UK faces legal action for new North Sea oil and Gas Licences
A marine conservation group is challenging in court the decision of Britain to issue new oil and natural gas exploration licenses. The organization claims that ministers failed to take into account the impact of these licences on marine life. Oceana UK has filed a lawsuit against 31 licenses granted by the previous British government to the North Sea Transition Authority in May of this year, as part of its latest round for oil and gas licensing. A licence for exploration does not always lead to a producing field.
Aker BP Sheds 10 pct Stakes in Valhall, Hod Fields
Norwegian oil firm Aker BP has agreed to sell 10 percent stakes in two North Sea fields to private equity-backed Pandion Energy for an undisclosed amount to help pay for expansion plans in the area, it said on Monday. The deal will leave Aker BP with holdings of 90 percent in each field, and will help pay for projects such as the Valhall Flank West, which is estimated to come on stream in 2020. Aker BP in October announced…
Denmark Issues 16 Oil and Gas Licences
Denmark on Wednesday issued 16 oil and gas exploration licences in the North Sea, just days after A.P. Moller-Maersk threatened to shut down the country's main gas field. The licences were awarded to Danish and international players including Dong Energy, Hess Denmark, Wintershall Noordzee, Nordsofonden and Edisson International, Denmark's Ministry of Energy, Utilities and Climate said. "With the low oil prices we currently are experiencing it is a great result," Energy Minister Lars Chr.
Scotland Worries Remaining North Sea Oil Won't be Extracted
Scotland's finance minister has told the British government he is concerned that some of Britain's remaining North Sea oil will never be recovered as companies active in the area have scaled down investments due to the weak oil price. John Swinney, who is also Scotland's deputy first minister, urged British finance minister George Osborne in a letter to cut taxes on oil and gas companies and to consider giving loan guarantees to the sector to avoid early field shutdowns and more job losses.
Eni, Exxon, Statoil Win Irish Offshore O&G Licences
The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni, Exxon and Statoil , allowing them to explore for hydrocarbons off the coast of Ireland. The energy ministry has awarded 14 new licences as a first phase of a tender for offshore blocks that gives companies access to new exploration areas for two years, it said. The round attracted 43 applications. "This is by far the largest number of applications received in any licensing round held in the Irish offshore…
UK to Offer More Flexible North Sea O&G Licences
Britain will offer more flexible North Sea oil and gas licences in its next tender round, the head of Britain's oil regulator said on Thursday, a bid to make exploration work in the mature basin more attractive to oil and gas companies. "We will shortly be announcing a new, more flexible licensing regime," Andy Samuel, chief executive of the Oil and Gas Authority, said at the IP Week conference in London. Exploration…
Fastnet Demerges Oil, Gas Assets
Cathal Friel, Non-Executive Chairman, commented, "Today's announcement positions Fastnet to focus exclusively on the Company's strategy of pursuing acquisition opportunities within the healthcare sector. "Ring-fencing the Company's existing oil and gas assets in a trust structure is designed to allow the search for a buyer of these oil and gas assets to continue. Fastnet Hydrocarbons has acquired from the Company, for an aggregate sum of £1…
Britain's New Government to Kick-Start Shale
Britain's new Conservative government could take control of planning decisions to speed up the development of shale gas and prevent investor money from drying up, lawyers say. Britain is estimated to have enough shale gas trapped below its surface to meet its gas needs for decades. But deployment of the controversial fracking technology required to release gas trapped in rocks has been slow as planning hurdles and environmental protests have prevented companies from digging in the ground.
MOL Still Keen on RWE's O&G Unit if Rival Deal Fails
Hungary's MOL Group said it would be interested in re-entering talks to buy RWE's oil and gas unit DEA if a 5.1 billion euro ($6.5 billion) sale to Russian billionaire Mikhail Fridman falls through. Investors and analysts have expressed concern about the deal since it was first announced in March, pointing to growing tensions between Europe and Russia over the Ukraine crisis. DEA, which operates in 14 countries, owns stakes in about 190 oil and gas licences or concessions in Europe, the Middle East and North Africa.
Dragon Oil to Bid for Petroceltic
Dragon Oil plans to bid 230 pence a share; Bid is 35 pct above Petroceltic's recent average price. Petroceltic says would accept if conditions met. London-listed energy producer Dragon Oil plans to make a near 500 million pound ($800 million) bid for fellow oil firm Petroceltic to boost its presence in Algeria, where it was awarded new oil and gas licences last week. Petroceltic said on Monday that Dragon Oil intended to offer 230 pence a share, a 35 percent premium to the Irish company's recent average stock price.
Egdon Resources in Talks to Buy Alkane Shale Assets
Independent oil and gas explorer Egdon Resources said it was in advanced talks to buy Alkane Energy's shale assets in Britain as interest in the country's nascent shale gas industry gathers pace. The deal would give Egdon Resources access to sizeable resources as Alkane Energy holds oil and gas licences for more than 800 sq km of land expected to contain shale gas. Last week, British shale gas rival IGas announced its acquisition of Dart Energy, a deal that has created Britain's biggest shale gas company.
