Harbour confident in Wintershall Dea deal despite sanction concern
Harbour will emerge with “stronger credit, we expect to reach investment grade credit on completion, which will give us access to lower-cost capital for future growth”.
LetterOne
National security and oil industry mergers
The war in Ukraine has caused many businesses to rapidly reassess projects in Russia, involving Russian nationals with ties to the Kremlin or the importation of Russian goods. This may stem from an ethical or reputational perspective, or to ensure compliance with sanctions.
The return of top oil deal-maker John Browne
John Browne’s return to the top of an oil company started with a phone call from a Russian oligarch who had $10 billion burning a hole in his pocket.
Maria Moraeus Hanssen joins DEA Deutsche Erdoel AG as CEO
On her first day as chief executive of DEA, Maria Moraeus Hanssen announced a time for change in the industry.
Sterling says drilling work on Breagh gas field could be delayed
Infill drilling work at the Breagh gas field could be delayed as further investments in its first phase are put under review. Sterling Resources said the production at the gas field in the North Sea is continuing slightly ahead of schedule. Production last month averaged 28.1million standard feet of sales gas per day.
Plan for Norway’s Zidane field set for next summer
A plan for developing Norway's Zidane natural gas field could be presented in the second or third quarter of 2016, with the early parts of summer being the most likely time frame, Austria's OMV has indicated.
Norway’s oil minister says EON deal will be dealt with in “the usual way”
The $1.6 billion transaction between utility E.ON and Russian billionaire Mikhail Fridman over Norwegian oil assets will be handled like any other, Norway's oil and energy minister said on Wednesday, despite sanctions on Russia.
Billionaire owner of Ineos snaps up North Sea fields
The billionaire owner of Grangemouth made his first move into the North Sea buying up gas fields from a Russian oligarch just days before the sale breached a government-imposed deadline. Jim Ratcliffe, chairman and chief executive of Ineos, is thought to have paid up to £500million for 12 fields from Mikhail Fridman, who had been forced to sell the assets by the UK government. Mr Fridman’s firm, LetterOne Group (L1) had initially paid £3.8billion to buy Dea, the upstream oil and gas business of German utility RWE in a deal which closed in March.
Russian billionaire looks to Norwegian sector after government push to sell North Sea assets
Talks are taking place between Russian billionaire Mikhail Fridman’s LetterOne Group about purchasing stakes in a number of Norwegian oil and gas fields, according to reports. According to the Financial Times the company is looking to gain assets owned by Eon in a deal estimated to be worth $1billion. The move signals a break away from the UKCS after the government urged LetterOne to sell North Sea assets.
Russian billionaire calls for delay on North Sea asset deadline
Russian billionaire Mikhail Fridman has called on the UK Government to delay an October headline to sell its North Sea assets. The move comes after a first round of offers was understood to have disappointed. Earlier this year the UK Government decided to revoke North Sea oil field licences owned by DEA, RWE’s oil and gas unit bought by Fridman’s LetterOne.
Former BP chief executive appointed head of DEA supervisory board
German energy company RWE Dea has appointed Lord John Browne to head their supervisory board. After being acquired by LetterOne Energy, the Hamburg-based RWE Dea has received a new supervisory board at its first general meeting of shareholders.