Kurdistan: The Rosneft connection

Rosneft provided a much welcomed source of funding for Kurdistan in February 2017 when it entered into an off-take contract for crude oil. Under the contract, Rosneft will purchase Kurdish crude until 2019 – the volume commitments were not disclosed. In April 2017, Kurdistan received USD1 billion for the first cargo of 600,000 bbl. The was an important landmark deal for the KRG, being the first time that crude was sold directly to a government-linked...

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Point Resources acquires ExxonMobil's Norwegian operated assets

On 29th March 2017, Point Resources announced its acquisition of ExxonMobil's operated upstream business in Norway for an undisclosed amount (estimated valuation of c.USD1bn). The deal transforms Point Resources into a top 10 producer on the Norwegian Continental shelf and increases production c.10-fold to 48mboepd while adding 128mmboe of oil-weighted reserves. The transaction adds significant technical capability with the transfer of 300...

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