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If sources were to be believed, Royal Dutch Shell is planning to farm out some more assets to balance out the BG Group acquisition in 2016. Shell is looking to get rid of its interests in the Caesar Tonga oilfield in the Gulf of Mexico and sell it to Focus Oil. Shell owns 22.5% interest in the field, where Anadarko Petroleum Corp., Equinor ASA and Chevron Corp are the partners.
Verus Petroleum of UK has announced an acquisition of Cieco Exploration & Production (UK) Limited, a subsidiary of ITOCHU Corporation. Verus has signed a $400 million Sale & Purchase Agreement (SPA) for this procurement. This acquisition will add 11,000 boed to the daily production capacity of Verus, but will not involve the transfer of any personnel.
London’s major oil and gas company, HALO, has entered into an agreement with the conditional acquisition of Third Energy Offshore Ltd. The London major will acquire the complete share capital of Third Energy whose portfolio includes 45% interests in the Greater Pegasus Area. HALO will proceed with this procurement through its wholly owned subsidiary Hague and London Oil B.V. (HALO).
Calgary-based Canadian Natural Resources Ltd completed the acquisition of Laricina Energy Ltd., confirming acceptance from holders of 98.7% Laricina’s issued and outstanding shares. CNRL will pay C$46.35 million for the shares by Sept. 18. Laricina holds two steam-run gravity drainage projects in the West Athabasca region of Alberta, Germain and Saleski. Both the projects put off operations right in the early development stages in 2015.
Zennor Petroleum Limited entered into a Sale and Purchase Agreement (SPA) with Mitsui E&P UK Limited (MEPUK) to acquire stakes in United Kingdom Continental Shelf (UKCS) licenses. Zennor North Sea Limited is representing Zennor in the deal. The acquisition is calculated for Zennor considering its ownership of the nearby Finlaggan field. Zenner’s net production is supposed to double to circa 5,000 boed, post-acquisition.
Aiming to improve the service capabilities and to keep up with the growing oil and gas market of North America, Henderson acquired HP Piping Solutions. It has taken over all the ongoing operations and all the assets of HP. HP piping Solutions has equipment for almost all the sectors of the industry, including high-pressure mud piping, mud gas separators, relief loops, and other drilling products.
At an enterprise valuation of $2 billion, investment firm Brookfield is all set to acquire the East West Pipeline Ltd (EWPL), currently running at a loss. Post-acquisition, Brookfield will own the 1,400 km common carrier pipeline from Kakinada in Andhra Pradesh to Bharuch in Gujarat. Brookfield is supporting India Infrastructure Trust, an infrastructure investment trust (InvIT) as the acquisition vehicle.
Honeywell UOP acquired specialized technologies developer, Ortloff Engineers, Ltd in an undisclosed amount. Ortloff will be assimilated in Honeywell UOP's Gas Processing and Hydrogen business. The entity will bring the industry's most advanced expertise in the recovery of high-value natural gas liquids (NGLs). Honeywell UOP and Ortloff share a strong and close association of 16 years.
The merger of PKN Orlen and Grupa Lotos, two largest refineries of Poland, is a matter of concern for BP. According to the London’s oil major, this merger can halt the market competition in the east European country. If the sources were to be believed, BP can choose from its options and can file a complaint with European or Polish authorities regarding this matter.
Transocean announced that it will acquire Cyprus’ drilling contractor, Ocean Rig in a £2.1 billion deal. It informed that the deal will be a “combination of cash on hand and fully committed financing provided by Citi”. After the completion of this procurement, shareholders of Transocean and Ocean rig will own 79% and 21% in the shared company. Currently, Ocean Rig owns 2 harsh environment semisubmersibles and 9 high-specification ultra-deepwater drillships.
UK-based Hurricane Energy sold 50% stake in the Lincoln and Warwick licences, west of Shetland, to Spirit Energy. The project would reportedly reveal initial reserves of half a billion barrels. To further explore the potential of an area holding an estimated 2 billion barrels of oil, Spirit will invest £139 million to drill three wells. Spirit will become the new GWA licence operator, post successful drilling during 2019 and 2020.
The merger of retail operations of Npower and SSE has been approved after the Competition and Markets Authority (CMA) of UK dismissed the fear of this deal affecting the standard variable tariffs (SVTs). SSE described it as a ‘milestone’ and was confident that the merger will be completed by the end of this fiscal year. The CEO of SSE also commented that they are pleased with the decision of CMA.
Silver Creek Midstream has agreed to buy midstream assets of Genesis Energy in Powder River Basin, for $300 million. Genesis made the decision, in light of the constant rise in oil deals in Wyoming. Silver Creek, post-completion of the deal, will gain ownership to a pipeline, associated crude oil gathering system and rail facility in the area. Genesis Energy is planning to utilise the deal money for paying its debts.
In an undisclosed amount, Shell acquired French supermajor, Total’s stake in the Hazira LNG terminal and Port in Gujarat. Total owned a 26% stake in the project, through its wholly-owned subsidiary, Total Gaz. The move is consistent with Shell’s strategy to hold a deeper presence in India’s gas value chain. Earlier, Shell Gas B.V and Total Gaz jointly owned Hazira LNG and Port. The deal is under regulatory considerations.
In order to buy oil and gas producing assets in the Bakken formation, US Energy has signed a MoU with a Texas partnership APEG I Partners. Under the MoU terms, US Energy will get interests of 67 wells of APEG in Williams and McKenzie counties. With the $17.8m transaction, the company plans to consolidate its leasehold position in the area by tapping potential opportunities for acreage swaps.
In a major acquisition move, Enbridge Inc will buy all the shares of Spectra Energy in USD 3.3 billion. The transaction is scheduled to be finalised by the 4Q2018. The deal will streamline Enbridge’s corporate structure, following the recent US tax changes. Yesterday, pipeline giant, Enbridge mentioned a “significant weakening of MLP capital markets” as undesirably affecting accelerative growth for the unit.
British oilfield services giant, Petrofac is farming out its 20% stake in the Greater Stella Area of the North Sea. Ithaca Energy would be acquiring Petrofac’s shares in a $292 million deal. Petrofac will utilise proceeds from the transaction towards reduction in debt, which would require a post-tax impairment charge of approximately $55m. Ithaca’s production, post-completion of the transaction, will increase by approximately 50% to 22,000 boed.
Santos Ltd will buy the privately held Quadrant Energy in a $2.15 billion deal. Santos will then have access to the biggest oil field in Australia in over two decades. Santos informed that in order to leave its dividend policy unaffected, it will fund the deal in cash. Also, after this deal, the annual production of Santos will rise by 32%.