Serica buys 18% BP’s Erskine share for $11.1million
Atlantic-focused explorer Serica Energy has bought 18% interest in BP’s Erskine field.
Markets
Shell sales Woodside shares in $5billion deal
Oil giant Shell has sold 19% of its shares in Australian energy firm Woodside Petroleum for $5billion.
Siemens preparing Alstom energy bid to gain turbines
Siemens AG is preparing a bid for Alstom SA’s energy unit that would leave it with the French company’s gas turbines while allowing partners Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. to expand their steam turbines and hydro businesses, people familiar with the matter said. Siemens would buy Alstom’s gas-turbines unit and the French company could use some of that cash for its shareholders or investments, the people said, asking not to be named as the matter is private. The offer, which could get announced as early as today, would see Mitsubishi Heavy, Hitachi and Alstom merge their steam turbines and hydro assets, with the Japanese companies taking a minority stake in the venture, they said.
Oil topping $116 possible as Iraq conflict widens
Brent crude was projected by Wall Street analysts to average as much as $116 a barrel by the end of the year. Now, with violence escalating in Iraq, how far the price will rise has become anyone’s guess.
Faroe Petroleum raises £65million
Faroe Petroleum raised more than expected after investors ploughed into a share placing yesterday.
Republicans plan funding ban for EPA’s greenhouse gas rule
Republicans will try to block the Environmental Protection Agency’s proposed greenhouse-gas rule by denying the funding to implement it, according to a senior member of a US House appropriations panel.
Union Jack raises £1.4million for UK licence bidding
Onshore explorer Union Jack has raised £1.4million through share placing as its looking to grow its UK portfolio.
Tullow refinances loan facility to fund Norwegian exploration
Exploration group Tullow Oil has revised its $330million Norwegian loan facility ahead of its planned North Sea operations.
EnQuest takes over ExxonMobil’s Malaysian shares
EnQuest has agreed a deal to takeover ExxonMobil's share in the Malaysian Seligi oil field and the associated production sharing contract.
Energy firms advance with oil on Iraq crisis
Energy companies surged on the highest crude prices in eight months as violence in Iraq spurred supply concerns. The yen dropped with India’s rupee while the UK pound strengthened a second day and metals rose.
CAN jobs safeguarded by contract wins
An Aberdeen energy service company is celebrating after securing two contracts worth around £2million. CAN Group will provide asset integrity services to ConocoPhillips for the next five years and topsides inspection and integrity support services with Apache in the North Sea for three years.
More tax breaks for UK oil and gas on the way
Chief secretary to the Treasury Danny Alexander has said the government is set to introduce more tax breaks for the oil industry to stimulate North Sea investment. Speaking at the Oil & Gas UK conference in Aberdeen on Thursday, Mr Alexander said the Treasury was aiming to introduce a “lighter tax regime”, particularly after executives at Premier Oil acknowledged the government's small field allowance as easing the way for its 100 million barrel Catcher development.
Norway hit by 20% drop in investments
Norway looks to suffer its first drop in investment since 2010 due to ballooning costs and stagnating energy prices.
Shelf Drilling plans to float
Shelf Drilling confirmed plans to float on the London Stock Exchange. The firm, which amassed the largest fleet of 37ILC jackup rigs, recorded an adjusted revenue of $1.2billion last year. It’s current contract backlog for this year stands at $3.4billion.
Enegi Oil agrees MOU with Wood Group PSN
Enegi Oil has agreed a Memorandum of Understanding with ABT Oil and Gas (ABTOG) and Wood Group PSN (WGPSN) for the investment into marginal field initiatives.
Aberdeen-backed Petrobras tugboat operator seeks 50% dividend
Wilson Sons Ltd., the Brazilian ports and tugboat operator backed by Aberdeen Asset Management Plc, expects to give about half of its profit back to shareholders after investing more than $1billion to expand operations.
Siemens and Mitsubishi Heavy could launch rival Alstom bid
Siemens AG and Mitsubishi Heavy Industries could submit a joint bid to rival General Electric’s $17billion offer to buy Alstom SA’s energy business. “We firmly believe that we can substantially contribute to a partnership solution for Alstom which will create value for all parties involved, including the country of France,” Mitsubishi Heavy Industries chief executive officer Shunishi Miyanaga said in a statement.
Norway commits to slow cut of $65billion stake in Statoil
Norway’s government said it won’t rush any reduction of its $65billion stake in Statoil ASA, the largest company in western Europe’s biggest energy producer.
OPEC majority at ease with oil markets before Vienna meeting
OPEC nations representing 94% of the group’s output said they were at ease with supply and demand in global oil markets before a meeting in Vienna today to decide on a collective production limit. Oil ministers from Angola, Ecuador, Kuwait and Venezuela all said they anticipated that the Organization of Petroleum Exporting Countries would roll over its existing ceiling of 30 million barrels a day. Saudi Arabia, Libya, Nigeria and the United Arab Emirates said supply and demand are well matched. Iraq’s minister said there were indications the limit would be retained, while his Iranian counterpart also expected no change. The 10 nations accounted for about 28.2 million barrels a day of output in May, while the group’s combined production amounted to about 30 million barrels. Ministers from Algeria and Qatar declined to comment on the oil market or OPEC’s production as they arrived in Vienna yesterday.
Ukraine – Russia gas talks fail as Gazprom demands payment
Ukraine and Russia failed to reach an agreement on natural gas deliveries during overnight negotiations hosted by the European Union as Gazprom insisted on receiving a debt payment before a deadline today.
OPEC: World needs Saudi Arabia’s record supplies
Organization of Petroleum Exporting Countries (OPEC) ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of crude.
Caza pulls $10million advance to drive New Mexico campaign
US explorer Caza Oil and Gas has drawn an advance of $10million to rev up its five-tier drilling campaign in New Mexico.
Industry faces bigger challenges than independence, EY tax partner says
Scotland’s future is important to North Sea oil and gas firms and their supply chain, but the industry faces bigger challenges. That is the view of Colin Pearson, tax partner in the Aberdeen office of accountancy firm EY. Mr Pearson said operators and service companies had to work with all kinds of governments around the world, and were masters of dealing with changes they “took in their stride”.
GDF Suez to review Gazprom gas contract
GDF Suez SA, France’s largest natural gas company, plans to renegotiate a supply contract with OAO Gazprom next year as Europe moves away from linking the price of the fuel to oil. The Paris-based company is “constantly” renegotiating its contracts with suppliers, Jean-Francois Cirelli, vice chairman of GDF Suez, said in London. The talks with Gazprom, following an accord last year, is “something for 2015,” he said.
Energy XXI leads GOM independents with EPL buy out
US oil firm Energy XXI has completed the $2.3billion acquisition of rival EPL Oil & Gas.