Adnoc signs $5.8bn deal to sell stakes in refining business to Eni, OMV
The Abu Dhabi National Oil Company (Adnoc) signed agreements to offer stakes in its unit Adnoc Refining to Italian firm Eni and Austria’s OMV for a total consideration of $5.8bn.
Eni acquired a 20% interest in Adnoc Refining for $3.3bn while OMV purchased 15% of the shares for $2.5bn. Adnoc retained the remaining 65% stake in the company.
The transaction valued Adnoc Refining at an enterprise value of $19.3bn and aimed to expand the company’s access to markets in Africa, Asia and Europe. The business has a total refining capacity of 922,000 barrels a day.
Canada’s Encana acquires Newfield Exploration Company for $5.81bn
Canadian firm Encana closed the previously announced acquisition of US-based exploration and production company Newfield Exploration Company in an all-stock transaction worth C$7.7bn ($5.81bn).
The agreement for the transaction was signed by the parties last November.
Including the assumption of C$2.2bn ($1.66bn) of Newfield net debt, the deal aims to create a multi-basin company with premium positions in three major North American plays, the Permian, STACK/SCOOP and Montney.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataImperial signals delay in $1.94bn Aspen oil sands project in Alberta
Imperial Oil announced that it will delay its C$2.6bn ($1.94bn) Aspen in-situ oil sands project in Alberta, Canada, by at least a year due to prevailing market conditions.
The company cited market uncertainty caused by government intervention and other industry competitiveness challenges as the reasons for slow project development. Startup of the Aspen project was originally planned for 2022.
Alberta is facing pipeline infrastructure shortage, forcing the government to intervene to support prices after congestion on export pipelines resulted in a glut of crude and record discounts on Canadian barrels.
Minnesota regulator confirms approval for Line 3 pipeline replacement
Minnesota regulator refused petitions to reconsider the approval of Enbridge’s $7bn Line 3 crude oil pipeline replacement project.
The approval was originally awarded last June. The Minnesota Department of Commerce and environmental groups petitioned the regulator to scrap the approval.
A petition was also filed by Minnesota’s governor, challenging the regulator’s nod.
Canadian Natural signs agreement to acquire Devon for $2.8bn
Oil and gas producer Canadian Natural Resources signed an agreement to acquire the assets of Devon Canada in an all-cash deal of C$3.8bn ($2.8bn).
Expected to close on 27 June, the transaction was subject to closing conditions and regulatory approvals.
Devon’s land and production sites are situated in Western Canada and lie within Canadian Natural’s core areas.
India’s ONGC issues notice to auction 64 fields to private companies
India’s Oil and Natural Gas Corporation (ONGC) issued a notice that invites partners to further develop oil and gas production from its 64 marginal nomination fields in order to optimise recovery by incorporating new technologies.
According to the notice inviting offer (NIO), interested companies can participate in the international competitive bidding (ICB) process, which was announced for 17 onshore contract areas.
The contract areas consist of 64 oil and gas producing fields with a total in-place oil and oil equivalent of gas (O+OEG) volume of 300Mt of oil equivalent.
Saudi Aramco to acquire Reliance’s O2C business unit for $75bn
Saudi Aramco signed a non-binding letter of intent (LoI) to acquire a 20% stake in the oil-to-chemicals (O2C) division of India’s Reliance Industries Limited (RIL) for $75bn.
The deal marked one of India’s largest foreign direct investments to date.
The O2C division includes refining, fuels marketing and petrochemicals businesses of RIL, which operates two oil refineries in Jamnagar, Gujarat.
Drone strikes hit Saudi Arabia oil facilities
Drones attacked the world’s largest oil processing plant in Buqyaq and the Saudi Aramco-operated Khurais oilfield in Saudi Arabia.
Iranian-backed Houthi rebels claimed responsibility for the attack, in which ten drones were used in the bombing. The attacks suspended the production of 5.7 million barrels of crude oil a day.
Engaged in a war with Saudi led forces in Yemen, the Houthi rebels warned that more strikes could come if the years-long Yemeni civil war does not end soon.
Halliburton to supply Cloud-based solution for Repsol’s E&P activities
US-based oil field service company Halliburton signed an agreement to provide a Cloud-based master data management solution for Spanish energy firm Repsol’s exploration and production (E&P) activities.
As part of the multi-year contract, Halliburton will provide a software-as-a-service (SaaS) solution for Repsol’s activities.
According to Halliburton, SaaS enables users to load, ingest, manage and access log, well and other E&P data throughout various locations in Repsol’s asset portfolio.
Rosneft’s Russkoye oilfield starts delivery of first oil to pipeline
Rosneft’s oil production complex Tyumenneftegaz started oil supplies to the domestic Zapolyarye-Purpe pipeline system from Russkoye field.
Discovered in 1968, the oil field is located in the Tazovsky District of the Yamalo-Nenets Autonomous Okrug, Russia.
According to the company, construction and commissioning of the first launch complex facilities at the Zapolyarnoye delivery and acceptance point increased the efficiency of oil transportation.
