Facing the likelihood of its first full-year economic contraction in 25 years, Nigeria is contemplating a rare sale of stakes in the oil and gas industry, the country’s biggest foreign-exchange earner.
Oil major Chevron is said to be planning to sell a number of assets in Asia worth up to $5billion.
Chesapeake Energy said it has raised its asset sales target and its production forecast for the year.
Trading house Gunvor has struck a deal to sell its last asset in Russia, according to reports. The company plans to get rid of a 50% stake in the Novorossiisk fuel oil terminal to a subsidiary of Kremlin-controlled Transneft.
A World Bank tribunal has reduced the amount Ecuador must pay Occidental Petroleum to around $1billion. The payment is in compensation for the seizing of the US company’s assets. Three years ago the International Centre for Settlement of Investment Disputes awared Occidental $1.77billion.
Providence Resources said it has begun a farm-out process to divest as much as 32% of its share in a licence off the west coast of Ireland. The company said the move was in relation to its Spanish Point licence in the north Porcupine basin. It includes Frontier Exploration Licence (FEL) 2/04 and 4/08 in which Providence holds a 58% equity interest and which are operated by Capricorn Ireland Limited.
Aggreko has seen its pre-tax profits drop from £130million to £102million, affected by a number of factors including the slowdown in the North American oil and gas sector and civil war in Yemen. The power provider has created two separate business units which came into effect this month as it looks to adapt to market conditions. It said the move will include the “streamlining” of back-office processes and closing some depots.
Private equity firm Quantum Energy Partners will invest up to $1billion in a strategic acquisition alliance with Linn Energy LLC. A Letter of Intent (LOI) has been signed between the two companies which will see them find selected future oil and natural gas acquisitions and develop those acquired assets. Linn Energy said it would participate with a working interest of 15-50%.
Gulfsands Petroleum is said to be in talks with its major shareholders to secure working capital. The company requires around $11million to settle a loan balance and would need access to around $15million of new capital to fund operational activities which are currently planned.
Oil major Shell has completed the sale of its stake in a Nigerian oil field for $737million. The company is nearing the completion of a strategic asset review in the West African country.
Oil and gas partnership LINN Energy has sold some of its assets in the US, creating $2.3 billion in sales. The US oil firm sold its assets in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest for $1.95 billion.