Price Drop Triggers Haggling Over Oil and Gas Deals
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash, sellers are facing a difficult choice between sweetening the deal or risking losing it altogether.Premier Oil's CEO…
Transocean Disposing Of Two Semi-Submersibles
Offshore drilling contractor Transocean is disposing of a pair of floating drilling units, the ultra-deepwater semi-submersible drilling rig GSF Development Driller II, and the midwater semi-sub Transocean 712.The 2005-built GSF Development Driller has been stacked since 2016.According to the company's recent fleet status report, the 1983-built Transocean 712 was stacked in April 2020, having worked for Chrysaor. The rig's contract will Chyrsaor will be substituted with either the Paul B.
Chrysaor Backs Mocean Subsea
Mocean Energy, global wave energy player, has teamed up with energy major Chrysaor, subsea energy storage experts EC-OG and AUV specialist Modus in a project to look at using renewables for subsea power.The project, funded by the partners together with the Oil and Gas Technology Centre (OGTC), will look to use Mocean Energy’s Blue Star wave energy converter and EC-OG’s HALO subsea energy storage system to power subsea tiebacks or residential AUVs.If industry feedback is positive…
Chrysaor Buys Stakes in OKEA’s 2 Licenses
North Sea oil producer Chrysaor Norge has exercised an option to buy stakes in OKEA’s Grevling and Storskrymten discoveries offshore Norway.The Norwegean oil production company OKEA confirmed the sale of 20% of the Company's participating interest in Grevling (PL 038D) and 18.57% of the Company’s participating interest in Storskrymten (PL 974) following Chrysaor's options exercise.The Ministry of Petroleum and Energy has approved Chrysaor's purchase…
ConocoPhillips Profit Beats Estimates
US oil and gas company ConocoPhillips' quarterly profit shot ahead of analysts' estimates on Tuesday, as higher shale production offset the impact from lower crude prices and higher exploration costs.Total production, excluding Libya, rose 98,000 barrels of oil equivalent per day (boe/d) to 1.322 million boe/d, with output from U.S. basins including Eagle Ford, Bakken and the Permian rising 21% in the quarter.The company's results kick off a quarter for U.S.
Chrysaor Acquires Conoco's UK North Sea Assets
North Sea oil producer Chrysaor completed on Monday a $2.675 billion acquisition of ConocoPhillips' British North Sea oil and gas business, cementing the private equity-backed firm's position as one the basin's top producers.The Conoco assets will add around 72,000 barrels of oil equivalent per day to Chrysaor's production, bringing their total output in the first half of 2019 to 195,000 boed, Chrysaor said in a statement. The deal has an effective date of Jan.
Ithaca Buys Chevron's UK North Sea Fields
Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016, major oil and gas companies in the North Sea have been forced to sell assets to private equity-backed investors and specialized operators.Delek said the deal, backdated to Jan. 1 and pending regulatory approval…
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, Alder, Captain, Elgin/Franklin, Erskine and Jade as well as the Britannia platform and its satellites last July, with the help of U.S.
Chrysaor to Buy ConocoPhillips’ UK Assets
Chrysaor has reached a deal to acquire ConocoPhillips’ oil and gas exploration and production assets in the UK for $2.675 billion, the companies announced on Thursday.Full-year 2018 production and year-end 2018 proved reserves associated with the assets being sold were approximately 72,000 barrels of oil equivalent per day (boepd) and approximately 99 million barrels of oil equivalent (boe), respectively. This acquisition increases Chrysaor’s pro forma 2018 production to 177…
Partners Eye Conoco's North Sea Assets
Italy's Eni has teamed up with private equity firm HitecVision to bid against Chrysaor for ConocoPhillips' North Sea oil and gas assets, sources close to the process said.Conoco relaunched the sale process in recent weeks after energy and chemicals firm Ineos, privately owned by British billionaire Jim Ratcliffe, abandoned exclusive talks with the U.S. company, the sources said.The sale, which would mark Conoco's exit from the ageing basin after more than 50 years…
Chrysaor Sets Sights on Chevron's North Sea Assets
Private equity-backed oil firm Chrysaor has hired advisers ahead of talks to buy Chevron's British North Sea oil and gas fields for over $2.5 billion, industry and banking sources said.Chrysaor has signed up investment banks Jefferies and BMO for the discussions as a deadline for bids approaches before Christmas, the four sources said.Chevron said earlier this year it was selling its assets in the central North Sea, which are expected to fetch around $1.5 billion.Chrysaor and Chevron are also discussing the sale of part or all of the U.S.
Big Oil Digs North Sea's 'Final Frontier'
"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.The giant bridge-linked Clair Ridge platforms are among the projects that have given new life to this area of the North Sea…
Ineos to Buy ConocoPhillips North Sea Assets
Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.Various news paper reports say that British petrochemicals company has confirmed it is negotiating to buy several North Sea oil fields from U.S. energy giant.The Sunday Times, which first reported the story, said that the period is said…
Norway Approves Chrysaor's North Sea Oil Stake
Norway has approved British oil firm Chrysaor's purchase of a 15 percent stake in the North Sea Grevling oil discovery, the Ministry of oil and energy said on Monday.It was Chrysaor's first stake in the Nordic country, and the company has said it eventually aims to become a field operator in Norway, according to the ministry.Norwegian oil firm OKEA has a 55-percent stake in Grevling, while state-owned Petoro holds 20 percent.Reporting by Terje Solsvik
Okea Weighs Its Options for Grevling Oil Discovery
Norwegian oil firm Okea is looking at four options to develop its North Sea North Sea Grevling oil discovery, which in turn could impact on the company's valuation in a deal with Thai investor Bangchak Corporation PCL (BCP), it said on Tuesday.BCP has agreed to invest 939 million Norwegian crowns ($112.25 million) in Okea to partly finance the company's 4.5 billion crowns acquisition of Royal Dutch Shell's stakes in the Draugen and Gjoea fields.Okea, which plans to list on the Oslo stock market in the next 12 months, said the deal between
Britain Launches North Sea Frontier Oil, Gas Licensing Round
Britain's Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.The blocks cover an area of 370,000 square kilometres (142,858 square miles) West of Scotland, the East Shetland Platform, the Mid North Sea High, South West Britain and parts of the English Channel…
Chrysaor, Baker Hughes Embark on North Sea Drilling Campaign
North Sea oil and gas producer Chrysaor is embarking on a drilling campaign under a three-year partnership with oil services firm Baker Hughes using a Rowan Gorilla VII jack-up rig, Chrysaor said on Friday. Chrysaor is one of a group of private equity-backed North Sea oil and gas producers that have bought up assets from traditional producers such as Shell and OMV. Backed by Harbour Energy, an investment vehicle of EIG Global Energy Partners…
In Vote of Confidence, Oil Firms Mop Up New North Sea Blocks
The UK Oil and Gas Authority (OGA) on Wednesday awarded 123 licences to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the ageing basin that has enjoyed a revival in recent years.Companies ranging from Royal Dutch Shell, BP and Norway's Equinor, to smaller independents including Siccar Point, Chrysaor and Premier Oil were awarded 229 blocks covering a total area of 26,659 square km…
Cairn Buys Into Seacrest-backed British North Sea Oilfield
Cairn Energy has bought a 50 percent stake in the Agar-Plantain oilfields in the British North Sea from Azinor Catalyst, the companies said on Thursday, amid renewed interest in North Sea assets.Oil producers are returning to the North Sea having sold many assets in the past few years, often to private equity investors, after oil prices collapsed."There has clearly been a sentiment change in the North Sea. Certainly from our perspective since the beginning of the year.
PDi Celebrates a Decade in Decommissioning
This year, Project Development International (PDi) Ltd., part of the Tattva Group, celebrates a decade of activity within the decommissioning sector. As a provider of multi-disciplined engineering, project management and project services to the international energy industry, PDi has worked with multiple clients since 2008, successfully completing more than twenty decommissioning workscopes.Recently shortlisted as finalists in the Excellence in Collaboration category at Decom North Sea’s inaugural decommissioning awards…
