Galp Energia, SAGrey Market
Tue, Oct. 4, 3:17 PM
- BP (BP +0.3%) signs a 20-year deal with the Eni-operated (E -0.5%) Area 4 concession partners to purchase liquefied natural gas from the planned Coral South floating liquefied natural gas project offshore Mozambique.
- By guaranteeing a customer for the entire output of the big new field in the Indian Ocean, the BP contract clears the way for Eni to make its final investment decision on the multibillion-dollar project.
- The deal also could add impetus to Eni's efforts to sell a stake in its Mozambique assets, with ExxonMobil (XOM -1%) considered the most likely buyer.
- Eni holds a 50% stake in the Area 4 block involved in the contract, with the other half owned by China's CNPC (NYSE:PTR), Portugal's Galp Energia (OTC:GLPEF), South Korea's Kogas and Mozambique’s national oil company.
Nov. 20, 2015, 7:45 AM
- Eni (NYSE:E) agrees to sell its remaining 4% stake in Galp Energia (OTC:GLPEF) for €325M ($348M), disposing of 33.1M shares of Portugal’s biggest oil company at €9.81 each to institutional investors.
- The move is the Italian energy company's latest disposal of assets that are not part of its main business; last month it sold a 12.5% stake in Saipem.
- Eni started selling down its 33.3% stake in Galp in 2012 and has raised a total of €3.28B from the disposal.
Apr. 8, 2015, 7:30 PM
- Analysts say Shell's (RDS.A, RDS.B) move to buy BG Group is telling potential acquirers that one of the biggest players is now confident enough to make a big play, and that the worst may be over in the big slide in oil and gas prices.
- The deal also may be the starting gun for a wave of M&A activity that oil industry observers have been predicting since crude prices started to slump in June.
- For starters, BG's U.S. shale assets likely will become candidates for divestiture after the Shell deal closes; in buying BG, Shell has made the choice to double-down on global liquefied natural gas and de-emphasize U.S. shale.
- Among the biggest players, Exxon (NYSE:XOM) and BP could contemplate deals - perhaps even with each other, as has been speculated, since BP ranks among the cheapest major producers relative to estimated profit.
- BG itself could whet the appetite of XOM's Rex Tillerson, who recently said there was "no limitation" to what he might buy - but he will be especially selective after getting burned by 2010's XTO purchase.
- Companies with prime acreage in oil-rich shale fields in Texas, North Dakota and Colorado have become a lot cheaper in recent months; Anadarko (NYSE:APC), Cabot Oil & Gas (NYSE:COG), Pioneer Natural Resources (NYSE:PXD), Occidental (NYSE:OXY), Continental Resources (NYSE:CLR), Concho Resources (NYSE:CXO) and Tullow Oil (OTCPK:TUWLF) are among those at topping analysts’ lists.
- Galp Energia (OTC:GLPEF) may draw interest from buyers because, like BG, it offers access to oil assets in Brazil.
Mar. 11, 2015, 5:41 PM
- The widening corruption probe into Petrobras (NYSE:PBR) is likely to delay by at least one year four major offshore oilfield projects, Portuguese partner Galp Energia (OTC:GLPEF) says, in a first sign of strain on foreign investors.
- Galp, which is involved in nearly 30 onshore and offshore oil and gas projects in Brazil, eyes a one-year delay in the building of production ships for the Lula Sul, Lula Norte, Lula Extremo Sul and Lula Oeste fields, which it is developing with PBR.
- The uncertainty is expected to lead to delays in the delivery of four locally-made FPSO units after contractors have either gone bankrupt or been banned from receiving money from PBR due to the corruption scandal.
- Galp's forecast comes before PBR issues its own guidance on project development in light of the investigation.
- Other major oil companies producing in Brazil include XOM, RDS.A, RDS.B, STO, CVX, BP, OTCQX:REPYY, OTCPK:REPYF, OTCPK:BRGXF, OTCQX:BRGYY.
Sep. 3, 2014, 6:43 PM
- Petrobras' (NYSE:PBR) oil production rose again in August, marking the seventh month in a row the Brazilian company has seen an increase in the amount of oil it is pulling out of the Atlantic.
- PBR produced ~540K bbl/day of oil with its partners Galp Energia (OTC:GLPEF) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) ; PBR President Maria das Gracas Foster says the company remains on target to achieve a 7.5% Y/Y rise in domestic oil production this year, and is on the verge of producing 2.1M bbl/day from pre-salt oil fields.
- Shares reached another 52-week high earlier in the day but then fell nearly 2% in afternoon trading.
Aug. 13, 2014, 2:35 PM
- Petrobras (PBR -3.3%) says a fourth well drilled in the Jupiter area offshore Brazil indicates the existence of a subsalt oil discovery.
- The well is located ~185 miles off the coast of Rio de Janeiro, beneath 2,183 meters of water; drilling will continue until the well reaches a total depth of 5,700 m.
- PBR is operator of the block with an 80% interest, while a group owned by Portugal's Galp Energia (OTC:GLPEF) and China's Sinopec (NYSE:SNP) holds the remaining 20%.
- PBR shares have been sharply lower since news of the death of Brazilian presidential candidate Campos.
Mar. 28, 2014, 7:57 AM
- Eni (E) of Italy launches the sale of a 7% stake in Portuguese utility Galp Energia (GLPEF), pressing ahead with plans to offload non-core assets and raise cash.
- Based on Galp's closing share price Thursday, the stake is valued at €724M ($993M); following the sale, Eni will own ~9% of Galp.
- At one time, Eni held as much as one third of Galp's share capital and was seen as a candidate to buy more of its shares.
Oct. 2, 2013, 2:59 PM
- Brazil's National Petroleum Agency says all 11 companies registered for the Oct. 21 auction of the Libra offshore oil field have qualified to participate in the sale.
- Brazil had previously approved eight firms, but was still reviewing technical and legal documents for France's Total (TOT), Colombia's Ecopetrol (EC) and the Brazilian unit of Portugal's Galp Energia (GLPEF.PK, GLPEY.PK).
- Also approved to bid: Chinese oil companies Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) also registered via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK); Malaysia's Petronas; Japan trading firm Mitsui (MITSY.PK, MITSF.PK); India's ONGC; Royal Dutch Shell (RDS.A, RDS.B) and Brazil's own Petrobras (PBR, PBR.A).
- Officials estimate the 11 companies could form up to three potential bidding groups to compete in the auction.
- Several oil majors are not participating in bidding on Libra, whose development is expected to be pricey.
Sep. 19, 2013, 6:15 PM
- More on Brazil's planned auction of the Libra oil prospect: Only 11 companies registered to participate - far fewer than the expected 40 - and some of the biggest firms backed out, including Exxon (XOM), Chevron (CVX) and BP (earlier).
- Asian state-owned companies dominate the list of participants: India's ONGC, Malaysia's Petronas, Colombia's Ecopetrol (EC), China's Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) will take part through joint ventures with Brazilian units of Spain's Repsol (REPYY.PK, REPYF.PK) and Portugal's Galp Energia (GLPEF.PK).
- Also taking part: Shell (RDS.A, RDS.B), Total (TOT) and Mitsui (MITSY.PK, MITSF.PK).
- Analysts blame the lack of interest on new rules drawn up by Brazil's government that place development and profits under greater state control; too many companies don't want "the trouble of dealing with Petrobras (PBR) and the government. You can get good oil assets elsewhere without that."
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Jan. 4, 2011, 11:24 AM