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Mergers & Acquisitions

Cairn swoops on Agora to boost producing assets

Cairn Energy has bought privately-owned Norwegian company Agora Oil & Gas for $450 million, the London-listed group announced in a statement on Tuesday.

3 April 2012
Mergers & Acquisitions

Consolidation to pick up in 2012 - IHS Herold

Unconventional oil and gas mergers and acquisitions (M&A) accounted for almost half of the total value of global M&A deals in 2011, consultancy IHS Herold said on Monday, adding that it expected increased industry consolidation this year.

3 April 2012
Results

Chinese CBM driller takes 2011 earnings hit

Chinese CBM driller Sino Oil and Gas Holdings reported a loss of HK$ 96.24 million ($12.4 million) in a financial year 2011 earnings release in Hong Kong on Monday, sending share prices in the company down by 18.78% on the day.

3 April 2012
Project Finance

Kunlun Energy raises $1.35 bln to fund LNG development

Kunlun Energy, a Chinese gas distributor owned by PetroChina, raised HK$10.48 billion ($1.35 billion) in a share placement on the Hong Kong Stock Exchange (HKSE) on Tuesday, in an offering to fund the growth of the company’s LNG business.

3 April 2012
People

Former Woodside-Shell executive to head up Nexus Energy

Nexus Energy has lured a senior executive from Woodside Petroleum to fill its vacant chief executive slot, in a move guaranteed to please Royal Dutch Shell – Nexus’ new joint venture partner in the Western Australian Crux gas and condensate development, which will supply the Prelude floating LNG (FLNG) project.

3 April 2012
People

Warnig could move to South Stream

Matthias Warnig, managing director of Nord Stream, could become the new head of project company South Stream Transport, gas industry sources told Interfax on Monday.

2 April 2012
Mergers & Acquisitions

Petronas targets huge Canadian acquisition

Malaysian state-owned company Petronas is studying a Canadian acquisition exceeding $5 billion, part of its drive to supply Asia with gas. “This is going to be big,” Chief Executive Shamsul Azhar Abbas was quoted as saying by Bloomberg. “There are quite a few candidates out there, who are willing to talk,” he added, saying a deal may be ann

2 April 2012
People

Kazmunaigas streamlines management staff by 47.8%

Kazmunaigas has completed the optimisation if its administrative staff, the Kazakh national oil and gas company said in a press release on Monday.

2 April 2012
Mergers & Acquisitions

Gazprom vies for Greek gas assets

Gazprom has filed an independent bid for Greek gas companies DEPA and DESFA, the Greek financial newspaper Imerisia reported on Monday.

2 April 2012
Mergers & Acquisitions

APA’s bid for larger gas grid awaiting competition ruling

APA Group is awaiting clearance from competition authorities on its hostile takeover bid for rival pipeline owner Hastings Diversified Fund (HDF), which could give Australia’s largest gas infrastructure group an even larger slice of the east coast gas pipeline market.

2 April 2012
Mergers & Acquisitions

Slow start to 2012 for African M&A

Only one deal so far this year has made it into the top ten largest African M&A deals of 2011 and 2012, according to data compiled by Mergermarket.

30 March 2012
Mergers & Acquisitions

UK nuclear plans thwarted by Horizon sale

The UK is facing a setback to its nuclear plans after two German energy companies, E.ON and RWE, announced that they will not continue with planned development of their Horizon joint venture.

30 March 2012
Results

Chinese gas stocks see mixed results in March

Chinese gas stocks saw gains through the first half of March, but lost ground over the last two weeks to temper their 30-day performance.

30 March 2012
Project Finance

Banks leaving shipping sector, although LNG options remain

Credit ratings agency Fitch released a research note this week arguing that banks have been pulling back from ship financing due to the downturn in the industry, exacerbated by the increased capital and funding pressures in the banking sector. However, the LNG vessel sector still offers opportunities Fitch said.

30 March 2012
Project Finance

EIB considering Polish power network finance

The European Investment Bank (EIB) is mulling over a proposal to finance the modernisation of the Polish power distribution grid to the west of the country. The EIB has been asked for €240 million ($320 million) of the €820 million ($1.09 billion) total cost by sponsor ENEA Group.

30 March 2012
Project Finance

Japanese bank and agency supply Gorgon LNG debt

Japanese export credit agency the Japan Bank for International Cooperation (JBIC) and commercial bank Bank of Tokyo Mitsubishi UFJ (BTMU) have agreed to loan $302 million to fund Osaka Gas' stake in the Gorgon LNG project this month.

30 March 2012
Project Finance

North Sea player closes $900 million revolver

UK-based EnQuest has closed a $900 million multi-currency revolving credit facility, which will be used to help fund future acquisitions and pay down an existing facility due to mature this year, the company said in its financial results statement.

30 March 2012
Project Finance

BHP Billiton defends US investment

BHP Billiton has defended its $20 billion investment in United States shale prospects last year, after leading shareholder BlackRock said the massive investment could threaten short-term shareholder returns, The Australian reported on Friday.

30 March 2012
Mergers & Acquisitions

Concerns raised over APA Group's bid for Hastings Diversified Fund

The Australian Competition and Consumer Commission (ACCC) has voiced concern about pipeline operator APA Group’s bid to take over rival Hastings Diversified Fund and is seeking additional information on certain competition issues, the commission announced on Friday.

30 March 2012
Mergers & Acquisitions

CNOOC steps into PNG’s rising oil and gas industry

China National Offshore Oil Corp. (CNOOC) Ltd. has taken its first step into Papua New Guinea’s burgeoning gas sector, with a deal announced on Wednesday that gives the state-run company a 70% stake in PNG Energy and three petroleum prospecting licences (PPLs).

29 March 2012

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