Tuesday, November 5, 2024

Oil And Gas Assets News

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.

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…

Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore

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Jiri Buller/Shell

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.

Offshore Oil Firm Eco Atlantic Launches Renewables Division

Credit; lovelyday12

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.

Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry

Historical growth and prospects of gas investment for short-, medium- and long-term ($ billion). Source: GECF Secretariat, based on data from the GECF GGM

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…

Woodside's Revenue Slumps More than Expected

For illustration; North Rankin Complex, North West Shelf Project, Western Australia - Credit: Woodside

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…

Occidental Posts $2.2B Loss, Deepens Spending Cuts

Image Credit: Denisismagilov/AdobeStock

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…

Equinor Sticks to 2019 Output Forecast

The mega Johan Sverdrup oil field has already achieved a daily production above 200,000 barrels, and will have a capacity of well above 300,000 barrels by the end of November. (Photo: Espen Rønnevik/Øyvind Gravås, Equinor)

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…

Var Energi Buys Exxon's Norway Assets for $4.5 Bln

ExxonMobil's stake in the Equinor-operated Grane field is one of more than 20 picked up by Vår Energi in a $4.5 billion deal. (Photo: Øyvind Hagen / Equinor)

ExxonMobil said on Thursday it will sell its Norwegian upstream oil and gas assets to independent exploration and production company Vår Energi for $4.5 billion as part of an ongoing large-scale global divestment plan.The deal, which is expected to close in the fourth quarter…

Mitsui Looks to Sell BassGas Stake

Japan's Mitsui & Co has put its 40% stake in the BassGas project off southeastern Australia up for sale, the company said on Thursday.Mitsui's stake in the BassGas project, which includes the undeveloped Trefoil gas project, could be worth about A$360 million ($244 million), according to Credit Suisse.

Schlumberger CEO Outlines Digital Strategy

Schlumberger CEO Olivier Le Peuch (Photo: Schlumberger)

Schlumberger NV's newly-appointed Chief Executive Officer Olivier Le Peuch on Wednesday outlined his vision for the world's largest oilfield services company, vowing to exit unprofitable businesses, restructure some units and focus on returns.In his first public remarks since taking office in July…

Centrica Extends Stork Contract

(Photo: Centrica)

Fluor Corporation announced that Stork, part of Fluor’s Diversified Services segment, was awarded a contract extension by Centrica Storage Limited to continue providing fabric maintenance and associated services for the company’s UK onshore and offshore oil and gas assets.

Stork Awarded Evergreen Gig for UK Assets

Fluor Corporation announced that Stork, part of Fluor’s Diversified Services segment, was awarded a contract extension by Centrica Storage Limited to continue providing fabric maintenance and associated services for the company’s UK onshore and offshore oil…

Occidental Agrees to Sell Anadarko Assets to Total

Texas-headquartered Occidental Petroleum has reached an agreement to sell Anadarko Petroleum's oil and gas assets in Africa to French oil major Total for $8.8 billion.The binding agreement with Occidental to acquire Anadarko’s assets in Africa (Algeria, Ghana…

Murphy Oil Sells Malaysian Assets

(Photo: TechnipFMC)

Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States.The buyer, PTT Exploration and Production Public Co Ltd…

Partners Eye Conoco's North Sea Assets

(Photo: ConocoPhillips)

Italy's Eni has teamed up with private equity firm HitecVision to bid against Chrysaor for ConocoPhillips' North Sea oil and gas assets, sources close to the process said.Conoco relaunched the sale process in recent weeks after energy and chemicals firm Ineos…

Neptune Energy, DEA Bid for Edison's O&G Assets

Private-equity backed Neptune Energy and Germany's DEA are bidding for the oil and gas assets in Egypt, Italy and elsewhere being sold by EDF's Italian unit Edison, industry sources said on Friday.The offers are non-binding at this stage, one of the sources said.

Shell Appoints Sawan as Upstream Boss

Wael Sawan (Photo: Shell)

Royal Dutch Shell has appointed Wael Sawan to head its oil and gas production division, replacing Andy Brown who will step down after 35 years at the Anglo-Dutch company.Sawan, 44, a Canadian citizen of Lebanese origin, currently heads Shell's deepwater operations…

Encana Sells Colorado Oil and Gas Assets to DJR Energy

Encana Corporation (Encana) announced that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has completed the previously announced sale of its San Juan asset in New Mexico to Denver-based DJR Energy.“This transaction continues our track record of unlocking value from non-core assets…

OMV Buys Shell's NZ Assets

(Photo: OMV)

Royal Dutch Shell plc announced Friday it has completed the sale of its New Zealand upstream oil and gas assets, marking the supermajor's exit from the Oceania country.The $578 million sale to Austrian integrated oil and gas company OMV includes the Māui, Pohokura…