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.
EXIM seeks vote on $5bn loan to develop LNG project in Mozambique
The US Export-Import Bank (EXIM) announced that its board of directors intend to vote on a $5bn direct loan for the development of an onshore liquefied natural gas (LNG) project on the Afungi Peninsula in northern Mozambique.
The lender said that it had notified the US Congress of the transaction.
Upon receiving the approval, the transaction is expected to support US exports of goods and services for the engineering, procurement and construction (EPC) of the LNG plant and its associated infrastructure.
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By GlobalDataAdnoc, Eni and OMV conclude $3.24bn partnership in Abu Dhabi
Italian firm Eni and Abu Dhabi’s National Oil Company (Adnoc) closed their previously announced $3.24bn strategic partnership.
The deal also saw the establishment of a new trading joint venture (JV) between two companies and Austrian firm OMV, as well as Eni’s acquisition of a 20% interest in Adnoc Refining.
In January, Adnoc signed the initial agreements to offer stakes in Adnoc Refining to Eni and OMV for a total consideration of $5.8bn.
ONGC to invest $11.64bn to boost oil and gas production in India
Energy major Oil and Natural Gas Corporation (ONGC) announced plans to invest Rs830bn ($11.64bn) on 25 major projects currently under execution in India.
Of these projects, 15 would directly contribute to India’s oil and gas production.
The company will achieve four times the current profit after tax with a 10% contribution from non-oil and gas business, and five to six times the current market capitalisation.
Total to sell 30% stake in pipeline network to Pisto for $290m
French energy firm Total agreed to sell a 30% stake in the Société des Transports Pétroliers par Pipelines (Trapil) pipeline network.
French oil storage firm Pisto will pay for €260m (approximately $290m) for the interest.
After completion of the transaction, the company will remain to be a minority shareholder owing a 5.55% interest in the pipeline.
Armour Energy to start drilling programme at Kincora project
Armour Energy signed a contract for the drilling of two development wells for its fully owned Kincora Gas Project on the Roma Shelf, south of Roma, Queensland, Australia.
The current work programme is part of the continuation of the company’s 2018-2019 Phase III growth strategies that include the drilling of new wells and the stimulation of existing wells.
These activities on the Kincora Gas Plant will enable Armour to progress work at its targeted 20TJ/day gas sales.
Zion agrees with AGS to start 3D seismic survey in Israel
US-based exploration company Zion Oil & Gas signed an agreement with Hungary’s Acoustic Geophysical Services (AGS) to start a 3D seismic survey in Israel.
Zion also reported that the state’s transport ministry formally approved the importation of seismic source vehicles.
ASG started equipment mobilisation in Europe to the port of Koper, Slovenia.
Chevron starts operation of carbon capture plant in Australia
The Australian subsidiary of US oil major Chevron announced the start-up of a carbon dioxide (CO2) injection system.
The system is located at the Chevron-led Gorgon natural gas facility in Barrow Island, which is a natural reserve off the northwest coast of Western Australia.
Once operating at full production, the CO2 injection facility is expected to decrease Gorgon’s greenhouse gas (GHG) emissions by around 40%.
UKOG increases stake in Horse Hill oil field to 86%
UK Oil & Gas (UKOG) agreed to acquire the entire share capital of Tellurian Investments’ subsidiary Magellan Petroleum for £12m in cash and shares.
Magellan holds a 35% direct interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences, UKOG’s flagship asset.
The acquisition will allow the company to gain full control over the forward Horse Hill drilling programme and production schedule, along with full ownership of the Horse Hill oil field site lease.
Quadrise signs MoA with European oil refiner for MSAR project
Oil technology provider Quadrise Fuels International (QFI) signed a memorandum of agreement (MoA) with a European oil refiner.
QFI did not disclose the name of the oil refiner, which is part of an international integrated oil and gas company.
MSAR is a low-viscosity oil in synthetic, water-emulsified heavy fuel oil and manufactured using proprietary technology.
