Mon, Sep. 12, 8:01 AM
- ExxonMobil (NYSE:XOM) and Oil Search (OTCPK:OISHY), partners in a gas-export venture in Papua New Guinea, each agree to acquire 40% interests in two exploration licenses from a company controlled by China’s Cnooc (NYSE:CEO) for an undisclosed sum.
- The licenses cover nearly 25K combined sq. km in water depths of as much as 2,500 meters.
- Oil Search says a comprehensive study of exploration opportunities in 2015 and 2016 had identified the offshore Gulf of Papua as a area of significant natural gas potential.
Nov. 30, 2015, 11:49 AM
- Chinese and Australian regulators are expected to give the green light to Royal Dutch Shell’s (RDS.A, RDS.B) takeover of BG Group (OTCQX:BRGXF, OTCQX:BRGYY) before Christmas, according to The Telegraph, which reports that Shell CEO Ben van Beurden recently had direct meetings with the president of China’s ministry of commerce.
- China was originally believed to be viewing the deal as an opportunity to renegotiate long-term contracts between Shell and the country’s top energy producers, but Cnooc (NYSE:CEO) and China National Petroleum (NYSE:PTR) have pledged broad support in return for continued co-operation with Shell on projects around the world.
Nov. 19, 2015, 7:57 AM
- Royal Dutch Shell's (RDS.A, RDS.B) proposed tie-up with BG Group (OTCQX:BRGXF, OTCQX:BRGYY) secured clearance yesterday from one of two Australian regulators but still requires approval from China, but Reuters reports that Chinese regulators are pressing the company to sweeten long-term gas supply contracts, which could cast new doubt on the near-term benefits of the deal.
- As the Chinese regulatory approval process entered its third and final 60-day phase earlier this month, the government asked Shell to review prices in LNG contracts worth tens of billions of dollars annually with China National Petroleum (NYSE:PTR), Cnooc (NYSE:CEO) and Sinopec (NYSE:SNP), according to the report.
- Shell officials are said to fear that a revision of the terms of the contracts could create a ripple effect around the world, further eroding gas prices.
Feb. 17, 2015, 3:31 PM
- China may merge its state-owned oil companies to create giants that will be more efficient and capable of taking on big overseas rivals, WSJ reports.
- One plan reportedly would combine the country’s largest oil companies, CNPC (PTR +2%) and Sinopec (SNP +4.2%), while other options include merging Cnooc (CEO +1.8%) with Sinochem.
- The firms have expanded into each others’ turf over the years, creating overlapping operations that span everything from exploration to refining to running gas pumps.
- No timetable is set for a decision on whether or when to proceed with the mergers, WSJ says.
Dec. 3, 2014, 7:58 AM
- The plunge in oil prices has erased more than half of Tullow Oil’s (OTCPK:TUWLF, OTCPK:TUWOY) market value since June, and Bloomberg reports that management is now concerned the company could be vulnerable to a takeover approach by a larger oil and gas producer.
- Tullow offers “a significant operating position that would not look out of place in the portfolio of a larger company,” says Societe Generale's David Mirzai, adding that the drop in oil prices “would certainly make it a lot easier to win the investor base around than in previous years.”
- Total (NYSE:TOT), Cnooc (NYSE:CEO) and Exxon (NYSE:XOM) would be among logical bidders since they’ve expressed interest in African assets before, BMO says, adding that a buyer would not need to contend with obstacles such as a poison pill or dual-class stock structure.
Apr. 7, 2014, 4:32 AM
- Cnooc (CEO) is thinking about selling its 50% holding in Argentina's Bridas Corp, which the Chinese offshore oil and gas explorer bought for $3.1B in 2010, Bloomberg reports.
- Cnooc would divest the stake if it can make a profit and would use the money for other projects. Hong Kong analyst Neil Beveridge would welcome a deal. "The contribution from Argentina is minimal, and the investment as a whole puts Cnooc in a passive position."
- The owners of the other 50% in Bridas are Argentina's billionaire Bulgheroni brothers.
Dec. 16, 2013, 11:28 AM
- Royal Dutch Shell’s (RDS.A, RDS.B) long-awaited sale of its $6.4B stake in Woodside Petroleum (WOPEF, WOPEY) may open the door for Asian buyers to grab a slice of Australia’s second-largest oil and gas producer, or even the whole company, Bloomberg speculates.
- Shell, which sees its 23% holding in Woodside as “increasingly non-core," may exit its stake as soon as next year; while Shell may opt to sell the stock back to Woodside and institutional investors, China’s Cnooc (CEO) and Sinopec (SNP) might pursue the stake or a full takeover.
- Government opposition to a foreign takeover may have eased since Shell was blocked in 2001, analysts say, and the company is more affordable after its multiple to cash flow has been more than cut in half since 2011.
Aug. 6, 2013, 7:56 AM
- China National Petroleum (PTR) already spent more money this year on energy assets than any other global producer, and oil and gas fields controlled by Exxon Mobil (XOM) and Rosneft (RNFTF.PK) may be next, Bloomberg speculates.
- CNPC is ramping up deals to make up for lost ground after Sinopec (SNP) and Cnooc (CEO) outspent it by $50B on overseas transactions in the five years through 2012.
- CNPC’s success with mature fields makes an XOM asset in Iraq a target, while a supply agreement with Rosneft may lead to deals with the Russian producer.
Mar. 1, 2013, 2:50 PM
Cnooc (CEO -1.5%) has agreed to cede operating control of Nexen's (NXY) U.S. gulf assets. Drilling leases acquired by the Chinese state-owned oil company as part of its $15B buyout are being altered as a condition of U.S. approval, with the control structure being changed - although CEO still could retain ownership of the economic value of the contracts. U.S. officials had scrutinized the deal because NXY owned more than 200 drilling leases in the Gulf of Mexico, which is a primary source of U.S. oil.| Mar. 1, 2013, 2:50 PM | 1 Comment
Jan. 28, 2013, 8:11 AM
Nexen (NXY), the Canadian oil sands operator that Chinese state energy giant Cnooc (CEO) has agreed to buy, says the two extended the deadline for the closing of the $15B proposed deal by 30 days, as they await U.S. government approval. Key regulatory approvals have been received from Canada, the U.K., the EU and China.| Jan. 28, 2013, 8:11 AM | 1 Comment
Jan. 18, 2013, 9:10 AM
As expected, China's top economic planning body approves Cnooc's (CEO) takeover of Canada's Nexen (NXY). In December, the Canadian government approved the largest-ever foreign acquisition by a Chinese company; the deal is still waiting approval by the U.S. government.| Jan. 18, 2013, 9:10 AM | 1 Comment
Dec. 11, 2012, 6:11 AM
CNOOC's (CEO) acquisition of Nexen (NXY) overcomes another hurdle after an official at the U.K.'s energy ministry says Britain "will not stand in the way" of the deal. Nexen owns a 43% holding in the in the North Sea Buzzard oilfield, which is used to help set the benchmark Brent crude price. Of greater import, perhaps, is what the U.S. will say.| Dec. 11, 2012, 6:11 AM | 1 Comment
Dec. 10, 2012, 6:45 PM
Taking nothing for granted, Nexen (NXY) interim CEO Kevin Reinhart told Reuters today that Cnooc's (CEO) takeover was "nowhere near done," despite securing the blessing of Canadian regulators. Approval by the U.S. Committee on Foreign Investment is the final hurdle in finishing the deal, and the U.S. has been traditionally been more wary than Canada of Chinese investment.| Dec. 10, 2012, 6:45 PM | 3 Comments
Dec. 10, 2012, 8:52 AM
Cnooc (CEO) still needs approvals from the U.S. and U.K. governments to complete its takeover of Nexen (NXY), but Canada was the key risk as NXY's assets in the U.S. are not material and the British government is investor-friendly, Macquarie analysts say. The U.S. approval process may prove "noisy and emotive in the press," but ultimately the deal will be cleared. NXY +14.6% premarket.| Dec. 10, 2012, 8:52 AM
Dec. 7, 2012, 5:19 PM
Dec. 7, 2012, 4:48 PM