Oil & Gas company in all aspects of the petroleum business, including in the exploration, development and production of crude oil, natural gas; the transportation of petroleum products and liquefied petroleum gas (LPG) and natural gas; petroleum refining; production of petrochemicals and... More
Thursday, Nov 286:36 AMRepsol accepts Argentina offer for YPF nationalization
Thursday, Nov 286:36 AM| 3 Comments
- Repsol's (REPYF) board has agreed the outline of a compensation package from Argentina for the government's nationalization of the Spanish oil major's 51% stake in YPF (YPF) in April 2012.
- Repsol, which will now open talks with the government, didn't provide the details. However, reports say that Argentina is offering $5B in dollar-denominated government bonds, around half the amount Repsol first demanded following the expropriation.
- Argentina hopes the deal will help it to attract investment in its energy industry, and to regain the confidence of foreign creditors amid shortages of foreign currency and limited borrowing options.
Tuesday, Nov 263:49 AMRepsol to consider YPF compensation offer from Argentina
Tuesday, Nov 263:49 AM| 3 Comments
- Repsol's (REPYF) board is due to decide tomorrow whether to accept a compensation proposal from Argentina for the nationalization of the oil company's 51% stake in YPF (YPF) in April 2012.
- Repsol would receive "liquid assets", with Spanish publication El Confidencial reporting that the offer includes $5B of Argentina-backed debt. Repsol initially demanded $10.5B in compensation.
- The firm's shares are +3.75% in Madrid.
Monday, Nov 185:41 PMRepsol decides not to sell Peru refinery
Monday, Nov 185:41 PM| Comment!
- Repsol (REPYF, REPYY) says it will not sell its La Pampilla refinery located outside of Lima, saying the offers it received didn't reflect the refinery's true value.
- Repsol had said earlier this year it intended to sell La Pampilla as part of a broader plan to divest assets in Latin America and elsewhere; it already had sold off a minority holding in Peru LNG, which produces liquefied natural gas.
Friday, Nov 811:27 AMRepsol plans to invest $4B in Venezuela through 2022
Friday, Nov 811:27 AM| Comment!
- Repsol (REPYY, REPYF) says it plans to invest $4B in Venezuela through 2022 on existing projects and discoveries en route to increasing output to nearly 100K bbl/day from the current 40K.
- Repsol owns an 11% in the Carabobo-1 project in Venezuela’s Orinoco heavy oil belt, the world's largest accumulation of heavy and extra-heavy oil; state-run PDVSA has a controlling 60% stake.
Friday, Nov 810:56 AMBloomberg: Canadian oil firms lag on environmental disclosure
Friday, Nov 810:56 AM| 3 Comments
- Canada’s biggest energy companies including Suncor Energy (SU) and Imperial Oil (IMO) are trailing global peers in reporting environmental performance, according to data compiled by Bloomberg.
- Scores for the largest Canadian oil and natural gas producers lagged behind those of many U.S. and European competitors, including Exxon Mobil (XOM), Shell (RDS.A, RDS.B) and even BP.
- Increased environmental scrutiny is slowing proposals for pipeline developments such as TransCanada's (TRP) Keystone XL and Enbridge's (ENB) Northern Gateway.
- Hess (HES) and Repsol (REPYF, REPYY) scored highest in Bloomberg's research.
Monday, Oct 2110:33 AMRepsol drops out of today's Libra auction
Monday, Oct 2110:33 AM| Comment!
- Repsol (REPYY, REPYF) is the latest oil major to say it won't participate in today's auction for exploration and production rights to Brazil's huge Libra oil field.
- Repsol had considered making a bid through the Brazilian joint venture it owns with China's Sinopec (SNP).
- Major major oil companies declined to participate, worried that government rights to dictate investment and development decisions will turn the tens of billions of dollars needed to explore and develop Libra into a loss; remaining bidders are dominated by Chinese and other Asian state oil companies.
- The auction has been criticized by many Brazilians concerned that the country's wealth is being handed over to private-sector companies; Brazil's government deployed more than 1,000 troops around the Rio de Janeiro hotel where the auction will take place.
Monday, Oct 218:59 AMRepsol, Total and OMV in Libya oil discovery
Monday, Oct 218:59 AM| Comment!
- A Repsol-led (REPYY, REPYF) consortium of oil firms say they made a high-quality oil discovery in Libya, the first in the country by the partners since the 2011 revolution.
- The discovery well, drilled to a depth of 6,020 feet, found light oil with very positive results from initial tests; the well is the third of eight wells the consortium is drilling on block NC115, located in the Murzuq basin ~500 miles south of Tripoli.
- Repsol has a 40% stake in the project, while OMV and Total (TOT) each have 30% stakes.
Thursday, Oct 1710:43 AMRepsol, PDVSA discuss $1.2B funding for Venezuela venture
Thursday, Oct 1710:43 AM| 2 Comments
- Spain's Repsol (REPYY.PK, REPYF.PK) and Venezuelan state oil company PDVSA are discussing a $1.2B financing deal for a joint venture in Venezuela.
- The funds would go to the Petroquiriquire joint venture that operates three mature oil fields, with the aim of increasing output by 75K bbl/day from the current ~40K bbl/day.
- The new deal would add to ~$10B in loans PDVSA has signed this year, including with Chevron, Schlumberger and China's CNPC, as it seeks to boost stagnant national oil output of ~3M bbl/day.
Tuesday, Oct 811:56 AMRepsol said ready to drill offshore Namibia by 2014
Tuesday, Oct 811:56 AM| Comment!
- Repsol (REPYY.PK, REPYF.PK) will drill its first offshore well in Namibia as early as February next year, according to a senior official at Namibian national petroleum company Namcor.
- BP has a 30% stake in Block 2513 in Luderitz Bay, and the official says it is also expected to drill before the end of next year.
- Namibia is attracting interest from oil and gas companies keen to explore its offshore potential, which has been likened to Brazil's prolific Santos basin.
Monday, Oct 77:52 AMReport: Sinopec, Temasek eye Repsol's Gas Natural stake
Monday, Oct 77:52 AM| Comment!
- Singapore's sovereign wealth fund Temasek and Chinese refiner Sinopec (SNP) have approached Repsol (REPYF.PK, REPYY.PK) over its €4.7B ($6.4B) stake in Gas Natural, FT reports.
- Repsol has said it was considering disposing of the stake because the agreed sale of its liquefied natural gas business to Royal Dutch Shell, due to close this year, diminishes the holding's strategic rationale.
- No final decision has been taken and Repsol has received interest from other parties, according to the report.
Wednesday, Oct 22:59 PMBrazil approves 11 companies for upcoming Libra auction
Wednesday, Oct 22:59 PM| Comment!
- 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.
Tuesday, Oct 16:23 PMBrazil limits Chinese oil firms to joint bids for Libra field
Tuesday, Oct 16:23 PM| Comment!
- Chinese state-controlled oil companies will be limited to joint bids to develop Brazil's Libra prospect, amid concerns the firms could share data and reduce competition at the Oct. 21 auction, Brazilian officials say.
- China's Cnooc (CEO) and China National Petroleum (PTR) are controlled by the Chinese government and would have to team up for a potential bid if both companies want to participate; it's unclear whether Sinopec (SNP) could bid on its own, since it registered for the auction via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK).
- The move threatens to further water down bidding in Brazil's first-ever auction under new production-sharing agreements after oil majors such as Exxon, BP and Chevron declined to participate.
Thursday, Sep 2611:35 AMRowan books multi-well jack-up at improved day rate
Thursday, Sep 2611:35 AM| 1 Comment
- In its latest fleet contract status update, Rowan (RDC -0.4%) says it booked a multi-well contract for one of its premium jack-ups with a rig share group that includes EOG, Trinity Exploration, Repsol (REPYY.PK, REPYF.PK) and Centrica (CPYYF.PK, CPYYY.PK) at $160K/day vs. its previous day rate of $145K.
- RDC also reported two separate one-well contracts for the Rowan Louisiana at $95K/day, unchanged from the previous day rate.
- Wunderlich views the update as "slightly positive," and the firm continues to believe RDC offers the most attractive EBITDA growth at its current valuation of any name in the offshore drilling space (Briefing.com).
Thursday, Sep 196:15 PMLibra oil auction shaping up as a major disappointment for Brazil
Thursday, Sep 196:15 PM| 10 Comments
- 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."
- ETFs: EWZ, BRF, EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU.
Wednesday, Sep 184:59 PMReport: Argentina set to offer Repsol $1.5B for YPF
Wednesday, Sep 184:59 PM| Comment!
- Argentina's government reportedly is preparing to offer $1.5B in cash to Spanish oil company Repsol (REPYY.PK, REPYF.PK) as compensation for the 2012 nationalization of Argentina's main energy company, YPF.
- Considering the payment would total only a fraction of the $10.5B Repsol is seeking, the offer is likely to be rejected and could even worsen relations between the two countries.
Wednesday, Sep 182:49 PMChina National Petroleum to develop Venezuelan project in $14B deal
Wednesday, Sep 182:49 PM| Comment!
- Venezuela's PDVSA signs a new $14B deal with China National Petroleum (PTR +1.4%) to develop heavy-oil deposits in the country's Orinoco belt, according to the company's oil minister.
- The Orinoco region holds one of largest oil reserves in the world, and PDVSA is working on projects there with foreign partners including Italy's Eni (E), Spain's Repsol (REPYY.PK, REPYF.PK) and Russia's Rosneft (RNFTF.PK).
- CNPC already has minority stakes in two other Orinoco belt projects with PDVSA.