• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 6 hours Alberta govt to construct another WCS processing refinery
  • 7 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 1 min Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 8 hours Let's Just Block the Sun, Shall We?
  • 8 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 1 day U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 5 hours Water. The new oil?
  • 1 day Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 2 days OPEC Cuts Deep to Save Cartel
  • 6 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 2 days $867 billion farm bill passed
  • 2 days Global Economy-Bad Days Are coming

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.…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions




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