Mercuria Teams Up with Envysion for Project Investment
Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal…
Japan's Inpex Reduces 2020 Profit Guidance by 93%
Inpex Corp, Japan's top oil and gas company, on Tuesday cut its annual net profit forecast by 93% after first-quarter earnings slumped due to an oil price collapse and as the coronavirus pandemic choked off international…
Pemex Requests $8bn Loan Amid Heavy Uncertainty
Petróleos Mexicanos’ (Pemex) US$8 billion bank loan comes amid heavy investor uncertainty over the oil company’s debt load, but lenders wanting to maintain links with Pemex and the left-wing administration overseeing…
Seadrill Eyes Brighter Rig Market
Seadrill's core earnings for the fourth quarter exceeded the company's own guidance, boosted by lower costs and one-off items, while the market outlook for drilling rigs was improving, the Oslo and New York-listed firm said on Tuesday.The company…
US Energy Investors Eye Cheap Takeovers as Oil Prices Sink
Sinking oil prices are turning distressed US energy companies into takeover targets for opportunistic private investors who are prepared to offer expensive debt in return for ownership stakes, as the sector struggles…
Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm
Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1…
Petrobras Prepays $975 Mln Worth of Bank Debt
Brazilian Petróleo Brasileiro SA has settled three bank loans worth a total of $975 million that were due 2022, the state-controlled oil company said in a securities filing on Monday.Petrobras, as the company is known, paid $325 million to Bank of America Corp, $150 mil
Africa's Richest Man Arranges $4.5 Bln of Financing for Oil Refinery
Africa's richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.Dangote, who built his fortune in cement…
Seadrill Exits Chapter 11
Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September. The company, once the world's largest offshore driller by the market capitalisation…
US Court Approves Seadrill's Bankruptcy Exit Plan
A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S.
Seadrill, Creditors Reach Joint Restructuring Deal
Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value…
Mitsui OSK Targets 26% Stake in Swan's Indian LNG Unit
Japan's leading shipper Mitsui OSK Lines aims to buy at least a 26 percent stake in a floating storage regassification unit (FSRU) in India, a company official said, to boost its exposure in the west coast project of Swan Energy.
Double Eagle Energy Preps for IPO
Double Eagle Energy Permian LLC is a unicorn roaming the barren landscape of West Texas. Founded by a retired NFL player and his high school buddy - with land deals signed on the hood of a pickup - the Fort Worth oil and gas company is now worth nearly $3 billion…
Ecoslops H1 Activity Backs Business Plan and Technology
Ecoslops today announced its results for the first half of the year to June 30, 2016, as approved by the Board at its meeting of September 21, 2016. Vincent Favier, CEO of ECOSLOPS, says: “This first full half-year of…
Junk Energy Firms Still Have Market Access
Some energy companies still have access to the US high-yield market despite concerns that the dip in oil prices to around US$40 a barrel could create more stress in the troubled sector. Bankers who have been talking regularly…
Trafigura Mulls Minority Stake in Essar Oil
Commodities trader Trafigura Group Pte is in talks to buy a minority stake in Essar Oil Ltd, which runs India's second biggest private sector refinery, in a deal that could be valued at around $6.5 billion, Bloomberg reported.
Yen Drops on Rate Cut Talk; Oil Climbs
The U.S. dollar rose to a three week high against the yen on Friday, on a report of likely further monetary policy easing from the Bank of Japan, while a rise in crude oil prices was offset by poor technology sector earnings, leaving Wall Street stocks steady.
Private Equity Emerges as Last Resort Energy Lender
U.S. energy companies facing a likely cut in their bank loans are seeking a costly alternative - borrowing from private equity firms at hefty interest rates to stay alive for longer. In a sign of the times, U.S. oil and…
Saipem Faces Solo Slog in Low Oil Price World
Shares plunge to near 20-year lows after issue results. A plunge in oil prices and little sign of recovery anytime soon have left Italian oil contractor Saipem ill-prepared to cope with life independent from former parent Eni…
Struggling U.S. Producers get Credit Lifeline
An autumn credit crunch was expected to hit many independent U.S. oil producers, starving the industry of billions of dollars and further denting company budgets and drilling plans. But banks that adjust their loans to…
