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Global Energy Advisory – 13th February 2015

Deals, Mergers, Acquisitions, Withdrawals

• China’s Yantai Xinchao Industry Co Ltd is reportedly in talks to acquire Zhejiang investment firm, which has plans to acquire oil field assets in Texas.

• Gulf Keystone Petroleum is abandoning oil exports from Kurdistan over delays in payments from the Kurdistan Regional Government (KRG). This means they are abandoning exports of 40,000 bpd (average as of December) from the Shaikan field. Gulf Keystone carries $575 million in debt in high yield and convertible bonds, and must pay $26 million in April. In December it received a down payment of $15 million from the KRG, but the KRG owed it a total of $250 million. Shares in the company fell more than 17% following the decision. We note that while Gulf Keystone’s position is more serious, none of the other major producers—Genel Energy, Norway’s DNO—are receiving payments from the KRG despite promises of payment.

• Aberdeen Asset Management Plc has divested all of its Petrobras stocks due to the ongoing graft probe. Aberdeen is Europe’s largest publicly traded money manager and held 8.4 million of Petrobras’s preferred shares as of the third quarter of 2014.

• Italy’s Saipem oil services company--through its subsidiary ERSAI Caspian Contractor LLC--has been awarded a new engineering and construction contract for the Kashagan field project in the Caspian Sea. The contract is worth around $1.8 billion.…




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