National Bank of Ukraine: Ukraine will need $2.9 billion in 2025 to purchase gas
Ukraine's National Bank stated on Friday that the country will need $2.9 billion in gas imports by 2025, after Russian missiles and drones damaged Ukrainian gas production plants. In the late winter and spring of 2016, Russia repeatedly attacked Ukrainian gas assets located in the east. This caused a drop of at least 40% in gas production. A certain amount of capacity has been recovered. The bank stated in a recent report that although production would gradually improve, it wouldn't be enough to meet the needs of industry, utilities, and households.
REFILE-ConocoPhillips plans layoffs as part of broad restructuring
ConocoPhillips plans to reduce staff. The company announced this on Tuesday. This is part of a broader effort to control costs and streamline operations following its $23 billion purchase of Marathon Oil. Job cuts are a sign of the pain that the oil and gas sector is experiencing as it faces higher costs and lower revenue due to prices hovering around $63 per barrel. Many companies claim they can't drill profitably at oil prices below $65 per barrel. Chevron, SLB and other oil giants announced their own layoffs in the first half of this year.
Bloomberg News reports that Abu Dhabi's ADNOC is considering a bid for Aethon US natgas assets.
Bloomberg News, citing sources familiar with the situation, reported Friday that Abu Dhabi's state oil company ADNOC was considering a bid to acquire natural gas assets from investment firm Aethon Energy Management, which could be worth up to $9 billion. ADNOC is acquiring a number of companies in the gas and chemical industries, which it sees as important pillars to its future growth. The energy giant purchased a stake and a supply contract for 20 years in NextDecade’s liquefied gas export project located in Texas.
Mubadala Energy acquires Kimmeridge LNG and gas projects in the US
Mubadala Energy is an arm of Abu Dhabi’s sovereign wealth fund. It signed a deal with Kimmeridge, a US-based energy investor, on Thursday that gives it stakes in American gas assets. This marks its entry into the United States market, as part of the company’s growth plans. Mubadala Energy announced that the deal to purchase 24.1% of Kimmeridge’s SoTex HoldCo would give Mubadala Energy direct access to Kimmeridge’s unconventional gas production and to a Louisiana liquefied gas export project. The latter is expected to reach a final decision this year, with a first offtake scheduled for 2029.
ConocoPhillips is looking to sell assets in Oklahoma worth more than $1 billion, according to sources
People familiar with the situation said that ConocoPhillips has begun exploring the possibility of selling oil and gas assets it acquired from Marathon Oil when it bought the company for $22.5 billion last year. Sources said that the energy producer hired Moelis & Co as an investment bank to manage the sale of the assets. However, they added that talks were at a very early stage, and a deal was not guaranteed. Sources, who requested anonymity because the discussions are confidential, said that the assets…
Tokyo Gas, Japan expands its US shale-gas business with Chevron
TG Natural Resources LLC, co-owned by Tokyo Gas, Castleton Commodities International and Castleton Commodities, announced on Tuesday that it had purchased a 70% stake of east Texas gas assets for $525m from Chevron, in order to expand its U.S. Gas business. TGNR, which is the fourth largest producer in the Haynesville shale region, will be able to benefit from synergies worth over $170m during the development of the asset, according to Craig Jarchow. Haynesville, located in the Gulf Coast region of Texas and Louisiana, is a great location for LNG exports.
NEO Energy and Repsol to Merge UK Oil and Gas Assets
NEO Energy and Repsol Resources UK have entered into strategic merger, creating one of the largest U.K. North Sea independent oil and gas companies under the name of NEO NEXT.Under the terms of the transaction, the combined business will be jointly owned by NEO (55%) and Repsol UK (45%) and will have a large and diverse asset portfolio which is expected to generate material cashflows and provide a platform for organic and inorganic growth.Repsol will retain $1.8 billion of the decommissioning liabilities related to its legacy assets…
Chevron is struggling to replace its oil and gas reserves amid uncertainty surrounding the Hess deal
Chevron’s oil and natural gas reserves are at their lowest level in more than a decade. This highlights the importance of its planned acquisition of oil producers Hess, which has been stalled by a legal battle with Exxon Mobil. Investors in energy companies use reserve replacement as a key metric. It gives them an idea of how much gas and oil the company could produce, and how long. Chevron would be able to gain a stake on the lucrative oilfields in Guyana, which are run by Exxon, Chevron’s main rival. Exxon…
Sources say that RPT-Encino owner is considering a $7 billion sale and IPO.
CPP Investments, a Canadian pension fund, is considering strategic options for Encino Acquisition Partners, such as a sale or an initial public offering that could value Encino Acquisition Partners at up to $7 billion including debt. The energy industry has been anticipating a boost from President Donald Trump's administration, which has outlined an economic agenda that aims to increase fossil-fuel production by speeding up the approval process for energy projects, and rolling back environmental protections.
Sources: Encino's owner is considering a $7 billion sale and the IPO of an energy producer.
CPP Investments, a Canadian pension fund, is considering strategic options for Encino Acquisition Partners, such as a sale or an initial public offering that could value Encino Acquisition Partners at up to $7 billion including debt. The energy industry has been anticipating a boost from President Donald Trump's administration, which has outlined an economic agenda that aims to increase fossil-fuel production by speeding up the approval process for energy projects, and rolling back environmental protections.
Infinity Natural, backed by Pearl Energy, valued at $1.3 Billion as shares soar in NYSE debut
Infinity Natural Resources, a company owned by private equity, was valued at $1.3 billion after its shares rose 10.8% on their New York Stock Exchange debut on Friday. Morgantown, West Virginia based company opened its stock at $22.16, over the $20 per share offer price. Infinity, supported by Pearl Energy Investments, NGP and other buyout firms, sold 13,25 million shares between $18 and $21 in order to raise $265 millions. The listing coincides with a Trump administration that is more pro-fossil fuels, and a constant stream of energy IPOs.
Ithaca Energy joins Eni's North Sea Business
Ithaca Energy announced on Thursday that it had completed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni. This was a 100% share transaction, which created one of the largest independent energy companies operating in the North Sea. Luciano Vasques was the former Eni UK Managing Director and CEO of the combined company. This move is part Eni's'satellite strategy', through which the company has spun off businesses that are focused on certain geographical areas to attract investors.
China's CNOOC sold US assets to Britain’s INEOS
CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday. CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has entered into a sale agreement with a subsidiary of CNOOC relating to CNOOC’s upstream oil-and-gas assets in the U.S. portion of the Gulf of Mexico. The deal includes non-operator interest in oil and gas fields such as Appomattox, Stampede and Stampede.
TotalEnergies purchases more gas assets in Texas for value chain boost
TotalEnergies, a French company, has expanded its natural gas footprint into the United States by announcing a deal with Lewis Energy Group. The two companies have agreed to buy a 45% share in certain dry gas producing assets located in the Eagle Ford Basin in Texas. TotalEnergies is one of the largest exporters of U.S. made Liquified Natural Gas. This gas is in high demand, as countries such as Europe and other parts of the world are moving away from cheap Russian gas and coal. KEY QUOTE (S) "This acquisition…
Offshore Oil Firm Eco Atlantic Launches Renewables Division
Eco Atlantic, an oil company with offshore oil and gas acreage in Guyana and Namibia, said Tuesday it had formed a new solar energy-focused company Eco Atlantic Renewables, citing, in part, a lack of oil and gas acquisition opportunities.Formed with Nepcoe Capital Partners Ltd. ("Nepcoe"), a renewable energy developer and investment company, the aim of Eco Atlantic Renewables is to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic") owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe."Investment into renewables…
Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore
Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S. shale industry, as American and European producers diverge in whether to focus on hydrocarbons going forward.Like all of the world's largest oil companies, Shell is under pressure from investors…
Harbour Energy, UK to complete Wintershall Dea Asset Deal in September
Harbour Energy, of Britain, said Tuesday that it expected to complete the purchase of Wintershall Dea assets by early September. This is a change from its previous estimate of early in the 4th quarter. Harbour's shares rose 7.2% to 301.10p at the opening of morning trading. The biggest British North Sea oil-and-gas producer has said that it has made significant progress in satisfying the completion conditions, including regulatory approvals from Mexico. Harbour produces and develops oil and gas on the continental shelfs of the United Kingdom, Norway, Indonesia, Vietnam, and Mexico.
APPEC-India ONGC Videsh focuses on stakes in oil and gas assets amid energy transformation
The head of finance at ONGC Videsh said that the company is focusing on acquiring stakes overseas in oil and gas producing companies, as the shift to renewable energy will likely reduce the demand for conventional fuels. We are not interested in long-term projects, due to the energy transition. Anupam Agarwal, at the APPEC Conference, said that exploration was not a top priority for the moment. ONGC Videsh is the overseas investment arm for the top oil and natural gas exploration company in the country, Oil and Natural Gas Corp. It has stakes in 32 oil and gasoline projects in 15 different countries.
India is likely to increase its purchases of US gas and oil following Trump's announcement
After President Donald Trump announced that he would increase U.S. production of oil and natural gas, India will likely increase its purchase of U.S. gas and oil. The Indian Oil Minister Hardeep Singh Puri said to reporters at the sidelines of an event that there was a chance of a larger energy purchase between India & U.S. The arrival of more U.S. Energy on the market will be welcomed. Trump said on Monday that he will declare an energy emergency immediately, promising to replenish strategic reserves and export American oil around the globe. Trump, in his first address following his inauguration, referred to U.S.
Sources say that the owner of energy producer Maverick is interested in selling it for $3 billion.
According to sources familiar with the situation, the private equity owner of Maverick Natural Resources has been exploring the possibility of selling the U.S. oil-and-gas producer for a price that would be around $3 billion including debt. Sources said that the Houston-based exploration company, owned by the energy-focused investment group EIG, was working with Jefferies investment bankers on the sale process. They requested anonymity because the discussions were confidential. Sources said that potential buyers such as oil and gas producers…
