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.
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.
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.
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.
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…
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.
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.
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…
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…
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…
Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry
As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas, it is necessary to ensure sufficient investments through the entire gas value chain among all gas market stakeholders [1].Since the start of 2020, every aspect of the global economy, including investment projects in natural gas industry, have been strongly hit by the outbreak of the Covid-19 pandemic. In fact, it is always a challenge to develop an accurate short-term forecast for tactical decisions…
Woodside's Revenue Slumps More than Expected
Australia's Woodside Petroleum Ltd reported a worse-than-feared 29% drop in quarterly revenue, hit by weak spot liquefied natural gas (LNG) prices, but said it still expected to book a net profit in the first half.The hit came due to the double whammy of a global gas glut and a slump in demand with the coronavirus pandemic, and sent the company's shares down more than 2% while its peers were all trading higher."It's been a very difficult time for our industry and some external challenges are just simply beyond our control…
Occidental Posts $2.2B Loss, Deepens Spending Cuts
Occidental Petroleum Corp on Tuesday swung to a first-quarter loss on writedowns and charges, and the troubled U.S. oil producer cut its budget for the third time since March in response to a historic oil-price crash.The company has been struggling with debt taken on in last year's $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on rising shale oil prices ahead of a market dive.Global energy demand has tumbled amid coronavirus-related travel and business restrictions and a glut of oil from a price war. U.S.
Equinor Sticks to 2019 Output Forecast
Equinor's third-quarter profit fell by more than expected on Thursday after a significant decline in the volume and price of natural gas sold to Europe, although the Norwegian firm reiterated its forecast for flat 2019 production.Shares in Oslo-listed Equinor were up 2.2% by 0730 GMT after it also confirmed plans to reach Phase 1 plateau output of 440,000 barrels at its giant Johan Sverdrup oil field by summer 2020 after new wells are drilled.Equinor's Sverdrup oil field, which only started in early October…
Chevron: GoM Anchor Project Needs $5.7 bln
Chevron Corp said on Thursday its Anchor project in the Gulf of Mexico would need an investment of about $5.7 billion.Announcing its final investment decision on the planned facility, the oil major said first oil from the field is expected in 2024.The Anchor field is located about 140 miles off the coast of Louisiana and is in water depths of 5,000 feet.The planned facility has a design capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day. The total potentially recoverable oil-equivalent resources for Anchor are estimated to exceed 440 million barrels.Chevron…
