fetching latest news

News tagged in:  

Mergers and Acquisitions NEWS

Medco Energi concludes $517.34m acquisition of Ophir Energy
today

Medco Energi concludes $517.34m acquisition of Ophir Energy

Indonesian oil major, Medco Energi has concluded the $517.34m acquisition of Ophir Energy. The UK-based exploration and production firm nodded to the proposed acquisition by Medco Energi in January, 2019. The estimated increase in Medco’s 2019 pro forma production will range around 29% to 110,000 boed. The $517.34 million all-cash acquisition was funded through a blend of existing cash resources and credit received under an agreement from Standard Chartered Bank.

HPCL seeks 8k crore rupees in loan to fund expansion
yesterday

HPCL seeks 8k crore rupees in loan to fund expansion

Refinery major, HPCL is looking to borrow ₹8k crore to carry out its expansion plans. HPCL Chairman, MK Surana said that the proposed plan of raising Rs 12,000 crore in debt has been approved by shareholders. While HPCL is yet to decide upon the time or size of borrowings, it is clear that the fundraising does not involve borrowing plans of subsidiaries.

Talon Petroleum concludes the acquisition of EnCounter Oil
May 18, 2019

Talon Petroleum concludes the acquisition of EnCounter Oil

Australian exploration firm, Talon Petroleum has concluded the acquisition of EnCounter Oil. The strategic acquisition of EnCounter gives Talon a 100% stake in the highly prospective UK North Sea exploration licenses. Talon Petroleum entered into an all-stock transaction in January to purchase 100% of the shares in EnCounter Oil. Talon is looking forward to rapidly expand its UK North Sea exploration portfolio.

Aqualis acquires Braemer Technical
May 14, 2019
Source: World Oil

Aqualis acquires Braemer Technical

Aqualis ASA has inked an agreement for the acquisition of offshore, adjusting and marine business lines from Braemar Shipping Services Plc. The merged entity, to be branded as AqualisBraemar ASA, will serve as a leading offshore, adjusting, marine and renewables consultancy, delivering broadened services. AqualisBraemar will operate through four divisions, catering to markets of Offshore, Marine, Adjusting and Renewables.

Chevron draws back from Anadarko takeover battle
May 10, 2019
Source: Reuters

Chevron draws back from Anadarko takeover battle

In a major turn of events, supermajor Chevron pulled back from the takeover battle for Anadarko, yesterday. Occidental, which received $10 billion in financial assistance from Berkshire Hathaway, has emerged victorious in one of the largest takeover contests in the oil and gas industry. Chevron received a $1 billion breakup fee from Occidental Petroleum, to be utilized in a $5 billion share repurchase program.

Kosmos Energy to divest stakes in Mauritania-Senegal basin
May 7, 2019
Source: Reuters

Kosmos Energy to divest stakes in Mauritania-Senegal basin

Texas-based Kosmos Energy has initiated a formal process to farm out its interest in the Mauritania-Senegal basin to around 10%. The firm is expecting bids by the end of the summer. Kosmos registered $296.8 million in revenue for 1Q2019, which is more than double, climbing on higher production in Ghana. The energy firm produced 5.1 million barrels of oil equivalent in the first quarter.

Total drops new bomb in Chevron-Anadarko-Occidental battle
May 6, 2019
Source: CNBC

Total drops new bomb in Chevron-Anadarko-Occidental battle

Supermajor, Total yesterday inked an $8.8 billion asset purchase deal with Occidental, and dropped a new bombshell in the ongoing Chevron-Anadarko-Occidental battle. If Occidental wins the bid, then the binding agreement will require the firm to sell Anadarko Petroleum’s oil and gas assets in Africa. Post divestment, Occidental will gain ownership to the Western Midstream Partners and Anadarko’s acreages in U.S. shale basins, the Gulf of Mexico and South America.

Chevron concludes acquisition of Petrobras’ Pasadena refinery
May 2, 2019
Source: Reuters

Chevron concludes acquisition of Petrobras’ Pasadena refinery

In a statement released yesterday, supermajor Chevron informed about concluding the purchase of 112,229-barrel-per-day Pasadena refinery from Petrobras in $350 million. Additionally, Chevron has also acquired Petrobras’ subsidiary, PRSI which operates the refinery and owns PRSI Trading, a trader of crude and refined products. Chevron and Petrobras agreed in January for the sale, but the transfer of the refinery ownership was kept on hold last month.

Warren Buffet throws in $10 billion to help Occidental acquire Anadarko
May 1, 2019
Source: Reuters

Warren Buffet throws in $10 billion to help Occidental acquire Anadarko

In an interesting turn of events on Tuesday, Warren Buffett-owned Berkshire Hathaway backed Occidental’s $38 billion-bid for Anadarko. Berkshire commitment of $10 billion aid will greatly boost Occidental’s chances of securing a win in one of the biggest oil-industry takeover battles. However, the help comes at the cost of 100,000 preferred shares and a warrant to buy upto 80 million shares of Occidental at $62.50 apiece in a private offering.

Ashtead Tech acquires Aqua-Tech Solutions
April 25, 2019
Source: World Oil

Ashtead Tech acquires Aqua-Tech Solutions

Leading provider of technically advanced subsea solutions, tools and systems, Ashtead Technology has announced the acquisition of Aqua-Tech Solutions. Louisiana-based Aqua-Tech provides subsea equipment rental and cutting services. The acquisition is in line with Ashtead’s growth plans in the U.S. With the acquisition, Ashtead Technology has significantly strengthened its ROV and mechanical tooling portfolio.

Occidental throws in $38 billion for Anadarko
April 25, 2019
Source: Reuters

Occidental throws in $38 billion for Anadarko

In a rather surprising move, Occidental Petroleum placed a new bid for the acquisition of Anadarko Petroleum on Wednesday. The new bid tops the $33 billion acquisition bid offered by supermajor, Chevron. If successful, the acquisition will add approximately quarter million acres to Occidental’s acreage in the Permian shale, all the while boosting its global production to 1.4 million barrels of oil and gas per day.

Saudi Aramco to acquire Shell’s stake in joint venture
April 22, 2019
Source: Arab News

Saudi Aramco to acquire Shell’s stake in joint venture

In a statement released yesterday, oil giant Saudi Aramco informed that it will buy out Shell’s stake in refining joint venture SASREF for approximately $631 million. The Saudi Aramco Shell Refinery Co. (SASREF) facility holds a processing capacity of 305,000 barrels of crude oil per day. While the acquisition is in part of Aramco’s downstream expansion strategy, it falls in line with Shell’s renewed focus on lower carbon businesses.

Despite Govt order, ONGC not recognised as promoter by HPCL
April 22, 2019

Despite Govt order, ONGC not recognised as promoter by HPCL

HPCL’s stance on the promoter classification has remained resolute one year after its Rs. 37000 crore-acquisition by ONGC. In a recent regulatory filing, HPCL continued recognizing the Government as its promoter and ONGC as a public shareholder. HPCL’s shareholding pattern hasn’t changed despite a government directive asking it to acknowledge ONGC as the promoter. In response to an inquiry, HPCL has said that it is awaiting certain clarifications from authorities.

Twelve Seas to acquire Brooge Petroleum in $1 billion
April 16, 2019
Source: World Oil

Twelve Seas to acquire Brooge Petroleum in $1 billion

The London-based investment firm, Twelve Seas Investment Co. has entered into a $1 billion agreement to acquire UAE-based oil storage and services business, Brooge Petroleum & Gas Investment Co. (BGPIC). The acquisition is expected to conclude by the end of the second quarter or early in the third quarter. BGPIC will still be led by its current management team with headquarters in Fujairah.

World’s largest offshore drilling company comes into existence
April 12, 2019
Source: Energy Voice

World’s largest offshore drilling company comes into existence

The merger between UK-based Ensco with rival firm, Rowan has been concluded, creating EnscoRowan, the world’s largest offshore drilling firm by fleet size. EnscoRowan owns a total of 54 jackup rigs, 16 drillships, 12 semi-submersibles and two deepwater managed units. The two companies reached an agreement in October 2018 to merge together. While shareholders of Ensco will hold 55% of the new firm, Rowan shareholders will get 45% of EnscoRowan.

Centurion acquires Tango Delta
April 11, 2019
Source: World Oil

Centurion acquires Tango Delta

In a major acquisition move, US-based Centurion Group has acquired Canadian communications and specialty equipment rentals business, Tango Delta. With this acquisition, Centurion Group, which provides critical rental, infrastructure and support services, has now expanded to drilling, completions and production (DCP) segment. Tango Delta operates within the Western Canadian Sedimentary Basin and delivers an extensive range of remote communication offerings.

Carlyle Group acquires $12-billion worth of stakes in Cepsa
April 9, 2019
Source: World Oil

Carlyle Group acquires $12-billion worth of stakes in Cepsa

Investment firm, the Carlyle Group has announced the acquisition of a substantial minority interest in Spanish firm, Compañía Española de Petróleos, S.A.U (Cepsa) from Abu Dhabi-based Mubadala Investment Company. The transaction which is slated to conclude by 2019-end will make Carlyle a shareholder in Europe’s largest privately-owned integrated oil & gas firm. The agreement is in line with Mubadala’s strategy to draw in new partners.

MaxGrip to farm out software assets to Aveva
April 6, 2019
Source: World Oil

MaxGrip to farm out software assets to Aveva

In a major acquisition deal, AVEVA has added the software assets of MaxGrip to its Asset Performance Management (APM) portfolio. The British multinational software firm asset life cycle solutions through its unique offering, Asset Performance Management (APM). The inclusion of MaxGrip’s software and extensive asset library with AVEVA will enable customers to realise high levels of reliability, availability, safety and efficiency in the operations.

Please Login to Save News for Later