Companies & Finance

Mergers & Acquisitions

Bidding war breaks out for Cove

A consortium of India’s ONGC and GAIL is the largest potential bidder for East Africa-focused explorer Cove Energy. The companies, which confirmed on Tuesday that they were interested in Cove, join Thai state-owned group PTT and Anglo-Dutch supermajor Royal Dutch Shell in pursuing the UK-listed independent.

28 February 2012
Mergers & Acquisitions

Rosneft, Itera agree to jointly develop Russian gas deposits

Rosneft and Itera Group have finalized a strategic cooperation agreement outlining intentions to jointly explore and develop Russian gas deposits.

28 February 2012
Mergers & Acquisitions

BP at 60% of asset sale target with Kansas deal

United States oil and gas company Linn Energy has said it will pay $1.2 billion to buy gas assets in south-west Kansas from BP, which continues to raise $38 billion to pay for its Gulf of Mexico spill in 2010.

28 February 2012
Companies

Japanese cities press for shelving of nuclear power plants

Three of Japan’s largest cities within the Kansai region have submitted a written request pressing Kansai Electric Power Co. (Kepco) to shelve its nuclear facilities.

28 February 2012
Results

Shaanxi Natural Gas boosts operating revenue by 33%

Shaanxi Provincial Natural Gas (Shaanxi Natural Gas), a builder and operator of long-distance gas pipelines, saw operating revenue jump by 33.74% in 2011 to RMB 3.32 billion ($527.31 million), according to a filing made on Tuesday with the Shenzhen Stock Exchange.

28 February 2012
Companies

Value of Aussie unconventionals keeps rising, despite costs

With Europe and the United States in the doldrums, Australia appears to be the repository of choice for investors hoping to make a positive return from the country’s booming upstream sector and from shale gas developers in particular.

27 February 2012
Companies

Eni-Snam separation?

The ownership separation of Italian oil and gas major Eni from its gas transmission network Snam Rete Gas may lead to lower gas bills by creating a more competitive market, Economic Development Minister Corrado Passera told Sky TG24 in an interview, a Bloomberg article said on Sunday.

27 February 2012
Project Finance

Shanxi Province needs $30 bln to reach CBM output targets

Shanxi Province’s coal-bed methane (CBM) industry will require more than RMB 200 billion ($31.76 billion) in investment between now and 2015, Yi Qinglin, a director with the local arm of the National Development and Reform Commission

27 February 2012
Companies

YPF could allow Chubut drilling rights

Repsol unit YPF could lose its drilling rights in the oil-rich Argentine province of Chubut because of insufficient investment, the region’s governor Martin Buzzi told the Buenos Aires newspaper Pagina.

27 February 2012
People

Former chief exec gets 30 months for Nigeria bribery

A former chief executive of US oil services company KBR was sentenced to 30 months in jail on Friday for bribing Nigeria officials to win LNG contracts, according to a Bloomberg report.

27 February 2012
Companies

INA has stopped operations in Syria

Croatian company INA announced on Monday that it has stopped operations in Syria and declared force majeure to the Syrian government-owned General Petroleum Company.

27 February 2012
Companies

Australian Beach Energy's revenue rises

Australian Beach Energy saw its sales revenue rise by 11% to A$294.3 million ($313.8 million) year-on-year in 2011, even though its sales volume fell by 6% to 4.6 MMboe, the company announced on Monday.

27 February 2012
Companies

Qatar looking for Australia opportunities

Qatar Petroleum is looking for investment opportunities in Australian LNG projects, according to Reuters on Monday.

27 February 2012
Companies

Petronas pulls out of East Natuna

Malaysia’s state-owned Petronas has pulled out of the complex, deep-water East Natuna gas project in Indonesia, Reuters reported on Monday.

27 February 2012
Project Finance

Emerald Oil and Gas raises debt for shale acreage acquisition

Emerald Oil and Gas has raised $15 million in debt to buy 10,500 net lease acres and initial shale oil production located in Dunn County, North Dakota.

24 February 2012
Project Finance

NNPC delays stake divestment for Brass LNG

An attempt by the Nigerian National Petroleum Corporation’s (NNPC) to divest 19% of its stake in the Brass LNG project has been indefinitely delayed, it has emerged this week.

24 February 2012
Project Finance

Wells Fargo takes on BNP Paribas' North American energy debt

North America-focused financial institution Wells Fargo has confirmed that it is to take on French bank BNP Paribas' Houston-based energy lending business in a deal that will see $9.5 billion in on-going debt also transferred.

24 February 2012
Project Finance

E.On announces shortlist for Open Grid sale

Germany's E.On has shortlisted four consortia of institutional investors for the sale of the Open Grid gas pipeline network.

24 February 2012
Project Finance

Archer closes drill rig debt facility with bank and ECA

Oil and gas services company Archer Well has closed an export credit agency (ECA) guaranteed debt facility of €29.5 million ($37 million) to finance the development of its Emerald drilling rig. French lender BNP Paribas is supplying the finance with German ECA Euler Hermes insuring the debt.

24 February 2012
Companies

Pacific Rubiales' stock surges

Canadian independent Pacific Rubiales saw its stock surge to a nine-month high on Thursday after saying its oil and gas reserves jumped by 52% in 2011.

24 February 2012

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