Regional News

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 …

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 …

China binging on African oil like never before after OPEC cuts

April 07, 2017 | Africa, Energy Trading & Markets, OPEC

London, UK | – China is set to import record amounts of crude oil from West Africa this month as OPEC’s supply cuts pave the way for other nations to gain a greater foothold in the fast-growing Asian market. West African producers led by Angola and Nigeria are poised to send crude to China at the rate of 1.48 MMbpd in April, the most since Bloomberg began compiling the data in August 2011, according to loading programs and traders. Overall Asian imports of West African …

Italy’s Enel Green Power signs PPA for 34MW PV project in Zambia

April 05, 2017 | Africa, Renewable Energy

London, UK | – Italian multinational renewable-energy corporation, Enel Green Power has signed a 25-year PPA with Zambia’s state-owned utility ZESCO for a 34MW PV project in the Lusaka South Multi-Facility Economic Zone in southern Zambia. Enel won the Ngonye project in June during the first round of the International Finance Corporation’s (IFC) Scaling Solar Programme in Zambia, notorious for its record-low tariffs. This is Enel’s first foray into Zambia’s renewable energy market, with the company investing around US$40 million in the construction of the …

British PM invites Saudi Aramco to list shares in London

April 05, 2017 | Economics & Markets, Middle East, North Sea & Western Europe

London, UK |  –  UK Prime Minister Theresa May pitched London as a listing destination for Saudi Aramco’s initial public offering during her trip to Saudi Arabia, a UK government official said, as she seeks to promote Britain as a financial centre after Brexit. May met Energy Minister Khalid Al-Falih, who also heads state-owned Saudi Arabian Oil Co, said the official, who asked not to be named as the meeting was private. London Stock Exchange Group CEO Xavier Rolet was also present at the meeting …

ConocoPhillips to sell Canadian oil sands and gas assets

March 30, 2017 | Company Operations, Oil Sands, United States & Canada

London, UK | – ConocoPhillips has struck a deal with Cenovus Energy to sell oil sands and gas operations in west Canada, following in the footsteps of international oil major, Shell, which recently exited Canada’s oil sands industry, and Marathon Oil’s oil sands divestment. The Conoco deal is worth US$13.3 billion (C$17.7 billion) and includes Conoco’s 50-percent stake in the Foster Creek Christina Lake project, which the U.S. company ran together with Cenovus as operator, and most of its conventional offshore natural gas assets in the Deep …

Chevron’s $1 billion sale of China oil fields said to stall

March 21, 2017 | Asia, Asset Acquisitions & Divestitures

London, UK | – Chevron’s sale of its stakes in Chinese offshore oil fields operated by state-owned CNOOC has stalled, people with knowledge of the matter said. Bids that Chevron received for its interests in three fields in China’s Bohai Bay didn’t meet its expectations, according to the people. Chevron had aimed to sell the assets for as much as $1 billion, the people said, asking not to be identified discussing private information. The U.S. oil and gas explorer is considering keeping the Bohai Bay …

America’s Anadarko to sell Eagleford shale assets in South Texas for $2.3billion

January 13, 2017 | Asset Acquisitions & Divestitures, Shale oil & gas, United States & Canada

London, UK | – American petroleum and natural gas exploration and production company  Anadarko has signed an agreement to sell its Eagleford Shale assets in South Texas, US to a strategic 50/50 partnership formed by Sanchez Energy and asset manager Blackstone Group for about $2.3bn. The sale, which is scheduled to be completed in the first quarter of 2017, includes about 155,000 net acres located next to Sanchez’s Catarina asset, about 100 miles southwest of San Antonio. Anadarko plans to use part of the proceeds …