Asset Acquisitions & Divestitures

Nigeria’s Rivers state buys Shell’s stake in Ogoniland oilfield

October 01, 2019 | Asset Acquisitions & Divestitures, Nigeria

Port Harcourt, Nigeria | – Nigeria’s Rivers state in the Niger Delta region has purchased Royal Dutch Shell’s stake in an oil mining licence in the restive Ogoniland, the state’s governor said on Monday. The block under licence, OML 11, has been undeveloped for nearly 25 years, since the execution of regional activist Ken Saro-Wiwa under the Nigerian military government of Sani Abacha. The field is among several onshore assets that Shell had been trying to sell in Nigeria. Talks with at least one potential …

French Total pays $3.9 billion for Anadarko’s Mozambique LNG interest

September 30, 2019 | Asset Acquisitions & Divestitures, LNG & LPG, Mozambique

Paris, France | – French multinational integrated oil and gas company Total S.A has closed the acquisition of Anadarko’s 26.5% operated interest in the Mozambique LNG project for a purchase price of $ 3.9 billion. This closing comes after Total reached a binding agreement with Occidental on May 3, 2019, to acquire Anadarko’s assets in Africa (Mozambique, Algeria, Ghana and South Africa) and signed the subsequent Purchase and Sale Agreement on August 3, 2019. This first transaction follows receipt of all requisite approvals by the …

Schlumberger sells drillpipe and fishing businesses

May 14, 2019 | Asset Acquisitions & Divestitures, Company Operations, Oilfield Services

Houston, US | – Wellbore Integrity Solutions (WIS), and Schlumberger announced that they have entered into an agreement for WIS to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility located on Rankin Road in Houston, Texas. The transaction is valued at approximately $400 million and is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction by year-end 2019. WIS expects to operate the combined …

Occidental triumphs over Chevron with a $57bn deal to acquire Anadarko

May 10, 2019 | Asset Acquisitions & Divestitures, United States & Canada

Sells African assets to Total for $8.8bn London, UK | – American international oil and gas exploration and production company, Occidental Petroleum has clinched the deal to acquire Anadarko Petroleum Corporation as Chevron decided not to better its initial offer to counter Occidental’s $57bn bid. In a statement, Chevron stated that it will allow the four-day match period to expire and expects that Anadarko will terminate the earlier signed merger deal. As per the terms of the merger agreement, Chevron will be eligible to receive a $1bn …

Exxon Mobil considers divesting oil assets in Gulf of Mexico

October 05, 2018 | Asset Acquisitions & Divestitures, Company Operations, Gulf of Mexico

London. UK | – American multinational oil and gas giant ExxonMobil is reportedly considering divesting a number of its US Gulf of Mexico oil assets. Sources familiar with the matter were quoted by Reuters as saying that the sale plan is the result of the US-based ExxonMobil’s review into its portfolio. Expected to take place in 2019, the sale would enable the company to concentrate on offshore areas such as Guyana and Brazil and onshore in the Permian basin of Texas. According to Reuters, a …

Marathon Oil begins divestment of UK North Sea oil and gas fields

October 05, 2018 | Asset Acquisitions & Divestitures, Company Operations, North Sea & Western Europe

London, UK | – American independent petroleum and natural gas exploration and production company Marathon Oil has started the sale process of its UK North Sea oil and gas fields. By offloading these North Sea oil and gas fields, Marathon Oil aims to focus on onshore shale production in the US, reported Reuters, which had seen the sale document. With the latest move, Marathon Oil would join a number of other firms such as Chevron, ConocoPhillips and EOG Resources that have decided to exit the …

Shearwater buys Schlumberger’s WesternGeco assets for $600 million

August 23, 2018 | Asset Acquisitions & Divestitures, Company Operations, Seismic

London, UK | – Shearwater GeoServices Holding AS is set to more than triple its fleet with the purchase of Schlumberger Ltd.’s marine seismic acquisition business for $600 million cash, the companies said Aug. 22 in a joint statement. The transaction includes the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger, and is a fulfilment of Schlumberger’s previously stated goal announced earlier this year. In January, Schlumberger said it intended to exit the land and marine seismic acquisition business due …

GE, Baker Hughes to divorce

June 27, 2018 | Asset Acquisitions & Divestitures, Company Operations, United States & Canada

London, UK | – Shares in GE surged on Tuesday following the announcement that the company would divest its stake in Baker Hughes, international media reported. The sale would likely take place gradually over a period of two to three years, Bloomberg reported. Baker Hughes, which attempted a merger with Halliburton that failed prior to its acquisition by GE a year ago, would presumably struggle on on its own, the report added. “Today marks an important milestone in GE’s history,” John Flannery, GE’s CEO, said in …