Capital Spending Reaches New Peak for Canadian Oil & Gas Companies
Canadian oil & gas companies are planning to spend 19% more in 2011 than they did in 2010 according to a new analysis by CanOils. At Cdn $53.5 billion, that’s the highest annual level of recent times – topping even the bumper year of 2008. At the beginning of 2011, companies said they would invest .. read more
Mid-sized Canadian Oil and Gas Companies Show How Hedging Pays Off
Hedging of liquid production by mid-sized Canadian E&P companies reached an all time high in the first quarter of 2011, according to an exclusive analysis by CanOils. This group of companies are hedging a larger proportion of their liquids production compared with any other group of Canadian companies. The percentage of liquid production hedged by .. read more
Deals of the Week: Energy Transfer Equity Regains Pole Position in Race To Acquire Southern Union
Energy Transfer Equity LP (ETE) regained control this week in the battle to acquire Texas-based Southern Union Company (SUG). 3 weeks ago, the company had made an initial approach and signed an agreement with SUG, only for Williams Companies to swoop in with a better offer (around $8.6 billion). ETE maintained that its offer was superior .. read more
Deals of the Week: Mitsui Spends Big To Enter Eagle Ford
As the second quarter of 2011 draws to a close, the Eagle Ford shale play took the headlines. Mitsui & Co has entered into an agreement with Colorado-based SM Energy to acquire a 12.5% interest in non-operated acreage in the play, gaining a net amount of 39,000 acres. The Japanese company will carry 90% of .. read more
Deals of the Week: Williams Bid Sparks Takeover War
Williams Companies has ignited a takeover battle with Energy Transfer Equity LP (ETE) for the acquisition of Houston-based Southern Union Company (SUG), which owns one of the biggest natural gas pipeline networks in the US, serving the Southeast, Midwest and Great Lake markets. Last week, ETE agreed a deal to acquire SUG that valued the .. read more
Latin America Leads Growth in Global Rig Activity
Oil and gas activity in Latin America is booming as 2011 gets into its stride according to a new analysis of rig count data by Evaluate Energy. Of the top 10 countries with the largest year-on-year increases in rig activity from April 2010-2011, Latin America boasts 5 of them: Argentina, Brazil, Colombia, Ecuador and Venezuela .. read more
Iraq 4th Bidding Round Offers New Opportunities for IOCs
Iraq is one of the few countries where a high volume of reserves remains yet resources have vastly been under exploited. Although Iraq ranks highly as an oil producer, major fields are yet to reach their expected peak production rates and only a few fields are in development. In early 2011, the Iraq Oil Ministry .. read more
First Quarter 2011 Oil and Gas M&A Hits $45 Billion, as Shale Resources Continue to Dominate
First Quarter 2011 Oil and Gas M&A Hits $45 Billion, as Shale Resources Continue to Dominate The value of deals announced reached $45 billion in the global E&P sector during Q1 2011. A quarter in which the oil price broke through $100 per barrel on the back of increasing unrest in the North of Africa, .. read more
Oil and Gas Finding Costs on the Rise Again
Oil and gas finding costs are on the rise once more, according to the latest company data compiled by Evaluate Energy for the Major oil companies. Following a temporary lull in 2009 when spare capacity in the service industry and recession-induced falls in operating costs, the Majors are facing sharply higher operating costs once more. .. read more
Chevron is Fastest Growing LNG Producer
Chevron is now by far the fastest growing LNG producer in the world, according to an analysis by Evaluate Energy, utilising the company’s new LNG project database. Between now and 2020, the company’s equity stake in additional LNG capacity totals 17 million tonnes, dwarfing the expansion plans of most other companies and even outpacing capacity additions by .. read more