Asset Acquisitions & Divestitures

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 …

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 …

Morocco gets $3billion offer to purchase its sole oil refinery

December 30, 2016 | Asset Acquisitions & Divestitures, Morocco, Refining & Processing

London, UK | – Morocco’s only oil refinery, Samir, has received a $3 billion offer from an Italian law firm operating on behalf of an unnamed bidder, Reuters has reported. Samir’s management said however, that they would press ahead with plans to seek expressions of interest from other potential buyers. A company official, who declined to be named, told Turkey’s state-owned Anadolu Agency that the offer exceeded the company’s value. A union official in Samir, Al-Hussein Al-Yamani, said that his union was “waiting for the court’s official announcement of …

ExxonMobil exits Nigeria’s downstream sector, sells 60 percent stake

October 20, 2016 | Asset Acquisitions & Divestitures, Downstream, Nigeria

Lagos, Nigeria | – American multinational oil and gas giant, ExxonMobil has divested its downstream operations in Nigeria, following the acquisition of 60 percent equity at Mobil Oil Nigeria (MON) Plc, by Nipco Plc, an indigenous downstream oil and gas company. Addressing the media on the deal, the Managing Director of NIPCO Plc, Mr. Venkataraman Venkatapathy, explained that NIPCO would continue to maintain the Mobil brand on its retail outlets as well as continue to blend and sell the Mobil brand of lubricants under Branding …

Shell selling 16 upstream assets worth more than $500 million

October 19, 2016 | Asset Acquisitions & Divestitures, Company Operations

London, UK | – Anglo-Dutch multinational oil and gas company, Royal Dutch Shell is currently offering 16 assets worth more than $500 million for sale as part of its vast $30 billion three-year asset sales program, the oil and gas company’s head of upstream Andy Brown said on Wednesday. The Anglo-Dutch company launched the program to reduce its debt following the acquisition of BG Group earlier this year. Uncertainty over the future oil price has led to a sharp slowdown in deal making in the …