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Project Finance

EIB to finance innovative interconnector project

The European Investment Bank (EIB) decided on 6 October to provide a €350 million ($474 million) loan for building the planned France-Spain power system interconnection, the first trans-European direct current link using innovative converter technology, the bank announced in a statement.

10 October 2011
Mergers & Acquisitions

Sinopec buys Daylight Energy in $2.14 billion cash deal

China’s increased interest in foreign energy reserves have received a boost, with Sinopec’s purchase of Canada’s Daylight Energy.

10 October 2011
Results

Novatek gas production climbs 45% higher this year

Independent gas producer Novatek produced 39.01 billion cubic metres of gas in the first nine months of this year - a 45.1% year-on-year increase - and 3.1 million tons of liquid hydrocarbons, 16.1% more, according to figures released by the company.

10 October 2011
Project Finance

BG Group tight-lipped on Brazil asset sale

A Brazilian newspaper has suggested that UK-based BG Group may sell some of its Brazilian assets as it attempts to raise capital for a $30 billion investment plan through 2020.

10 October 2011
Companies

Tecnicas Reunidas

Spanish engineering company Tecnicas Reunidas won a $499 million contract to build a gas processing plant in south-eastern Bolivia on Friday, Reuters reported.

10 October 2011
Project Finance

Lukoil gets $300 mln ADB credit, guarantees for Uzbek gas project

The board of directors at the Asian Development Bank (ADB) have green-lighted $300 million worth of credit and commercial-risk guarantees for Russian oil major Lukoil’s Kandym gas deposit in Uzbekistan.

7 October 2011
Project Finance

Barzan confirms lending group

The sponsors and advisers behind the Barzan gas deal in Qatar have confirmed the lending group for the $6.6 billion deal. Qatar Petroleum and ExxonMobil will take $4 billion in commercial debt, split across both international and Islamic tranches, with a further $2.6 billion coming in Export Credit Agency (ECA) guaranteed loans.

7 October 2011
Project Finance

Axa/F2i close G6 Rete Gas acquisition

A consortium of Axa Private Equity and Italian infrastructure fund F2i closed its commercial debt-supported acquisition of gas distributor G6 Rete Gas this week.

7 October 2011
Project Finance

Mott Macdonald completes Surgil plan

An environmental and social management plan for the Surgil natural gas complex project in Uzbekistan has been completed by engineering firm Mott MacDonald, as the bank market mulls over a $4.1 billion project finance deal.

7 October 2011
Project Finance

InterOil searching for equity partner

Canada’s InterOil is hunting for an equity partner for its proposed $6 billion LNG liquefaction project in Papua New Guinea, with three advisers now appointed.

7 October 2011
Results

Eni’s credit rating slashed to A1

Moody’s ratings agency on Wednesday downgraded the rating of Italian energy major Eni to A1 from Aa3 with a negative outlook. The move follows the agency’s downgrade of Italy to A2 from Aa2 on Tuesday.

6 October 2011
People

Petrobras denies CEO change by next year

Brazilian state-controlled company Petrobras has denied its chief executive officer Jose Sergio Gabrielli will be replaced by early next year.

6 October 2011
Results

Talisman trims its targets

Canada-based oil and gas company Talisman Energy has trimmed its production targets for 2011 for the second time in two months. Repairs at three of its North Sea oil projects, poor weather and lack of manpower at its gas fields in North America have all hit production, the company said in a statement on Wednesday.

6 October 2011
Mergers & Acquisitions

Brazilian fund prepares for pre-salt boom

Brazil’s largest investment fund Gavea Investimentos has bought a 5% stake in domestic oil services giant Odebrecht Oil & Gas (OOG) for an undisclosed sum, said Gavea’s President Arminio Fraga, at a press conference held in Rio de Janeiro on Wednesday.

6 October 2011
Mergers & Acquisitions

Sakhalin-shelf deposit

Total and Novatek have signed the final agreement that will give the French company a 20% stake in the Yamal LNG venture.

6 October 2011
Mergers & Acquisitions

Gail eyes bigger stake in India’s Petronet LNG

India’s state-owned Gail is considering buying the Asian Development Bank’s (ADB’s) 5.2% stake in LNG terminal operator Petronet LNG for INR6 billion ($121 million), according to news reports on Wednesday.

5 October 2011
Mergers & Acquisitions

Energy resilience amid economic turmoil

Marc Hammerson, formerly the head of energy at law firm Stephenson Harwood, has joined the energy practice at Dewey & LeBoeuf. James Batty caught up with him to ask about his current thinking on the m

5 October 2011
Mergers & Acquisitions

Premier buys up rival EnCore Oil

British oil producer Premier Oil has agreed to buy rival EnCore Oil for £221 million ($340 million), continuing its strategy of acquiring assets in its existing core areas of business and consolidating its position in the North Sea.

5 October 2011
Mergers & Acquisitions

Shell farms into Tanzania offshore

Royal Dutch Shell has reached an agreement with Brazil’s Petrobras to farm into two blocks offshore Tanzania, in further evidence that the majors are betting on East Africa’s exploration prospects.

4 October 2011
Mergers & Acquisitions

Arrow-Bow marriage is the latest Aussie CBM union

Small exploration and development companies in Australia have become attractive acquisition targets for foreign majors. Sara Stefanini looks at the impact these mergers will have on the Australian coal-bed methane industry.

4 October 2011

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