Occidental to sell some Colorado, Utah and Wyoming assets for $1.33bn
International oil and gas exploration and production (E&P) company Occidental Petroleum (Oxy) signed a purchase and sale agreement to divest some of its assets to Orion Mine Finance for $1.33bn.
Assets under the sale are located in Wyoming, Colorado and Utah.
The transaction is expected to be closed in the fourth quarter of this year and will see Occidental sell 4.5 million mineral acres and one million fee surface acres.
Pilipinas Shell to convert Tabangao oil refinery into import terminal
Royal Dutch Shell’s downstream oil refining and marketing unit Pilipinas Shell Petroleum (PSPC) announced that it will permanently shut down its Tabangao Refinery in Batangas, the Philippines, and convert it to a full import terminal.
The company noted that the decision will help it to optimise its asset portfolio and boost its cost and supply chain competitiveness.
The move is also expected to boost the financial resilience of Pilipinas Shell due to the significant challenges posed by the Covid-19 pandemic in the global refining sector.
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By GlobalDataEBRD invests in Moldova’s Ungheni-Chisinau natural gas pipeline
The European Bank for Reconstruction and Development (EBRD) is buying a 25% stake in gas transmission company Vestmoldtransgaz, the operator of the newly built Ungheni-Chisinau natural gas pipeline.
As part of a capital increase in Vestmoldtransgaz, the bank has invested €20m ($23.6m) in the gas pipeline.
The Ungheni-Chisinau natural gas pipeline is a 120km extension to the existing Ungheni-Iasi gas interconnector, which was originally built in Moldova in 2015.
Saudi Arabia’s state-owned firm Aramco discovers two new oil and gas fields
Saudi Arabia’s state-owned petroleum and natural gas firm Saudi Aramco discovered two oil and gas fields in northern sections of Saudi Arabia.
A gas field called “Hadbat Al-Hajarah” was discovered in the Al-Jouf region and an oil field called “Abraq Al-Tuloul” was discovered in the Northern Borders region, the kingdom’s official news agency SPA reported, citing Energy Minister Prince Abdulaziz bin Salman.
Hadabat al Hajara gas field has a daily production rate of 16 million cubic feet (mcf) of natural gas, along with 1944 barrels per day (bpd) of oil condensate, according to the energy minister.
i3 Energy to raise £30m to fund Gain acquisition
i3 Energy unveiled plans to raise £30m to fund the acquisition of Canadian company Gain Energy’s petroleum and infrastructure assets.
The company plans to raise the money from institutional and other investors at a price of 5p per share to fund the reverse takeover.
Concurrently, PrimaryBid will run an offer for subscription. It will allow i3’s retail shareholders and new investors to participate with institutional investors at the same price.
Total-Adani joint venture seeks permit to open fuel stations in India
A joint venture (JV) of Indian firm Adani Gas and French oil major Total is reportedly seeking government approval to open retail fuel stations across India.
The latest move comes after the Indian Government relaxed the rules for setting up fuel stations in the country, Reuters reported.
ENEOS and JERA launch new hydrogen station in Tokyo
Japanese petroleum company ENEOS Corporation and JERA launched a new hydrogen station in Tokyo.
Known as ‘Tokyo Oi Hydrogen Station’, it is expected to accelerate the uptake of fuel cell vehicles.
The Tokyo Oi Hydrogen Station is part of efforts by JERA and ENEOS to promote the use of hydrogen located on the site of the Oi Thermal Power Station in Tokyo’s Shinagawa-ku. This power station is operated by JERA.
Mozambique and Total sign security pact for natural gas project
French oil major Total and the Government of Mozambique signed a security pact in order to support the development of the $20bn Mozambique liquefied natural gas (LNG) project.
The latest move comes amid an insurgency linked to Islamic State, Reuters reported.
Mozambican security forces have been battling militias in the ‘gas-rich’ north of the country. Recent violence in the Cabo Delgado region has claimed many lives.
Abu Dhabi-based NMDC receives merger offer from NPCC shareholders
UAE-based marine engineer National Marine Dredging Company (NMDC) received an offer to merge with the National Petroleum Construction Company (NPCC), a construction engineering company.
Merging the two firms would create a major integrated oil, gas and marine services company in the Middle East and North Africa, reported The National.
The offer has been proposed by General Holding Corporation (Senaat), which is a part of the Abu Dhabi government-owned ADQ, and other shareholders that hold a minority stake in NPCC.
ConocoPhillips acquires liquids-rich Montney acreage from Kelt
US oil major ConocoPhillips announced that it has completed the acquisition of land from oil and gas firm Kelt Exploration in Canada’s Montney shale oil play.
Last month, ConocoPhillips signed a definitive agreement to acquire land from Kelt Exploration.
The deal is valued at a cash consideration of around $390m and an additional $30m in financing obligations for the partially owned infrastructure.
