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
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.
Tuesday, Sep 175:05 PMCompanies mentioned as potential Repsol targets posted gains today
Tuesday, Sep 175:05 PM| 8 Comments
- In an apparent delayed reaction, companies mentioned as possible takeover targets for Repsol (REPYY.PK, REPYF.PK) as it reportedly looks to make a North American oil acquisition in the $5B-$10B range moved higher today.
- After showing only mild action yesterday, Whiting Petroleum (WLL +3.7%) and Kodiak Oil & Gas (KOG +1.6%) posted strong gains gains; strength in SandRidge Energy (SD +6%) also may have been sparked by Respol speculation, although SD wasn't mentioned in this weekend's WSJ article.
Tuesday, Sep 178:14 AMLibya oil chairman says terms for foreign explorers under review
Tuesday, Sep 178:14 AM| Comment!
- Libya is reviewing the terms it offers foreign companies to explore for and produce oil as it seeks more partners to boost output, says the chairman of the country's state-owned oil company.
- Libya plans to hold its next bidding round for exploration rights in mid-2014, the country's first since Qaddafi's ouster in 2011; Eni (E), Shell (RDS.A, RDS.B), Exxon (XOM), Repsol (REPYY.PK) and Total (TOT) are among ~50 companies that won licenses in four earlier auctions from 2005-07.
- Libya has Africa's largest proven oil reserves, but now produces only 200K-240K bbl/day, a fraction of the post Qaddafi-era high of 1.6M it reached last year, as worker protests over pay and promotions have crippled operations.
Monday, Sep 1611:45 AMRepsol downgraded at Credit Suisse after WSJ weekend report
Monday, Sep 1611:45 AM| Comment!
- Repsol (REPYY.PK -1%) is downgraded to Neutral by Credit Suisse after a WSJ weekend report that the Spanish oil major is ready to spend $5B-$10B for a U.S. or Canadian E&P company.
- Credit Suisse says Repsol is likely to conduct a careful search for the right buyer or buyers for its €4.5B ($5.97B) stake in Gas Natural.
- While the WSJ report is long-term positive for Repsol, in the short term its effect is muted by the need to complete the Gas Natural divestment first, as financing for Spanish corporations remains relatively expensive.
- Shares of potential U.S. targets Kodiak Oil & Gas (KOG +0.8%) and Whiting Petroleum (WLL +0.2%) show slight gains.
Sunday, Sep 157:38 PMRepsol looking to make big U.S. acquisition: WSJ
Sunday, Sep 157:38 PM| 5 Comments
- Repsol (REPYY.PK) is looking to spend $5-$10B on a North American E&P company as the Spanish oil major seeks to gain a foothold in "stable-market" economies after the Argentina debacle imperiled the company's investment-grade rating, WSJ says.
- Companies mentioned in the article as possible targets based on their size and perceived willingness to pursue a deal include Whiting Petroleum (WLL) and Kodiak Oil & Gas (KOG) - those names may get a lift from the article come Monday.
Tuesday, Sep 1010:41 AMPetronas exits Venezuela crude project, close to selling gas stake to Indian Oil
Tuesday, Sep 1010:41 AM| Comment!
- Malaysian oil company Petronas says it will withdraw from the Carabobo project in Venezuela after a dispute over terms with state-controlled oil explorer PDVSA.
- The Carabobo project, of which PDVSA owns 60%, planned to produce 480K bbl/day of oil but is now producing only ~1K bbl/day; Petronas, Spain’s Repsol (REPYY.PK, REPYF.PK), India's ONGC and Indian Oil Corp. had owned a combined 40%.
- Meanwhile, Petronas reportedly is close to selling 10% of the shale gas assets from its recently acquired Progress Energy Resources to Indian Oil Corp. for ~$1.1B.
Monday, Sep 93:08 PMRepsol explores possible sale of Gas Natural stake
Monday, Sep 93:08 PM| Comment!
- Repsol (REPYY.PK, REPYF.PK) is sounding out banking advisers about a potential sale of its 30%, €4.4B stake in Gas Natural, FT reports, a move that would provide cash to invest more in upstream oil exploration.
- While a final decision on a sale has not been made, the news suggests Repsol now views the stake as having less strategic importance after the February sale of its liquefied natural gas businesses to Shell.
- Repsol has long considered the possibility of selling its stake in Gas Natural, which has been criticized for lacking a clear logic, but the expropriation of YPF delayed any decision about the holding.
Friday, Sep 63:58 PMPemex sees benefit in potential YPF partnership for Argentina shale
Friday, Sep 63:58 PM| 4 Comments
- Pemex would consider an offer to partner with YPF in developing shale projects in Argentina, including the Vaca Muerta formation, a director of Mexico's state-run oil company says.
- Apparently the feeling is mutual: YPF CEO Miguel Galuccio has said he might be willing to work with Pemex as a partner to help finance projects to help revert declining output.
- A potential complication: Pemex is a minority shareholder in Repsol (REPYY.PK, REPYF.PK), which is lobbying against prospective Vaca Muerta partnerships since Argentina expropriated YPF from Repsol last year.
Wednesday, Aug 289:44 AMCrude production in Libya is sinking fast as protests spread
Wednesday, Aug 289:44 AM| 2 Comments
- Libyan oil production has dropped to one-eighth of capacity as protests over pay and allegations of corruption spread to fields operated by Eni (E +2.5%) and Repsol (REPYY.PK, REPYF.PK).
- Earlier protests were in the central and eastern regions that produce and export the majority of Libya’s crude, affecting companies such as Royal Dutch Shell (RDS.A, RDS.B), Marathon Oil (MRO), Hess (HES) and ConocoPhillips (COP).
- Libyan output has slumped to ~200K bbl/day vs. 640K earlier this month and optimal capacity of 1.6M, according to the chairman of the state oil company.
Friday, Aug 910:32 AMOil explorers set to invest $3B in Angola wells next year
Friday, Aug 910:32 AM| 2 Comments
- BP, ConocoPhillips (COP) and Statoil (STO) are among oil explorers investing at least $3B in wells offshore Angola next year in the country’s biggest deepwater drilling campaign, Wood Mackenzie says.
- Cobalt Energy (CIE), Petrobras (PBR), Vaalco Energy (EGY), Repsol (REPYY.PK), Eni (E) and Total (TOT) are other companies slated to drill; most have commitments to produce seismic imaging and drill two wells by 2016.
- The drilling will test the industry’s Atlantic mirror theory of huge deposits of oil deep beneath the sea off west Africa similar to those across the ocean in Brazil, where some of the biggest finds of the last decade have been made.
Thursday, Jul 253:45 PMRepsol asks a World Bank panel to block Chevron's (CVX +1%) $1.24B deal with YPF (YPF -2.7%) to develop shale assets in Argentina's Vaca Muerta formation (now estimated to contain 1,181T cu. ft. of shale gas). Repsol's complaint comes as it disputes the seizure of its 51% stake in YPF by Argentina's government last year; YPF says the claims lack judicial merit since Repsol never owned rights over Vaca Muerta. |Thursday, Jul 253:45 PM| Comment!
Thursday, Jul 117:58 AMA Spanish court reportedly has agreed to hear an unfair competition claim brought by Repsol (REPYY.PK) against former Argentine subsidiary YPF over the exploration of the vast Vaca Muerta shale oil field, a move that could eventually make it more difficult for international firms to invest in the play. Repsol also is suing Chevron (CVX) and Bridas Energy over agreements they signed to invest in Vaca Muerta. |Thursday, Jul 117:58 AM| Comment!
Thursday, Jul 117:47 AMSeadrill (SDRL) +2.1% premarket after announcing it won a $222M contract with a joint venture of Eni (E) and Repsol (REPYY.PK) to deploy its West Freedom jack-up off Venezuela, yielding a dayrate of ~$247K for the 30-month fixed term. The rig is now operating in Qatar and is expected to become available for the new work in September. |Thursday, Jul 117:47 AM| 10 Comments
Wednesday, Jun 264:53 PMRepsol's (REPYY.PK) board rejects a proposal from Argentina to compensate it for last year's expropriation of most of the company's stake in YPF, though it remains open to further negotiations. The Argentine government valued the offer at $5B, but Repsol says the valuation was "constructed on overvalued assets far from market values seen in recent transactions." |Wednesday, Jun 264:53 PM| Comment!
Monday, Jun 2410:29 AMRepsol (REPYY.PK) has received a non-cash compensation offer worth $5B from Argentina over the country’s expropriation of Repsol’s stake in Argentinean explorer YPF (YPF -5%), Reuters reports. Mexico’s Pemex, which holds 9.2% of Repsol, is said to be acting as an intermediary in negotiations with the hope of gaining a stake in Argentina's Vaca Muerta shale field. (earlier) |Monday, Jun 2410:29 AM| Comment!
Thursday, Jun 209:32 AMRepsol's (REPYY.PK) three largest shareholders reportedly are pressing chairman Antonio Brufau to resume negotiations with YPF after Argentina's government seized a controlling stake in YPF from Repsol last year. Pemex, one of the three, has suggested that if Repsol's top management is not in synch with its views on the issue, it could leave the company. |Thursday, Jun 209:32 AM| Comment!