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  • Data analysis Tullow Encounters Oil at Emekuya-1 Well, Kenya

    Tullow Oil has encountered oil at Emekuya-1 well in Block 13T, Northern Kenya.The well had the objective of drilling a fault block on the flank of the Greater Etom structure. The well was drilled by the PR Marriott Rig-46 to a total measured depth of 1,356m. The well has encountered approximately 75m of net...

    Tullow Encounters Oil at Emekuya-1 Well, KenyaData analysis
    Exploration

    Tullow Oil has encountered oil at Emekuya-1 well in Block 13T, Northern Kenya.

    The well had the objective of drilling a fault block on the flank of the Greater Etom structure. The well was drilled by the PR Marriott Rig-46 to a total measured depth of 1,356m. The well has encountered approximately 75m of net oil pay in two zones, and penetrated reservoir quality Miocene sandstones.

    Ownership of Block 13T: Tullow Oil (50%, operator), Africa Oil Corp (25%) and Maersk (25%).

    View Africa Oil press release

  • Data analysis Engie to Divest 70% Stake in EPI to Neptune Oil & Gas

    Engie has received a firm and binding offer from Neptune Energy to acquire 70% interest in Exploration & Production International (EPI) for an aggregate €4.7 billion (US$5.1 billion) (at 100%, including €1.1 billion in decommissioning liabilities deconsolidated from Engie’s balance...

    Engie to Divest 70% Stake in EPI to Neptune Oil & GasData analysis
    Headlines, Global Deals

    Engie has received a firm and binding offer from Neptune Energy to acquire 70% interest in Exploration & Production International (EPI) for an aggregate €4.7 billion (US$5.1 billion) (at 100%, including €1.1 billion in decommissioning liabilities deconsolidated from Engie’s balance sheet).

    EPI is headquartered in France and has upstream oil and gas interests in the United Kingdom, Norway, Germany, the Netherlands, Indonesia, Algeria and Egypt. As of 31-Dec-2016, EPI had booked 2P reserves of 672 MMBOE and its equity production was 148 MBOE/d in 2016. As part of the envisaged transaction, Engie would keep a 30% interest in the Touat project in Algeria.

    Neptune Energy is a UK-based company backed by funds advised by The Carlyle Group and CVC Capital Partners, and a sovereign investor, dedicated to investing in upstream oil and gas activities.

    The envisaged transaction is expected to be completed by early Q1-2018.

    View Engie press release

  • Data analysis WildHorse Resource Buys Eagle Ford Assets for $625 Million

    WildHorse Resource Development Corporation (WRD) has entered into a definitive agreement to acquire approximately 111,000 net acres and associated production from Anadarko Petroleum Corporation (APC) and affiliates of Kohlberg Kravis Roberts & Co LP (KKR) for aggregate consideration of $625 million,...

    WildHorse Resource Buys Eagle Ford Assets for $625 MillionData analysis
    Global Deals

    WildHorse Resource Development Corporation (WRD) has entered into a definitive agreement to acquire approximately 111,000 net acres and associated production from Anadarko Petroleum Corporation (APC) and affiliates of Kohlberg Kravis Roberts & Co LP (KKR) for aggregate consideration of $625 million, including approximately $556 million of cash to APC and 6.3 million shares of WRD common stock valued at approximately $69 million to KKR.

    Key Acquisition Highlights:

    • Approximately 111,000 net acres (95% held by production) in Burleson, Brazos, Lee, Milam, Robertson, and Washington Counties next to WRD’s existing acreage position
    • Approximately 7.6 MBOE/d of net production for Q4-2016 consisting of approximately 72% oil and 89% liquids from 68 Eagle Ford, 299 Austin Chalk, 19 Buda/Georgetown operated wells
    • 949 net Eagle Ford locations and 22.9 MMBOE of proved developed producing reserves (73% oil and 88% liquids)

    The transaction is expected to close on or about Jun-2017.

    View WildHorse Resource Development press release

  • Data analysis Kosmos Makes Gas Discovery at Yakaar-1 Well, Off Senegal

    Kosmos Energy has made a major gas discovery at Yakaar-1 well, located in the Cayar Offshore Profond block, offshore Senegal.The well has been drilled by the the Atwood Achiever rig to a total depth of approximately 4,700m, in nearly 2,550m of water. The well intersected a gross hydrocarbon column of 120m...

    Kosmos Makes Gas Discovery at Yakaar-1 Well, Off SenegalData analysis
    Exploration

    Kosmos Energy has made a major gas discovery at Yakaar-1 well, located in the Cayar Offshore Profond block, offshore Senegal.

    The well has been drilled by the the Atwood Achiever rig to a total depth of approximately 4,700m, in nearly 2,550m of water. The well intersected a gross hydrocarbon column of 120m (394 ft) in three pools within the primary Lower Cenomanian objective and encountered 45m (148 ft) of net pay. Well results confirm the presence of thick, stacked, reservoir sands over a very large area with very good porosity and permeability.

    Kosmos estimates Yakaar-1 discovered a gross Pmean gas resource of approximately 15 Tcf, in-line with pre-drill expectations. Preliminary analysis of gas samples conducted on the rig suggest the well encountered a gas with a condensate-to-gas ratio (CGR) in the range of approximately 15-30 bbl/MMscf.

    Ownership of Cayar Offshore Profond: Kosmos (30%, operator), BP (30%), Timis Corporation (30%) and Petrosen (10%).

    View Kosmos press release

  • Data analysis Shell Midstream Partners Buys Midstream Assets from Shell

    Shell Midstream Partners has entered into a Purchase and Sale Agreement to acquire a 100% interest in the Refinery Gas Pipelines, Delta Pipeline and Na Kika Pipeline for $630 million from wholly owned subsidiaries of Shell.Highlights of the acquired assets:Refinery Gas Pipelines: A network of approximately...

    Shell Midstream Partners Buys Midstream Assets from ShellData analysis
    Global Deals

    Shell Midstream Partners has entered into a Purchase and Sale Agreement to acquire a 100% interest in the Refinery Gas Pipelines, Delta Pipeline and Na Kika Pipeline for $630 million from wholly owned subsidiaries of Shell.

    Highlights of the acquired assets:

    Refinery Gas Pipelines: A network of approximately 100 miles of gas pipeline connecting multiple refineries and plants operated along the Gulf Coast to Shell Chemical sites, including Shell’s Norco refinery and Deer Park refinery. The pipelines transport a mix of methane, natural gas liquids and olefins.

    Delta Pipeline: An approximately 130-mile onshore pipeline aggregating volumes from five offshore pipelines including Shell Midstream Partners’ Odyssey Pipeline and the Na Kika Pipeline. This acquisition connects offshore oil production in the eastern corridor of the Gulf of Mexico to key onshore markets.

    Na Kika Pipeline: An approximately 80-mile offshore pipeline anchored by the Na Kika platform which serves as a host to eight different subsea fields and connects to the Delta Pipeline at Main Pass 69.

    The acquisition is expected to close on or around 10-May-2017.

    View Shell Midstream Partners press release

  • Data analysis TC PipeLines Acquires Interests in Iroquois and PNGTS

    TC PipeLines LP has entered into agreements to purchase from subsidiaries of TransCanada a 49.34% interest in Iroquois, including a future option to acquire a further 0.66% in Iroquois, together with an additional 11.81% interest in PNGTS resulting in TC PipeLines LP owning a 61.71% in PNGTS. The total...

    TC PipeLines Acquires Interests in Iroquois and PNGTSData analysis
    Global Deals

    TC PipeLines LP has entered into agreements to purchase from subsidiaries of TransCanada a 49.34% interest in Iroquois, including a future option to acquire a further 0.66% in Iroquois, together with an additional 11.81% interest in PNGTS resulting in TC PipeLines LP owning a 61.71% in PNGTS. The total purchase price of the acquisition is $765 million, comprised of $597 million in cash and the assumption of a total $168 million of proportional Iroquois and PNGTS debt.

    The Iroquois pipeline transports natural gas under long-term contracts and extends from the TransCanada Mainline system at the US border near Waddington, New York to markets in the US north-east, including New York City, Long Island and Connecticut. Iroquois is currently jointly owned by affiliates of TransCanada Corporation and Dominion Resources Inc via a joint venture.

    The transaction is expected to close mid-2017.

    View TC PipeLines press release

  • Shell Reports Q1-2017 Net Profit of $3.9 Billion

    Shell reported Q1-2017 CCS earnings excluding identified items of $3.9 billion compared with $1.6 billion for Q1-2016, up 136% YoY. Q1-2017 Upstream earnings excluding identified items were $540 million compared with the loss of $1.4 billion in Q1-2016. Q1-2017 Downstream earnings excluding identified items...

    Shell Reports Q1-2017 Net Profit of $3.9 Billion
    Headlines, Results & Reports

    Shell reported Q1-2017 CCS earnings excluding identified items of $3.9 billion compared with $1.6 billion for Q1-2016, up 136% YoY. Q1-2017 Upstream earnings excluding identified items were $540 million compared with the loss of $1.4 billion in Q1-2016. Q1-2017 Downstream earnings excluding identified items were $2.5 billion compared with $2 billion for Q1-2016.

    Q1-2017 Total revenue and other income grew to $73.3 billion from $49.7 billion in Q1-2016.

    View Shell press release

  • Data analysis Linn Sells Wyoming Assets for $582 Million

    Linn Energy has signed a definitive agreement to sell its interest in properties located in western Wyoming to Jonah Energy LLC for a contract price of $582 million.The properties consist of approximately 27,500 total net acres including ~16,000 net acres in the Jonah and Pinedale Anticline fields with...

    Linn Sells Wyoming Assets for $582 MillionData analysis
    Global Deals

    Linn Energy has signed a definitive agreement to sell its interest in properties located in western Wyoming to Jonah Energy LLC for a contract price of $582 million.

    The properties consist of approximately 27,500 total net acres including ~16,000 net acres in the Jonah and Pinedale Anticline fields with Q1-2017 net production of approximately 129 MMcfe/d, proved reserves of ~384 Bcfe and proved developed PV-10 of approximately $369 million.

    The sale is expected to close in Q2-2017.

    View Linn Energy press release

  • Data analysis Noble in $1.2 Billion Appalachia Natural Gas Assets Sale

    Noble Energy has signed a definitive agreement to divest all of its upstream assets in northern West Virginia and southern Pennsylvania to an undisclosed buyer for a total amount of $1.2 billion. The amount includes upfront cash of $1.125 billion and an additional contingent amount of $100 million, structured...

    Noble in $1.2 Billion Appalachia Natural Gas Assets SaleData analysis
    Headlines, Global Deals

    Noble Energy has signed a definitive agreement to divest all of its upstream assets in northern West Virginia and southern Pennsylvania to an undisclosed buyer for a total amount of $1.2 billion. The amount includes upfront cash of $1.125 billion and an additional contingent amount of $100 million, structured as three separate payments of $33.3 million.

    Included in the divestment is current production of approximately 415 MMcf of natural gas equivalent per day (88% natural gas) and a 100% working interest in approximately 385,000 acres. Total proved reserves as of year-end 2016 related to these assets were 1.5 Tcf of natural gas equivalent. In addition, the buyer will assume responsibility for up to 430 MMcf of natural gas per day of the Noble’s firm transportation, established to support Marcellus upstream production.    

    The transaction is anticipated to close by the end of Q2-2017.

    View Noble press release

  • Data analysis PPL Makes Discovery at ZafirX-1 Well, Gambat South Block

    Pakistan Petroleum Limited (PPL) has made a gas discovery at its exploration well Zafir X-1, located in District Sanghar, Sindh. The well was spud to a final depth of 3,928m. Based on wireline logs, potential hydrocarbon bearing zones were identified which are under testing. Initial testing in Massive...

    PPL Makes Discovery at ZafirX-1 Well, Gambat South BlockData analysis
    Exploration

    Pakistan Petroleum Limited (PPL) has made a gas discovery at its exploration well Zafir X-1, located in District Sanghar, Sindh. 

    The well was spud to a final depth of 3,928m. Based on wireline logs, potential hydrocarbon bearing zones were identified which are under testing. Initial testing in Massive Sand of Lower Goru Formation flowed 29.2 MMcf/d gas and 310 bbl/d of condensate at 48/64 inches choke, thus confirming the presence of commercial quantities of hydrocarbons at Zafir X-1.

    The well is being flowed at different choke sizes to measure gas flow rates, and the actual flow potential of the well will be determined after completion of the test.

    Ownership of Gambat South Block: Pakistan Petroleum Limited (65%, operator), Government Holdings Private Limited (25%) and Asia Resources Oil Limited (10%).

    View PPL press release

  • BP Reports Q1-2017 Net Profit of $1.5 Billion

    BP reported Q1-2017 underlying replacement cost (RC) profit of $1.5 billion, compared to $532 million in Q1-2016. Upstream segment reported a profit of $1.3 billion, compared to the loss of $1.2 billion in Q1-2016. Profit from downstream segment dropped to $1.7 billion, down 9.3% YoY.Q1-2017 capex was slashed...

    BP Reports Q1-2017 Net Profit of $1.5 Billion
    Headlines, Results & Reports

    BP reported Q1-2017 underlying replacement cost (RC) profit of $1.5 billion, compared to $532 million in Q1-2016. Upstream segment reported a profit of $1.3 billion, compared to the loss of $1.2 billion in Q1-2016. Profit from downstream segment dropped to $1.7 billion, down 9.3% YoY.

    Q1-2017 capex was slashed to $4.1 billion, compared with $4.5 billion in Q1-2016.

    View BP press release

  • Data analysis Pembina to Acquire Veresen for $7.1 Billion

    Pembina Pipeline Corp has entered into an agreement to acquire Veresen Inc, and form an energy infrastructure company with a pro-forma enterprise value of approximately C$33 billion (US$24.2 billion).Pembina will either offer 0.4287 Pembina shares or C$18.65 in cash for one Veresen share, subject to...

    Pembina to Acquire Veresen for $7.1 Billion Data analysis
    Headlines, Global Deals

    Pembina Pipeline Corp has entered into an agreement to acquire Veresen Inc, and form an energy infrastructure company with a pro-forma enterprise value of approximately C$33 billion (US$24.2 billion).

    Pembina will either offer 0.4287 Pembina shares or C$18.65 in cash for one Veresen share, subject to pro-ration based on a maximum share consideration of 99.5 million Pembina shares and maximum cash consideration of C$1.523 billion (US$1.116 billion). This offer represents a premium of 22.5% to Veresen's closing share price of C$15.23 as of 28-Apr-2017. Assuming full pro-ration, each Veresen shareholder would receive C$4.8494 in cash and 0.3172 of a common share of Pembina for each Veresen common share.

    The transaction is valued at C$9.7 billion (US$7.109 billion), including the assumption of Veresen's debt and shares.

    Veresen owns and operates energy infrastructure assets across North America. Veresen is engaged in three principal businesses: a pipeline transportation business comprised of interests in the Alliance Pipeline, the Ruby Pipeline and the Alberta Ethane Gathering System; a midstream business which includes a partnership interest in Veresen Midstream Limited Partnership, which owns assets in western Canada, and an ownership interest in Aux Sable, which owns a world-class natural gas liquids (NGL) extraction facility near Chicago, and other natural gas and NGL processing energy infrastructure; Veresen is also developing Jordan Cove LNG, a 7.8 MMT/y natural gas liquefaction facility proposed to be constructed in Coos Bay, Oregon, and the associated Pacific Connector Gas Pipeline.

    The transaction is expected to close late in Q3-2017 or early in Q4-2017.

    View Pembina press release

  • ExxonMobil Q1-2017 Earnings Up 122%

    ExxonMobil reported a higher Q1-2017 earnings of $4 billion, compared to $1.8 billion in Q1-2016. Earnings from upstream segment for the quarter were $2.3 billion, and earnings from the downstream segment in Q1-2017 were $1.1 billion, benefited from increased refinery throughput.Total revenue and other income...

    ExxonMobil Q1-2017 Earnings Up 122%
    Headlines, Results & Reports

    ExxonMobil reported a higher Q1-2017 earnings of $4 billion, compared to $1.8 billion in Q1-2016. Earnings from upstream segment for the quarter were $2.3 billion, and earnings from the downstream segment in Q1-2017 were $1.1 billion, benefited from increased refinery throughput.

    Total revenue and other income in Q1-2017 grew to $63.3 billion. Q1-2017 capex was slashed 19% YoY to $4.2 billion.

    View ExxonMobil press release

  • Chevron Reports Q1-2017 Earnings of $2.7 Billion

    Chevron reported Q1-2017 earnings of $2.7 billion, compared to the loss of $725 million in Q1-2016. The upstream segment reported an earnings of $1.5 billion in Q1-2017, compared to the loss of $1.5 billion in Q1-2016. Q1-2017 earnings from the downstream segment grew to $926 million from $735 million in...

    Chevron Reports Q1-2017 Earnings of $2.7 Billion
    Headlines, Results & Reports

    Chevron reported Q1-2017 earnings of $2.7 billion, compared to the loss of $725 million in Q1-2016. The upstream segment reported an earnings of $1.5 billion in Q1-2017, compared to the loss of $1.5 billion in Q1-2016. Q1-2017 earnings from the downstream segment grew to $926 million from $735 million in Q1-2016.

    Q1-2017 total revenue and other income was 41.9% YoY higher at $33.4 billion. Total capex in Q1-2017 was $4.4 billion, lower 32.1% YoY.

    View Chevron press release

  • Data analysis Enbridge Inc Buys Stake in Midcoast Midstream Business

    Enbridge Energy Partners LP (EEP), a subsidiary of Enbridge Inc, has entered into a definitive agreement with Enbridge Energy Company Inc (EECI) pursuant to which EECI will acquire all of EEP's ownership interests in the Midcoast Gas Gathering and Processing business, which is expected to close in...

    Enbridge Inc Buys Stake in Midcoast Midstream BusinessData analysis
    Headlines, Global Deals

    Enbridge Energy Partners LP (EEP), a subsidiary of Enbridge Inc, has entered into a definitive agreement with Enbridge Energy Company Inc (EECI) pursuant to which EECI will acquire all of EEP's ownership interests in the Midcoast Gas Gathering and Processing business, which is expected to close in Q2-2017.

    EECI will acquire EEP's 48.4% limited partner interest in Midcoast Operating LP, EEP's 51.9% limited partner interest in Midcoast Energy Partners LP (MEP), and EEP's 100% interest in MEP's general partner for $2.15 billion which includes cash consideration of $1.31 billion and outstanding indebtedness at MEP (which was $840 million as of 31-March-2017).

    View Enbridge Energy Partners press release

  • Total Q1-2017 Net Profit Up 56%

    Total reported a 56% YoY growth in Q1-2017 net profit to $2.6 billion. Income from Exploration and Production segment grew to $1.4 billion, and income from refining and chemicals segment was down 9% YoY to $1.02 billion. Marketing and Services segment income was up 4% YoY to $301 million.Net production was up...

    Total Q1-2017 Net Profit Up 56%
    Headlines, Results & Reports

    Total reported a 56% YoY growth in Q1-2017 net profit to $2.6 billion. Income from Exploration and Production segment grew to $1.4 billion, and income from refining and chemicals segment was down 9% YoY to $1.02 billion. Marketing and Services segment income was up 4% YoY to $301 million.

    Net production was up 4% YoY to 2.6 MMBOE/d, aided by the start up and ramp up of projects including Kashagan, Laggan-Tormore, Surmont, Angola LNG and Incahuasi.

    View Total press release

  • Data analysis Parkland Acquires Chevron Canada's Downstream Fuel Business

    Parkland Fuel Corporation has entered into an agreement with Chevron Canada Limited (CCL) to acquire all of the shares of Chevron Canada R&M ULC, which operates its Canadian integrated downstream fuel business, for C$1.46 billion (US$1.1 billion), plus an estimated C$186 million in working capital for the...

    Parkland Acquires Chevron Canada's Downstream Fuel BusinessData analysis
    Headlines, Global Deals

    Parkland Fuel Corporation has entered into an agreement with Chevron Canada Limited (CCL) to acquire all of the shares of Chevron Canada R&M ULC, which operates its Canadian integrated downstream fuel business, for C$1.46 billion (US$1.1 billion), plus an estimated C$186 million in working capital for the acquired business.

    The business acquired as part of the Acquisition (collectively, the Acquired Business) consists of: i) 129 Chevron-branded retail service stations principally located in Metro Vancouver, which complement Parkland's existing 44 Chevron-branded sites in British Columbia (the Retail Business), ii) 37 commercial cardlock and three marine fueling locations (the Commercial Business), iii) a complimentary refinery in Burnaby, terminals located in Burnaby, Hatch Point, and Port Hardy, British Columbia, and a wholesale business which includes aviation fuel sales to the Vancouver International Airport (collectively, the Supply and Wholesale Business).

    Closing of the acquisition is expected to be in Q4-2017.

    View Parkland press release

  • Data analysis Blackstone Energy Partners Buys EagleClaw Midstream Ventures

    EagleClaw Midstream Ventures LLC and its financial sponsor, EnCap Flatrock Midstream, have entered into a binding agreement to sell the company to funds managed by Blackstone Energy Partners and Blackstone Capital Partners for approximately $2 billion.EagleClaw is a privately held midstream operator in the...

    Blackstone Energy Partners Buys EagleClaw Midstream VenturesData analysis
    Headlines, Global Deals

    EagleClaw Midstream Ventures LLC and its financial sponsor, EnCap Flatrock Midstream, have entered into a binding agreement to sell the company to funds managed by Blackstone Energy Partners and Blackstone Capital Partners for approximately $2 billion.

    EagleClaw is a privately held midstream operator in the Permian’s Delaware Basin in West Texas. The company’s assets are strategically located in Reeves, Ward and Culberson counties and include more than 375 miles of natural gas gathering pipelines and 320 MMcf/d of processing capacity with an additional 400 MMcf/d under construction.

    The all-cash transaction is expected to close by the end of Jul-2017.

    View EagleClaw press release

  • Data analysis ConocoPhillips Sells San Juan Basin Assets for $3 Billion

    ConocoPhillips has entered into a definitive agreement to sell its interests in the San Juan Basin to an affiliate of Hilcorp Energy for up to $3 billion of total proceeds, comprised of $2.7 billion in cash and a contingent payment of up to $300 million.Full-year 2016 production associated with the San Juan...

    ConocoPhillips Sells San Juan Basin Assets for $3 BillionData analysis
    Headlines, Global Deals

    ConocoPhillips has entered into a definitive agreement to sell its interests in the San Juan Basin to an affiliate of Hilcorp Energy for up to $3 billion of total proceeds, comprised of $2.7 billion in cash and a contingent payment of up to $300 million.

    Full-year 2016 production associated with the San Juan Basin assets was 124 MBOE/d (80% natural gas). Cash provided by operating activities for 2016 was approximately $0.2 billion. Year-end 2016 proved reserves were 0.6 BBOE.

    The transaction is expected to close in Q3-2017.

    View ConocoPhillips press release

  • Data analysis NuStar Acquires Navigator Energy Services for $1.48 Billion

    NuStar Energy LP has entered into a definitive agreement to acquire Navigator Energy Services LLC for approximately $1.48 billion.Navigator owns and operates crude oil transportation, pipeline gathering and storage assets located in the Midland Basin of West Texas consisting of:approximately 500 miles of...

    NuStar Acquires Navigator Energy Services for $1.48 BillionData analysis
    Headlines, Global Deals

    NuStar Energy LP has entered into a definitive agreement to acquire Navigator Energy Services LLC for approximately $1.48 billion.

    Navigator owns and operates crude oil transportation, pipeline gathering and storage assets located in the Midland Basin of West Texas consisting of:

    • approximately 500 miles of crude oil mainline transportation pipelines with approximately 74 Mbbl/d, ship-or-pay volume commitments and deliverability of approximately 412 Mbbl/d through multiple outbound interconnects
    • a pipeline gathering system with more than 200 connected producer tank batteries capable of more than 400 Mbbl/d of pumping capacity covering over 500,000 dedicated acres
    • approximately 1 Mbbl of crude oil storage capacity with 440 Mbbl leased to third parties

    The acquisition is expected to close in mid-to late-May 2017.

    View NuStar press release

  • Data analysis Sunoco Sells Convenience Stores for $3.3 Billion

    Sunoco LP (SUN) has entered into a definitive asset purchase agreement for the sale of a majority of its convenience stores to 7-Eleven Inc (7-Eleven). Total consideration in the transaction is $3.3 billion in cash plus fuel, merchandise and other inventories.Assets being sold to 7-Eleven include...

    Sunoco Sells Convenience Stores for $3.3 BillionData analysis
    Headlines, Global Deals

    Sunoco LP (SUN) has entered into a definitive asset purchase agreement for the sale of a majority of its convenience stores to 7-Eleven Inc (7-Eleven). Total consideration in the transaction is $3.3 billion in cash plus fuel, merchandise and other inventories.

    Assets being sold to 7-Eleven include approximately 1,110 convenience stores in 19 geographic regions primarily along the East Coast and in Texas, and the associated trademarks and intellectual property of the Laredo Taco Company and Stripes. As part of the transaction, SUN will enter into a 15-year take-or-pay fuel supply agreement with a 7-Eleven subsidiary under which SUN will supply approximately 2.2 billion gallons of fuel annually. This supply agreement will have guaranteed annual payments to SUN, provides that 7-Eleven will continue to use the Sunoco brand at currently branded Sunoco stores and includes committed growth in future periods.

    This transaction is expected to close by Q4-2017.

    View Sunoco press release

  • Beach Makes Gas Discovery at Mokami-1 Well, AustraliaData analysis
    Exploration

    Beach Energy has discovered gas at Mokami-1 well in ex PEL 91, located in Cooper-Eromanga Basin, Australia.

    The well tested a western extension of the Southwest Patchawarra gas fairway and targeted liquids-rich sand packages in the Patchawarra Formation. The well intersected 10.1m of net pay across a 19.2m gross section and was cased and suspended as a future producer. Drill stem tests were encouraging, with a flow rate from one test of 8.6 MMcf/d and liquids content of 93 bbl/MMcf.   

    Ownership of ex PEL 91: Beach Energy (100%, operator).

    View Beach press release

  • Data analysis Glencore Sells 51% Stake in Products Storage Business

    Glencore has entered into a definitive agreement with HNA Innovation Finance Group Co Ltd (HNA) for HNA to purchase a 51% equity interest in Glencore’s petroleum products storage and logistics business for $775 million, payable in cash.The transaction is expected to close during H2-2017. View...

    Glencore Sells 51% Stake in Products Storage BusinessData analysis
    Global Deals

    Glencore has entered into a definitive agreement with HNA Innovation Finance Group Co Ltd (HNA) for HNA to purchase a 51% equity interest in Glencore’s petroleum products storage and logistics business for $775 million, payable in cash.

    The transaction is expected to close during H2-2017. 

    View Glencore press release

  • Data analysis ExxonMobil Makes Discovery at Snoek Well, Off Guyana

    ExxonMobil, through its affiliate Esso Exploration and Production Guyana Limited, has discovered oil at the Snoek well on the Stabroek Block, offshore Guyana. The Snoek well is located in the southern portion of the Stabroek Block, approximately 9 km to the south-east of the 2015 Liza-1 discovery.Drilling...

    ExxonMobil Makes Discovery at Snoek Well, Off GuyanaData analysis
    Headlines, Exploration

    ExxonMobil, through its affiliate Esso Exploration and Production Guyana Limited, has discovered oil at the Snoek well on the Stabroek Block, offshore Guyana. The Snoek well is located in the southern portion of the Stabroek Block, approximately 9 km to the south-east of the 2015 Liza-1 discovery.

    Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. The well, drilled using Stena Carron drillship, encountered 82 ft (25m) of high-quality, oil-bearing sandstone reservoirs. The well was safely drilled to 16,978 ft (5,175m) in 5,128 ft (1,563m) of water.

    Ownership of Stabroek Block: ExxonMobil (Esso Exploration and Production Guyana Limited) (45%, operator), Hess (30%), and CNOOC Nexen Petroleum (25%).

    View ExxonMobil press release

  • Data analysis ConocoPhillips in $13.3 Billion Canadian Assets Sale

    ConocoPhillips has signed a definitive agreement with Cenovus to sell its 50% non-operated interest in the Foster Creek Christina Lake (FCCL) oil sands partnership, as well as the majority of its western Canada Deep Basin gas assets, for total proceeds of $13.3 billion.ConocoPhillips Canada will retain its...

    ConocoPhillips in $13.3 Billion Canadian Assets SaleData analysis
    Headlines, Global Deals

    ConocoPhillips has signed a definitive agreement with Cenovus to sell its 50% non-operated interest in the Foster Creek Christina Lake (FCCL) oil sands partnership, as well as the majority of its western Canada Deep Basin gas assets, for total proceeds of $13.3 billion.

    ConocoPhillips Canada will retain its operated 50% interest in the Surmont oil sands joint venture and its operated 100% Blueberry-Montney unconventional acreage position.

    Total proceeds for the transaction are $13.3 billion before customary adjustments, consisting of the following considerations:

    • $10.6 billion of cash, payable at closing; and
    • 208 million Cenovus shares, valued at $2.7 billion on 28-Mar-2017

    In addition, the company will receive five years of uncapped contingent payments, triggered when Western Canada Select (WCS) crude prices exceed C$52 per barrel.

    The full-year 2017 estimated production associated with the assets being sold is 280 MBOE/d net after royalty (NAR), comprised of approximately two-thirds liquids and one-third gas.

    View ConocoPhillips press release

  • Data analysis Point Resources Acquires ExxonMobil's Norwegian Assets

    HitecVision and its majority owned portfolio company Point Resources have signed an agreement to acquire ExxonMobil’s operated upstream business in Norway from ExxonMobil Exploration and Production Norway AS.This includes a transfer of the majority of ExxonMobil’s offshore and onshore E&P...

    Point Resources Acquires ExxonMobil's Norwegian AssetsData analysis
    Global Deals

    HitecVision and its majority owned portfolio company Point Resources have signed an agreement to acquire ExxonMobil’s operated upstream business in Norway from ExxonMobil Exploration and Production Norway AS.

    This includes a transfer of the majority of ExxonMobil’s offshore and onshore E&P staff in Norway; a significant package of operated producing assets on the Norwegian Continental Shelf; field assets such as platforms and Floating Production Storage and Offloading vessels (FPSOs); as well as the company’s office building in Sandnes, near Stavanger. The business to be acquired comprises ExxonMobil’s operated interests in the producing Balder (100%), Ringhorne (100%), and Ringhorne Ost (77%) fields; the partially developed Forseti field (100%); the Jotun Unit, where production ceased in 2016 (90%); and adjoining exploration areas that contain a number of undrilled prospects. Also included in the transaction is the Jotun A floating production facility and ExxonMobil’s Sandnes offices.

    The transaction is expected to complete in Q4-2017.

    View Point Resources press release

  • Data analysis BP Finds Gas at Qattameya Shallow-1 Well, Off Egypt

    BP made a gas discovery at Qattameya Shallow-1 exploration well in the North Damietta Offshore Concession in the East Nile Delta, Egypt. The well is located 60 km north of Damietta city, 30 km south-west of Salamat and only 35 km to the west of Ha’py offshore facilities.The exploration well was drilled...

    BP Finds Gas at Qattameya Shallow-1 Well, Off EgyptData analysis
    Exploration

    BP made a gas discovery at Qattameya Shallow-1 exploration well in the North Damietta Offshore Concession in the East Nile Delta, Egypt. The well is located 60 km north of Damietta city, 30 km south-west of Salamat and only 35 km to the west of Ha’py offshore facilities.

    The exploration well was drilled to a total depth of 1,961m in water depth of approximately 108m using the El Qaher II jack-up rig. The wireline logs, pressure data and fluid samples confirmed the presence of 37m of net gas pay in high quality Pliocene sandstones.

    BP has 100% equity in the discovery.

    View BP press release

  • Data analysis Cairn Energy Hits Pay at VR-1 Well, Offshore Senegal

    Cairn Energy has discovered oil at VR-1 well, offshore Senegal.The VR-1 well is located approximately 5 km west of the SNE-1 discovery well and is being drilled to appraise the lower and upper reservoir units in the western part of the SNE field.The well has reached a depth of 2759m, wireline logging and...

    Cairn Energy Hits Pay at VR-1 Well, Offshore SenegalData analysis
    Exploration

    Cairn Energy has discovered oil at VR-1 well, offshore Senegal.

    The VR-1 well is located approximately 5 km west of the SNE-1 discovery well and is being drilled to appraise the lower and upper reservoir units in the western part of the SNE field.

    The well has reached a depth of 2759m, wireline logging and sampling through the SNE section are complete and preparations are underway for deepening the well into the Aptian carbonate objectives below the SNE field.

    FAR’s evaluation of the well results are as follows:

    • The reservoir units are in oil as prognosed
    • The lower, 500 series 520 reservoir (16m in oil), a key reservoir to the phase 1 development of the SNE field, exhibited excellent reservoir properties, superior to all other reservoirs sampled in the SNE field to date
    • The deeper 540 reservoir (11m in oil) has only been seen in the SNE-2 well in oil (2m)
    • Samples of oil have been taken
    • Along with other appraisal wells, the well confirmed a 97m gross oil column with greater than expected net pay and thickest net pay of all appraisal wells drilled to date

    The well will also assess the potential for additional reservoir units within the upper reservoirs in the western part of the SNE field. In addition, the VR-1 well will examine deeper Aptian carbonate exploration targets under the SNE field.

    View FAR Limited press release

    Ownership of VR-1 well: Cairn Energy (40%, operator), Woodside (35%), FAR Limited (15%) and Petrosen (10%).

  • Data analysis Hurricane Makes Oil Discovery at Halifax Well, Off UK

    Hurricane Energy has discovered oil at 205/23-3A well (the Halifax well), offshore UK.The principal objective of the Halifax well was to support the company's view that the Lancaster Field and the Halifax prospect are one large connected structure. The Halifax well has successfully identified an extensive...

    Hurricane Makes Oil Discovery at Halifax Well, Off UKData analysis
    Exploration

    Hurricane Energy has discovered oil at 205/23-3A well (the Halifax well), offshore UK.

    The principal objective of the Halifax well was to support the company's view that the Lancaster Field and the Halifax prospect are one large connected structure. The Halifax well has successfully identified an extensive oil column, significantly below local structural closure. The reservoir interval encountered is pervasively fractured with porosities similar to those at Lancaster. The company believes that the deeper oil down to (ODT) at 1,846m true vertical depth subsea (TVDSS) identified in the Halifax Well, compared with an oil water contact (OWC) at Lancaster at 1,678m TVDSS, and is most likely caused by a tilted OWC.

    The Halifax well was drilled by the Spitsbergen rig, and cased to 1,179m TVDSS in accordance with the company's drilling program which was designed to isolate a potential gas cap and oil bearing column to a depth of 100m true vertical thickness (TVT) below structural closure. It was subsequently drilled to 1,801m TVDSS and a Drill Stem Test (DST) was undertaken. The well was finally TD'ed at 2,004m TVDSS, with no confirmed OWC encountered.

    Preliminary third party analysis from the Halifax Well indicates:

    • a very significant hydrocarbon column of at least 1,156m is present within the basement extending well below local structural closure (which is at 1,040m TVDSS);
    • that the basement reservoir below the final casing point (1,179m TVDSS) is pervasively fractured (based on initial analysis of borehole image logs processing); and
    • that porosity is consistent with that at Lancaster (based on initial petrophysical analysis)

    The Halifax well has now been suspended.

    View Hurricane press release

    Ownership of 205/23-3A: Hurricane Energy Plc (100%, operator).

  • Data analysis Statoil Makes Minor Discovery at 34/10-55 S Well, North Sea

    Statoil has made a minor discovery at 34/10-55 S well in PL193, North Sea. The well was drilled from the Gullfaks C platform to a structure east of the Gimle field, about 7 km north-east of the Gullfaks field and 7 km south of the Visund Sor field in the northern part of the North Sea.The objective of the...

    Statoil Makes Minor Discovery at 34/10-55 S Well, North SeaData analysis
    Exploration

    Statoil has made a minor discovery at 34/10-55 S well in PL193, North Sea. The well was drilled from the Gullfaks C platform to a structure east of the Gimle field, about 7 km north-east of the Gullfaks field and 7 km south of the Visund Sor field in the northern part of the North Sea.

    The objective of the well was to prove petroleum in Middle Jurassic, Early Jurassic and Late Triassic reservoir rocks (Brent group, Statfjord group and Lunde formation).

    34/10-55 S was drilled to a vertical and measured depth of 3228m and 7811m, respectively, below the sea surface, and was terminated in the Lunde formation in the Triassic. Water depth is 220m.

    Well 34/10-55 S encountered a total oil and gas column of about 170m, of which 60m are in sandstone with good to very good reservoir properties in the Statfjord group and 10m in sandstone with moderate to good properties in the Lunde formation.

    Preliminary calculations indicate that the discovery contains between 1-3 MMcm of recoverable oil equivalents. The discovery will be produced from a subsequent development well from the Gullfaks C platform.

    The well will now be permanently plugged and abandoned.

    View NPD press release

    Ownership of PL193: Statoil (70%, operator) and Petoro AS (30%).

  • Data analysis Shell Exits Gabon

    Royal Dutch Shell, through its affiliates, has reached an agreement with Assala Energy Holdings to sell 100% of its Gabon onshore interests for $587 million.This transaction consists of all of Shell’s onshore oil and gas operations and related infrastructure in Gabon: five operated fields (Rabi,...

    Shell Exits GabonData analysis
    Global Deals

    Royal Dutch Shell, through its affiliates, has reached an agreement with Assala Energy Holdings to sell 100% of its Gabon onshore interests for $587 million.

    This transaction consists of all of Shell’s onshore oil and gas operations and related infrastructure in Gabon: five operated fields (Rabi, Toucan/Robin, Gamba/Ivinga, Koula/Damier, and Bende/M’Bassou/Totou), participation interest in four non-operated fields (Atora, Avocette/M’Boukou, Coucal, and Tsiengui West), as well as the associated infrastructure of the onshore pipeline system from Rabi to Gamba and the Gamba Southern export terminal. Shell onshore in Gabon produced approximately 41 MBOE/d in 2016 and Shell Trading (STASCO) will continue to have lifting rights from the assets for the coming five years.

    Closing is expected in mid-2017.

    View Shell press release

  • Data analysis Sinopec Buys South African Assets from Chevron

    China's Sinopec has agreed to pay almost $1 billion for a 75% stake in Chevron Corp's South African assets and its subsidiary in Botswana, securing its first major refinery on the continent.China Petroleum and Chemical Corp, or Sinopec, said the assets include a 100 Mbbl/d oil refinery in Cape Town, a...

    Sinopec Buys South African Assets from ChevronData analysis
    Headlines, Global Deals

    China's Sinopec has agreed to pay almost $1 billion for a 75% stake in Chevron Corp's South African assets and its subsidiary in Botswana, securing its first major refinery on the continent.

    China Petroleum and Chemical Corp, or Sinopec, said the assets include a 100 Mbbl/d oil refinery in Cape Town, a lubricants plant in Durban as well as 820 petrol stations and other oil storage facilities. They also include 220 convenience stores across South Africa and Botswana.

    Sinopec said it would retain the whole workforce as well as the existing Caltex brand for the retail fuel stations for up to six years before launching a rebranding strategy. The remaining 25% of the South African assets will continue to be held by a group of local shareholders, in accordance with South African regulations.

    Source: Reuters

  • Data analysis Marathon Oil in $700 Million Northern Delaware Acquisition

    Marathon Oil Corporation signed a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian's Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers for $700 million in cash, excluding closing adjustments.Black Mountain Acreage...

    Marathon Oil in $700 Million Northern Delaware AcquisitionData analysis
    Global Deals

    Marathon Oil Corporation signed a definitive agreement to acquire approximately 21,000 net surface acres largely in the Permian's Northern Delaware basin of New Mexico from Black Mountain Oil & Gas and other private sellers for $700 million in cash, excluding closing adjustments.

    Black Mountain Acreage Highlights:

    • Up to 10 target benches within approximately 5,000 ft of stacked pay; base case assumes up to 6 target benches
    • Approximately 21,000 net acres with 20,000 net acres in the Northern Delaware basin; primary targets in world-class Wolfcamp and Bone Spring; roughly 400 BOE/d of current production
    • Approximately 230 MMBOE of risked resource with 440 gross Company operated locations
    • Approximately 550 MMBOE of total resource potential with 950 total gross Company operated locations
    • High quality Northern Delaware inventory produces greater than 90% before-tax IRRs at $55 WTI flat and competes for capital allocation at top of Marathon Oil's portfolio

    Combined Permian Acreage Highlights:

    • Approximately 91,000 net Permian acres including 71,500 in the Northern Delaware
    • Implied total acreage cost of $18,400/Acre, or $23,400 per Northern Delaware acre, adjusting for existing production
    • Approximately 580 MMBOE of risked resource with 1,070 gross Company operated locations
    • Approximately 1.45 BBOE of total resource potential with 2,650 total gross Company operated locations from both tighter density and secondary targets
    • Further upside opportunities from 18,500 net acres in Northwest Shelf
    • One operated rig drilling with plans to add two more rigs mid-year

    The Black Mountain acquisition is expected to close in Q2-2017.

    View Marathon press release

  • Data analysis Borr Drilling to Acquire Jack-Up Rigs for $1.35 Billion

    Borr Drilling signs a Letter of Intent with Transocean for the acquisition of 15 high-specification jack-up rigs for $1.35 billion, which includes remaining contract backlog and remaining yard instalments to Keppel Fels for the five new-builds. The transaction consists of Transocean’s entire jack-up...

    Borr Drilling to Acquire Jack-Up Rigs for $1.35 BillionData analysis
    Headlines, Global Deals

    Borr Drilling signs a Letter of Intent with Transocean for the acquisition of 15 high-specification jack-up rigs for $1.35 billion, which includes remaining contract backlog and remaining yard instalments to Keppel Fels for the five new-builds. The transaction consists of Transocean’s entire jack-up fleet, comprising 10 rigs in Transocean’s fleet and 5 new-builds under construction at Keppel Fels.

    The completion of the transaction is expected to take place before the end of May-2017.

    View Borr press release

  • Data analysis Armstrong Discovers Oil at Horseshoe-1 Well in Alaska

    Armstrong Energy has made oil discoveries at Horseshoe-1 and 1A wells in Alaska, onshore US.  The wells confirm the Nanushuk play as a significant emerging play in Alaska’s North Slope. The contingent resources identified with the existing data in Repsol and Armstrong Energy’s blocks in the...

    Armstrong Discovers Oil at Horseshoe-1 Well in AlaskaData analysis
    Headlines, Exploration

    Armstrong Energy has made oil discoveries at Horseshoe-1 and 1A wells in Alaska, onshore US.  

    The wells confirm the Nanushuk play as a significant emerging play in Alaska’s North Slope. The contingent resources identified with the existing data in Repsol and Armstrong Energy’s blocks in the Nanushuk play in Alaska could amount to approximately 1.2 Bbbl of recoverable light oil.

    The Horseshoe-1 discovery well was drilled to a total depth of 6,000 ft (1,828m) and encountered more than 150 ft of net oil pay in several reservoir zones in the Nanushuk section. The Horseshoe-1A sidetrack was drilled to a total depth of 8,215 ft and encountered more than 100 ft of net oil pay in the Nanushuk interval as well.

    The Horseshoe discovery extends the Nanushuk play more than 20 miles south of the existing discoveries achieved by Repsol and Armstrong in the same interval within the Pikka Unit during 2014 and 2015, where permitting for development activities are underway. Preliminary development concepts for Pikka anticipate first production there from 2021, with a potential rate approaching 120 Mbbl/d.

    Ownership of Horseshoe discovery: Armstrong (75%, operator) and Repsol (25%).

    View Repsol press release

  • Data analysis Statoil Encounters Gas at 6507/3-12 Well, Norwegian Sea

    Statoil makes a minor gas discovery at 6507/3-12 well in PL159 B, Norwegian Sea. The well was drilled about six km east of the Alve field in the northern part of the Norwegian Sea and about 200 km west of Sandnessjoen.The primary exploration target for wildcat well 6507/3-12 was to prove petroleum in Middle...

    Statoil Encounters Gas at 6507/3-12 Well, Norwegian SeaData analysis
    Exploration

    Statoil makes a minor gas discovery at 6507/3-12 well in PL159 B, Norwegian Sea. The well was drilled about six km east of the Alve field in the northern part of the Norwegian Sea and about 200 km west of Sandnessjoen.

    The primary exploration target for wildcat well 6507/3-12 was to prove petroleum in Middle Jurassic reservoir rocks (Garn and Not formations). The secondary exploration target was to prove petroleum in Middle Jurassic reservoir rocks (Ile formation). Another goal was to collect geological data if Cretaceous sandstone rocks were present.

    Well 6507/3-12 encountered a total gas column of about 7m in a Late Cretaceous sandstone layer with good reservoir properties. In the primary and secondary exploration targets, the well encountered about 30m of aquiferous sandstone in the Garn and Not formations, and about 65m of aquiferous sandstone in the Ile and Tofte formations, all with good to moderate reservoir properties.

    Preliminary estimations place the size of the discovery between 1-5 Bcm of recoverable gas. The licensees will assess the discovery along with other nearby discoveries/prospects with regard to a possible development.

    Well 6507/3-12 was drilled by the Deep Sea Bergen drilling facility to a vertical depth of 3,428m below the sea surface, and was terminated in the Tofte formation in the Early Jurassic. Water depth is 381m. The wells will be permanently plugged and abandoned.

    View NPD press release

  • Data analysis Marathon Acquires Permian Acreage for $1.1 Billion

    Marathon Oil has signed a definitive agreement to acquire approximately 70,000 net surface acres in the Permian basin from BC Operating and other entities for $1.1 billion in cash. The acquisition includes 51,500 acres in the Northern Delaware basin of New Mexico, and current production of approximately 5...

    Marathon Acquires Permian Acreage for $1.1 BillionData analysis
    Headlines, Global Deals

    Marathon Oil has signed a definitive agreement to acquire approximately 70,000 net surface acres in the Permian basin from BC Operating and other entities for $1.1 billion in cash. The acquisition includes 51,500 acres in the Northern Delaware basin of New Mexico, and current production of approximately 5 MBOE/d.

    Permian Basin Acquisition Highlights:

    • Up to 10 target benches within approximately 5,000 feet of stacked pay; base case assumes up to 6 target benches
    • 70,000 total net acres with 51,500 net acres in the Northern Delaware basin
    • Total implied acreage cost of approximately $13,900/Acre, adjusting for existing production
    • High quality Northern Delaware inventory produces greater than 90% before-tax IRRs at $55 WTI flat and competes for capital allocation at top of Marathon Oil's portfolio
    • Primary targets in world-class Wolfcamp and Bone Spring
    • Approximately 350 MMBOE of risked resource at a cost of about $2.80 per BOE with 630 gross Company operated locations
    • Approximately 900 MMBOE of total resource potential with 1,700 total upside locations from both tighter density and secondary targets
    • Further growth opportunities from acquired acreage in Northwest Shelf as well as further bolt-on acquisitions
    • One operated rig drilling with plans to add a second rig mid-year; one rig required to hold term lease

    The BC acquisition is expected to close in Q2-2017.

    View Marathon press release

  • Data analysis Shell Divests Oil Sands Interests in Canada for $7.3 Billion

    Royal Dutch Shell has announced the signing of two agreements by Shell Canada Energy, Shell Canada Limited and Shell Canada Resources (Shell) as per which Shell will sell all of its in-situ and undeveloped oil sands interests in Canada, and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60%...

    Shell Divests Oil Sands Interests in Canada for $7.3 BillionData analysis
    Headlines, Global Deals

    Royal Dutch Shell has announced the signing of two agreements by Shell Canada Energy, Shell Canada Limited and Shell Canada Resources (Shell) as per which Shell will sell all of its in-situ and undeveloped oil sands interests in Canada, and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 10%. Shell will remain as operator of AOSP’s Scotford upgrader and Quest carbon capture and storage (CCS) project.

    Under the first agreement, Shell will sell to a subsidiary of Canadian Natural Resources Limited its entire 60% interest in AOSP, its 100% interest in the Peace River Complex in-situ assets, including Carmon Creek, and a number of undeveloped oil sands leases in Alberta, Canada. The consideration to Shell from Canadian Natural is approximately $8.5 billion (C$11.1 billion), comprised of $5.4 billion in cash plus around 98 million Canadian Natural shares currently valued at $3.1 billion.

    Separately and under the second agreement, Shell and Canadian Natural will jointly acquire and own equally Marathon Oil Canada Corporation (MOCC), which holds a 20% interest in AOSP, from an affiliate of Marathon Oil Corporation for $1.25 billion each, to be settled in cash.

    The combination of these transactions will result in a net consideration of $7.25 billion to Shell. In addition to the cash proceeds and Canadian Natural shares, the divestment includes additional intellectual property agreements valued at up to $285 million and a long-term supply agreement for the Scotford refinery.

    On completion of all transactions listed above, it is envisaged that Canadian Natural will be the operator of the AOSP upstream mining assets.

    Shell and Canadian Natural have agreed that, subject to closing of the transactions and additional further conditions, Shell may swap its 50% purchased interest of MOCC for a 20% interest in assets of the Scotford upgrader and Quest CCS project. If the swap were to occur, Shell would fully exit AOSP’s mining operations and hold a 20% interest in the Scotford upgrader and Quest CCS project. 

    Prior to this announcement, the Athabasca Oil Sands Project (AOSP) was a joint venture between Shell Canada Energy (60%), Chevron Canada Limited (20%) and Marathon Oil Canada Corporation (20%).

    AOSP includes the Shell Albian Sands mining and extraction operations (Muskeg River and Jackpine mines) north of Fort McMurray, Alberta and the Scotford upgrader and Quest CCS project north-east of Edmonton, Alberta. Production capacity of both the mine and the upgrader is 255 Mbbl/d.

    The Peace River Complex includes facilities at Peace River, Carmon Creek and Cliffdale. 2016 full year production from these assets was approximately 14.8 Mbbl/d.

    Undeveloped oil sands mining leases include the area designated as Jackpine Mine Expansion 88, 89, 90, 30, 36, 632, 15, 631 north of AOSP, Pierre River Mine 9, 14, 17, 352 north of Canadian Natural’s Horizon project and exploration mining leases 839, 512, 913, 914 east of the Teck Resources Frontier Mine project.

    The transactions also include the Grosmont leases approximately 140 km west of Fort McMurray.

    The transactions are expected to close mid-2017.

    View Shell press release

  • Data analysis OMV Sells OMV Petrol Ofisi to Vitol Group for $1.4 Billion

    OMV has reached an agreement for the sale of its Turkish fuel supply and distribution company OMV Petrol Ofisi AS to VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd, for €1.37 billion (US$1.44 billion). The transaction is effected via a sale of 100% of the shares of OMV's...

    OMV Sells OMV Petrol Ofisi to Vitol Group for $1.4 BillionData analysis
    Headlines, Global Deals

    OMV has reached an agreement for the sale of its Turkish fuel supply and distribution company OMV Petrol Ofisi AS to VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd, for €1.37 billion (US$1.44 billion). The transaction is effected via a sale of 100% of the shares of OMV's Turkish holding company OMV Petrol Ofisi Holding AS.

    The transaction is anticipated to close in Q3-2017.

    View OMV press release

  • Data analysis OMV Buys $1.85 Billion Stake in Yuzhno Russkoye Field

    OMV has reached an agreement with Uniper SE for the acquisition of shares in two Russian companies (OJSC Severneftegazprom and JSC Gazprom YRGM Development) for a purchase price $1.85 billion plus cash on balance sheet per 31-Dec-2016. The transaction provides for OMV receiving 24.99% of the economic rights...

    OMV Buys $1.85 Billion Stake in Yuzhno Russkoye FieldData analysis
    Headlines, Global Deals

    OMV has reached an agreement with Uniper SE for the acquisition of shares in two Russian companies (OJSC Severneftegazprom and JSC Gazprom YRGM Development) for a purchase price $1.85 billion plus cash on balance sheet per 31-Dec-2016. The transaction provides for OMV receiving 24.99% of the economic rights in the production of the Yuzhno Russkoye field in Western Siberia.

    The Yuzhno Russkoye field is one of the largest gas fields in Russia, situated in the Yamal-Nenets region. OMV’s share of the remaining recoverable reserves during the license term (lasting until the end of the year 2043) amounts to approximately 580 MMBOE. OMV’s share of the daily production is estimated to be 100 MBOE/d.

    The transaction is anticipated to close by year end and will be retroactively effective as of 1-Jan-2017.

    View OMV press release

  • Data analysis Marathon Drops Down Assets to MPLX for $2 Billion

    Marathon Petroleum Corp (MPC) and MPLX LP have closed a transaction as per which MPC contributed certain terminal, pipeline and storage assets to MPLX for total consideration of $2 billion.The assets include 62 light-product terminals with approximately 24 MMbbl of storage capacity; 11 pipeline systems...

    Marathon Drops Down Assets to MPLX for $2 BillionData analysis
    Headlines, Global Deals

    Marathon Petroleum Corp (MPC) and MPLX LP have closed a transaction as per which MPC contributed certain terminal, pipeline and storage assets to MPLX for total consideration of $2 billion.

    The assets include 62 light-product terminals with approximately 24 MMbbl of storage capacity; 11 pipeline systems consisting of 604 miles of pipeline; 73 tanks with approximately 7.8 MMbbl of storage capacity; a crude oil truck unloading facility at MPC's refinery in Canton, Ohio; and eight natural gas liquids storage caverns in Woodhaven, Michigan, with approximately 1.8 MMbbl of capacity.

    MPC is contributing these assets in exchange for the issuance of $504 million in MPLX equity and $1.511 billion in cash. The equity to be issued in the transaction consists of MPLX common units and general partner units to maintain MPC's 2% general partner interest in MPLX. The units will be valued based on the 10-day volume weighted average price of MPLX common units prior to the closing.

    View Marathon press release

  • Data analysis Zhenhua Oil to Buy Chevron's Bangladesh Gas Fields

    Reuters reported, quoting two Beijing-based Chinese oil executives, that China's state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the natural gas fields in Bangladesh that are worth about $2 billion.Zhenhua will partner with China Reform Holdings Corp Ltd, an investment vehicle...

    Zhenhua Oil to Buy Chevron's Bangladesh Gas FieldsData analysis
    Headlines, Global Deals

    Reuters reported, quoting two Beijing-based Chinese oil executives, that China's state-run Zhenhua Oil has signed a preliminary deal with Chevron to buy the natural gas fields in Bangladesh that are worth about $2 billion.

    Zhenhua will partner with China Reform Holdings Corp Ltd, an investment vehicle under the State-owned Assets Supervision and Administration Commission (SASAC). Zhenhua will hold 60% of the deal and China Reform 40%, the two executives said.

    Chevron sells the entire output from its three gas fields - Bibiyana, Jalalabad and Moulavi Bazar, to state energy firm Petrobangla under a production sharing contract.

    Zhenhua is a subsidiary of China's defense industry conglomerate NORINCO. Zhenhua Oil has oil and gas operations in Iraq, Kazakhstan, Syria, Myanmar and Egypt.

    Source: Reuters

  • Data analysis Lukoil Finds Oil at Eridu-1 Well, Iraq

    Lukoil and Inpex have successfully completed the testing of the first exploratory well, Eridu-1, at Block 10 in Southern Iraq. The well recorded daily flow rate of more than 1,000 cubic meters of sweet oil from Mishrif horizon, confirming geological expectations of a large hydrocarbon field presence within...

    Lukoil Finds Oil at Eridu-1 Well, IraqData analysis
    Exploration

    Lukoil and Inpex have successfully completed the testing of the first exploratory well, Eridu-1, at Block 10 in Southern Iraq. The well recorded daily flow rate of more than 1,000 cubic meters of sweet oil from Mishrif horizon, confirming geological expectations of a large hydrocarbon field presence within the Block 10 contract area. Geological exploration at the block is in progress and work program for 2017 includes the drilling and testing of an appraisal well Eridu-2.

    View Lukoil press release

    Ownership structure of Block 10: Lukoil (60%, operator) and Inpex (40%).

  • Data analysis ADNOC Awards 8% Stake in ADCO Concession to CNPC

    Abu Dhabi National Oil Company (ADNOC) has signed an agreement with the China National Petroleum Corporation (CNPC) to award it an 8% interest in Abu Dhabi’s onshore oil concession. CNPC contributed a sign up bonus of $1.77 billion to enter the concession. The onshore concession is operated by the Abu...

    ADNOC Awards 8% Stake in ADCO Concession to CNPCData analysis
    Headlines, Global Deals

    Abu Dhabi National Oil Company (ADNOC) has signed an agreement with the China National Petroleum Corporation (CNPC) to award it an 8% interest in Abu Dhabi’s onshore oil concession. CNPC contributed a sign up bonus of $1.77 billion to enter the concession. The onshore concession is operated by the Abu Dhabi Company for Onshore Petroleum Operations (ADCO).

    The agreement has a term of 40 years, back-dated to 1-Jan-2015.

    View ADNOC press release

  • Data analysis Lundin Makes Oil Discovery at 7219/12-1 Well, Barents Sea

    Lundin Petroleum has made an oil and gas discovery in the 7219/12-1 well on the Filicudi prospect, located in PL533 license, approximately 40 km south-west of Johan Castberg and 30 km north-west of the Alta and Gohta discoveries on the Loppa High in the southern Barents Sea.The main objective of the well was...

    Lundin Makes Oil Discovery at 7219/12-1 Well, Barents SeaData analysis
    Exploration

    Lundin Petroleum has made an oil and gas discovery in the 7219/12-1 well on the Filicudi prospect, located in PL533 license, approximately 40 km south-west of Johan Castberg and 30 km north-west of the Alta and Gohta discoveries on the Loppa High in the southern Barents Sea.

    The main objective of the well was to prove oil in Jurassic and Triassic sandstone reservoirs. The well, drilled by the Leiv Eiriksson rig, encountered a gross 129m hydrocarbon column of high quality sandstone reservoir characteristics, with 63m of oil and 66m gas in the Jurassic and Triassic targets. Extensive data acquisition and sampling has been carried out including coring, logging and oil and gas sampled from the wireline tools.

    The gross resource estimate for the Filicudi discovery is between 35-100 MMBOE. Well results indicate significant upside potential that require further appraisal drilling.

    View Lundin press release

    Ownership of PL533: Lundin Petroleum (35%, operator), Aker BP (35%) and L1 Energy (30%).

  • Total Q4-2016 Net Profit Rises to $2.4 Billion

    Total reported a 16% YoY growth in Q4-2016 net profit to $2.4 billion. Income from Upstream segment grew 51% YoY to $1.13 billion, and income from refining and chemicals segment was up 13% YoY to $1.14 billion. Marketing and Services segment income fell 22% YoY to $411 million.Net production was up 4.7% YoY...

    Total Q4-2016 Net Profit Rises to $2.4 Billion
    Headlines, Results & Reports

    Total reported a 16% YoY growth in Q4-2016 net profit to $2.4 billion. Income from Upstream segment grew 51% YoY to $1.13 billion, and income from refining and chemicals segment was up 13% YoY to $1.14 billion. Marketing and Services segment income fell 22% YoY to $411 million.

    Net production was up 4.7% YoY to 2.5 MMBOE/d, aided by the start up and ramp up of projects including Laggan-Tormore, Vega Pleyade, Surmont Phase 2, Moho Phase 1b, and Incahuasi.

    View Total press release

  • Data analysis Stone Energy Divests Appalachia Assets for $527 Million

    Stone Energy has sold all of its approximately 86,000 net acres in the Appalachia regions of Pennsylvania and West Virginia, including approximately 53,000 core net Marcellus acres and drilling rights on approximately 44,000 net acres in the Utica, to EQT Corporation, through its wholly-owned subsidiary EQT...

    Stone Energy Divests Appalachia Assets for $527 MillionData analysis
    Global Deals

    Stone Energy has sold all of its approximately 86,000 net acres in the Appalachia regions of Pennsylvania and West Virginia, including approximately 53,000 core net Marcellus acres and drilling rights on approximately 44,000 net acres in the Utica, to EQT Corporation, through its wholly-owned subsidiary EQT Production Company (EQT), for a sales price of $527 million.

    Stone Energy expects to close the sale of the assets by 28-Feb-2017.

    View Stone Energy press release

  • Data analysis Parsley Acquires Midland Basin Assets for $2.8 Billion

    Parsley Energy has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties in the core of the Midland Basin from Double Eagle Energy Permian LLC for an aggregate purchase price of approximately $2.8 billion.Upon completion, the pending acquisition will add...

    Parsley Acquires Midland Basin Assets for $2.8 BillionData analysis
    Headlines, Global Deals

    Parsley Energy has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties in the core of the Midland Basin from Double Eagle Energy Permian LLC for an aggregate purchase price of approximately $2.8 billion.

    Upon completion, the pending acquisition will add approximately 71,000 net acres to the Parsley's Midland Basin acreage portfolio, bringing total Permian Basin net acreage to approximately 227,000 acres.

    Acquisition highlights:

    • Approximately 71,000 net leasehold acres
    • Estimated net production of approximately 3.6 MBOE/d as of 1-Jan-2017
    • 23 drilled uncompleted wells, variously targeting the Lower Spraberry, Middle Spraberry, Wolfcamp A, and Wolfcamp B formations, with an average lateral length of approximately 8,400 ft, valued at approximately $75-$100 million in aggregate
    • Approximately 3,300 net horizontal drilling locations, including approximately 1,800 net locations in high priority target intervals (Lower Spraberry, Wolfcamp A, Wolfcamp B)
    • Average lateral length of approximately 6,600 ft on acquired horizontal drilling locations; more than 40% of acquired horizontal drilling locations have lateral lengths of 7,500 ft or more
    • Operating control on 80% of net horizontal drilling locations
    • Incremental value potential through ongoing acreage trades, bolt-on acquisitions, and working interest buyouts; Double Eagle to assist with asset operation and handoff, as well as acreage trades and purchases after closing

    Consideration consists of approximately $1.4 billion of cash and approximately 39.4 million units of Parsley Energy LLC (together with a corresponding number of shares of Parsley Energy class B common stock) valued at approximately $1.4 billion; Parsley intends to finance the cash portion of the consideration through equity and debt offerings announced concurrently with the acquisition.

    The transaction is scheduled to close on or before 20-Apr-2017.

    View Parsley press release

  • BP Q4-2016 Profit Rises to $400 Million

    BP reported Q4-2016 underlying replacement cost (RC) profit of $400 million, compared to $196 million in Q4-2015. Upstream segment reported a profit of $400 million, compared to the loss of $728 million in Q4-2015. Profit from downstream segment dropped to $877 million compared to $1.2 billion in...

    BP Q4-2016 Profit Rises to $400 Million
    Headlines, Results & Reports

    BP reported Q4-2016 underlying replacement cost (RC) profit of $400 million, compared to $196 million in Q4-2015. Upstream segment reported a profit of $400 million, compared to the loss of $728 million in Q4-2015. Profit from downstream segment dropped to $877 million compared to $1.2 billion in Q4-2015.

    Q4-2016 capex was slashed to $5.1 billion compared with $6.1 billion in Q4-2015.

    View BP press release

  • Data analysis Delek Offers to Take-Over Ithaca Energy

    Ithaca Energy has entered into a definitive support agreement with Delek Group on the terms of a cash take-over bid for all of the issued and to be issued common shares of Ithaca not currently owned by Delek or any of its affiliates for C$1.95 per share (US$1.49).Highlights:The offer is for a cash...

    Delek Offers to Take-Over Ithaca EnergyData analysis
    Global Deals

    Ithaca Energy has entered into a definitive support agreement with Delek Group on the terms of a cash take-over bid for all of the issued and to be issued common shares of Ithaca not currently owned by Delek or any of its affiliates for C$1.95 per share (US$1.49).

    Highlights:

    • The offer is for a cash consideration of C$1.95 per share, which equates to £1.20 (US$1.49) per share based on the exchange rate on 3-Feb-2017
    • The offer is unanimously recommended by the Board of Directors of Ithaca (excluding the Delek related party Directors) and values the entire issued and to be issued share capital of the Ithaca Energy at C$841 million (US$646 million)
    • The offer provides shareholders with the opportunity to crystallize the value of their holdings in cash and represents a 12% premium to the TSX closing price of C$1.74 per share on 3-Feb-2017 and a 16% and 27% premium to the 30 day and 60 day volume weighted average prices respectively
    • The offer price represents a substantial premium to the average analyst consensus target price of C$1.60 per share
    • The offer implies a total enterprise value of approximately US$1.24 billion

    Delek is an Israeli listed conglomerate with significant natural gas exploration and production activities in the Eastern Mediterranean and an existing 19.7% shareholder in Ithaca. Ithaca Energy is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing asset portfolio.

    View Ithaca press release