Rosneft signs pact with Indian companies to sell stake in fields
Russia’s Rosneft OJSC signed agreements with Indian state-run energy companies to sell stakes in its oil assets in Siberia, as the two countries seek to deepen energy cooperation.
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Madalena Energy cancels planned acquisition in Argentina block
Madalena Energy said it has terminated its planned acquisition of additional interest in the Coiron Amargo block in Argentina.
Engie sells 20% stake in North Sea oilfield
Engie has sold a 20% stake in a North Sea oilfield for an undisclosed sum to Wellesley Petroleum.
Saudi Arabia said to weigh selling state-run entities stakes
As global oil prices tumble, Saudi officials are considering plans to sell shares in state-owned entities and companies, according to two people with knowledge of the discussions, in an attempt to find alternative sources of revenue. The government may sell stakes in ports, railways, utilities and airports, the two people said. Hospitals may also be privatized, one person said. Saudi officials weren’t immediately available for comment. With oil prices down to an 11-year low, Saudi officials are accelerating efforts to reduce the economy’s reliance on revenue from crude exports. They may have missed their best chance when prices were higher, according to economists and an International Monetary Fund study that highlighted how successful attempts depended on policies put in place before the slump.
Providence Resources to sell Spanish Point stake
Providence Resources said it has begun a farm-out process to divest as much as 32% of its share in a licence off the west coast of Ireland. The company said the move was in relation to its Spanish Point licence in the north Porcupine basin. It includes Frontier Exploration Licence (FEL) 2/04 and 4/08 in which Providence holds a 58% equity interest and which are operated by Capricorn Ireland Limited.
Black Stallion acquires full interest in Alberta basin stake
Black Stallion Oil and Gas has acquired the remaining 50% working interest in the Woodrow Prospect in the Alberta basin. The company now holds a 100% working interest in the prospect in Montana. Black Stallion said the prospect could offer multiple opportunities for possible success in oil and gas production across targets at shallow depths.
Penn Virginia sells Texas assets in $75million deal
Penn Virginia has signed a deal to sell assets in Texas for $75million. The company would not disclose the buyer but said the sale would close by the end of next month.