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Other News

Statoil chief says more oil deals likely after Shell-BG merger

The chief executive officer of Norway’s largest oil producer said the industry will probably see more deals after Royal Dutch Shell Plc’s $70 billion to BG Plc, especially if crude prices remain depressed. “All player are looking now at opportunities,” Eldar Saetre, said in Washington on Friday. “There could be more deals. It depends on the oil price, if prices stay low players will get distressed and look for deals.” Saetre said that the high valuation expectations of potential sellers was “still a problem.”


Shell said to hire Barclays to arrange $15 billion BG loan

Royal Dutch Shell Plc hired Barclays Plc to help arrange a 10 billion pound ($15 billion) loan to help fund its purchase of BG Group Plc, two people with knowledge of the matter said. The short-term bridge facility will replace an existing 3 billion-pound loan provided by Bank of America Corp. on April 8, said the people, who asked not to be identified because the transaction is private. The loan will help fund the cash component of the purchase price, the people said.

Oil & Gas

Shell plays down fear of major merger job cuts

Oil giant Shell has played down concerns that its £47billion proposed “mega-merger” with BG Group will lead to hundreds of further job cuts in the North Sea. Sources have claimed that up to 300 jobs are set to be cut in Aberdeen as the two firms plan to join forces and trim £1.6billion in costs annually. Shell is currently negotiating to cut at least 250 staff and agency contractors from its 4,500-strong North Sea workforce. Combined, BG and Shell will employ 5,500 people in the region and be the biggest oil and gas producer on the UK Continental Shelf. A further 300 jobs would amount to a 10% drop in employee numbers between the two firms. A spokeswoman for Shell said she did not “recognise” the 300 jobs figure, but pointed to chief executive Ben van Beurden’s admission that there are “of course going to be synergies” if the deal goes ahead.


Shell to buy BG Group for £47 billion in cash, stock

Royal Dutch Shell Plc is set to acquire BG Group Plc in what would be the largest energy deal this year, according to a person with knowledge of the matter. Buying BG would be Shell’s largest acquisition since the 40.7 billion-pound ($60.3 billion) merger of its Dutch and UK parent companies in 2005, according to data compiled. It would unite the UK’s first- and third-largest natural gas producers.


BG Group begins production from the Knarr field

BG Group has started production from the Knarr oil field in the North Sea. The Petrojal Knarr floating production, storage and offloading (FPSO) vessel has been leased from Teekay Corporation and is morred approximately 120 kilomtres off the Norwegian coast. It has a production capcity of 63,000 barrels of oil equivalent per day and a storage capacity of 800 000 barrels. David Hughes, project portfolio director, Europe, said: “Delivering first oil from Knarr is the result of an excellent BG team and strong collaboration with suppliers and contractors from around the world.

Oil & Gas

Gallery: This week’s top five stories

This week's most read story on Energy Voice was the news that Talisman Sinopec was following in the footsteps of a number of companies by considering a change to three on, three off shifts. The move has already been made by Apache and is also being considered by Marathon Oil. A spokeswoman for Talisman Sinopec said:“Following a working group review, Talisman Sinopec proposes to move to a 3/3 rota, which would deliver essential cost efficiencies in a safe manner.


BG reduces investment budget by 30%

BG Group said it had written down the value of its business by nearly $6billion amidst the drop in oil prices. The company has reduced its 2015 investment budget by around 30%. It is looking to reduce it operational expenditure by 10%m, which includes jobs.


BG boosted by Egypt payment

Oil and gas exploration firm BG Group received a boost today as it revealed the Egyptian government had paid it £225 million as the state seeks to repay outstanding debts to the energy industry. The group also said it was “working with the government on resolving the outstanding receivable balance” of £592 million. It comes after a year in which Reading-based BG has been dragged down by problems in Egypt as well as the tumbling oil price, and been hit by controversy over pay plans for its new chief executive.