primergy Solar Secures $588MM for Texas Solar Project
2024-03-11 - Primergy will develop the Ash Creek Solar project in Hill County and signed a power purchase agreement with Microsoft.
Dominion Energy Grows Virginia Solar Energy Portfolio
2024-04-02 - Dominion Energy will own or acquire four Virginia solar projects, which have a total capacity of 329 megawatts, the company says.
Google Exec: More Collaboration Needed for Clean Power
2024-04-17 - Tech giant Google has partnered with its peers and several renewable energy companies, including startups, to ramp up the presence of renewables on the grid.
High Interest Rates a Headwind for the Energy Transition
2024-04-18 - Persistent high interest rates will make transitioning to a net zero global economy much harder and more costly, according to Wood Mackenzie Head of Economics Peter Martin.