Medco Energi, an ambitious Indonesian independent oil and gas company, is preparing to raise capital that will help fund acquisitions. Significantly, Medco Energi is reportedly keen to bid for ConocoPhillips’ share of the giant onshore Corridor gas block in Indonesia estimated to be worth more than $1.5 billion.
ConocoPhillips will use a rebound in oil and gas prices to cut debt by about 25% over the next five years, signaling a focus on financial prudence even after completing one of the biggest shale takeovers in recent years.
BP expects to hit cut its debt to $35billion (£25.2bn) nearly a year ahead of schedule thanks to proceeds from a flurry of deals, moving forward its timeline for share buybacks.
Offshore contractor Seadrill Ltd., owned by billionaire John Fredriksen, is proposing a debt write-off of just over $4.8 billion, according to Finansavisen.
Delek is considering a debt-for-equity swap and dual listing for North Sea operator Ithaca Energy in order to cut the parent firm's £1billion debt pile.
Angola is in talks with some of its oil customers in a bid to restructure financing facilities, the Ministry of Finance has said, in order to “better reflect the current market environment and OPEC production quotas”.
Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.
Oil major Shell and the National Iranian Oil Company (NIOC) have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3billion outstanding since 2011.
The head of the NIOCs international affairs, Mohsen Qamsari, said the two sides had reached an agreement on a mechanism after several round of negotiations.
Abu Dhabi National Energy Co., the government-owned oil and gas producer, hired investment and advisory firm Blackstone Group LP to review options for its debt obligations, two people with knowledge of the matter said.
SBM Offshore has completed $450million of non-recourse senior debt secured through a US Private Placement (USPP) for the Deep Panuke Production Field Centre (PFC).
The company said the 3.5% fixed coupon bond is rated BBB -/ BBB (low) by Fitch and DBRS, and carries a seven year maturity.
In a statement the company said offering was oversubscribed, with 14 institutional investors participating.