Third quarter oil and gas deals in 2010 soared to $85 billion, led by Petrobras (NYSE:PBR), BP Plc (NYSE:BP) and ConocoPhillips (NYSE:COP).
Petrobras obviously led the way with their deal with the Brazilian government valued at $42.5 billion, about half of the overall total for deals in the third quarter.
BP divested of $8.9 billion in assets, most of that in deals with Apache Corp. (NYSE:APA), who acquired about $7 billion in assets from the oil giant. BP is attempting to raise about $30 billion to fund liabilities related to the Gulf oil spill.
ConocoPhillips generated sales of $5.8 billion in the quarter when they reduced their stake in Lukoil from 19.2 percent to 6.6 percent. In an effort to strengthen their balance sheet, they're looking at divesting of $10 billion assets overall.
According to Evaluate Energy’s Global M&A CEO Richard Krijgsman, “Last quarter, we saw the biggest volume of exploration and production deals ever. We are seeing major structural shifts in the market as publicly quoted and national oil companies vie for reserves, and the M&A market is simply reflecting this trend.”
Evaluate Energy tracks the various oil and gas deals around the globe daily.
Sinopec recently acquired a 40 percent stake in Repsol for $7.1 billion, bring the overall total in 2010 for Brazilian deal concerning deepwater assets to $56 billion.
The other major deal in the quarter was the divestiture of $8.5 billion by Cairn Energy of 51 percent of their stake in Carin India. They sold that to Vedanta Resources, a company based in India.
Showing posts with label Cairn Energy. Show all posts
Showing posts with label Cairn Energy. Show all posts
Thursday, October 7, 2010
Thursday, August 26, 2010
BP (NYSE:BP) Drops Arctic Drilling Plans
Most oil companies have been circling around the next oil frontier, the Arctic, and BP (NYSE:BP) had been lining up with them to secure an exploration license in Greenland.
A spokesman for BP said in this round of bidding they won't be participating.
There were no reasons given, but the assumption has to be the company will lay low for awhile until it gets further into compensating victims of the oil spill in the Gulf of Mexico, and the cleanup effort.
Competitor Cairn Energy, based in Scotland, revealed recently it had discovered gas off the coast of Greenland, and believes there are more
hydrocarbon resources in the area.
Greenland said they'll unveil the names of the successful bidders sometime in the next couple of weeks.
A spokesman for BP said in this round of bidding they won't be participating.
There were no reasons given, but the assumption has to be the company will lay low for awhile until it gets further into compensating victims of the oil spill in the Gulf of Mexico, and the cleanup effort.
Competitor Cairn Energy, based in Scotland, revealed recently it had discovered gas off the coast of Greenland, and believes there are more
hydrocarbon resources in the area.
Greenland said they'll unveil the names of the successful bidders sometime in the next couple of weeks.
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