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Wentworth fully funded for 2012 plans

London-listed African explorer Wentworth Resources said on Thursday that it is in a “strong position” to complete exploration work in Tanzania this year.

29 March 2012
Results

PetroChina hit with $3.4 bln loss on imported gas sales

PetroChina, the listed vehicle of state-owned China National Petroleum Corp. (CNPC), lost RMB 21.4 billion ($3.39 billion) on sales of imported gas in China last year, according to an annual earnings report filed with the Hong Kong Stock Exchange (HKSE) on Thursday.

29 March 2012
Project Finance

FAR raises $15.4 million to fund Kenyan exploration

Australian explorer FAR has raised $15.4 million through an equity placement, the company announced on Thursday.

29 March 2012
Mergers & Acquisitions

Medco Energi moves to acquire gas blocks offshore Sumatra

Indonesia’s private Medco Energi Internasional and two state-run companies have made a formal proposal to jointly acquire two of ExxonMobil’s dwindling offshore gas blocks in northern Sumatra, Dow Jones reported on Thursday.

29 March 2012
Mergers & Acquisitions

GDF bids for International Power stake

France’s GdF Suez has made an approach to buy the 30% of UK utility International Power that it does not already own for £3.90 per share, the company said in a London Stock Exchange announcement on Thursday.

29 March 2012
Project Finance

Tepco seeks further funds to help avoid insolvency

Tokyo Electric Power Company (Tepco) has asked the Japanese government for a capital injection of $12 billion dollars in order to help it avoid insolvency.

29 March 2012
People

Chairman of South Stream Serbia's board replaced

Leonid Chugunov, the head of Gazprom's project management department overseeing the South Stream pipeline project, has been replaced by Gazprom’s Deputy Chief Executive Alexander Medvedev as chairman of the board of directors at South Stream Serbia, the joint project company for the construction of the Serbian segment of the South Stream pipeline

28 March 2012
Results

CNOOC notches 29% rise in net profit

China National Offshore Oil Corp. (CNOOC) Ltd., the listed arm of the country’s leading offshore oil and gas producer, boosted net profit by 29.13% from a year earlier to RMB 70.26 billion ($11.14 billion) in 2011.

28 March 2012
Results

Kogas shares up

South Korea’s Kogas has posted its largest gain in nine years on the Korea Exchange after partner Eni announced a discovery in Mozambique that increases their resource base by 10 tcf (283.2 bcm), Bloomberg reported on Tuesday.

27 March 2012
Results

Afren 2011 profits rise on higher prices, production

UK-listed African explorer Afren reported a 173% increase in 2011 net profits on Tuesday due to higher oil prices and strong production growth.

27 March 2012
Mergers & Acquisitions

Gazprom in share talks for DONG UK and German power projects

Gazprom is discussing participation in Danish company DONG's electricity projects in the United Kingdom and Germany, several industry sources have told Interfax.

27 March 2012
Project Finance

Beach Energy plans to raise $363 mln for operations

Australia-focused Beach Energy is planning to raise up to A$345 million ($363 million) to help fund its exploration and development activities in Australia and abroad, the company announced on Tuesday.

27 March 2012
Mergers & Acquisitions

Nabors plans Colombia, Texas and Alaska acreage sale

Bermuda-based Nabors plans to raise $300-$400 million through the sale of upstream acreage in Colombia’s Llanos Basin, the Eagle Ford shale in Texas, and Alaska’s North Slope.

27 March 2012
Mergers & Acquisitions

China Gas Holdings

Sinopec “cannot pay a price that’s higher than market valuation” for China Gas Holdings, Bloomberg news agency reported Sinopec chairman Fu Chengyu as saying on Monday in Hong Kong.

27 March 2012
Mergers & Acquisitions

BP denies North Sea sell-off rumour

BP has “no intention” to sell North Sea oil assets worth £2 billion ($3.2 billion) as reported in the weekend press, Interfax has learned.

26 March 2012
Results

Sinopec keen to build on gas production growth

Sinopec indicated in an annual earnings report released late on Sunday that gas production had increased by 17% in 2011 from a year earlier while heavy refining losses weighed down profits.

26 March 2012
Project Finance

Origin Energy sizing up funding choices for APLNG’s second train

Origin Energy is weighing its funding options for adding a second train to the Australia Pacific LNG (APLNG) export project, for which the company and its partners have already secured a sales contract to support its development, Origin said in a presentation on Monday.

26 March 2012
Mergers & Acquisitions

Gazprom, Renova yet to file new request for power asset merger

Gazprom and Renova Group have not yet filed with Russia’s Federal Antimonopoly Service (FAS) for fresh clearance for a power asset merger. The two companies are structuring their planned merger in accordance with FAS regulations, Igor Artemyev, the head of FAS, told journalists at a press conference in February.

26 March 2012
Project Finance

Delek Group seeking long-term debt for Tamar field development

UK-based banks HSBC and Barclays Capital are expecting to close a long-term $900 million debt refinancing in May for subsidiaries of Israel's Delek Group to help fund development of the Tamar gas field in the eastern Mediterranean.

23 March 2012
Project Finance

Ivanhoe closes $50 million short-term debt

Canadian explorer Ivanhoe Energy has closed a $50 million short-term secured debt facility with UBS to fund a range of global exploration projects.

23 March 2012

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