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Towngas China generates $556 mln in 2011 revenue

Towngas China, a Hong Kong Stock Exchange-listed (HKSE) natural gas distributor in China, increased turnover by 44.9% from a year earlier to HK$4.32 billion ($556.55 million) in 2011, Towngas China said in annual results filed with the HKSE.

19 March 2012
Mergers & Acquisitions

Total’s plan to raise Ichthys LNG stake delayed until year-end

Total’s plans to increase its stake in Australia’s Ichthys LNG project will be delayed until late-2012 because of lengthy approval processes. The setback will not affect the development, but could impact operator Inpex’s financing arrangements for the $34 billion project.

19 March 2012
Project Finance

Venezuela to benefit from Eni investment boost

Caracas’ regional supply ambitions were boosted on Thursday when Italian giant Eni announced a 12% increase in investments until 2015, with production slated to begin from the La Perla field in 2013.

16 March 2012
Results

After 20 years: Lukoil’s careful balancing act

With ambitions to quadruple its value as a result of a $150 billion spending spree, what is driving Lukoil’s confidence? And why are investors still cautious about the company’s plans up to 2021?

16 March 2012
Results

Eni fleshes out African gas growth plan

Africa will continue to be the backbone of Eni’s production and growth over the next decade supported by its giant gas find in Mozambique, as well as discoveries in Angola, Ghana and Togo, Chief Executive Paulo Scaroni told investors on Thursday.

16 March 2012
Mergers & Acquisitions

Inpex joins Shell’s Prelude FLNG project

Inpex announced on Friday that it has bought a 17.5% in Royal Dutch Shell’s A$12 billion ($12.7 billion) Prelude floating LNG (FLNG) project, the Japanese company’s second LNG development in Australia and its second FLNG project with Shell.

16 March 2012
Project Finance

US player raising term loan deal

Houston-based explorer ATP Oil and Gas Corp. has increased its term loan arrangement from $140 million to $155 million, the company said this week.

16 March 2012
Project Finance

Consortium to conduct Jordan LNG study this year

A consortium of advisers will complete an economic feasibility study on the proposed Jordan LNG project this year.

16 March 2012
Project Finance

Australian ECA may see its remit reduced, impacting LNG

Australia's national export credit agency, Export Finance and Insurance Corporation(EFIC), will have its remit reduced, possibly affecting its potential to help finance large LNG projects in the country.

16 March 2012
Project Finance

Middle Eastern firm closes drilling ship finance

The MENAdrill Investment Company has signed off on a $130 million project finance facility with two banks to fund the company's first drilling ship, already operational in the Gulf of Mexico.

16 March 2012
Project Finance

Schahin begins bond refinancing for latest rig

Brazilian oil and gas engineering firm Schahin has launched a $730 million bond refinancing for the development of the Sertao ultra-deepwater drill ship project, the seventh vessel to join the company's fleet.

16 March 2012
Companies

Dow Chemical in Australia

Dow Chemical is pressing the federal and state government to use Australia’s booming gas production to deliver cheaper gas to struggling manufacturers at home, rather than exporting to growing economies in Asia, The Australian reported on Thursday.

15 March 2012
Mergers & Acquisitions

Sinopec to acquire overseas energy assets from parent

Sinopec will acquire overseas oil and gas assets from its parent and controlling shareholder China Petrochemical Corp. (Sinopec Group) to “avoid competition” between the two entities, Sinopec said in a filing with the Hong Kong Stock Exchange (HKSE).

15 March 2012
Results

Wintershall optimistic about 2012 sales

BASF subsidiary Wintershall has announced plans to improve sales and profits for 2012, based on increasing North Sea gas production and European gas sales, restarting crude oil operations in Libya, and exploration developments in the Middle East.

15 March 2012
Mergers & Acquisitions

With Crux gas headed for Prelude, Nexus draws suitors

Melbourne-based Nexus Energy has been approached by several large energy players interested in taking an equity stake in its Crux gas and condensate field in Western Australia’s Browse Basin, in the hopes of tapping into long-term LNG rights.

15 March 2012
Results

Tullow pre-tax profit

The rising price of oil and an increase in production at a new oilfield in Ghana helped Africa-focused Tullow Oil report a six-fold increase in its full-year pre-tax profit and a doubling of its dividend, the Financial Times reported on Wednesday.

14 March 2012
Results

Enbridge earns $629 mln in 2011

Canadian pipeline operator Enbridge earned $629 million in 2011 after a $200 million loss in 2010. Adjusted operating income for its liquids and gas segments rose by 6% to $632 million and by 46% to $218 million respectively from the year before.

14 March 2012
Project Finance

Chesapeake to invest $900 mln over five years

United States independent Chesapeake has agreed to invest $900 million over five years with partners M3 Midstream (33%) and EV Energy Partners (8%) to build a midstream services complex in Ohio to process gas and NGLs from the Utica shale.

14 March 2012
Results

Kunlun anticipates net profit growth in 2011 financial report

Kunlun Energy, a Hong Kong Stock Exchange (HKSE)-listed unit of China National Petroleum Corp. (CNPC), will show significant growth in 2011 net revenue and profit in its annual financial report to be released 29 March 2012.

14 March 2012
Results

Lukoil targets 50% output growth by 2021

At a strategy presentation in London on Wednesday, Lukoil’s President Vagit Alekperov outlined an ambitious growth strategy that will see oil and gas output hit 3.2 million boe/d by 2021.

14 March 2012

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