Deals of the Week: SandRidge Energy Grabs Korea Opportunity
SandRidge Energy completed a major deal this week with Korean investment firm Atinum Partners, to fast track the development of its large holding in the Mississippian horizontal oil play. The deal will involve Atinum paying $250 million up front and another $250 million in a cost carry for a 13.2% interest in 860,000 acres. The .. read more
Deals of the Week: Afren Makes Brave Move into Kurdistan
Afren entered into two deals this week, one involved an increase in its interest in block 1101 in Madagascar, whilst the other marked a major entrance for the company into the Kurdistan region of Iraq. Afren paid $588 million for a 60% interest in the Barda Rash PSC and a 20% interest in the Ain .. read more
Deals of the Week: CNOOC Continues Asia’s Incursion into Canada with OPTI Acquisition
CNOOC continued Asia’s Canadian asset build up this week with the acquisition of the beleaguered Canadian oil sands company OPTI Canada, in a deal worth $1.95 billion (net of cash on OPTI’s balance sheet). The acquisition offered virtually no premium on the 1-day prior share price of OPTI, which had fallen by 95% since April .. read more
Deals of the Week: BHP Billiton Swoops on PetroHawk Energy in $15.1 Billion Acquisition
BHP Billiton made their second major move into the US shale sector this week, with a $15.1 billion acquisition including debt of Petrohawk Energy. The move for the gas-weighted company will add major shale assets in the Eagle Ford and Haynesville plays along with conventional resources in the Permian basin. BHP Billiton’s US portfolio already .. read more
Deals of the Week: Total Completes Solar Power Deal that Aligns their Green Energy and Green Dollar Principles
It was a quiet week for upstream oil & gas deals with just $360 million of new deals announced. This total falls well short of the average weekly total of the past few quarters of $4 billion per week and leaves the Q2 2011 total so far lagging below the previous 6 quarters. To find .. read more
Deals of the Week: ExxonMobil Ups the Stake in its US Natural Gas Bet
ExxonMobil committed further this week to its belief that US gas prices will improve in the long run by acquiring two companies with operations in the Marcellus shale play for $1.69 billion. For what most companies would be an important company maker or breaker, the $1.7 billion outlay only warranted a mention in a phone .. read more
Deals of the Week: Marathon Oil Delves Further into the Eagle Ford Play
One week following Marathon Oil’s board’s transformational approval of the spin-off of the company’s refinery assets, investors were given another major strategic move to chew over with a record $3.5 billion acquisition in the Eagle Ford shale. The acquisition of 141,000 acres, with current production of 7,000 boe/d equates to just under $25,000 per undeveloped .. read more
Deals of the Week: Hungarian Government Takes Stake in MOL Back Home
The Government of Hungary repatriated a 21% stake in Hungary’s lone oil company, MOL this week for $2.7 billion. The stake was acquired from Surgutneftegas who contentiously originally acquired the interest from Austrian based OMV in 2009. At the time of the initial acquisition, Hungarian authorities viewed the move as a “creeping takeover” by the .. read more
Deals of the Week: BP-Rosneft Russian Venture Reaches the End of the Road
Deals of the Week: BP-Rosneft Russian Venture Reaches the End of the Road It has been a busy time of late for BP in the M&A sector, fresh from gaining final approval for their acquisition of Devon’s Brazilian assets last week the company secured another asset sale this week, while finally reaching the end of .. read more
How to Value an Oil & Gas Deal
by Eoin Coyne, Evaluate Energy M&A Specialist Deals Aren’t What They Seem When companies announce the purchase or sale of exploration and production assets, the acquisition cost often includes the cost of assets that are unrelated to reserves in the ground. In addition, while the company may quote a proved reserve figure in the deal .. read more