French oil major TotalEnergies plans to use part of its cash bonanza generated from surging hydrocarbon prices to speed up investment in liquefied natural gas (LNG) projects and renewables.
Energy Voice talks to Jason Fox, Managing Partner, London, and Alastair Young, Partner, at Bracewell (UK) LLP on the future of North Sea investment as Brent crude oil remains at around $100.
The chairman of Ithaca Energy, soon to be the new operator of the controversial Cambo oilfield, has said the firm wants open dialogue with environmentalists and other parties on its future.
Ithaca Energy has struck a deal to buy Siccar Point Energy, operator of the controversial Cambo project, for just shy of $1.5 billion.
Opportunities abound for mergers and acquisitions across energy-hungry Asia Pacific nations, as majors, such as Chevron, Shell, and ExxonMobil, seek to exit or rationalise their upstream portfolios.
Firms won’t be rushing into deals or investment off the back of higher oil and gas prices – the boom may even be stalling such activity in the North Sea, according to top analysts.
Orsted has struck a £3 billion deal to sell a 50% stake in Hornsea 2, soon to become the world’s largest offshore wind farm.
BP is seeking to sell its beleaguered Foinaven field in the west of Shetland, according to a news report.
Aberdeen-headquartered Sparrows Group is being bought by industrial services giant Altrad.
The deal volume for renewable energy assets in Asia more than tripled to $13.6 billion in 2021, as the number of transactions surged by 53% year-on-year to 75. Significantly, large corporate mergers in the solar energy sector fuelled the considerable increase in value, reported Enerdatics, a research company.
North Sea focused Waldorf Production has started exclusive talks to buy the assets of Dutch oil and gas company ONE-Dyas BV, according to people familiar with the matter.
Inpex, Japan’s largest upstream explorer and producer, is seeking opportunities to acquire more natural gas resources in Vietnam, Malaysia, as well as other countries in Southeast Asia.
“A really opportune moment” beckons for Serica Energy, according to chief executive Mitch Flegg, with gas prices strong, new production online and, since the turn of the year, reaching a major milestone for its North Sea business.
“More energy and less emissions” is how TotalEnergies’ North Sea boss summarises the company’s strategy for the coming years. And that, broadly speaking, is reflected across the plans of others too.
Indonesia’s national energy company Pertamina is seeking an advisor to farm-out its upstream assets in the southeast Asian nation. Significantly, the company is seeking to sell down interests in five upstream assets that it operates.
Private equity took a keen interest in the UK North Sea in 2021, with £2.4 billion worth of deals for the country’s oil and gas industry.
Global upstream merger and acquisition (M&A) deals rebounded to pre-Covid-19 levels in 2021, reaching a total of $181 billion, a 70% increase over 2020, Rystad Energy research shows. The total deal value for 2021 was the highest in three years and almost reached the highs seen in 2017 and 2018 of $205 billion and $199 billion, respectively.
CHC has told competition authorities that its takeover target of Babcock Aviation is “not a particularly serious competitive threat” to the company.
Kistos (LON: KIST) has confirmed it is bidding to acquire assets being put on sale by TotalEnergies in the West of Shetland.
Equinor is reportedly seeking a $1billion sale of a stake in the Martin Linge oil field in the North Sea.
It’s set to be an action-packed year for majors, independents and national oil companies (NOCs) alike in 2022. Big choices will set strategic trajectories for the energy transition ahead and the M&A market is set to heat up with multi-billion dollar acquisitions on the horizon, reports energy research company Wood Mackenzie.
The Oil and Gas Authority (OGA) has issued a warning to operators over a type of M&A deal which risks firms defaulting on their liabilities.
United Oil and Gas and Quattro Energy have once again pushed the completion date for a £3.2million North Sea deal.
Japanese trading house Marubeni has confirmed the sale of its North Sea business to Ithaca Energy.
Cairn Energy (LON: CNE) has completed the £334m sale of its interests in the Catcher and Kraken fields in the North Sea to Waldorf Production.