China’s Sinopec Group has hired BNP Paribas to sell its oil business in Nigeria and Gabon, three people with knowledge of the matter said, as the state-owned oil giant pares back its presence in Africa. Sinopec and...
Norway’s Aker BP sells 10 percent stakes in Valhall, Hod oilfields
Norwegian oil firm Aker BP (AKERBP.OL) has agreed to sell 10 percent stakes in two North Sea fields to private equity-backed Pandion Energy for an undisclosed amount to help pay for expansion plans in the area, it said...
Exxon merging oil refining and marketing units
Exxon Mobil Corp (XOM.N) is merging its refining and marketing divisions to boost profits from its downstream businesses, the first major restructuring under Chief Executive Darren Woods. Neil Chapman, the head of its...
ONGC may take legal action if DGH goes ahead with stake sale proposal
State-run Oil and Natural Gas Corp. Ltd (ONGC) may take legal action if the Directorate General of Hydrocarbons’ (DGH) plan to sell 60% stake in the company’s hydrocarbon fields is taken forward, two company officials...
Oil, gas PSU mergers exempt from CCI approval
Merger and acquisition deals involving public sector oil and gas companies have been exempted from seeking the Competition Commission approval, says a notification. The corporate affairs ministry’s decision to...
BP to sell stakes in Bruce fields in North Sea
BP said on Tuesday it had agreed to sell stakes in three fields in its Bruce assets in the North Sea to Serica Energy plc. The company said it expects to receive around 300 million pounds ($398 million), with a majority...
OVL buys 15% stake in Namibian oil block
ONGCBSE 0.36 % Videsh Ltd, the overseas arm of state-owned Oil and Natural GasBSE 0.36 % Corp, today said it has acquired 15 percent stake in a oil block in Namibia. It did not disclose the deal amount. The 15 percent...
Colombia’s Ecopetrol, Spain’s Repsol acquire four blocks in Gulf of Mexico
Colombia’s state-run oil company Ecopetrol (ECO.CN), in partnership with Spain’s Repsol (REP.MC), has acquired four new blocks in the Gulf of Mexico for deepwater oil exploration, Ecopetrol said on Friday. Ecopetrol’s U...
IOCL to pick up stake in Paradip Plastic Park
Indian Oil Corporation Ltd (IOCL) would pick up equity in the special purpose vehicle (SPV) formed by the state government controlled Odisha Industrial Infrastructure Development Corporation (Idco) for the Plastic Park...
Australia’s Santos spurns $7.2 billion takeover approach
Australian gas producer Santos Ltd said on Thursday it rejected a A$9.5 billion ($7.2 billion) takeover approach in August, sending its shares up 13 percent on speculation another offer was likely to emerge. Santos...
Shell to sell part of its Woodside Petroleum stake for $1.7 bn
Royal Dutch Shell is selling part of its stake in Australia’s largest independent oil and gas company, Woodside Petroleum Ltd, to equity investors for about $1.7 billion. Shell, which has been slowly divesting its...
ONGC to appoint consultant to evaluate HPCL buy
State-run Oil and Natural Gas Corporation (ONGC) is appointing a financial consultant to value its acquisition of Hindustan Petroleum Corp Ltd (HPCL). “We are engaging a consultant to carry out valuations and we should...
