Asset Acquisitions & Divestitures

Petrobras, BTG Pactual to sell their Nigerian oil venture

November 12, 2017 | Asset Acquisitions & Divestitures, Nigeria

London, UK | –  Brasil’s state-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments, it said on Thursday. Heavily indebted Petrobras announced plans this week to sell its 50 percent stake, and began sending information on the company to potential investors. It has been joined in the sale by BTG Pactual E&P BV, a subsidiary of investment bank Grupo …

Shell takes Exxon Mobil’s cash-flow crown as profit beats estimate

November 02, 2017 | Asset Acquisitions & Divestitures, Company Operations, Earnings Reports

London, UK | – Royal Dutch Shell has taken Exxon Mobil’s cash-flow crown, a year after completing the biggest deal in its history. Europe’s largest energy company vaulted ahead on this closely watched indicator of financial health in the first nine months of 2017, as assets acquired from BG Group from Brazil to Australia churned out cash. For the year as a whole, Shell is on course to surpass its larger U.S. rival on the measure for the first time in about two decades. Shell …

Shell to exit upstream business in Ireland with $1.23 billion stake sale

July 12, 2017 | Asset Acquisitions & Divestitures, North Sea & Western Europe, Upstream

London, UK | –  Royal Dutch Shell is to sell its 45 percent stake in the Corrib gas venture to a subsidiary of Canada Pension Plan Investment Board for up to $1.23 billion, marking the oil company’s exit from the upstream business in Ireland. The deal includes an initial consideration of $947 million and additional payments of up to $285 million between 2018-2025, subject to gas price and production, Shell said in a statement on Wednesday. The transaction will result in an impairment charge of …

Shell seeks to sell Tunisian gas fields for $500 million

May 19, 2017 | Asset Acquisitions & Divestitures, Company Operations, Tunisia

London, UK | – Royal Dutch Shell Plc is seeking to sell its gas fields in Tunisia for about $500 million, sources said, as the Anglo-Dutch company pushes forward with its vast disposal program. The Tunisian assets, accounting for about 65% of the North African country’s gas production, were acquired as part of Shell’s $54 billion take over of BG Group in 2016. The assets include two offshore gas fields — Miskar, fully owned by Shell; and Hasdrubal, 50% owned by Shell — as well as an onshore production facility. In 2015, …

ExxonMobil to acquire one of world’s largest aromatics plants

May 11, 2017 | Asia, Asset Acquisitions & Divestitures, Company Operations

London, UK | – ExxonMobil Chemical Company announced today that its Singapore affiliate has reached an agreement with Jurong Aromatics Corporation Pte Ltd to acquire its plant located on Jurong Island in Singapore. The plant, one of the largest in the world with an annual production capacity of 1.4 million tonnes, presents operational and logistical synergies for ExxonMobil’s integrated refining and petrochemical complex nearby. The company expects to complete the transaction in the second half of 2017. “As a leading global manufacturer of aromatics, the …

NNPC diversifies into health sector, commercialises 52 medical centres

April 26, 2017 | Asset Acquisitions & Divestitures, Nigeria

Abuja, Nigeria | The Nigerian National Petroleum Corporation (NNPC) has raised the stake in its commitment to diversify into the health sector in line with the Corporation’s stand to stay afloat as a commercially viable entity. The Group Managing Director of the Corporation, Dr. Maikanti Baru, made this known today in Abuja while inaugurating the Boards of the NNPC Medical Services Ltd. (NMSL) and the NNPC Health Maintenance Organisation (HMO) Ltd. “My vision is to make NNPC a renowned Health Medical Services (HMS) provider globally. …

Chevron sells Bangladesh gas fields to Chinese consortium

April 26, 2017 | Asset Acquisitions & Divestitures, Oilfield Services

London, UK | – Chevron Corporation  is selling its three Bangladesh gas fields, worth an estimated $2 billion, to a Chinese consortium as the U.S. oil and gas group looks to shed non-core assets this year. The deal, if completed, would mark China’s first major energy investment in the South Asian country, where Beijing is pumping in billions of dollars in a race with New Delhi and Tokyo for influence. The gas fields, which account for more than half of the total gas output in Bangladesh, are …

ConocoPhillips sells San Juan basin assets for $3 billion

April 13, 2017 | Asset Acquisitions & Divestitures, Company Operations, Gulf of Mexico

Houston, Texas US | – The world’s largest independent exploration and production company, based on proved reserves and production of liquids and natural gas, ConocoPhillips announced it has entered into a definitive agreement to sell its interests in the San Juan basin to an affiliate of Hilcorp Energy Co for up to $3.0 billion of total proceeds, comprised of $2.7 billion in cash and a contingent payment of up to $300 million. The cash portion of the proceeds is subject to customary closing adjustments. The …