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.
Total in 10-Year LNG Bunkering Pact with Pavilion
Temasek-owned Pavilion Energy has signed a 10-year fully-termed agreement to jointly develop an LNG bunker supply chain in the port of Singapore with Total Marine Fuels Global Solutions (TMFGS), a subsidiary of French energy conglomerate Total SA.Global law firm Norton Rose Fulbright has…
Seven Generations to Buy Some Deep Basin Assets from Paramount
Canadian natural gas developer Seven Generations Energy Ltd said it would buy some of Paramount Resources Ltd's Deep Basin oil and gas properties in west Central Alberta for about C$1.9 billion ($1.47 billion), including debt. Paramount said it would receive C$475 million in cash and 33.5 million class A common shares of Seven Generations.
Chevron's Gorgon LNG to Push Asian Spot Trading
Chevron has started up its massive Gorgon LNG project in Australia and will soon be shipping more of the super-chilled fuel into an oversupplied market, eroding producer revenues but also likely hastening the advent of a liquid Asian spot market. The $54 billion project, seen by many as symbolic…
Suncor to buy Canadian Oil Sands
Canadian oil and gas producer Suncor Energy Inc said on Monday it had reached an agreement to buy Canadian Oil Sands Ltd after raising its all-stock offer, valuing the deal at about C$4.24 billion ($2.93 billion) excluding debt. The deal came days after Suncor's hostile bid for the company fell short of support from Canadian Oil Sands shareholders.
Small Oil Firms Hunt for Cash as Crude Slump Shuts IPO Door
Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times. Initial public offerings (IPOs) in the oil and gas sector worldwide have dwindled since crude started sliding in June.
Sierra Leone to Invest Heavily in Power
Sierra Leone is aiming to increase its power capacity tenfold by 2017, a plan the energy minister said should be driven by foreign investors despite the outbreak of Ebola and a history of bureaucratic difficulties. Sierra Leone has recorded strong economic growth rates in recent years as major mining projects came online…
UK Energy Sector Under Pressure to Improve Transparency
British energy companies are under pressure to improve the way they announce outages or capacity reductions at their plants after regulator Ofgem found examples that could lead to market distortions. Under European Union regulation called REMIT, introduced in 2011, energy generators have…
Deadbeat Chinese Shipyards Stick Banks with Default Bill
Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time. One in three ships ordered from Chinese builders was behind schedule in 2013…
