Vultures start to circle Singapore’s KrisEnergy

Singapore’s KrisEnergy is on the verge of collapse and eagle-eyed investors, seeking assets at bargain prices, are preparing to pick over the company’s carcass. However, given KrisEnergy’s recent dismal performance in Cambodia, there is not much left of interest.

Oil & Gas

Petroceltic considers future, launches offer period

Petroceltic said it was considering a number of options for the company’s future including the sale of some or all of its assets. The board said options being considered include a farm-out or sale of one or more the company’s existing assets, a merger with a third part, or the sale of its entire issued share capital in the form of debt or subscription of new ordinary shares.

Oil & Gas

Rosneft offers Japanese companies chance to join Russian prospects

Russia's Rosneft, the world's top listed oil producer by output, has offered Japanese companies a chance to join projects in Russia's East Siberia and Far East, Chief Executive Igor Sechin said on Friday. There is a huge potential for cooperation between the two countries, he said, in offering Japanese firms the opportunity to participate in the Verkhnechonskoye, Srednebotuobinskoye, Tagulskoye and Russkoye projects, as well as in other developments already in operation or yet to be launched. "We proposed to our Japanese partners deals with total reserves of six billion barrels and with a resource base of 100 billion barrels," Sechin told an industry symposium in Tokyo.

Oil & Gas

Lundin Petroleum sells Indonesian assets in $22million deal

Lundin Petroleum has sold its assets in Indonesia in an agreement with Medco Energi International in a $22million deal. The assets include the non-operate interest in the producing Singa gas field and the operated interest in the South Sokang and Cendrawasih VII Blocks, as well as the joint study agreement in respect of the Cendrawasih VIII Block.

Oil & Gas

Shell completes sale of some downstream businesses in Norway

Oil giant Shell has completed the sale of Smart Fuel to St1 Nordic Oy of some of its downstream businesses in Norway. The company said it would still continue to remain highly visible in the country, despite the deal for its retail, commercial fuels and supply and distribution logistics businesses. Shell and St1 have also joined forced to create Aviation Fuelling Services Norway AS, a joint venture to sell aviation fuel in Norway.

Oil & Gas

Sanchez Energy sells assets in $345million deal

Sanchez Energy will sell off a number of assets in the US in a $345million deal. The deal will see Sanchez Production Partners acquire and operate certain pipeline, gathering and compression assets located in the Western part of its Catarina asset in the Eagle Ford Shale in South Texas. The proceeds from the Western Catarina Divestiture will be used to further enhance Sanchez’s Energy’s liquidity position which is expected to enable the company to pursue growth opportunities through asset acquisitions.