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Oil & Gas

Aberdeen’s City Region Deal ‘almost sealed’

The long-awaited City Region Deal for the north-east has been announced – and could be finalised within days. Scottish Secretary David Mundell said last night the “full details” of the investment would be revealed “shortly”.

Other News

Oil has a reality check for those elated by the climate deal

For anyone elated by the climate-change accord in Paris, the commodity markets have a reality check for you. World leaders may have vowed to wean the world from fossil fuels, but prices for oil, coal and natural gas are at their lowest in years. Crude, which touched an 11-year low Monday, will probably decline even more with the US ending its 40-year ban on oil exports. So is that bad news for people hoping to switch the world to cleaner fuels?

Oil & Gas

Shell-BG deal not yet in the bag amid fears of further oil slump

Royal Dutch Shell Plc is on the brink of pulling off its biggest acquisition. Yet the widening discount of target BG Group Plc to the offer price shows that a further steep drop in oil prices could still put the deal in doubt. BG traded 12.5 percent below Shell’s bid price on Dec. 18, the biggest discount since early September, compared with a 6.4 percent gap on Dec. 4. While BG shares soared when news of the deal broke eight months ago, they’ve since tumbled more than 20 percent as oil prices slumped.

Oil & Gas

African Petroleum and Ophir Energy strike production sharing deal

African Petroleum has signed a new production sharing contract with Ophir Energy covering the company’s CI-513 licence area in Cote d’Ivoire. The new contract means Ophir Energy has a 45% interest and is operator of the asset while African Petroleum holds a 45% interest and the regions National Oil company the remaining 10%. Ophir Energy will make a $16.9million contribution towards African Petroleum’s back costs in relation to the block.

Other News

UN closes the books on decade-long Iran nuclear probe

The UN nuclear agency have approved a resolution that ends a decade-long probe of allegations that Iran worked on atomic weapons. The probe had to be formally closed as part of an Iran-six nation deal restricting Iran’s current nuclear programmes which could be used to make such weapons, in exchange for sanctions relief for Tehran.

Oil & Gas

Piper Jaffray to acquire Simmons in $139million deal

Investment bank Piper Jaffray has agreed to acquire Simmons and Co in a deal worth $139million. The company said the move represented a “major step” in its drive towards $500million in annual investment banking revenue. Piper Jaffray will acquire 100% of Simmons in the $139million deal, which will consist of $91million in cash and $48million in restricted stock.

Oil & Gas

Jemena wins contract for Australian pipeline

Jemena has been revealed as the preferred bidder to build a gas pipeline which will connect the Northern Territory in Australia to Queensland. The conglomerate is jointly owned by the State Grid Corporation of China and Singapore Power. The North East Gas Interconnector (NEGI) will link the Northern Territory’s Amadeus pipeline to Queensland’s Carpentaria pipeline.

Oil & Gas

Cameroon FLNG gas convention signed

A milestone has been reached in the Cameroon floating liquefied natural gas project after parties signed a gas convention. The final investment decision commits the project to a targeted start date for commissioning in the second quarter of 2017. At a signing ceremony in Cameroon the country’s state-owned oil company Société Nationale des Hydrocarbures (SNH), Perenco Cameroon, Golar Hilli Corporation and Golar Cameroon executed a an agreement which endorses and governs the installation and operation of the GoFLNG vessel in Cameroon waters offshore of Kribi.


Schlumberger to buy Cameron in $14.8billion deal

Schlumberger has taken over Cameron in a $14.8billion deal. The company's chief executive said the move would create "new and broader" opportunities for Schlumberger in the current low oil market. Schlumberger told investors in June last year there needed to be a transformation in the technology delivered in order to outperform the markets.

Other News

Kenya Power Signs Geothermal, Hydropower Deals for 76 Megawatts

Kenya Power & Lighting Ltd., the East African nation’s sole electricity distributor, will sign two purchase agreements for 76 megawatts of geothermal energy and hydropower. The utility will buy 70 megawatts from Akiira Geothermal Ltd., a project developer, and Marine Power Generation Ltd., its development partner, it said. The distributor will also purchase 6 megawatts from Kleen Energy, a local hydropower producer.

Middle East

Iran nuclear deal remains elusive

Disputes over attempts to probe Tehran’s alleged work on nuclear weapons are unexpectedly persisting, threatening plans to wrap up an Iran nuclear deal. Diplomats say at least two other issues still need final agreement. These are Iranian demands that a UN arms embargo be lifted and any UN Security Council resolution approving the deal no longer describes Iran’s nuclear activities as illegal. With few signs that Iranian or US negotiators are prepared to give ground, the high-stakes game of brinksmanship looks set to force a fourth extension of talks since the current round began 17 days ago.

Other News

US offers billions in arms to ease Iran deal anxiety

An agreement to curb Iran’s nuclear program could create a bonanza for US defense contractors who already are benefiting as the Obama administration tries to assuage Israeli and Gulf Arab concerns by cutting deals for more than $6billion in military hardware. The details of a potential deal being negotiated between Iran and six world powers -- China, France, Germany, Russia, the UK and US -- would determine what steps the U.S. takes to help its allies. A nuclear agreement is likely to prompt Mideast partners to seek improved defense systems from American contractors such as Boeing Co., Lockheed Martin Corp. and Raytheon Co. as well as weapons-makers in France and elsewhere. “In theory, an Iran deal could lead to a reduction in tensions in the region that would reduce the demand for advanced weaponry,” said William Hartung, director of the Arms and Security Project at the Center for International Policy in Washington. “In the short-term, a deal could actually boost the demand for arms.”


Bergen Group rig service sale falls through

Bergen Group said the sale of the company's rig-service activity has fallen through. Last month, the company had signed a deal with Semco Maritime for the operational activity at the Hanotangen yard and with Hellick Teigen for the real estate there. The deal was planned to close by April 30.