Integrated Oil / Gas
Chesapeake Energy Corp Announces Closing Of Mississippi Lime Joint Venture With Sinopec International Petroleum Exploration and Production Corp
Chesapeake Energy Corp announced that it completed its previously announced Mississippi Lime joint venture with Sinopec International Petroleum Exploration and Production Corporation (Sinopec) on June 28, 2013. The company sold a 50% undivided interest in approximately 850,000 acres in northern Oklahoma for total consideration of $1.02 billion in cash, of which approximately 93% was received upon closing. Payment of the remaining proceeds is subject to customary post-closing contingencies. Jefferies & Company, Inc. served as financial advisor to Chesapeake on the joint venture.
ANK Bashneft' OAO Completes Consolidation of Petrochemical Assets within UPC
ANK Bashneft' OAO (Bashneft) announced that it has completed consolidation of Bashneft’s petrochemical assets within United Petrochemical Company (UPC), which had started in February 2013. As part of the consolidation, UPC acquired 100% stakes in LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant from Bashneft; it also established LLC Bisphenol. Subsequently, LLC Tuimazinskoye Gas Processing Plant and LLC Shkapovskoye Gas Processing Plant signed agreements on acquiring property, plant and equipment previously leased from Bashneft, and LLC Bisphenol acquired a bisphenol A production unit from Bashneft. Besides, as part of the consolidation of petrochemical assets, OJSC UPC issued 10,166,000 additional ordinary shares worth a total of RUB 10.166 billion. On May 30, the additional share issue of OJSC UPC was placed by public offering. In the course of placement of UPC’s additional share issue, Bashneft exercised its pre-emptive right and purchased UPC’s securities in exchange for cash and securities of OJSC Ufaorgsintez, Bashneft’s subsidiary. As a result of the transaction, OJSC UPC acquired 65.3% of ordinary shares (a 56.5% stake in the authorized share capital) of OJSC Ufaorgsintez, while Bashneft retained its stake (98%) in the authorized share capital of UPC. The consolidation of Bashneft’s petrochemical assets within United Petrochemical Company is aimed at developing petrochemical production as a separate business.
NK Lukoil OAO Buys OMV AG's Lubricants Business-Interfax
Interfax reported that NK Lukoil OAO (Lukoil) has purchased Austrian company OMV AG's lubricants business. The Russian oil producer will take over the lubricants business in nine European countries, a blending plant in Austria and the 'Bixxol' brand name. The sale is expected to be closed at the end of 2013 following approval by the competition authorities. Both companies have agreed not to disclose the purchase price.
TNK-BP Holding OAO Dismisses Chairman of Board of Directors-SKRIN
SKRIN reported that TNK-BP Holding OAO has dismissed Mr. David Brian Skidmore from the post of Chairman of the Board of Directors at the Company.
Statoil ASA's Gas Output Reduced from June 28, 2013 Due to Unexpected Outages-Reuters
Reuters reported that gas output from Statoil ASA will be sharply reduced on June 28, 2013 because of unexpected outages. Statoil's own output will be down by 14.7 mcm per day for an unknown duration.
Gazprom neft' OAO Reorganizes Its Wholesale and Retail Business; Establishes LLC Gazpromneft - Regional Sales –Interfax
Interfax reported that Gazprom neft' OAO (Gazprom Neft) plans to finish up a project to separate its wholesale and retail business in the third quarter (Q3) of 2014, Director for Regional Sales Mr. Alexander Krylov said at a press conference in Moscow. The reorganization process as a whole will take a year-and-a-half to two years. The key objective of the project is to raise efficiency of sales and corporate management, particularly by simplifying and consolidating the sales structure and dividing up the financial results of the wholesale and retail business. Mr. Krylov said that in order to manage wholesale sales, Gazprom Neft registered LLC Gazpromneft - Regional Sales in St. Petersburg, with four branches: a central one in Moscow, a Urals one in Tyumen, a West Siberian one in Omsk and an East Siberian one in Kemerovo. Gazpromneft - Regional Sales sells petroleum products to small wholesale clients and practices regional logistics. Its central branch kicked off operational activities in April, and the rest began in June. Gazprom Neft started reorganizing its retail business this June, with the unification of its petroleum product supply enterprises into three clusters: a central one in St. Petersburg (managed by CJSC Gazpromneft - North-West), a Urals cluster in Yekaterinburg (OJSC Gazpromneft - Urals), and a Siberian one in Novosibirsk (OJSC Gazpromneft - Novosibirsk).
Marathon Oil Corp Announces $1.5 Billion Sale of Interest in Angola Block 31
Marathon Oil Corp announced that its subsidiary, Marathon International Oil Angola Block 31 Limited, has entered into a definitive agreement to sell its 10% working interest in the Production Sharing Contract and Joint Operating Agreement in Block 31 offshore Angola to SSI Thirty-One Limited (Sonangol Sinopec International). The transaction has a total value of approximately $1.5 billion, excluding any purchase price adjustments at closing. The companies anticipate closing the transaction in the fourth quarter of 2013, with an effective date of Jan. 1, 2013. The transaction is subject to government, regulatory and third-party approvals, and pre-emption rights which exist on the block. SSI Thirty-One Limited currently holds a 5% working interest in the block. With this transaction, the Company has agreed upon or closed on nearly $2.9 billion in divestitures, at the upper end of its targeted $1.5 billion to $3 billion of divestitures over the period of 2011 through 2013. Production from the PSVM development on Block 31 commenced in the fourth quarter of 2012. The concessionaire of Block 31 is Sonangol, Angola's state-owned oil company. The operator is BP Exploration Angola with a 26.67% working interest. Sonangol E.P. holds 25%; Sonangol P&P holds 20% ; Statoil Angola A.S. holds 13.33%; and SSI Thirty-One Limited currently holds 5%.
Videocon Industries Ltd Divests Mozambique Offshore Assets To ONGC Videsh Ltd And Oil India Ltd
Videocon Industries Ltd announced that its wholly-owned Mauritius based subsidiary Videocon Mauritius Energy Ltd has executed a Share sale and purchase agreement (the SSPA) with ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) for sale of 100% stake in Videocon Mozambique Rovuma 1 Ltd (VMRL) for a consideration of USD2.475 Billion (the Transaction). VMRL holds 10% participating interest in Offshore area 1 in Rovuma Basin in Mozambique.
Novatek OAO Increases Stake In Nortgas To 50%
OAO Novatek announced that its equity stake in ZAO Nortgas (Nortgas) increased from 49% to 50% as a result of an additional issue of shares. The per share purchase price of the additional stake is in line with the price paid for the 49% stake in Nortgas acquired earlier.
Skhidno-Yevropeys'ka palyvno-enerhetychna kompaniia VETEK Completes Acquisition of 99.57% Stake in Lukoil Odes'kyi NPZ PAT from NK Lukoil OAO-CHMDN Business World Agency
CHMDN Business World Agency reported that Skhidno-Yevropeys'ka palyvno-enerhetychna kompaniia VETEK has completed the acquisition of a 99.57% stake in Lukoil Odes'kyi NPZ PAT from NK Lukoil OAO
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