- LetterOne, who was compelled by the UK Government to sell-off its UK North Sea fields acquired when it took over RWE Dea earlier this year, has reportedly reached an agreeement with INEOS.
- OMV is in the process of selling down some of their UKCS portfolio, including a 30% stake in the Rosebank oil and gas project in the North Sea.
- E.ON is looking to sell off its stake in the Norwegian and UK North Sea where it holds in a 30% stake in the Njord field, a 28.1% stake in the Skarv field and a 17.5% stake in the Hyme field in Norway and operates the Huntington, Babbage, Johnston, Hunter and Rita fields as well as holding non-operated stakes in a number of other producing fields in the UK. Bank of America Merrill Lynch is managing the sale process, and LetterOne fund's Mikhail Fridman is the frontrunner for the UK assets.
- 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 and IPO.
- Delek Group is looking to sell its 47% stake in the Tanin and Karish gas fields offshore Israel. Estimates place the gas reserves in the Tanin field in excess of 1 tcf. Edison S.p.A., EOG Resources and Hess Corp have been identified as potential buyers.
- Tullow Oil is looking to sell up to a 15% to 25% equity stake in Block 3111 (Berenty) onshore Madagascar where it currently holds a 65% participating interest. Tullow Oil is also considering a possible sale of its stake in a neighboring block – Block 3109 (Mandabe) where it also currently holds a 65% participating interest.
- 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 for $2 billion 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 has sold its Kenyan and Ethiopian assets and 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) to an undisclosed buyer for an undisclosed amount.
- ERHC Energy is looking to farm down a further stake from its 35% carried interest in the exploration acreage in Block 11A onshore Kenya.
- 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).
- ConocoPhillips is said to be near to reaching a deal to sell $1 billion worth of its production assets in Western Canada (representing 20% of its Canadian oil stake).
- 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.
- 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.
Managing IMO 2020 Compliance: The Importance of Engagement Between Bunker Suppliers and Consumers
IMO 2020 is almost upon us. Readers are well aware of the impending switch to 0.5 percent fuel mandated by Annex VI of MARPOL which will cause an anticipated drop in HSFO demand, the potential hazards of new untested LSFO blends, the concerns around scrubber operations, the debate over open loop versus closed loop, and the myriad of other risks associated with the impending regulatory change.