Deals, Mergers & Acquisitions
• With the flurry of speculation surrounding Shell’s designs on BP Plc, BP’s chief executive, Bod Dudley, is trying to head off rumors. Dudley has told the Financial Times that big isn’t necessarily beautiful. “We’ve got a good portfolio, I like our portfolio. We will see. I don’t see the forces at work for lots of consolidation unless the oil price stays down for some time.” BP is apparently concerned about an opportunistic takeover and has increased internal reviews of takeover scenarios and begun drafting defense strategies with advisers. This follows Shell’s £47 billion offer for BG Group Plc (LON:BG).
• Despite the chaos in Yemen and the fact that pretty much everyone else is withdrawing, Petsec Energy has struck an agreement with Oil Search Limited to acquire all of its shares in the Oil Search (ROY) Limited subsidiary, which has a 34% participating interest in Block 7 at the Al Barqa Permit in Yemen. ROY is the operator of the block. Block 7 is an onshore exploration permit covering an area of 5,000 square kilometers or (1,235,527 acres located approximately 340-kilometres east of Sana’a, the capital of Yemen. The block contains the Al Meashar oil discovery as well as an inventory of leads and prospects defined by 2D and 3D seismic surveys with significant oil potential.
• On the junior scene, California-based New Western…