Asset Acquisitions & Divestitures

Nigeria’s Sahara Energy revives IPO plan as it looks to pump more oil

March 26, 2018 | Asset Acquisitions & Divestitures, Company Operations, Nigeria

  Sahara to boost production fourfold to 100,000 barrels a day Co-founder Tonye Cole had to put IPO plans on hold in 2015 London, UK | – Nigerian energy conglomerate Sahara Group Ltd. said it revived plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day. Lagos-based Sahara mulled an initial public offering in the Nigerian commercial capital and London in 2015, before falling crude prices forced it to backtrack. “The IPO is now back on the table,” …

BP said to offer Egyptian oil assets for sale as focus shifts

March 16, 2018 | Asset Acquisitions & Divestitures, Company Operations, Egypt

London, UK |  –  British multinational oil and gas giant, BP Plc has begun a process to sell mature oil fields in Egypt as it shifts investment in the country to natural gas, according to people with knowledge of the matter. The so-called Gulf of Suez assets have been on sale for a few months and BP is hoping a deal will raise about $1 billion, the people said, asking not to be identified as the process isn’t public. The company’s other investments in the North …

Italian Eni sells 10% of Egypt’s Shorouk concession to Mubadala Petroleum

March 12, 2018 | Asset Acquisitions & Divestitures

London, UK | – Italian multinational oil company Eni said on Sunday it would sell a 10 percent stake in the Shorouk concession in Egypt’s Zohr gas field to Mubadala Petroleum of the United Arab Emirates for $934 million. Eni currently holds through its subsidiary IEOC a 60 percent stake in the block, the biggest ever gas discovery in the Mediterranean, with 400 million standard cubic feet per day. Rosneft holds a 30 percent share and BP 10 percent. The deal fits with Eni’s so-called …

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 …