The sell of BP's (NYSE:BP) assets to TNK-BP has hit a barrier, as the state-run oil and gas business of Vietnam, PetroVietnam, has evidently said they want to acquire BP's assets rather than allow them to be sold to TNK-BP, which is a joint venture between BP and a group of wealthy Russian businessman.
Talks are now underway between BP and TNK-BP and Vietnamese government officials and senior executives at PetroVietnam over the proposed blocking of the deal.
CEO of the Russian consortium holding half of TNK-BP, Stan Polovets, said this: "We believe that TNK-BP's acquisition of BP's assets in Vietnam will provide an excellent platform for a mutually beneficial partnership involving operations in both of our countries. It's in the interest of both companies and countries for this deal to go through."
Polovets is optimistic the deal will be allowed to go through.
It isn't unusual for what are called preemption clauses to be included in deals with state-owned companies like PetroVietnam, according to a BP spokesman.
Showing posts with label TNK-BP. Show all posts
Showing posts with label TNK-BP. Show all posts
Friday, October 22, 2010
Friday, October 15, 2010
BP (NYSE:BP) Keeping Deepwater Assets
BP (NYSE:BP) and partner TNK-BP, a joint venture between BP and Russian billionaires, announced today they have a confirmed deal is now in place over some assets held in Venezuela by BP.
The oil giant has been selling a number of assets, and others are on the block, in order to raise around $30 billion to pay for growing liabilities from the Gulf oil spill.
A number of onshore and natural gas assets have already been sold.
With the oil future in deep water though, BP is holding onto those assets, and aren't considering selling them. That includes natural gas deepwater drilling off of Azerbaijan.
Contrary to what appears to be a move away from deepwater drilling, it is in fact expanding fast, as huge resources are believed to be in waters which have had little, if any, exploration done on them.
With the huge known natural gas reserves discovered, many energy companies are doubling their efforts in the much more profitable oil sector.
The oil giant has been selling a number of assets, and others are on the block, in order to raise around $30 billion to pay for growing liabilities from the Gulf oil spill.
A number of onshore and natural gas assets have already been sold.
With the oil future in deep water though, BP is holding onto those assets, and aren't considering selling them. That includes natural gas deepwater drilling off of Azerbaijan.
Contrary to what appears to be a move away from deepwater drilling, it is in fact expanding fast, as huge resources are believed to be in waters which have had little, if any, exploration done on them.
With the huge known natural gas reserves discovered, many energy companies are doubling their efforts in the much more profitable oil sector.
Tuesday, October 12, 2010
BP's (NYSE:BP) TNK-BP Paying Out Huge Dividend
TNK-BP, which is a joint venture between BP Plc (NYSE:BP) and a group of Russian billionaires, announced they'll be paying out an interim dividend of $4.16 billion to their shareholder.
The 50-50 joint venture, will pay an interim dividend for a nine-month period.
The amount of the dividend will be more than than the company generated in first-half net income. Dividends paid out in the first half were $2.434 billion.
In November TNK-BP shareholders will vote on whether or not to approve the dividend. It will be the highest dividend paid out in the history of the joint venture if it is approved.
Results for the third quarter of the company have yet to be announced.
The 50-50 joint venture, will pay an interim dividend for a nine-month period.
The amount of the dividend will be more than than the company generated in first-half net income. Dividends paid out in the first half were $2.434 billion.
In November TNK-BP shareholders will vote on whether or not to approve the dividend. It will be the highest dividend paid out in the history of the joint venture if it is approved.
Results for the third quarter of the company have yet to be announced.
Thursday, October 7, 2010
BP's (NYSE:BP) Algerian Assets Also Interest Gazprom
The BP (NYSE:BP) joint venture with Russian billionaires called TNK-BP, may have some other competition from mother Russia, as the giant Russian energy company Gazprom has said they would be amiable to looking at an acquisition of BP assets in Algeria.
"If the Algerian side offers these assets to us, we will consider this possibility," said the company in response to a question from a reporter.
Rumors have circulated for some time that TNK-BP was possibly interested in the Algerian assets of BP, with Chairman Mikhail Fridman confirming that was the case on Wednesday.
This is part of the divestiture of BP assets in order to raise up to $30 billion to pay for its mounting liabilities from the Gulf oil spill.
Assets held by BP in Algeria are valued at approximately $3 billion.
TNK-BP is also interested in assets held by BP in Venezuela and Vietnam.
"If the Algerian side offers these assets to us, we will consider this possibility," said the company in response to a question from a reporter.
Rumors have circulated for some time that TNK-BP was possibly interested in the Algerian assets of BP, with Chairman Mikhail Fridman confirming that was the case on Wednesday.
This is part of the divestiture of BP assets in order to raise up to $30 billion to pay for its mounting liabilities from the Gulf oil spill.
Assets held by BP in Algeria are valued at approximately $3 billion.
TNK-BP is also interested in assets held by BP in Venezuela and Vietnam.
Monday, October 4, 2010
BP (NYSE:BP) Sells Hess (NYSE:HES) More of Tubular Bells
In an effort to cut back on capital expenditures, BP (NYSE:BP) is looking at reducing how many operatorships it holds in the Gulf of Mexico.
Although BP refused to comment on this strategy, they did confirm they sold a part of their stake in deepwater oil field Tubular Bells to existing partner Hess Corporation (NYSE:HES).
That will double the stake Hess holds in the oil field to 40 percent, with BP's stake dropping to 30 percent.
BP at this time has oil production going at over 20 deepwater offshore wells in the Gulf, the largest operator in the area, and the largest license holder.
The goal concerning capital spending for the year is to cut it by somewhere around 10 percent, as they push toward raising more capital to pay for liabilities connected to the oil spill.
So we should see BP selling more of their operatorships in the Gulf until they reach the desired levels they're comfortable with.
Concerning other assets, those held in Vietnam and Venezuela are reportedly close to receiving a formal offer from TNK-BP this week, which is a joint venture between between and a group of Russian billionaires.
Although BP refused to comment on this strategy, they did confirm they sold a part of their stake in deepwater oil field Tubular Bells to existing partner Hess Corporation (NYSE:HES).
That will double the stake Hess holds in the oil field to 40 percent, with BP's stake dropping to 30 percent.
BP at this time has oil production going at over 20 deepwater offshore wells in the Gulf, the largest operator in the area, and the largest license holder.
The goal concerning capital spending for the year is to cut it by somewhere around 10 percent, as they push toward raising more capital to pay for liabilities connected to the oil spill.
So we should see BP selling more of their operatorships in the Gulf until they reach the desired levels they're comfortable with.
Concerning other assets, those held in Vietnam and Venezuela are reportedly close to receiving a formal offer from TNK-BP this week, which is a joint venture between between and a group of Russian billionaires.
Monday, September 27, 2010
BP (NYSE:BP) Approved by Venezuela to Sell Oil Assets
In an attempt to raise up to $30 billion to pay for liabilities related to the Gulf of Mexico oil spill, BP (NYSE:BP) is trying to sell assets in Venezuela, and they've been given approval by the government to go ahead with the process.
The assets held in Venezuela include an interest in heavy oil and minority stakes in two exploration and production ventures with state-owned oil company PDVSA.
Combined it is estimated BP should be able to raise up to $1 billion from the assets. Although a relatively minor deal in comparison with others, it is one of the bigger challenges for the company to divest of.
The only two companies considered a buyers for the stakes are PDVSA itself, and possibly the joint venture of BP with Russia called TNK-BP. The Russian connection would make it more palatable to Venezuela.
BP holds a 50 percent stake in TNK-BP, which also has interests in Vietnam and Algerian assets held by BP.
The assets held in Venezuela include an interest in heavy oil and minority stakes in two exploration and production ventures with state-owned oil company PDVSA.
Combined it is estimated BP should be able to raise up to $1 billion from the assets. Although a relatively minor deal in comparison with others, it is one of the bigger challenges for the company to divest of.
The only two companies considered a buyers for the stakes are PDVSA itself, and possibly the joint venture of BP with Russia called TNK-BP. The Russian connection would make it more palatable to Venezuela.
BP holds a 50 percent stake in TNK-BP, which also has interests in Vietnam and Algerian assets held by BP.
Tuesday, September 21, 2010
BP's (NYSE:BP) Joint Venture TNK-BP (RTS:TNBPI) Signs Supply Deal with Vietnam
BP (NYSE:BP) has inked a contract via its Russian joint venture TNK-BP (RTS:TNBPI) to supply ESPO crude oil blend to Vietnam, as the company is set to acquire assets held by BP in the country.
The deal, which was signed with state-run PetroVietnam, will launch its first cargo in November, which will be a load of 100,000 tons at the Pacific Ocean port of Kozmino.
In a statement, Maxim Barsky, deputy chairman of TNK-BP's management board, said, "We are committed to establishing a long-term presence in Vietnam and to pursuing joint projects in the upstream and refining sectors."
TNK-BP is also going to bid on rights to two large oil fields in Russia, the Trebs and Titov.
The deal, which was signed with state-run PetroVietnam, will launch its first cargo in November, which will be a load of 100,000 tons at the Pacific Ocean port of Kozmino.
In a statement, Maxim Barsky, deputy chairman of TNK-BP's management board, said, "We are committed to establishing a long-term presence in Vietnam and to pursuing joint projects in the upstream and refining sectors."
TNK-BP is also going to bid on rights to two large oil fields in Russia, the Trebs and Titov.
Wednesday, August 4, 2010
BP (NYSE:BP) Venezuela Assets Not Officially For Sale Yet
About a week ago BP (NYSE:BP) let Petroleos de Venezuela SA (PDVSA) Vice President Eulogio del Pino know it was interested in selling its stakes in the Boqueron and Petroperija oil fields and the heavy oil-upgrading project of Petromonagas.
This is part of the initiative by BP to raise up to $30 billion to help pay the costs related to the Macondo oil spill in the Gulf of Mexico.
Evidently Rafael Ramirez, president of PDVSA, the Venezuelan state-owned oil company, but also the oil and energy minister of Venezuela, wants the assets badly, and noted BP hasn't officially requested permission to sell the Venezuelan assets.
Authorization is needed, and it seems that authorization must come from Ramirez.
BP wants to sell the assets to its Russian joint-venture partner, TNK-BP.
Strategically that's not a bad move, as Venezuela would be more apt to sell to a Russian partner than possibly any other partner.
The three projects account for the production of about 130,000 barrels a day.
This is part of the initiative by BP to raise up to $30 billion to help pay the costs related to the Macondo oil spill in the Gulf of Mexico.
Evidently Rafael Ramirez, president of PDVSA, the Venezuelan state-owned oil company, but also the oil and energy minister of Venezuela, wants the assets badly, and noted BP hasn't officially requested permission to sell the Venezuelan assets.
Authorization is needed, and it seems that authorization must come from Ramirez.
BP wants to sell the assets to its Russian joint-venture partner, TNK-BP.
Strategically that's not a bad move, as Venezuela would be more apt to sell to a Russian partner than possibly any other partner.
The three projects account for the production of about 130,000 barrels a day.
Monday, June 28, 2010
Is BP's (NYSE:BP) Tony Hayward Stepping Down?
News that BP's (NYSE:BP) Tony Hayward is stepping down as CEO of the company have been circulating today, based on a report citing a Russian official set to meet with him Monday.
Russian Deputy Prime Minister Igor Sechin was cited by RIA Novosti, saying "Hayward is leaving his post, he will introduce his successor," referring to when the two would meet today.
American BP spokesman said concerning the report that "They are mistaken." And British BP spokeswoman Carolyn Copland reiterated that, saying the report was ""is definitely not correct," and that "Tony Hayward remains chief executive."
Hayward is meeting with Sechin today over concerns over the health of BP, which is in a joint venture with Russia's TNK-BP. That business accounts for close to 25 percent of all production and reserves of BP.
The idea that Hayward would step down in the midst of the crisis doesn't make sense to most industry watchers, who feel if he does step down at all, it would be after the crisis was handled; at minimum the plugging of the leak in the Gulf of Mexico.
Russian Deputy Prime Minister Igor Sechin was cited by RIA Novosti, saying "Hayward is leaving his post, he will introduce his successor," referring to when the two would meet today.
American BP spokesman said concerning the report that "They are mistaken." And British BP spokeswoman Carolyn Copland reiterated that, saying the report was ""is definitely not correct," and that "Tony Hayward remains chief executive."
Hayward is meeting with Sechin today over concerns over the health of BP, which is in a joint venture with Russia's TNK-BP. That business accounts for close to 25 percent of all production and reserves of BP.
The idea that Hayward would step down in the midst of the crisis doesn't make sense to most industry watchers, who feel if he does step down at all, it would be after the crisis was handled; at minimum the plugging of the leak in the Gulf of Mexico.
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