Sale and Purchase News

Publication March 31, 2016

North Sea

  • As part of the merger with BG, Shell is considering a sale of a number of its UKCS assets.
  • OMV is in the process of selling down some of their UKCS portfolio.
  • ConocoPhillips is reportedly considering shutting down a major North Sea gas pipeline system (which will undoubtedly affect the UK market and available gas capacity).
  • Sumitomo is seeking to farm-down some of its interests in the Ranger prospect in Block 15/16d in the Central North Sea (where it holds a 100% interest).
  • DONG Energy is in the process of spinning off its E&P business unit and has hired JP Morgan to advise on the sale process.

Africa

  • The Noble / Delek joint venture, with assets offshore Israel, is looking to sell up its stake in the Tanin and Karish gas fields.  Estimate palace the gas reserves in the Tanin field at in excess of 1 tcf.  To date, Edison S.p.A. (the E&P arm of EDF) is reported to be the most likely buyer.
  • Chevron is seeking to sell off its 40% stake in shallow water assets OMLs 86 and 88 in the Niger Delta (the remaining 60% being held by NNPC)
  • E.ON is looking to sell off its stake in the Rhourde Yacoub exploration area in the Berkine Basin in Algeria where it holds a 49% participating interest.  Bank of America Merrill Lynch is managing the sale process.
  • Marathon Oil is seeking to exit its Kenyan and Ethiopian assets and is looking to sell its 50% stake in the Rift Basin Area Block in Ethiopia (operated by Africa Oil) and its 20% stake in the South Omo Block in Ethiopia (operated by Tullow Oil) and its 50% stake in Block 9 in Kenya (operated by Africa Oil) and its 15% stake in Block 12A in Kenya (operated by Tullow Oil).
  • ERHC Energy is looking to farm down a further stake from its 35% carried interest in the exploration acreage in Block 11A onshore Kenya.
  • Hydrocarb Energy is looking to farm down some of its 90% stake in the exploration acreage in the Owambo Basin onshore Namibia.
  • Lamu Oil and Gas is seeking to farm-down interests into exploration acreage in Block L14 onshore Kenya.

Eastern Europe

  • Petrotomsk is looking to farm-down exploration acreage interests in Blocks 79/2 and 81/2 in Western Siberia (where it holds a 100% interest).
  • Tethys Petroleum is looking to sell down exploration acreage in three blocks in Georgia (where it  holds a 56% interest, the 44% balance being held by the Georgian NOC).

Americas

  • ConocoPhillips has reported that it is looking to sell down up to 20% of its production in Western Canada
  • Freeport-McMoRan is reported to be pursuing the sale of a minority equity stake and potential IPO of its oil and gas subsidiary which focuses on domestic US assets.

Asia

  • Origin Energy is seeking purchasers for an up to 45% stake in Block 121 offshore Vietnam.
  • EASCO is seeking purchasers for an up to 75% stake and operatorship in the East Sepanjang PSC offshore Indonesia.
  • Petronas has announced a mini licensing round for 7 offshore frontier blocks.

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