Eni, SABIC Form Gas Venture
Italian multinational oil and gas company Eni and Saudi Arabian chemical giant SABIC have signed a Joint Development Agreement to further develop an innovative technology for natural gas conversion into synthesis gas that can be further transformed into high value fuels and chemicals, such as methanol.The partnership is set to involve the construction of an Industrial Demonstration Plant that will be built and operated inside an Eni industrial premise.The development project will advance the technology…
Shell Sells Upstream Interests in Ireland for $1.3bln
Shell Overseas Holdings, an affiliate of Royal Dutch Shell plc, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion, to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).A press release said that completion follows receipt of all necessary partner and regulatory…
Tailwind Completes EOG UK Acquisition
London-based Tailwind Energy has announced the completion of the acquisition of Houston-headquartered oil and gas firm EOG Resources's UK portfolio. The oil and gas venture announced two months ago it has agreed with EOG Resources Inc to acquire EOG’s UK business, subject to regulatory approvals. As part of the inherited EOG UK portfolio, Tailwind will own and operate 100% of the producing Conwy oil field, a 25% non…
Shell Working to Fix Gas Disruption at Corrib Field
Royal Dutch Shell and Gas Networks Ireland (GNI) are working to remove unodourised gas that entered the network from the country's Corrib gas field and has curbed output since last week, Shell said. Due to a technical problem at the Shell-operated Bellanaboy Bridge gas terminal in Ireland, unodourised gas entered the network, forcing GNI to ask local customers to switch off their gas meters on Sept. 22-23, a Shell spokesperson said. Unodourised gas cannot be easily detected as it cannot be smelt.
Shell Exiting Ireland Upstream Sector
Royal Dutch Shell said it is selling its stake in the Corrib gas venture in Ireland for up to $1.23 billion, marking its exit from the upstream business in Ireland. The buyer is a unit of Canada Pension Plan Investment Board and the deal includes an initial consideration of $947 million and additional payments of up to $285 million between 2018-2025, subject to gas price and production, Shell said in a statement. The transaction…
Siccar Point Announces First N. Sea Oil Deal
Venture acquires 8.9 pct stake in Mariner Field; deal highlights growing private equity role in region. Private equity-backed oil and gas venture Siccar Point Energy announced its first North Sea investment on Tuesday and said it planned to do more deals over the next year as cash-rich firms step up activity after a two-year rout in the sector. Siccar Point, headed by Jonathan Roger, a former Centrica executive, and backed by private equity firm Blue Water Energy and Blackstone…
Qatar Petroleum Picks HSBC as Adviser on Al Shaheen Sale
Qatar Petroleum has chosen HSBC to advise it on the sale of its Al Shaheen Holding subsidiary, three sources with knowledge of the matter said on Thursday, as it seeks to cut costs in response to lower oil prices. The chief executive of the state-owned Qatari firm said in June it would reduce staff numbers as part of a restructuring, which would also see it exit all non-core businesses. Among these businesses is Al Shaheen…
Exxon-Shell Gas Venture to Adjust Groningen Output
Dutch gas production company NAM and national gas trading company GasTerra said on Wednesday they were studying how to compensate for a court ruling that halted production at part of the massive Groningen gas field because of safety concerns. A spokesman for GasTerra said it was not yet clear whether his organisation may have to purchase additional gas on the open market, or whether NAM may be able to increase production in other areas to make up for the production halt around the town of Loppersum.
BP Ex-chief Browne to Run Russian Oligarchs' Oil Venture
John Browne, the former chief executive of BP, will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported. Browne told the newspaper he will be appointed executive chairman of L1 Energy on Monday, giving up his jobs at private equity firm Riverstone and UK gas explorer Cuadrilla.
Chevron: 'lessons learned' after Angola LNG missteps
A string of missteps at a $10 billion Angolan liquefied natural gas venture has hurt Chevron Corp's reputation as a top-notch operator of profitable energy projects around the world. Chief Executive Officer John Watson vowed Chevron will learn from the stumbles, which include multiple electrical fires, pipeline leaks, and even a worker's death after a rig collapsed last summer. The company plans to have the LNG project up and running by next year.
Statoil, Wenaas Enter Northern Europe’s Largest PPE Contract
It has been announced that Statoil has entered into an agreement with Wenaas (Kwintet Norge AS), resulting in Northern Europe’s largest contract in the PPE and workwear sector. Statoil has been a customer of market leader Wenaas for many years, utilising its products on a global scale in recognition of the high quality and Norwegian origin of the Wenaas product range. Statoil has been a strategically important customer…
New Joint Venture to Enter Texas' Barnett Shale
Private equity firm KKR & Co LP and energy-focused peer Riverstone Holdings LLC will form a U.S. oil and natural gas venture that would be one of the largest producers in the Barnett Shale in Texas, they said on Wednesday. The new entity, Trinity River Energy LLC, will be headquartered in Fort Worth, Texas, and led by Chris Hammack, who heads Legend Production Holdings LLC, the Riverstone entity that is contributing assets to the joint venture. The Barnett region is known for its shale oil and natural gas resources.
