• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Alt Text

Copper Prices Ignited By Chinese Demand Growth

Copper prices saw some gains…

Are These Two Sales A Sign of an Oil and Gas Opportunity?

Are These Two Sales A Sign of an Oil and Gas Opportunity?

A couple of interesting events the last few weeks from the established oil basins of the North Sea.

It appears that a number of high-profile E&Ps are moving out of the mature fields here.

U.S. oil major Marathon said last week that it is beginning the process to sell its North Sea holdings. A significant portfolio that's expected to go for $3 billion.

Elsewhere in the basin, stalwart European producer Wintershall (a subsidiary of chemical maker BASF) said it is also down-sizing its North Sea assets. Selling $375 million in properties to Hungarian energy firm MOL Group.

It's always interesting when big companies start exiting a producing area like this. Mainly because it can spell significant opportunity for small players.

A similar thing has been happening of late in the U.S. shallow water Gulf of Mexico. Where companies like Apache and ExxonMobil have been selling off big acreage positions to junior producers.

That's opened up one of the most exciting oil plays of recent memory. The revitalization of old oil pools here using unconventional drilling technology. A practice that's yielding great results--and will be a big story over the next few years.

The recent events in the North Sea might suggest a similar opportunity here. A big project package like Marathon's could be perfect for an enterprising, well-funded junior. The kind of nimble company capable of applying new techniques and thinking to these older pools.

With so much attention from major E&Ps focused on the U.S. unconventional drilling today, there will likely be more divestitures coming from big companies in basins abroad. We'll see which firms step up to fill the void--and what approach they take to these plays.

Here's to out with the old and in with the new,

By. Dave Forest




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News