Ovintiv expands its Montney shale business with NuVista $2.7 billion deal
Ovintiv announced on Tuesday that it will buy the remainder of NuVista in a cash and stock deal valued at $2.7 Billion, including debt. This move will strengthen the presence of the Canadian shale producers in the Montney basin. The North American firm acquired oil assets in the Montney Shale from Canadian company Paramount Resources for $2.38 Billion in cash last year. The company said that it also planned to start a divestiture for its Anadarko assets, which they expect to finish by the end 2026. The proceeds will be used to reduce debt.
Eni and Petronas combine Indonesian and Malaysian assets in joint venture
Eni, the Italian energy company, and Petronas, Malaysia's state-owned energy company announced on Monday that they had signed an agreement for a joint venture to combine their upstream oil assets and gas assets located in Indonesia and Malaysia. NewCo will manage 19 assets in Indonesia and Malaysia. It plans to invest $15 billion over the next five-year period to develop and explore about 3 billion barrels in discovered reserves. The agreement was signed in Abu Dhabi at ADIPEC.
TotalEnergies sells Norwegian oil assets Vaar Energi to reduce debt
TotalEnergies announced on Wednesday that it had agreed to divest its interests in mature oil fields offshore Norway. This is the latest step in an overall divestment plan aimed at reducing debt. French oil major announced that the transaction should close by the end of the fourth quarter this year. In order to reduce the company's leverage, it is focusing on assets that are more profitable. Patrick Pouyanne, the group's CEO, mentioned "a small sale in Norway of an asset that is mature" during TotalEnergies investor day held on Monday.
US investors target strategic Bulgarian gas storage
Five people with knowledge of the matter report that two American financiers with the support of a former campaign manager for U.S. president Donald Trump approached Bulgarian authorities about a potential investment in a government-owned underground gas storage facility stocked primarily with Russian natural gases. The group, led by Stephen P. Lynch (a Florida financier trying to purchase a gas pipe linking Russia to Germany) and Fei Wang (another U.S.-based investor), is looking…
Chevron wins arbitration against Exxon over Hess deal, according to analysts.
Chevron completed its $55 billion purchase of Hess last Friday, after winning a landmark court battle against Exxon Mobil. This was to gain access the largest oil discovery of the past decade - the Stabroek Block offshore of Guyana. It contains more than 11 billion gallons of oil. This project will drive significant growth in production for the next 3 to 5 years. It will also add new weight on the liquids front from Guyana, Permian and Gulf of Mexico. CVX and XOM have to put the legal dispute behind them in order to move forward with their planned development phases.
Chevron will proceed with Hess acquisition after winning Exxon Guyana's legal battle
Chevron is moving forward with its acquisition of Hess for $53 billion after winning a landmark court battle against Exxon Mobil, allowing it to access the biggest oil discovery in decades. This is a vindication of CEO Mike Wirth’s strategy, and it is a crucial win, since Hess’ most attractive asset is the stake in the Stabroek Block, located off the coasts of Guyana. The block contains more than 11 billion gallons of oil. It will be a source for growth, as Chevron tries to improve its performance. Hess shares jumped 7.4%, while Chevron shares rose 3.6%. Exxon's shares were slightly lower.
CNBC reports that Chevron won the mediation against Exxon over its Guyana oil assets.
CNBC reported Friday that Hess had won a landmark court battle with Exxon Mobil, its larger rival, to gain access the largest oil find in decades. This is a vindication of CEO Mike Wirth’s strategy, and it is a crucial win. Hess’ most attractive asset is the stake in the Stabroek Block offshore of Guyana which holds over 11 billion barrels. It's a source for growth at a time when Chevron is working to improve its performance. Exxon, which operates the Stabroek Block with a 45% interest…
Keyera acquires Plains' Canadian Natural Gas Liquids business for $3.77 Billion
Keyera Corp announced on Tuesday that it had agreed to purchase substantially all of Plains Canada's Canadian natural gas liquids businesses for C$5,15 billion ($3,77 billion) cash. The Canadian-based pipeline operator stated that the purchase expands Keyera’s position by bringing a natural gas liquids (NGL) corridor from Western Canada to Eastern Canada under Canadian ownership and brings key NGL infrastructure. Keyera, a Canadian energy infrastructure company, and AltaGas, a Canadian-based firm that processes liquefied gaseous petroleum, entered into long-term contracts in February.
Petrobras CEO: Africa will be the main exploration region for Petrobras outside Brazil.
Petrobras wants to develop Africa as its primary region outside Brazil. The CEO of the state-run oil company said this in a broad interview on Thursday. Petrobras CEO Magda Chabriard said that Ivory Coast extended the "red-carpet" to Petrobras when it granted the company the preference for buying nine offshore exploration blocks on Wednesday. She said that Nigeria, Angola and Namibia also expressed an interest in working with Brazil's giant. Chambriard said, "We are experts on the eastern margins of Brazil," citing similar geological features between the region and Africa.
Petrobras has exclusive rights to explore offshore blocks in Ivory Coast
Petrobras, the state-owned oil company of Brazil, announced on Wednesday that it had won exclusive rights to negotiate for the purchase nine offshore exploration blocks in Ivory Coast. Petrobras stated in a filing that the government had conceded to the exclusive talks after the oil company presented a declaration indicating its interest in the assets. According to the Ivory Coast Government, the blocks are located mostly in deep water in the western part the national sedimentary Basin.
Canadian oil and Gas CEOs avoid rash decisions during the price crash
On Tuesday, CEOs of Canadian producers of oil and gas said they were trying to avoid taking sudden decisions as the global oil price hovers around four-year lows. Doug Bartole said that his Calgary-based company, InPlay Oil, does not expect to reduce production or capital expenditures in the near future, despite recent oil price drops due to tariffs. Don't take any rash decision. Bartole stated in an interview that it was best to take a long-term view and wait for the outcome. He said this could change, however, if the price of oil continues to fall.
Brazil's Petrobras is looking for African oil assets to increase reserves
Petrobras, the Brazilian oil company, wants to purchase stakes in African oil assets - primarily in Angola and Namibia - to increase its reserves, as it anticipates that production will fall after 2030. A senior executive revealed this on Wednesday. Sylvia dos Anjos told the India Energy Week conference that the Brazilian state-owned energy company is in discussions with existing partners ExxonMobil and Shell to purchase a stake of their African assets. It makes more sense in our portfolio. It's economical. It is convenient to travel anywhere with them because they are our partners.
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.
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.
Exxon CEO: We want to extract value from Hess Guyana's assets
Two of Exxon Mobil's top executives stated on Wednesday that they wanted to "participate in" Hess Corp. selling its Guyana oil assets and extract value from its work developing the country offshore fields. In May, a three-person panel will decide whether Hess can proceed with its deal to sell to Chevron on the original terms. Exxon and CNOOC Ltd have challenged the deal, which is the second largest in recent oil megamergers. "We calculated the value of this asset." Exxon CEO Darren Woods said to Wall Street analysts that we have the right…
Ovintiv extends Montney footprint by $2.38 billion
Ovintiv, a Canadian shale producer, announced on Thursday that it would acquire oil assets from Paramount Resources in exchange for cash of approximately $2.38 billion. This will strengthen its position in Canada’s highly productive Montney shale. About half of Canada's natural gas is produced in the shale formation that spans northern Alberta, British Columbia and British Columbia. The assets are near Ovintiv’s current operations. They would add 70,000 barrels per day of oil equivalent production to the Montney Formation in Alberta.
Japan's LNG Investments Drive Faces Risk of Souring
Japan's banks and public agencies have funneled nearly $25 billion into liquefied natural gas (LNG) projects since 2017 but the investments may sour as prices plummet from the COVID-19 pandemic and as climate change risks rise, a new study shows.Spurred on by the government to boost energy security since the 2011 Fukushima disaster shut down the country's reactors, Japan's investment in LNG rivals that for coal, the dirtiest fossil fuel, while more evidence is emerging of the…
Oil Hits $70 a Barrel
Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70.74 a barrel and was at $69.74 at 0940 GMT, up $1.14, or 1.66%, from Friday's settlement.U.S. West Texas Intermediate crude was at $63.92 a barrel, up 87 cents, or 1.38%, after touching $64.72, the highest since April.The gains extended Friday's more than 3% surge after a U.S.
Equinor, Rosneft to develop Arctic oilfield
Russia's Rosneft and Norway's Equinor have agreed details on how to develop an Arctic Siberian onshore oilfield, they said on Monday, their first joint investment since agreeing a strategic partnership in 2012.The firms expect to extract about 250 million barrels of oil and 23 billion cubic metres of gas in the first stage of developing the Severo-Komsomolskoye oilfield, Equinor said, without giving a value for the investment.Rosneft has a 66.67% stake and Equinor holds the remaining shares in SevKomNeftegaz…
Oil Steady as Russia Commits to Output Cuts
Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices.Brent crude was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since Sept. 20.West Texas Intermediate (WTI) crude futures were down 4 cents at $56.62 a barrel, having risen more than 5% last week, also the biggest weekly increase since Sept.