GeoPark rejects Frontera's offer to increase the price of its Colombian oil and gas assets
GeoPark announced in January a definitive deal to acquire Frontera's oil & gas exploration and production assets for $375m. The Parex offer was first announced in February and is valued at $500,000,000 in cash. This includes the assumption of debts as well as a contingent payment for $25,000,000. Parex said that the combination would create the largest independent Colombian energy company. Both firms are already partners in Colombia’s VIM-1 Block. Frontera is one of Colombia's largest private producers and holds 17 exploration and production block, including the Quifa and Cubiro field.
Citic Resources opens new Singapore office to double trading volumes, says exec
CITIC Resources Holdings set up an energy trading 'office' in Singapore. It aims to double the volume of its oil and gas trade to 50 million barrels within three to five years. CRH Commodity's Managing Director Wang Minghan said that CRH Commodity is a wholly-owned subsidiary of Singapore and will begin oil?and?gas trading in Australia from 2024. Trade volumes are expected to reach 20 million barrels, with revenue reaching $1.5 billion in the last year. Wang, who worked for Unipec (the trading arm of China's biggest refiner Sinopec) for nearly 20 years…
Oil majors buy up West African oil blocks to prepare for the next Brazil
Chevron, TotalEnergies and other oil majors are snatching up offshore blocks off the coast of West and Southern Africa. Geology, regulatory reforms and the need to replenish the reserves have prompted the search for the next Brazil. Companies are restocking oil and gas assets as fossil fuel demand is expected to remain higher than forecasted just a few short years ago. Justin Cochrane is the African Upstream Regional Research Director for S&P Global Commodity Insights. He said that of all of the oil and natural gas discovered in West Africa since 2020, 11% or about 8.7 billion barrels equivalent to oil (boe) has been found.
Equinor sold around 30% of its US Gas on the spot market during January's price spike
Equinor, a Norwegian company, sold 30% of its U.S. natural gas assets in January on a'spot basis,' capitalizing on a chilly snap which boosted demand and prices. A January Arctic blast sent U.S. heat demand skyrocketing and frozen oil and gas wells. This cut gas production to a 2-year low, pushing prices at some Northeast gas hubs to record levels. Equinor has stakes in onshore gas production on the U.S. east coast, and the Marcellus position is its largest natural gas asset. Equinor's CFO Torgrim Reitan said that while the?field was operated by the partner…
Hokkaido Electric will build a new gas-fired power plant and LNG terminal by the mid-2030s
Hokkaido Electric Power announced on Friday that it would build a new gas fired power station in Tomakomai (northern Japan) and a terminal for liquefied natural gas (LNG) by the mid-2030s. This will be to meet the rising demand of electricity from data centres and semiconductor plants. The project is part the utility's strategy to expand their gas business. They cite significant potential in Hokkaido for a switch towards lower-carbon gas, where oil and coke still make up a large portion of energy consumption.
Carlyle's energy investment list as it targets Lukoil assets valued at $22 billion
Analysts initially estimated that the Carlyle Group would acquire most of Lukoil’s foreign assets at $22 billion. The Office of Foreign Assets Control (the U.S. agency responsible for sanctions) has yet to approve the sale. The?U.S. The?U.S. Treasury had given Lukoil a deadline of February 28th to divest their global portfolio. Carlyle has recently expanded its energy holdings to include stakes in U.S. proven developed producing (PDP), oil and gas assets as well as midstream infrastructure and renewable energy platforms. Here is a list of Carlyle’s energy assets, including its clean energy and fossil fuels footprint.
Kuwait Readies $7b Pipeline Deal as Gulf Turns to Foreign Investors
Gulf governments are stepping up infrastructure deals with foreign investors, with Kuwait set to launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 billion, three sources with knowledge of the matter said.The shift comes as oil prices, down more than 25% in two years, sit below levels needed to fund the Gulf’s diversification plans. Governments are now offering investors access to assets once off limits - from pipelines to power plants - to bring in pension funds…
Sources say that Cenovus is considering selling assets in Alberta worth around C$3 Billion.
Two sources with knowledge of the matter have confirmed that Canadian oil producer Cenovus is looking to sell conventional oil and natural gas assets in Alberta's Deep Basin as it "looks" to reduce debt following the recent acquisition of MEG Energy, an oil sands competitor. Sources said that Cenovus has contacted potential buyers to gauge interest. The assets could be worth around C$3 Billion ($2,17 Billion), according to the sources. Cenovus may decide to keep the assets if the plans do not work out. Sources requested anonymity in order to discuss sensitive details.
Viaro Energy's purchase of Shell and Exxon UK gas assets fails
Shell and Exxon Mobil halted the sale of natural-gas assets in Britain's Southern North Sea to a British oil producer, Viaro Energy. Shell announced this in a Wednesday statement. Shell stated that the conditions required to close the deal were not met because of changes in market and commercial conditions. Shell said that the parties had agreed on a'sale,' which would involve one of the largest,?longest-producing gas portfolios in the UK Continental Shelf. The sale was to take place by July 2024. Viaro CEO Francesco Mazzagatti stated that the two parties had mutually agreed not to proceed despite being fully funded.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump administration will meet with oil executives this week to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at over 300 billion barrels or about one-fifth the global stock. Venezuela's oil production has a huge potential for?increase?.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump Administration plan to meet with oil executives this week in order to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at 300 billion barrels or roughly one-fifth the global stock. Venezuela has a huge potential to increase its oil production.
Document shows that Nigeria's NNPC is looking to sell stakes in certain oil and gas assets. It invites bids.
According to an invitation received on Monday, NNPC Limited (the state-owned energy firm of Nigeria, Africa's top oil producer) plans to sell stakes?in?some of its?oil and?gas _assets. NNPC has some assets that it owns outright, while others are in partnership with oil companies such as Shell, Chevron Eni, TotalEnergies, and Chevron. The document didn't disclose if it aimed to raise a certain amount or the stakes offered, and NNPC declined to comment on a request. NNPC previously announced plans to'sell at least 25% of its equity in selected oil and gas fields. This could be done through divestments, or by reducing stakes.
WSJ reports that BP is close to selling its majority Castrol stakes to Stonepeak
The Wall Street Journal reported on Tuesday that BP was close to selling a majority of Castrol's shares to Stonepeak, an investment firm. This deal values BP's lubricants division at $10 billion including debt. The report cited people familiar with this matter as saying that London-listed BP will sell a 65% share in its Castrol division to Stonepeak for approximately $6 billion. Financial Times reported on the matter, citing sources. It also stated that BP would retain a minor stake in a joint-venture, valuing its century-old lubricants 'and engine oil business at around $10 billion.
Japan's JAPEX purchases US tight oil assets and gas assets for $1.3 billion
Japan Petroleum Exploration Co. (JAPEX), which owns tight oil and natural gas assets in the U.S.A., announced on Thursday that it had 'decided' to purchase the entire equity stake?in Verdad Resources Intermediate Holdings LLC (VRIH) for $1.3 billion. JAPEX will buy the entire VRIH with assets in Colorado - and Wyoming - from Verdad Resources Feeder LLC using 'its own funds and its debt', the company said. It aims to 'close the deal before the end of the month of February 2026. JAPEX said that the asset currently produces around 35…
Tokyo Gas CEO: More than half of investments in overseas markets will be directed to the US within 3 years.
Tokyo Gas, Japan’s largest city gas provider, will direct more than half the 350 billion yen ($2.3billion) it has set aside for overseas investments in the next three years to the U.S., according to CEO Shinichi Sasayama. Tokyo Gas announced a plan in?October to invest 1.3 trillion yen by March 2029. This included 350 billion yen to fund overseas projects, such as U.S. Shale Gas Development. Sasayama said in an interview that "North America was our top priority" in terms of our overseas strategy. He cited a combination of a growing U.S.
Shell In Advanced Discussions to Buy LLOG Exploration for Over $3B
Shell is in advanced discussions to buy LLOG Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream oil and gas producers by acquiring one of the biggest privately owned oil and natural gas producers in the U.S. Gulf. Sources said that the parties were in advanced talks, and that an agreement was close. One source added that the deal could be signed by the end the year.Sources?advised that there is no guarantee that a deal would be reached between Shell and Covington…
Canada's new oil tycoon is shaking up the sector with a bold expansion plan
Canadian banker-turned-oil-tycoon Adam Waterous, an industry outsider who lives in a Rocky Mountain tourist town, not energy hub Calgary, has a plan to cement his company's status as one of ?North America's fastest-growing oil companies. Waterous wants to expand the company more aggressively and more efficiently than its competitors after Strathcona Resources' hostile bid for MEG Energy was unsuccessful. He wants Canada to be the fourth largest oil producer to increase oil and gas production to boost economic growth during a time of tensions between the U.S.
Antero will buy HG Energy’s gas assets for $2.8 billion
Antero Resources announced on Monday that it will buy assets from privately-held HG Energy for $2.8 billion as part of its expansion plans. Separately Antero Midstream will purchase HG Energy's Midstream assets, which includes gathering and water services, for $1.1 billion. Antero now has natural gas reserves in the U.S. at a time of soaring U.S. futures, boosted by heavy LNG exports, accelerating AI-driven data centres, and other power-hungry sectors. Last week, U.S. Natural Gas Futures reached their highest level in almost three years.
Shell UK sells its 50% stake in Tobermory Gas to UK-based Ithaca Energy
Ithaca Energy, a North Sea oil-and-gas producer, announced on Wednesday that it had agreed to purchase a 50% stake from Shell UK in the Tobermory Gas discovery located in the West of Shetland Basin off Scotland. Shell's Tobermory interest will be part of Adura. This joint venture between Equinor and Shell is expected to launch later this year. This partnership will be announced in December 2024 and combine Shell and Equinor’s UK offshore oil and natural gas assets. Shell spokesperson stated that the announcement made with Ithaca on Wednesday supports Shell's West of Shetland Gas Growth Strategy.
Canadian Natural Resources anticipates higher production and lower expenditure in 2026
Canadian Natural Resources forecast on Friday a modest increase in production by 2026, while reducing total capital expenditures from the levels of this year. This signals a continued focus and disciplined growth. Canada's oil producers have fared better than their global counterparts during the oil slump, thanks to years of investment. They are now among the lowest-cost producers in North America. Canadian Natural, for example, has leveraged assets with a long life and low decline rate and capital strategies that are disciplined to maintain growth and high shareholder returns in weaker market conditions.