Private equity took a keen interest in the UK North Sea in 2021, with £2.4 billion worth of deals for the country’s oil and gas industry.
Global upstream merger and acquisition (M&A) deals rebounded to pre-Covid-19 levels in 2021, reaching a total of $181 billion, a 70% increase over 2020, Rystad Energy research shows. The total deal value for 2021 was the highest in three years and almost reached the highs seen in 2017 and 2018 of $205 billion and $199 billion, respectively.
CHC has told competition authorities that its takeover target of Babcock Aviation is “not a particularly serious competitive threat” to the company.
Kistos (LON: KIST) has confirmed it is bidding to acquire assets being put on sale by TotalEnergies in the West of Shetland.
Equinor is reportedly seeking a $1billion sale of a stake in the Martin Linge oil field in the North Sea.
It’s set to be an action-packed year for majors, independents and national oil companies (NOCs) alike in 2022. Big choices will set strategic trajectories for the energy transition ahead and the M&A market is set to heat up with multi-billion dollar acquisitions on the horizon, reports energy research company Wood Mackenzie.
The Oil and Gas Authority (OGA) has issued a warning to operators over a type of M&A deal which risks firms defaulting on their liabilities.
United Oil and Gas and Quattro Energy have once again pushed the completion date for a £3.2million North Sea deal.
Japanese trading house Marubeni has confirmed the sale of its North Sea business to Ithaca Energy.
Cairn Energy (LON: CNE) has completed the £334m sale of its interests in the Catcher and Kraken fields in the North Sea to Waldorf Production.
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Ithaca has agreed to acquire the North Sea assets of Marubeni in a $1billion deal, according to a news report.
Abu Dhabi National Oil Co. (ADNOC) is planning to sell shares in its drilling unit in what would rank among the largest initial public offerings (IPO) in the United Arab Emirates.
North Sea stalwart Neill Carson is celebrating a maiden acquisition at Quattro Energy – the fourth oil and gas vehicle he has co-founded.
Following Santos' proposed takeover offer for Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, a bidding war could emerge. Likely acquirers include ExxonMobil and TotalEnergies, both of which have big shares in the PNG projects.
Shell has failed to generate any significant interest in the sales process for its share of the giant Abadi LNG project one year after the Indonesian government announced the Anglo-Dutch supermajor’s intention to divest.
Gneiss Energy (“Gneiss”) celebrates its five-year anniversary hot off the heels of announcing its 10th transaction of 2021, representing a productive start to 2021 for the advisory firm across all of its sector teams.
ConocoPhillips is seeking to sell its share in the giant Corridor onshore gas block in Indonesia estimated to be worth more than $1.5 billion. However, given the scale of the project and uncertainties around its future, the US major could struggle to find a buyer.
Petronas and Hess have agreed amendments to an existing upstream gas sales agreement for fields offshore Malaysia that cements the value of the US-based company’s North Malay Basin assets. This makes any potential divestment process easier as Hess focuses on its prolific acreage offshore Guyana.
Spanish player Repsol has agreed to sell its operated assets in Malaysia and Block 46 CN in Vietnam to Kuala-Lumpur listed Hibiscus Petroleum. Operating the new assets will mark a massive step up for Hibiscus.
SSE maintained healthy profits in 2020, despite the impact of the Covid-19 pandemic, racking up proceeds from assets sales of nearly £2billion.
JX Nippon Exploration and Production Ltd. is preparing the sale of its oil and gas fields in the UK North Sea, according to people with knowledge of the matter.
Philippine tycoon Dennis Uy's Udenna conglomerate struck a deal worth up to $460 million to buy a gas exploration and development company from Shell last week. The deal, which attracted a premium valuation and boosts Udenna’s share in the Malampaya gas field to 90%, is positive for both the Philippines and Shell.
Chinese national oil company Sinopec is eyeing upstream merger and acquisition opportunities.
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.