Eni, Vaar Agree to Buy Neptune Energy in $4.9 Billion Deal
Italy's Eni ENI.MI and its Norwegian unit Vaar have agreed to buy private-equity backed Neptune Energy in a deal valuing the assets of the gas and oil producer at $4.9 billion including debt, the two groups said on Friday.The acquisition, which is expected to be completed at the start of next year, is one of the biggest oil and gas deals in Europe in years.The deal fits the…
New CEO Guy Takes the Helm at EnerMech
Aberdeen-headquartered services company EnerMech announced on Wednesday that John Guy has been appointed as Chief Executive Officer (CEO), succeeding company founder Doug Duguid, who will assume the role of Deputy Chairman.Guy’s appointment as CEO will become effective from August 1, 2019, when Doug Duguid will take on the Deputy Chairman role for a six-month period. The move…
Delek Nearing Deal for Chevron's North Sea Fields
Israel's Delek Group is close to clinching Chevron's oil and gas fields in the British North Sea, which have a price tag of around $2 billion, sources familiar with the matter told Reuters.Delek, via its North Sea oil and gas operator Ithaca Energy, could reach an agreement within days, two of five sources said.U.S. oil major Chevron Corp kicked off the sale of its central North Sea oil and gas fields Alba…
BSOG Gets Approval in Offshore Romania
Romanian-based Black Sea Oil & Gas (BSOG), controlled by private equity firm Carlyle Group, said that it received approval from the Romanian government for the field development plan (FDP) for the Ana and Doina gas fields.The Ana and Doina gas fields make up the Midia Gas Development (MGD) Project, offshore Black Sea.The MGD Project, which is the 1st new offshore gas development project in the Romanian Black Sea to be built after 1989…
Black Sea MGD Project Gets Government Nod
Black Sea Oil & Gas (BSOG), controlled by private equity firm Carlyle Group LP, announced it has received Romanian government approval from the Romanian Government through the National Agency for Mineral Resources (NAMR) for its plan to develop the offshore Ana and Doina natural gas fields which make up the Midia Gas Development Project (MGD Project), in the Black Sea.Gigi Dragomir…
IMO 2020: Shell, HES to Resurrect Refinery
Royal Dutch Shell has struck a deal with Dutch tank terminal firm HES International to partially restart a German oil refinery mothballed since 2011 in response to new restrictions on marine fuels, two trading sources told Reuters.A new cap set by the International Maritime Organization (IMO) that will cut the sulfur content in shipping fuel to 0.5 percent from 3.5 percent from…
Sonatrach Shortlists 4 Firms for Trading Joint Venture
Algeria's Sonatrach has shortlisted four firms, with only one to be selected, to set up a trading joint venture, the company's chief executive Abdelmoumene Ould Kaddour told reporters."Of the 14 international firms interested in a trade JV with Sonatrach, we have shortlisted four," Ould Kaddour said without giving the names of the firms.Ould Kaddour also said he is heading to…
BSOG to Go Ahead with Midia Offshore Project
Romanian-based Black Sea Oil & Gas, controlled by private equity firm Carlyle Group LP, said on Thursday it has decided to go ahead with its $400 million offshore gas project in Romania, the first such project to be developed in 30 years.The Midia Gas Development Project will extract an estimated 10 billion cubic meters of gas some 120 kilometers offshore in the Black Sea.Black…
Offshore Terminal Plan Slowed by U.S. Shutdown
The U.S. government shutdown has delayed Enterprise Products Partners LP's plan to build a major U.S. crude export terminal off Houston, blocking the pipeline operator from filing paperwork with U.S. regulators, an executive said on Wednesday.Enterprise plans to file a 10,000-page permit application with the U.S. Maritime Administration and the U.S. Coast Guard as soon as the U.S. government reopens.
Greece Approves Two Consortia for Hellenic Petroleum Bids
Greece on Monday approved two consortia to submit final bids for a 50.1 percent stake in its biggest oil refiner Hellenic Petroleum, its privatisations agency said.The consortia are: Glencore Energy with a unit of U.S.-based Carlyle Group; and Vitol Holding with Algeria-based Sonatrach.Glencore and Vitol had already been shortlisted last summer.(Reuters, Reporting by Angeliki Koutantou Editing by Karolina Tagaris)
US Oil Export Boom Sparks Battle to Build Texas Ports
Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where three firms are vying to open the state's first deepwater port.Commodities…
Neptune Energy Names Lumens CFO
Private equity backed oil and gas producer Neptune Energy on Monday named former Louis Dreyfus executive Armand Lumens as its chief financial officer.
Carlyle Group Acquires EnerMech from Lime Rock Partners
Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP)…
Neptune Energy Reports $70 mln H1 Profit
Private equity-backed oil and gas producer Neptune Energy on Thursday reported a profit of $70 million and a cash pile of over $500 million in the first quarterly results it has published, adding that it was on the lookout for more assets.Several private equity-backed players have entered the British oil and gas sector since the downturn of 2014 and investors are expecting some…
Neptune Energy Buys VNG's O&G Assets off Norway, Denmark
Private equity-backed Neptune Energy has agreed to buy the Norwegian and Danish offshore oil and gas assets of German gas utility VNG, the companies said on Thursday.Headed by former Centrica boss Sam Laidlaw and backed by the Carlyle Group and CVC Capital partners, Neptune seeks to become a leading independent exploration and production (E&P) firm, it added.The transaction follows a deal by Neptune last year to buy the oil and gas unit of France's Engie for $3.9 bi
Varo Energy Cancels Plans for IPO on Euronext
Varo Energy BV said on Tuesday it had decided not to proceed with plans for a flotation on the Euronext stock exchange in Amsterdam, citing poor market conditions. In a statement, the company said there was "considerable institutional investor interest" in an offering, but shareholders Carlyle Group, Reggeborgh and Vitol had decided not to proceed. Varo produces and supplies oil products for cooking…
Biofuel Credits Continue Free Fall in Wake of Refiner Settlement
Renewable fuel credits for 2018 continued their sharp decline on Tuesday after the U.S. Environmental Protection Agency granted a bankrupt Philadelphia refiner significant relief from its biofuel obligations. Prices for renewable fuel (D6) credits for 2018 traded at 35 cents on Tuesday morning, traders said, down from 38.5 cents on Monday and roughly 40 percent lower than just two weeks ago.
Shell, Varo End Germany Refinery Sale Negotiations
Royal Dutch Shell and Varo Energy have ended talks on Varo's potential acquisition of Shell's 37.5 percent stake in the 220,000 barrels per day PCK refinery in Schwedt, Germany, Varo said. The two companies announced last December that they had entered advanced talks on the stake sale, but the negotiations have been "discontinued", a spokeswoman for Varo told Reuters. The spokeswoman would not provide details about why the talks had ended.
Blackstone to Buy EagleClaw Midstream
EagleClaw Midstream Ventures LLC, the largest privately held operator of pipelines and processing facilities in West Texas' Delaware Basin, said it agreed to be bought by funds managed by Blackstone Group LP for about $2 billion. Private-equity funds, including Blackstone, Carlyle Group , and CVC Partners, have built up significant firepower in recent years to invest in the oil and gas industry…
ConocoPhillips sells San Juan basin Assets
ConocoPhillips, the largest U.S. independent oil producer, said on Thursday it would sell natural gas-heavy assets in San Juan basin to privately held Hilcorp Energy Co for about $3 billion. ConocoPhillips has been selling assets to reduce its exposure to profit-sapping natural gas assets and shore up its balance sheet. The assets, which span New Mexico and Southwestern Colorado…
