Neptune Energy Names Lumens CFO
Private equity backed oil and gas producer Neptune Energy on Monday named former Louis Dreyfus executive Armand Lumens as its chief financial officer.
Neptune Energy Reports $70 mln H1 Profit
Private equity-backed oil and gas producer Neptune Energy on Thursday reported a profit of $70 million and a cash pile of over $500 million in the first quarterly results it has published, adding that it was on the lookout for more assets.Several private equity-backed players have entered the British oil and gas sector since the downturn of 2014 and investors are expecting some will eventually move towards an initial public offering (IPO) on the stock exchange.Neptune…
Neptune Energy Buys VNG's O&G Assets off Norway, Denmark
Private equity-backed Neptune Energy has agreed to buy the Norwegian and Danish offshore oil and gas assets of German gas utility VNG, the companies said on Thursday.Headed by former Centrica boss Sam Laidlaw and backed by the Carlyle Group and CVC Capital partners, Neptune seeks to become a leading independent exploration and production (E&P) firm, it added.The transaction follows a deal by Neptune last year to buy the oil and gas unit of France's Engie for $3.9 billion.The deal is also a continuation of a trend among European utilities sellin
Rio Tinto Recruits Three to BoD
Simon Henry, Sam Laidlaw, David Constable named as non-execs. Rio Tinto has appointed three former senior managers from the energy industry to its board as non-executive directors, including Shell's departing CFO Simon Henry, the mining company said on Friday. Henry, who is stepping down as Chief Financial Officer at Shell after seven years on March 9, will join Rio Tinto on July 1. Former Centrica chief executive Sam Laidlaw and ex-Sasol CEO David Constable will take up their non-executive posts immediately, Rio Tinto said.
Shell's U.S Deal to Unlock Global Asset Sales
Shell lines up large North Sea asset sale; Gulf of Mexico deal sets deal value at $60/bbl. Royal Dutch Shell's first oil field sale after its $54 billion BG Group acquisition bodes well for its disposal talks in the North Sea, Gabon and New Zealand, according to sources, signalling buyers will meet its expectations on value. The $425 million deal in the Gulf of Mexico is welcome news for the Anglo-Dutch oil and gas giant which has struggled…
Shell's US Deal to Unlock Global Oil Asset Disposals
The $425 million deal in the Gulf of Mexico is welcome news for the Anglo-Dutch oil and gas giant which has struggled to kick off its plan to dispose of $30 billion of assets by 2018 or so in order to pay for the February deal and maintain a generous dividend policy amid soaring debt. The sale of the Brutus/Glider fields to U.S. independent oil and gas company EnVen Energy Corp has an implied oil price of around $60 a barrel, more than $10 above today's prices, according to analysts at UBS.
Centrica Boardroom Reshuffle Continues
Britain's largest energy supplier Centrica will next month promote one of its managing directors to temporarily head up its British Gas business, progressing with a board reshuffle that started earlier this year. Ian Peters, currently managing director of British Gas residential energy, will start his new role on Dec. 1, replacing outgoing international downstream leader Chris Weston, but only on an interim basis and not as a member of the board. "Ian ...
BP's Head of Refining Conn Steps Down
BP's head of refining Iain Conn is leaving the oil major and will be replaced by chief operating officer Tufan Erginbilgic, the company said on Thursday. The move is likely to fuel speculation that Conn, whose career at BP spanned 29 years, might replace the chief executive of British utility Centrica, Sam Laidlaw. Conn, 51, served on BP's board for the past 10 years and has headed the downstream division since 2007. Erginbilgic will replace Conn on Oct. 1, BP said in a statement. (Reporting by Ron Bousso; Editing by Dale Hudson)
Centrica Loses Second Executive in Five Months
Weston to join power provider Aggreko as CEO. Resignations potentially create leadership problems. Britain's Centrica said the head of its British Gas division was leaving the company, the second big-name departure to be announced in five months as it battles public anger over soaring energy bills. Chris Weston, who will become the new boss of power provider Aggreko next year, joins Centrica's Finance Director Nick Luff in announcing his intention to leave. Media have speculated that Chief Executive Sam Laidlaw may also soon quit.
Centrica Chief Warns of UK's Gas Import Reliance
Reuters - Britain's dependence on gas imports will rise to 70 percent by 2020 and the country needs to secure more supply from a variety of sources to meet that demand, the chief executive of Britain's biggest utility, Centrica, said on Wednesday. Britain's own gas production has slumped from a peak around the turn of the century and output rates are expected to fall further as resources decline, exposing the country to increasing imports from abroad.
