Baytex ups Aurora bid to $1.8bn
Baytex Energy Corp., bidding for Aurora Oil & Gas Ltd., sweetened its cash offer for the Australian company to A$1.9 billion ($1.8 billion), winning the backing of the target’s two biggest shareholders.
Markets
Saudi Arabia “would cover oil shortages from Ukraine crisis”
Saudi Arabia would increase its oil output to cover any potential shortage brought on by the crisis in Ukraine, the country's oil minister has said.
Petrobras deepens cost cuts to counter Brazil fuel subsidies
Petrobras is stepping up cost-cutting measures to avoid a fourth straight profit decline amid losses derived from government fuel subsidies.
Wessex closes-in on Philippines with Halo agreement
Oil and gas firm Wessex Exploration has exchanged Heads of Agreement for the acquisition of Hague and London Oil (Halo).
Sterling Energy completes farmout with Jacka Resources
Sterling Energy has completed its farmout agreement with Jacka Resources for the acquisition of an additional 15% interest in the Production Sharing Contract for the Odewayne Block.
AIM listed firms suffer shares slump
Oil and gas companies listed on the alternative investment market (AIM) in London suffered a 15% slump in value in the first quarter of 2014, new figures show.
OPEC to maintain output due to stable market
The oil market is stable and supply shortages can be covered, so the Organization of Petroleum Exporting Countries has no reason to change its production levels, according to Saudi Arabia’s oil minister.
Northcote Energy team up with Springer Oil to buy Aminex
Northcote Energy has teamed up with Springer Oil and Gas to buy the US operation of Africa-focused oil and gas exploration and production company Aminex.
Talisman chief given vote of confidence
Talisman energy boss Harold Kvisle has received a resounding vote of support at the company’s annual general meeting.
Petrofac warns of falling profits
Petrofac warned its profits would be slashed by more than 10%.
YPF SA’s profits soar after Respol exit
YPF SA, Argentina’s largest company, said first-quarter profit gained 129% on higher oil and gas production.
OTC 2014: Rovop strikes £17million deal with Californian firm
Subsea specialist Rovop struck a £17million deal to acquire five new remotely operated vehicles (ROVs) from a US manufacturer at this year’s OTC.
Apache unloads its deepwater Gulf of Mexico projects
Freeport-McMoRan Copper & Gold has acquired Apache’s stakes in its deepwater Gulf of Mexico projects for $1.4billion.
Poland’s biggest oil company continues major Canadian expansion
PKN Orlen SA, Poland’s biggest oil company, agreed to buy Birchill Exploration Ltd to double its crude production in Canada.
QPI acquires nearly half of Centrica’s Canadian shares
Qatar Petroleum International (QPI) will acquire nearly half of Centrica’s Canadian natural gas business.
Former Xodus Group founder to lead new decommissioning firm
Five oil and gas industry veterans have joined forces in a new business aimed at catching the incoming tide of North Sea decommissioning projects. Former Xodus Group co-founder Richard Heard will lead Strategic Decommissioning Consultants, which launched this week.
OTC 2014: Aberdeen serves up anchor for DISA’s Norwegian interest
Just a few weeks after the acquisition of RS Occupational Health, American safety services group DISA addressed a Scottish delegation in Houston, hailing the partnership between the two cities.
Marathon Oil’s profits spike despite decreasing sales volumes
Marathon Oil posted a net income of $613million, an increase of 73% from last year’s figures.
Respol makes final break with Argentina’s YPF SA
Repsol SA, Spain’s largest oil producer, sold a 12% stake in Argentina’s YPF SA for $1.26 billion.
OTC 2014: Transocean announces new spin-off firm
Transocean has announced plans to create a new spin-off firm to operate its UK rigs.
Aberdeen Asset Management upbeat despite dipped figures
Aberdeen Asset Management (AAM) chief executive Martin Gilbert remains upbeat about the finance giant’s prospects despite investors reacting negatively to first half results.
OTC 2014: Conference to give Scots £100million boost
Oil and gas firms from Scotland are forecast to win contracts worth more than £100million over the next three years as a result of taking part in the Offshore Technology Conference.
50 years on and North Sea licensing still attracts strong response
North Sea licensing began 50 years ago. Despite the half-a-century stretch, the 28th licensing round solicited a positive response, reinforcing sector confidence.
Statoil completes Shah Deniz farm out
Statoil has completed the farm out of its interest in the Shah Deniz field.
Spectators cut bullish oil wagers on record US supply
Record U.S. crude stockpiles spurred speculators to cut bullish oil bets to the least in five weeks just as futures dropped below $100 a barrel for the first time in almost a month.