Bracewell’s managing partner in London Jason Fox said this was not new “but the noose is tightening quickly and ESG is the headwind. It’s not just the E that’s biting but also the G, for governance, with banks increasingly retreating from emerging markets because of additional risks, particularly concerns around corruption.”
Will 2023 see the majors, including ExxonMobil, Chevron, Shell, BP, ConocoPhillips, TotalEnergies, and Eni, divest upstream oil and gas assets in Southeast Asia?
CRC Evans has announced that a merger between four organisations has brought about the creation of a welding and coating services firm.
CHC has announced it will sell the former Babcock North Sea helicopter business to South African firm Ultimate Aviation Group.
Smith noted the opposition from shareholders to the Tullow merger. “The message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.”
Capricorn Energy has conceded that it expects to hold an EGM on February 1 but has warned shareholders against rejecting its proposed combination with NewMed Energy.
Zenith said there were near-term growth opportunities. This would involve infill drilling and sidetracks for six new wells, boosting output to 15,000 bpd.
The UK North Sea saw little bounce back in activity following the 2020-21 ‘Covid low’, with only the M&A space staying buoyant.
Shell (LON: SHEL) has launched the sale of its stakes in a group of oilfields in the UK North Sea, according to marketing materials.
Waldorf Production, a prolific buyer of oil and gas exploration assets in the North Sea, is seeking to raise as much as $2 billion to help bankroll more deals, people with knowledge of the matter said.
Palliser Capital has joined criticism of Capricorn Energy’s proposed merger with NewMed Energy, saying it undervalues the Egypt-focused producer.
Capricorn Energy should abandon its proposed merger with NewMed Energy and opt instead to liquidate its assets, a shareholder has said.
Cornerstone Resources has farmed out a pair of North Sea exploration assets to an unnamed buyer.
Waldorf Production has struck deals to buy the Netherlands businesses of fellow North Sea producers TAQA and Dana Petroleum.
Employees have said their farewells to Maersk Drilling as the firm completes its merger with rival Noble (NYSE, Nasdaq: NE).
International law firm Addleshaw Goddard has added another high-profile partner to its Corporate and Energy team in Aberdeen.
Investment group EIG is buying a 25% stake in Repsol’s upstream unit for $4.8 billion, with an eye on a potential US IPO in 2026.
SDX Energy faces opposition in its plans to sell itself to Canada’s Tenaz Energy, with Aleph Commodities voicing its disapproval.
Andrew Austin has a track record of dealmaking in the North Sea and has now set his sights on independent Serica Energy (LON: SQZ).
Serica Energy (LON: SQZ) has issued a lengthy statement denouncing the bid from smaller rival Kistos (LON: KIST) as “significantly undervaluing” the company.
With Serica Energy looking outside of the UK North Sea for M&A deals and Taqa deciding to hold onto its UK assets, what are the implications for the market?
North Sea operator Serica Energy (LON: SQZ) has said it is “increasingly” exploring M&A opportunities outside of the UK.
Indonesia’s Medco Energi (IDX:MEDC) is on the lookout for more merger and acquisition (M&A) opportunities in Southeast Asia after successfully buying ConocoPhillips Indonesian assets in a $1.355 billion deal struck last year.
More merger and acquisition (M&A) opportunities are expected to hit the market in Asia Pacific, as international oil companies (IOCs) continue to rationalise their portfolios, and ESG concerns trigger further divestments. This will help to unlock the deal flow in APAC, but potential acquirers could struggle to secure necessary finance without a strong ESG narrative.
SDX Energy has struck a deal to sell itself to Canadian-listed Tenaz Energy for £21.4 million in an all-share offer.