Ithaca Energy eyes valuation of up to £3.1 billion
Ithaca Energy, one of the North Sea's largest producers, could command a market valuation of up to £3.1 billion when it trades publicly next week.
Markets
CNOOC comments on potential sale of North Sea assets
One of the top bosses at China’s CNOOC has refused to rule out a sale of its North Sea assets amid mounting speculation on its UK portfolio.
Arabian Drilling draws $43 billion in orders for Riyadh IPO
Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, drew $43 billion in orders for its initial public offering, underscoring the strong investor appetite for Middle Eastern share sales.
Oil price may sink to low $60s if deep recession hits, RBC forecasts
In a deep-recession scenario, the price of Brent crude oil may sink into the low $60s/bbl by mid-2023, according to RBC Capital Markets, outlining a trio of outlooks while noting that forecasting is challenging at present.
Equinor deploys huge profits to mount $6 billion share buyback scheme
Equinor (OSE, NYSE: EQNR) the majority state-owned Norwegian oil firm, has unveiled a whopping set of profits and upped its share buyback plan to $6 billion for 2022.
Serica Energy rejects updated £1.15bn bid from North Sea rival Kistos
Serica Energy (LON: SQZ) has knocked back a new cash and share-for-share bid from rival Kistos (LON: KIST) worth £1.15 billion, which may replace Mitch Flegg as CEO.
Baker Hughes sees ‘unusual circumstances’ for oil market through 2023
Baker Hughes (NASDAQ: BKR) expects an “unusual set of circumstances and challenges” for the oil market through 2023.
Johnson Matthey closing in on £60m UK hydrogen factory
FTSE 100 engineering firm Johnson Matthey (LON: JMAT) is nearing a deal to build a £60m hydrogen fuel cell factory in the UK, according to the Telegraph.
Oil set to end volatile week below $100 on slowdown concerns
Oil is poised to end the week below $100 a barrel for the first time since early April after another volatile period of trading marked by escalating concerns over an economic slowdown.
Neptune Energy wins ‘gold medal’ in ESG rankings
Neptune Energy has been named in the top 5% of 95,000 companies globally for its ESG performance.
Who is Andrew Austin? North Sea dealmaker targeting Serica Energy
Andrew Austin has a track record of dealmaking in the North Sea and has now set his sights on independent Serica Energy (LON: SQZ).
Serica Energy denounces ‘unattractive’ bid from Kistos
Serica Energy (LON: SQZ) has issued a lengthy statement denouncing the bid from smaller rival Kistos (LON: KIST) as “significantly undervaluing” the company.
Taqa sticks, Serica twists: What’s the landscape for North Sea M&A deals?
With Serica Energy looking outside of the UK North Sea for M&A deals and Taqa deciding to hold onto its UK assets, what are the implications for the market?
France seeks to nationalise nuclear giant EDF to ride out energy crisis
The French government will nationalise its financially-struggling nuclear giant Electricite de France to help it ride out Europe’s worst energy crisis in a generation.
Serica Energy looking outside the UK for M&A deal
North Sea operator Serica Energy (LON: SQZ) has said it is “increasingly” exploring M&A opportunities outside of the UK.
Noble and Maersk sell North Sea rigs in $375m deal, paving way for merger
Noble Corporation (NYSE: NBL) and Maersk Drilling (CPH: DRLCO) have signed a $375m deal to sell-off several North Sea rigs to Shelf Drilling, in a move which could address competition concerns.
Market Wrap: Recession concerns push oil lower and whipsaw stocks
Treasuries held a rally and oil slid Thursday as investors parsed the economic outlook after Federal Reserve Chair Jerome Powell acknowledged the risk of a recession.
Electric Hydrogen startup raises $198 million for plants to produce green fuel
Electric Hydrogen, a startup aiming to slash the cost of green hydrogen by offering pre-designed manufacturing facilities, raised $198 million in a series B funding round, as investors bet on a future powered by the climate-friendly fuel.
Inflated expectations? Investors unwind ESG hype cycle
It is a strange time for the oil and gas sector. On the one hand, after years of price weakness, the money is rolling in again as the war in Ukraine and post-Covid disruptions keep prices high.
‘Put-off’ investors and shelved projects: The view from London on the North Sea windfall tax
City of London analysts have given their verdicts on the impact of the government’s windfall tax on North Sea oil and gas producers.
Sembcorp Marine shareholders question Singapore yards mega merger
Singapore’s Sembcorp Marine (SGX:S51) has released the financial and operating metrics of its proposed combination with a restructured Keppel Offshore and Marine (Keppel O&M) (SGX:BN4) in a response to queries from its shareholders that fear share dilution.
Cost of new North Sea Pilot oilfield ‘could be reduced by 75%’ by tax incentives
Costs for a planned new North Sea oilfield could be shaved by 75% with new tax incentives, the firm behind it has claimed.
CHC ordered to sell Babcock North Sea business by competition authorities
Helicopter operator CHC has been ordered by the UK's competition watchdog to sell off its newly-acquired Babcock North Sea business.
KCA Deutag to buy Saipem Onshore Drilling in ‘milestone’ $550m deal
Aberdeen-headquartered KCA Deutag has announced a $550m deal to acquire the onshore drilling business of Italian contractor Saipem.
Industry slams oil and gas windfall tax which will send ‘shockwaves for years to come’
Rishi Sunak has announced a multibillion-pound windfall tax on oil and gas, which the industry has slammed as sending "shockwaves" on jobs, investment and communities.