Petrobras to Sell Pipeline Unit for $9 Bln
Brazilian state-run oil company Petroleo Brasileiro SA has agreed to sell its TAG natural gas pipeline unit to a consortium led by France's Engie SA for roughly $9 billion, Bloomberg News reported on Friday, citing a source.The Engie consortium, which also includes Canada's Caisse de Dépôt e Placement du Québec, beat out two competing consortia, led by Itausa Investimentos Itau SA and EIG Global Energy Partners with Mubadala Investment Co, respectively…
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.
Petrobras Nears Terms Over TAG Pipeline Sale
Brazil’s state-controlled oil company Petróleo Brasileiro could present a new sale and purchase agreement (SPA) before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale.The sale of TAG, which operates natural gas pipelines in Brazil’s north and northeast, could fetch Petrobras as much as US$7bn, in one of the company’s largest-ever asset sales, three sources familiar with the process said.
Petrobras, Engie Extend Period to Negotiate Contract of Pipeline Network
Brazilian state-controlled oil company Petroleo Brasileiro SA has extended the deadline for discussion with France's Engie SA about the sale contract for a major pipeline network, two sources with knowledge of the matter said.Engie had the highest bid among three consortia interested in acquiring Transportadora Associada de Gás SA, known as TAG. The French company and Petrobras, as the Brazilian company is known, were supposed to wrap up talks over the sale contract by Thursday…
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, Chrysaor has stakes in 10 fields and produces around 130…
Chrysaor buys North Sea Fields from Spirit Energy
Chrysaor to own 100 pct of Armada, Maria, Seymour oilfields. Chrysaor, which bought a portfolio of Royal Dutch Shell assets last year, said on Thursday it would acquire stakes in three ageing North Sea fields from Spirit Energy. "The acquisition is part of Chrysaor's strategy to prolong asset life, maximise recovery and deliver value from the UK North Sea," Chief Executive Officer Phil Kirk said in a statement. The company will soon begin surveys in preparation of drilling new wells in the fields, he said.
Chrysaor to Begin Oil Drilling in 2018 after Shell Purchase
North Sea producer Chrysaor plans to begin drilling for oil and gas in early 2018 after completing a $3 billion acquisition from Royal Dutch Shell, Chrysaor Chairman Linda Cook said on Wednesday. Chrysaor became the largest independent oil and gas producer in the Britain's North Sea following the deal, as new private equity-backed firms gradually take over from long-standing producers in the ageing offshore basin. Backed by Harbour Energy, an investment vehicle of EIG Global Energy Partners…
DONG to Sell O&G Business to Ineos for $1.3 Bln
Danish utility and offshore wind farm developer DONG Energy has agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 billion, it said on Wednesday, the latest in a string of North Sea deals. The sale is a blow to shipping group A.P. Moller-Maersk , which had sought to merge its oil and gas business with DONG into a company worth more than $10 billion as part of a major restructuring. Talks between the two stalled late last year over price…
Cairn Energy is Frontrunner for DONG Energy Assets
Independent oil exploration company Cairn Energy has emerged as the frontrunner for North Sea oil and gas assets put up for sale by DONG Energy, sources familiar with the matter said. Interest from Cairn Energy and several other potential buyers could put pressure on shipping and oil group A.P. Moller-Maersk, after talks with DONG Energy to buy the oil and gas assets stalled at the end of last year. The two Danish firms had failed to agree on a price. Final bids for the assets…
Prumo Sells 20% of Brazil Acu Oil Terminal to Oiltanking
Prumo Logistica SA , the Brazilian port operator controlled by U.S.-based EIG Global Energy Partners, agreed to sell 20 percent of its oil terminal at Brazil's Port of Açu to Germany's Oiltanking for $200 million, Prumo said on Thursday. Under the agreement Oiltanking will also manage the Port of Açu Oil Terminal, which has the capacity to transfer 1.2 million barrels a day of petroleum and can handle the largest oil tankers, known as very large crude carriers, or VLCCs, Prumo said in a statement.
Pacific Rubiales Shareholders Launch Proxy Fight to Stop Alfa Deal
Pacific Rubiales Energy's largest group of shareholders has begun a proxy fight to block the roughly C$2 billion ($1.6 billion) takeover of the Canadian oil producer by Alfa SAB de CV and Harbour Energy Ltd. O'Hara Administration, speaking for a group of shareholders holding about 20 percent of Pacific Rubiales shares, said on Thursday it had filed a proxy circular and letter urging other minority investors to vote against the deal. The group said it was not attempting to unseat the Pacific Rubiales board at this time.
Noble, EIG Launch $2b Energy Venture
Asian commodity trader Noble Group Ltd has joined forces with U.S. private-equity firm EIG Global Energy Partners to launch a new venture aiming to snap up $2 billion in global energy assets. Harbour Energy Ltd will be helmed by former top Royal Dutch Shell Plc executive Linda Cook, the companies said, with EIG and the new firm's management team overseeing cash raising and acquisitions, with Noble responsible for marketing and logistics. The move comes as Noble refocuses its business on commodity trading…
Noble Strikes Second Private Equity Deal
Global commodity trader Noble Group Ltd has joined forces with a private equity group to set up an energy investment fund run by a former Royal Dutch Shell executive, its second such arrangement in a year. Noble and EIG Global Energy Partners are creating Harbour Energy, the latest deal to combine commodity merchants' trading savvy with the financial power of private equity. Linda Cook, who previously was head of Shell's gas and power business, will be chief executive officer.
Batista Seeks Mubadala Refinancing
The successful restructuring of bankrupt oil producer Óleo e Gás Participações SA will allow Brazilian tycoon Eike Batista to move forward with plans to cut his own debt, three sources with direct knowledge of the situation said. Batista and his EBX holding company have been in talks to renegotiate about $2 billion owed to Abu Dhabi sovereign wealth fund Mubadala Development Co PJSC, the sources said. Batista may offer assets, including stakes in firms he either controls or has a stake in, to speed up the process, they said.
